Posts Tagged ‘Arizona foreclosure’
Arizona Prefers Deeds of Trust Over Mortgages for Home Loans
Question: In Arizona a deed of trust is used rather than a mortgage for a loan secured by a home or other real property. Other states, such as our home state of Massachusetts, use mortgages rather than deeds of trust. Is there an Arizona law that only deeds of trust must be used? …
Read MoreTenants Protected During Foreclosure
Question: We have four months remaining on our one-year lease of our Chandler home. When we came home yesterday, we noticed a piece of paper posted on our garage door saying that there is a foreclosure auction scheduled in less than three months. When we contacted our landlord, he said he was trying to refinance…
Read MoreStrategic Defaults Are Not “Illegal”
Hypothetical: Microsoft founder Bill Gates owns a rental home in Arizona which is “underwater” because the value of the home is less than the amount owed on the mortgage used to buy the home. Bill Gates intentionally stops making the mortgage payments, and the mortgage lender forecloses. Issues: Does Bill Gates have any personal liability…
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