Arizona Anti-Deficiency Law Exceptions
The repeal of SB 1271 is exciting news for most of us and the changes originally proposed to Arizona’s Anti-deficiency law were never in the best interest of Arizona homeowners. However there are still some people negatively affected by Az Anti-Deficiency statutes.
If your property is on over 2.5 acres or more then you are not protected by the Arizona anti-deficiency law.
If your property is a tri-plex, quad-plex, or other property designed to hold more than 2 families then you are also not covered.
Most commercial property is not covered under this law.
If your property is on over 2.5 acres of land, is designed for more than 2 families, or falls in the “commercial” category then it is highly recommended that you contact an attorney before foreclosing or doing a short sale. A little work now should save you a lot in the long run.
I have some excellent references for local legal counsel, tax attorneys, CPA’s, credit repair, and of course Az short sale information.
Call me at (480) 241-4406 if you’d like some good people to contact regarding your situation or if you have any short sale questions I’d be happy to answer them for you.
Related posts:
2 comments
Can you explain a little more about what a “deed in lieu of foreclosure” is, and if banks have to accept it? Thanks!
A bank does not have to accept a deed-in-lieu and sometimes the terms of the deed are not favorable to the seller. Basically, a deed-in-lieu is when you hand the property back to the bank and both you and the bank agree to the terms. Banks would usually rather do a short sale on the property as it nets them more money.
Leave a Comment