Legal Question in Real Estate Law in Arizona

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?

Asked on 5/28/10, 12:20 pm

1 Answer from Attorneys

Lance Davidson Lance S. Davidson, P.C.

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,, 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.

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Answered on 5/28/10, 4:43 pm

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