DÉJÀ VU ALL OVER AGAIN – SENATOR CALLING FOR REPEAL OF ARIZONA’S ANTI-DEFICIENCY STATUTE
Didn’t we just go through this a few years back? Didn’t the Banker’s Association support a bill that would have stripped anti-deficiency protections to what could have been tens, or possibly hundreds, of thousands of homeowners in the State of Arizona? Didn’t the Senator that sponsored that bill learn after its passage that the Banker’s [...]
ARIZONA SUPREME COURT TO TACKLE KEY ISSUES REGARDING FORECLOSURE IN ARIZONA
In September, the Arizona Supreme Court will hear oral arguments on 2 issues related to a lender’s right to foreclosure in Arizona. These issues are: 1. is the recording of an assignment of deed of trust required prior to the filing of a notice of trustee’s sale under A.R.S. §33-808 when the assignee holds [...]
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. [...]
Free Short Sale and Foreclosure Alternative Seminar for Homeowners
WHEN: MAY 3, 2011 AT 6:00 P.M. WHERE: KELLER WILLIAMS REALTY SONORAN LIVING, 5301 N. PIMA RD., #130 R.S.V.P. TO (480) 321-8661 — LIMITING SEATING CLASS WILL FOCUS ON FORECLOSURE ALTERNATIVES FOR OWNERS IN DEFAULT OR IN DANGER OF BEING IN DEFAULT UNDER THEIR MORTGAGE SELLERS/OWNERS WILL LEARN: Benefits of short sale vs. foreclosure how [...]
BORROWER’S 1, LENDER’S 0
In a recent case handled by local business and real estate attorney Lance Davidson, a borrower prevailed in a lawsuit brought by the borrower’s lender seeking a deficiency after the borrower sold the home at a short sale. In the lender’s approval letter, the lender included a clause that stated it reserved their rights to pursue a deficiency following [...]
STATUS OF REPEAL OF ARIZONA SENATE BILL 127
Gov. Brewer signed and transmitted House Bill 2008 which includes a repeal of Senate Bill 1271, the recent change to Arizona’s anti-deficiency law contained in ARS Section 33-814(G) governing trustee’s sales. http://azgovernor.gov/DMS/upload/PR_090409_HB2008-09-12-13TransmittalLetter.pdf. The repeal is set to take effect on approximately November 24, 2009 (90 days after the special legislative session ended), however the repeal was made [...]