Foreclosure
This is a discussion on Foreclosure within the Other Nonprofit Law Issues forum, part of the NONPROFIT LAW & FUNDRAISING category; I live in Arizona. I have a deed of trust and FHA loan. If I walk away from my home ...
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#1 |
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Junior Member
Join Date: May 2008
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I live in Arizona. I have a deed of trust and FHA loan. If I walk away from my home and it goes to foreclosure will i be liable for a deficiency?
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#2 |
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In some states across America, the lender may be entitled to receive the deficiency judgment in court and come after the ex-home owner for the remaining balance owed. This means that the lender could sue the ex-home owner for $20,000 using the example above. In Arizona, however, there are limitations to a deficiency incurred during foreclosure.
Arizona's "anti-deficiency" statutes prevent a lender from suing a person for any losses on a home after foreclosure. As outlined in Arizona Revised Statutes, Title 33, Chapter 6.1, a person may not be sued by his or her lender if the property is located on 2.5 acres or less and is a single family residence or duplex. This only applies if the decrease in value is not due to the home owner's neglect. If a lender seeks a deficiency judgment, it has 90 days after the sale of the property to begin judicial proceedings to recover any losses. Failure to do so may result in the lender's loss of its right to recover the deficiency. However if a home owner fears that he or she does not qualify for this exception, a deficiency judgment may be avoided by deeding the property back to the lender prior to foreclosure. This is known as a deed-in-lieu of foreclosure. By accepting the deed, the lender is agreeing to accept the property for the amount that the person owes, thus eliminating any potential deficiency. |
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#3 |
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The easy way: go to stop foreclosure : [www.tostopforeclosure.com]
Those are REOs. For pre-foreclosure, there are several ways. They include, note buying, short sales, and providing services to those at risks of foreclosure. As to how to do each, that's a bigger lesson than I can post here. You are better off learning which ever method you wish to work with. I run a real estate seminar list. You might find one that suits you. Also, be aware that foreclosure investing is also rehab investing. You will rarely find a foreclosure that doesn't need, at least minor rehab. Especially in today's market when buyers are looking for upgrades. |
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| Thread | Thread Starter | Forum | Replies | Last Post |
| foreclosure | dunkhead | Mortgages, Refinancing, Foreclosure | 0 | Jan 16th, 2009 08:20 PM |
| Foreclosure | Unregistered | Other Real Estate Law Matters | 0 | May 31st, 2008 01:28 PM |
| foreclosure | Unregistered | Mortgages, Refinancing, Foreclosure | 0 | May 26th, 2008 11:33 AM |
| foreclosure | Unregistered | Mortgages, Refinancing, Foreclosure | 1 | Dec 9th, 2007 07:39 PM |
| Foreclosure | Unregistered | Mortgages, Refinancing, Foreclosure | 4 | Nov 15th, 2007 06:05 AM |
Our lawyers can help you avoid foreclosure to salvage your home,
buy time to pay mortgage debts, and resolve your financial troubles. Consult Your Own Personal Lawyer Now!
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