Arizona Foreclosures Legal Questions

The quick easy answer is  "If you don't pay......   they take it away". However there are a host of additional questions we have to address to give you the answers: Type of property – residence, non residence, commercial, rented acreage less than 2.5When were the 1st & 2d put on –                at original purchase             same lender or different lender             a later refi –  What did you do with the monies?Have you investigated short sales or bankruptcy? Look at A.R.S. § 33-729, 33 -814 G,  They could foreclose, sue on the note and forget the mortgage / deed of trust, file a credit ding, harrass you, sell the debt to a collector who will harrass you and may sue you ==or they could leave you alone.Even if they leave you alone, the debt is a lien on your home and does not go away.  If later your home goes up in value, the first is paid down, they can then come after you.You should get good advice from a competent Bankruptcy lawyer who deals with this all the time.... Read More

It is sad that you do not trust your own attorney. Ask them to explain the process more. As to your question - if an objection/answer/reply is filed in response to a motion for relief then there will be a hearing. The judge will grant the motion unless you are paying the debt or you are in a reorganization (chapter 13 or 11) and the debt will be adjusted in the bankruptcy.... Read More

Your rights and responsibilities vary depending on what state your house is located in, but generally you can be held responsible for the judgment on the unpaid mortgage. Best advice is to consult with an experienced attorney who can negotiate with the lender on your behalf and avoid having any deficiency judgments taken out against you.... Read More

When your house is foreclosed upon, the financial responsibility is primarily to the mortgage company for all amounts that might arise due to the default, as outlined in the mortgage. Read it. If you cannot find it in your own papers it was attached to the foreclosure complaint. Basically, attorney's fees, court costs, late fees, interest, and any deficiency are what you are responsible for.... Read More

As a tenant with an active lease in a residential home that has been foreclosed, you may be able to work out a new lease with the purchaser of the property.  If the new owner is unwilling to enter into a new lease with you, the owner can have you removed form the property by way of a Forcible Entry and Detainer.  If this occurs, you can sue the prior homeowner (with whom you had the lease) for damages for having to relocate.... Read More

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.... Read More