Legal Question in Real Estate Law in Arizona

I have a first and second mortgage with 2 different banks, I am upside down in my house now, I already have bad credit and I can't afford the payments anymore. What happens if I walk away? Can they garnish my wages?


Asked on 9/02/09, 2:06 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

If you walk away, there is a law against going after you for the deficiency, the difference between the amount that you owe and the amount the house sells for when the banks foreclose. You should offer to convey the house to the bank by deed and avoid the foreclosure proceedings.

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Answered on 9/07/09, 1:16 pm


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