Arizona Foreclosures Legal Questions

In order for a lender to "go to foreclosure" there is a presumption that lender completed the foreclosure. If so, then the house sold. It may have gone back to the lender or to a third party. Call the trustee who conducted the trustee's sale in order to determine the current status. I hope this was helpful.... Read Answer

Funds contributed to IRAs are exempt "only to the extent necessary to provide for the support of the judgment debtor when the judgment debtor retires and for the support of the spouse and dependents of the judgment debtor, taking into account all resources that are likely to be available for the support of the judgment debtor when the judgment debtor retires." Code Civ. Proc. ?704.115(e). But let's back up. First, if the mortgage is a purchase money loan, the lender is limited to the remedy of foreclosure and cannot sue for any deficiency (amount by which loan balance exceeds sale price of home). Second, is your loan underwater? (house worth less than principal balance of loan). If not, then there would not be any deficiency after foreclosure for the lender to collect. In fact, the lender would have to refund to you any amount by which the foreclosure sale price exceeds the loan balance plus costs of foreclosure. If you cannot afford the home, try to negotiate with the lender for a "deed in lieu of foreclosure." This means you voluntarily sign a deed giving the home back to the lender. Banks will often pay your moving expenses, or other cash settlement, in exchange for not having to incur the expenses of the foreclosure process.... Read Answer

Are you sure the mortgage debt was discharged in the bankruptcy? Didn't the bank get relief from the automatic stay? Did the bank ever go through the foreclosure process? Did you receive a Notice of Default and/or a Notice of Trustee's Sale? If the answers are no, then you still own the house. The only way that you would no longer be the title holder is if a deed was signed transferring ownership to someone else. The only persons who could legally execute a deed are you (if you sold the property) or the foreclosure trustee, who would sign a deed to the auction buyer or to the bank if no buyer bid on the property. You really should talk to an attorney about this, because if there was no foreclosure and the mortgage was discharged in bankruptcy, you may be giving away ownership for no reason. Many attorneys offer free consultations. The county bar association may operate an attorney referral service. But to answer your question, if all you want to do is get your name off title, you can call the bank and arrange to sign a deed to the bank. The bank will take care of all the paperwork. But again, please talk to an attorney.... Read Answer

If the HELOC contract states that it is a recourse loan, then yes the lender can sue you in court and obtain a money judgment for the difference between the auction price and the loan balance ("deficiency"). A non-recourse loan means that the lender's remedy is limited to taking back the property regardless of the loan balance. Since the purpose of the loan was for a business and not related to the property, then I expect it is a recourse loan. I have no idea what you mean by taking your grandparents by force.... Read Answer

Yes. As far as the county and state are concerned, the owner is responsible for taxes. Until a foreclosure sale occurs and a new deed has been recorded, you are still the record owner. For practical purposes, however, the governments might not pursue you individually and will instead put a lien on the property.... Read Answer

In order to answer that question it would be important to know if the lender ever completed the foreclosure. The lender does not become the owner until the judicial sale is conducted and the sale is confirmed. Then the lender would be entitled to a Sheriff's deed. I have seen many foreclosures linger for years before the sale is held. You need to check the foreclosure file at the Clerk's office.... Read Answer

It depends on whether you owned the condo as joint tenants with rights of survivor ship or joint tenants in common. It also depends what the lien was for. If it is a mechanic's lien for work on the property, then it stays with the property. It would be best to consult with an attorney to research the title and suggest the best course of action.... Read Answer

Do not take legal advice from a non-lawyer. That is called "practicing law without a license". It is a felony in some states and a misdemeanor in most. As to your questions. You need to talk to a good probate and estate planning attorney. Each situation is unique and must be reviewed in whole. My best to you.... Read Answer

Bad Idea. He cannot assume the loan under these circumstances without qualifying You are still on the hook if he stops paying (and you may not know that he stopped paying) He also may breach his fiduciary duty to you. It still is secured. It sounds like he is giving you a lot of wrong or bad info.... Read Answer

My suggestion is that you call the bank, explain the situation and ask them what your options are. A deed in lieu, which is how you can deed the house back, should not effect your credit. Also, you can just walk away and let the bank foreclose. If you are not on the underlying obligation, it should not effect your credit.... Read Answer