Marc McCain Blog

While a short sale can be the right choice for certain homeowners, the laws regarding short sales and strategic default are in flux and raise many possible pitfalls for a homeowner/borrower considering a short sale or strategic default on a residential or other property.  The modern day short sale is a relatively recent phenomena.  As [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]