QUESTION

can the bank go after the money i have in the bank if my house go''s in to foreclosures in arizona

Asked on Sep 05th, 2011 on Foreclosures - Arizona
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1 ANSWER

Collections Attorney serving Scottsdale, AZ at Holcomb Law Firm, PC
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Whether you can be sued by a mortgage lender for a deficiency balance on a foreclosed property depends entirely on when the loan was taken out, the loan type and the type of property that is foreclosed upon.  If the property was a primary residence and the money used to purchase the home was purchase money loaned at the time of purchase, Arizona's anti-deficiency statues will protect you from a deficiency Judgment.  However, if you have a HELOC (home-equity line of credit), you can be sued by the lender for a deficiency Judgment.
Answered on Dec 12th, 2011 at 2:45 PM

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