UPDATES ON ARIZONA ANTI-DEFICIENCY LAW AND SHORT SALE ISSUES
ANTI-DEFICIENCY PROTECTION JUST GOT BROADER One of the requirements for Arizona’s anti-deficiency statutes is that the property in question must be limited to and utilized for a single one or 2-family dwelling. (See. A.R.S. § 33-814(G)). Based on prior holdings by Arizona courts, the majority view has been that if a borrower did not actually [...]
ARIZONA SUPREME COURT SIDES WITH LENDERS ON KEY TRUSTEE SALE ISSUE
IN VASQUEZ V. SAXON MORTGAGE, INC., ET. AL., the Supreme Court of Arizona recently held that Arizona’s trustee sale statute does NOT require the recording of an assignment of a deed of trust to reflect the interest of the foreclosing lender (as the current beneficiary under the Deed of Trust) before a trustee sale can [...]
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 [...]
Short Sale Update and Tips
One issue that comes up often in short sale transactions I review for clients is whether the servicer/lender must sign a short sale approval letter for the approval and related terms to be binding on the servicer/lender. In short, the answer is a definitive YES. Why, just a little something called the statute of frauds [...]
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 [...]
MARS RULES WON’T BE ENFORCED AGAINST REALTORS IN SHORT SALES
On July 15th, 2011, the FTC issued a Press Release stating that they will not enforce most provisions of the Mortgage Assistance Relief Services (“MARS”) rules against real estate brokers and real estate agents. (see the statement and press release at http://ftc.gov/opa/2011/07/mars.shtm). The MARS rules as written clearly apply to real estate brokers and agents assisting [...]