Question: Our son purchased a condominium in Tempe while he was attending Arizona State University. He has graduated from ASU and taken a job in Los Angeles. The condominium was “underwater,” and the home was sold at a foreclosure sale to an investor several months ago. At the time of the foreclosure sale, my…

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Question: Seven years ago, when the land market was booming, we sold 40 acres of our farmland near Tonopah in western Maricopa County for $1,200,000. The buyer paid $200,000 cash to us, and we did seller carryback financing for seven years of annual payments, interest only, on the balance of $1,000,000. The buyer has made…

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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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