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 [...]
Lender Collection Efforts on HELOC’s and Junior Debt in Arizona
A recent story in the New York Times explored whether borrowers electing to walk away from their homes are facing lawsuits and collection efforts by the holders of junior loans on residential property. See the article at http://www.nytimes.com/2010/08/12/business/12debt.html or the attached pdf debts-rise-and-go-unpaid-as-bust-erodes-home-equity-nyt The Reporter, David Streitfeld, spoke with me and several other attorneys, to gauge [...]
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 [...]
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 [...]
ARIZONA’S ANTI-DEFICIENCY LAWS
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 [...]