Foreclosures Help Information

Posts Tagged ‘Arizona Law’

Arizona Mortgage Foreclosure Law

Question: If I refinance my home to cash out equity and end up foreclosing in the future, what can happen to me?

I like many others am in financial trouble and am having problems paying my mortgage.
I'm thinking about refinancing my home (for no more than it's current market value) and taking my equity so I can pay off my car and a credit card.
If I do that, and still end up facing foreclosure in the future - what can happen to me besides having my credit ruined?
I live in Arizona - the law here states that - "A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure provided the property is a single one-family or a single two-family dwelling."
I fall into that catagory. Basicly, I'm wondering about future pit-falls if the worst case scenerio happens and I do end up foreclosing after I do a cash-out refi.

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Answer: That is not the law here in Texas but it sounds like you will be OK there except....if you do this and somehow they can tell you planned it all along...I bet that falls into the category of defrauding a bank (bank fraud).

If you innocently have hard times though, your credit is ruined, but it doesn't sound like you can have a deficiency filed against you.

The federal government is discussing passing a law that might protect you against the "phantom income" problem. "Phantom income" is when a mortgage company turns any shortfall into the IRS and you owe taxes on that amount of the mortgage you didn't pay back.

Arizona Foreclosure Process - A guide to how Arizona Foreclosures work

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Foreclosure Law Arizona

Question: Anywhere I can get leads for people in mortgage foreclosure in Arizona?

Looking for target marketing who homes are in foreclosure for direct mailers (Bankruptcy law office)

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Answer: Just about any title insurance office will sell you a weekly list for any area that you want. These are properties that have a Notice Of Default filed against them.

You must be new in the law business.....I thought every experience lawyer knew that.

Obama Unveils Housing Foreclosure Plan (Part 1) - Bloomberg

Foreclosure Law In Arizona

Question: guidelines for property ownership in Arizona. What happens if someone's name is on title but not mortgage?

My sister in law and her husband own a house together in Arizona. The situation in their marriage is not good. He is abusive and she wants out. Both of their names are on the title but only his name is on the mortgage. She is afraid that if she leaves and he lets the house go into foreclosure, the bank can come after her and affect her credit negatively. I do not believe that this is the case. I think that the bank will repo the house, but only his credit will be affected. He is trying to get her to stay by saying that if she leaves, her credit will be ruined because he will let the house get repo'ed. Can someone give me a little clarification on this matter? I appreciate any info you can provide. Regards, Matt.
What if she were to quitclaim the house? Would that end her liability?

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Answer: The husband is correct. AZ is a community property state and unless the husband inherited the house she is just as responsible for it as he is, it does not matter that she is not on the mortgage.

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