Marc McCain Blog

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 [...]

1.  Know what leverage you have, if any.  If Arizona’s anti-deficiency statutes apply to your loan(s), use this fact to reject any lender demand for a seller/borrower contribution at close of escrow.  Most junior lenders will ask for a contribution from the borrower, sometimes a significant one.  If the loan is covered by Arizona’s anti-deficiency [...]

In Arizona, certain loans on residential real property are subject to what are called anti-deficiency laws.  These laws limit a borrower’s liability to its lender if certain requirements are met.  However, there are many misconceptions about Arizona’s anti-deficiency laws, when they apply, and whey they don’t.  Moreover, Arizona’s anti-deficiency laws have been in recent flux, increasing [...]

As most interested parties now know, Governor Brewer signed House Bill 2008 and with it becoming law in late November, 2009, swept away the recent changes to Arizona’s anti-deficiency laws set to go into effect September 30, 2009.  Residential property owners’ collective sigh of relief could be felt throughout the Valley.  However, the victory parade could be short, [...]