Real Estate Hardship

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 [...]

Read the full article →

Do I Have A Hardship?

December 6, 2010

I have many clients that come to me wanting to do a short sale of their home.  The number one question I typically get is: “Does my hardship count?”  I can never believe it when I hear this question so I decided to write about it to help clear the air.  When a Lender is [...]

Read the full article →

I’m Struggling to Pay My Mortgage… What Now?

June 12, 2010

This is a question that seems to be thought by many Arizona homeowners, but not really asked.  The situations vary slightly, but most are the same, you, the homeowner is devastated by the loss of money/ equity in your home.  You see homes in the neighborhood selling for maybe 50% less than what you paid [...]

Read the full article →