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 [...]
THE TRUTH ABOUT SHORT SALES AND DEFICENCIES IN ARIZONA
Rarely will a consumer find so much contradicting, confusing and downright incorrect information on a legal topic as they currently do when it comes to short sales and related issues. Rarely heard of just 2-3 years ago, short sales now make up a significant majority of current MLS listings in the metro Phoenix market and [...]
BANK LOBBYISTS CAN’T KEEP STORY STRAIGHT RE ARIZ. SENATE BILL 1271
Bank lobbyists told Arizona’s legislators that our anti-deficiency statutes needed to be revised because spec builders were “gaming the system” by claiming they lived in their spec homes to get anti-deficiency treatment. The Senate’s internal memo on the bill stated that investment properties were “NOT” protected by existing anti-deficiency laws. No one paid attention to the [...]