Foreclosure

questions & answers

Question: I have 2 investment homes in AZ and my primary home in CA where I live. Short sale is not an option for me b/c I don't qualify because I have assets. My question is if I foreclose on the 2 investment homes will the lenders put liens on my primary home that has about $200k in equity? Or do I just have poor credit for 7 years?

Answer: Arizona is a non-recourse state. Arizona's anti-deficiency statutes are found here: A.R.S. § 33-729(A) (judicial foreclosures), and A.R.S. § 33-814(G) (trustee's sales). While there are several factors that come into play and you cannot get a complete picture or accurate answer without examining all of them, in general, a property that is a single-family residence on 2.5 acres or less that is used as a single-family/two-family residence only (and not necessarily by you) and where the obligation on the property is a purchase money obligation (loan used to purchase the property) may be subject to anti-deficiency protection in the case of a foreclosure. Be wary of short sales. You may not have protection there.

QUESTIONS

  • I have 2 investment homes in AZ and my primary home in CA where I live. Short sale is not an option for me b/c I don't qualify because I have assets. My question is if I foreclose on the 2 investment homes will the lenders put liens on my primary home that has about $200k in equity? Or do I just have poor credit for 7 years?

STORIES

  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • Age discrimination in the workplace. . .

LegalLEARN

YOUR FEEDBACK IS NEEDED

FIND LEGAL HELP

  • Please select your county of residence below.

    County:
     

OTHER LEGAL RESOURCES

  • State Bar of Arizona
    www.azbar.org
  • Maricopa County Bar
    www.maricopabar.org
    Referral number 602-257-4434
  • Pima County Bar
    www.pimacountybar.org
    Referral number 520-623-4625
  • National Domestic Violence Hotline
    800-799-7233
  • Bankruptcy Court Self Help Center
    866-553-0893
  • Certified Legal Document Preparer Program
    Link

ORGANIZATIONS