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 [...]
TRENDS IN ARIZONA SHORT SALES AND ANTI-DEFICIENCY LAW
I recently attended a seminar that provided very interesting insight into the minds of lenders and why they continue to press rights against borrowers in certain contexts. Below is a summary of issues that lenders and their counsel believe are unsettled in Arizona, despite the strong policies behind Arizona’s anti-deficiency statutes as discussed in several reported Arizona [...]
COMMON MYTHS ABOUT ARIZONA FORECLOSURES AND SHORT SALES
Over the past 18 + months of advising owners of distressed property, several common myths have emerged regarding foreclosures and short sales in Arizona. Here is a list of common myths. 1. Only purchase money loans on qualifying residential property get anti-deficiency protection in Arizona. This is not necessarily true. If the holder of a mortgage secured by a single 1 [...]