I have a $250K mortgage for a house that now has a value of $150K. What does the Arizona anti-deficiency law entitle the lender to do in the case of a strategic default?
1 Answer from Attorneys
Hi, my sympathies for your situation. The anti-deficiency statute limits a lender re. deficiencies, but there are loopholes and many realtors are unaware of them when advising real estate clients. Be mindful of the minefield in short sales. I recently won a case where a lender sought a deficiency judgment after a short sale, but many lenders are successful in pursuing deficiencies [the difference between the loan balance and the sales proceeds to pay off the loan].
Your issue may be time-sensitive and may result in loss of rights if you do not act timely. Thank you. Lance Davidson, www.CleverLegal.com, 480-860-9390
Disclaimer: This answer does not create an attorney-client relationship and is for informational purposes only. It is not, nor is it intended to be, legal advice and you should not rely upon it as more specificity in a consultation may reveal facts or other information which could change the result. You should consult an attorney for legal advice addressed to your individual situation.