Since the new millennium, the reality television show Big Brother has allowed strategy fans to observe every waking moment within a social experiment. Casual observers can watch contestants compete to become HOH, or head of household, and for the right to veto those nominations. More invested fans watch live feeds, which roll 24/7, so they don’t miss a single second of the manipulation and drama. Despite millions of viewers and dozens of seasons expanding into international spinoffs, the house where Big Brother is filmed is at risk of foreclosure. Radford Lot, the Studio City production center, has defaulted on its $1.1 billion mortgage as of January 2026. Radford Lot was the filming center for iconic shows like Seinfeld, The Mary Tyler Moore Show, and Gilligan’s Island. It has seen historic reality television moments like double evictions, Dan’s Funeral, and Jeff’s Coup d’Etat. Despite such an iconic past, studio production for both movies and tv shows has been on a downturn since 2022. And when any type of building owner- including a Hollywood studio- defaults on mortgage payments, the lender can take the property back through foreclosure.
A mortgage default doesn’t provide full insight into the property owner’s financial situation. But it is a red flag that it is facing difficulties. Experts predict that Radford Lot’s owner, Hackman Capital Partners, will soon turn the property back over to its lenders. This can be an option for homeowners who would rather surrender their homes than lose them to foreclosure. But bankruptcy could provide leverage so the homeowner can stop a foreclosure and get current on mortgage payments. It can also clear other burdensome debts so the homeowner is better able to afford their housing expenses after bankruptcy. For those seeking foreclosure assistance, want to learn more about filing bankruptcy in the face of home foreclosure from an experienced Arizona bankruptcy lawyer? Schedule your free phone consultation with Atlas Bankruptcy Lawyers today at 602-649-4949 for more.
The Foreclosure Process In Arizona
The Radford Lot is located in California, and laws surrounding foreclosure vary by state. In Arizona, the home foreclosure process typically takes much longer than repossession for other assets. Lenders must meet and complete certain requirements before taking away someone’s home, which many consider to be the most important asset they own. Federally, or in all 50 states, mortgage lenders must wait until a homeowner is at least 120 days behind on payments before initiating the home foreclosure process.
Mortgage providers can use judicial foreclosure or non-judicial foreclosure to take back a home in Arizona. A judicial foreclosure is initiated when the lender files a lawsuit requesting permission from the court to conduct a foreclosure sale. The homeowner will be provided with notice and a deadline to respond to the lender’s allegations. Failing to respond, as in most legal matters, results in the party who filed the lawsuit winning through a default judgment. The homeowner may have defenses against the foreclosure, such as lack of evidence of defaulted payments or noncompliance with state or federal law.
It is more common for mortgage lenders in Arizona to repossess homes using non-judicial foreclosure. It is generally faster and easier to use this process rather than take the foreclosure through the court system. To start the non-judicial foreclosure process, the lender should wait until the homeowner is at least 120 days behind on their mortgage payments before recording a notice of sale in the land records. The sale date selected must be at least 91 days after the date of recording the notice. The lender must provide notice of the non-judicial foreclosure in a few different ways. First, they must send the homeowner notice by certified mail within 5 days of recording the notice of sale. Second, they must publish notice of the sale in a local newspaper for 4 consecutive weeks. Third, notice must be posted on the property at least 20 days before the sale date. Lastly, notice should be posted in the court building.
The foreclosure sale date the lender selects should not occur on a Saturday or a legal holiday, or outside the hours of 9 AM to 5 PM. The lender can start the bidding with a credit bid, which can be up to the amount owed on the mortgage plus any fees and costs. If the home sells for less than the balance owed, the homeowner can be pursued for the remaining balance- known as a deficiency judgment- after the foreclosure is completed. If it sells for more, the homeowner should receive those sale proceeds.
When To File For Bankruptcy To Stop Home Foreclosure
It isn’t too late to stop a foreclosure with bankruptcy until the sale has actually occurred. The foreclosure process can be divided up into a few different phases during which bankruptcy can be filed. This activates the automatic stay and stops the home foreclosure.
- During the default period: A homeowner doesn’t have to wait until a notice of sale has been recorded to file for bankruptcy to stop a foreclosure. Filing for bankruptcy during this period gives the debtor plenty of time to draft their bankruptcy petition and wait until an opportune moment to file. If they are going with chapter 13 bankruptcy, it reduces the amount that must be paid into the plan in mortgage arrears.
- After the notice of sale has been recorded: At this point, the debtor should have at least around 90 days to file for bankruptcy and stop the foreclosure. A downside here is that the lender has probably already started completing the other required notices, publicizing the issue, which can be embarrassing for the homeowner. But some homeowners may find themselves in this position because they were making attempts to resolve the default without bankruptcy.
- Final hour: The lender is required to provide very specific notice of a foreclosure sale, including the address where it is to occur and the hour of the day. A homeowner could theoretically file for bankruptcy up to any point the auctioneer declares, “sold!” But even a homeowner who is waiting until the last minute can avoid some stress by filing the night before or earlier. This gives the homeowner less flexibility to navigate bankruptcy issues, like not filing on payday to avoid having non-exempt funds in their bank accounts.
Facing Debt Due To Unexpected Circumstances? Learn More About Bankruptcy Today
Julie Chen Moonves consistently reminds viewers to expect the unexpected. That’s good advice for life in general, but most of our salaries only go so far with the current cost of living. It might just take a fender bender, chipped tooth, or other small emergency to throw your budget into a tailspin. When debts get too far out of control, the homeowner is only treading water when they make their minimum monthly payments. Home foreclosures are on the rise in the Phoenix metropolitan area and nationwide. The sooner you take the first step in the bankruptcy process, the less rushed you will feel when it comes time to stop a home foreclosure. Our team reduces stress even further by handling the most complex parts of your case, all while working with a top rated Arizona bankruptcy attorney to ensure the best outcomes. See the difference we can make, and if you qualify for our flexible payment plan options starting at Zero Dollars Down. Call 602-649-4949 for your free consultation with Atlas Bankruptcy Lawyers today.
