foreclosure

Are you safe from your lender(s) after Foreclosure in Arizona?

April 26, 2011

Arizona is one of the few states that have anti-deficiency laws.  A.R.S. §§ 33-729(A) http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/33/00729.htm&Title=33&DocType=ARS A.R.S. §§ 33-814(G) http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/33/00814.htm&Title=33&DocType=ARS These laws prohibit lenders from collecting on a mortgage after the home is foreclosed, when that mortgage was used as purchase money for the property.   The key to the anti-deficiency laws is the way the mortgage was written.  The laws only [...]

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WHAT IS HAFA?

October 12, 2010

There has been a lot of acronyms batted around the real estate world and one of the most important ones, in my opinion, is HAFA, the HOME AFFORDABLE FORECLOSURE ALTERNATIVE program. This is a new government program that was implemented to help a certain portion of distressed homeowners avoid foreclosure by allowing a short sale [...]

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Anti-Deficiency- What does it Really Mean?

October 5, 2010

There is a lot of mis-information in the real estate world about the Arizona Anti-Deficiency Statute.  Many Realtor’s out there are telling their clients that if they short sell their properties that the deficiency between the loan amount and the short-payoff will be forgiven due to the “anti-deficiency” statute.  THIS IS WRONG.  The statute does [...]

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House Hunters Phoenix- West Valley- Finale

October 1, 2010

The Posada Family chose this home- the Avondale foreclosure for a few reasons.  The large yard was a huge factor, as well as the upstairs loft/ family room.  This home was also considerably less expensive.  They are purchasing this home for $148,500- a very fair price for a very large home with a large yard.  [...]

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What Happens to Tenants after Foreclosure in Arizona

September 24, 2010

No matter what your stance is on the current real estate market, I think most people can agree that going through a foreclosure is a tough situation.  As we have discussed before, Arizona is one of the hardest hit states in the entire United States, followed closely by Michigan, Florida, Nevada and some parts of [...]

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