Foreclosure

questions & answers

Question: I put my Fathers name on the Deed to my house in hopes of refinance. This fell through for many reasons. I am now pending a foreclosure. Will he be affected in any way with his name on the deed??

Answer: Take a look at the Arizona Revised Statutes that are provided online at the Arizona State Legislature's website. You may want to review Title 33, Chapter 6, Article 1 which contains the laws regarding mortgages. A.R.S. § 33-702 contains the information that defines what a “mortgage” is. The mortgage is an obligation established between the person obtaining a loan, and the bank loaning the money to purchase a piece of property. A.R.S. § 33-703 contains the information which allows a bank to foreclose on the mortgage. The bank forecloses on the mortgage because it has not been paid, and can sell the property used as collateral on the mortgage to satisfy the debt. A.R.S. § 33-725 contains the information which allows a bank to sell a foreclosed property to recover the mortgage that has not been paid. A.R.S. § 33-703 contains the information which indicates that the mortgage is a lien on the property itself. Please keep in mind that the mortgage obligation is separate from the deed to a piece of real property. A.R.S. § 33-801(8) contains the information that defines what a “deed” is. There may be other Arizona Revised Statutes that apply to your situation. The statutes offered are intended as legal information only. Since property issues can be complicated, you may want to consult with an attorney. See the article "Where to find an Attorney for Specific Legal Advice."