AZ COURT OF APPEALS CASE ON REFINANCES STOPPED DEAD IN ITS TRACKS
In prior blog posts, I’ve mentioned a pending Arizona Court of Appeals case that was reviewing the scope of the Beauvais holding that certain refinanced or restructured loans do not lose purchase money protection under Arizona law (and thus, maintain anti-deficiency protection). The case would have clarified the law in Arizona and provided clear guidance [...]
UPDATE ON MARS AND ADVANCE FEES TO ARIZONA REALTORS FOR SHORT SALE NEGOTIATIONS
The Arizona Department of Real Estate updated their position on the new MARS Rule (Mortgage Assistance Relief Services) and other applicable Arizona laws in relation to short sales and how they limit the type of services and fees licensed realtors and brokers in Arizona can perform and receive in the short sale context. The update changes [...]
CROSS DEFAULT CLAUSES IN LOAN AGREEMENTS
One of the standard questions I ask clients seeking advice on what to do with a distressed property encumbered by a loan is whether they have any other loans with the lender on their property. The reason for this question is that many loan agreements have what are referred to as a cross default clause. [...]