Posts Tagged ‘Anti-Deficency Statutes’
New Anti-Deficiency Laws Don’t Apply to Rental Properties
The new amendments to Arizona’s anti-deficiency laws, effective January 1, 2015, do not apply to rental properties, meaning that anti-deficiency protection will still apply for rental properties. The reason is that the amendments are designed to deny anti-deficiency protection to “spec” homes that are never occupied. Occupied rental properties continue to meet the existing…
Read MoreAnti-deficiency Statute Doesn't Apply in Mexico
Question: We bought through a Mexican trust a condominium in Rocky Point, Mexico, during the “boom” time. The mortgage financing for the purchase of this condominium was with our bank in Arizona. Although we have managed to stay current on our mortgage payments, we are at least $200,000 underwater, and we no longer can…
Read MoreNo Anti-Deficiency Protection Without Starting Construction of a Structure on a Vacant Lot
Last week the Court of Appeals in the Wildwood decision, 1 CA – CV 12-0728, ruled that the borrower was liable for a deficiency after foreclosure on a vacant lot. The Court of Appeals rejected the borrower’s argument that the intent to build a home on the vacant lot would qualify the borrower for anti-deficiency protection. …
Read More