Feed: Combs Law Group - AggScore: 47.2

Congress Enacts Unprecedented Federal Tenant Protections

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On May 20, 2009, President Obama signed Senate Bill 896 (Helping Families Save Their Homes Act of 2009) into law. Title VII of this Act is called “Protecting Tenants at Foreclosure Act of 2009” (“PTFA”) and is designed to protect “bona-fide” tenants from being displaced when their landlord’s property is foreclosed. While the new law [...]

Protection for Arizona Homeowners Who Default on Mortgage Loans Secured By Their Home

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In the current Arizona real estate market there is confusion about a homeowner’s liability to the lender for a home that is “upside down,” i.e., the home is worth less than the amount of the loan on the home. There are five general observations of current Arizona real estate law that should be helpful in clarifying this issue. a. Lender can sue Borrower only if non-purchase money Loan, 2. No Foreclosures by Second Mortgages, 3. No Deficiency Allowed After Foreclosure of Home, 4. Protection Unclear if “Cash Out” Refinancing, 5. No Liability for Short Sale Difference Unless Agreement.

Court Decisions and the Anti-Deficency Statutes Update

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Arizona and a small minority of other states have adopted anti-deficiency statutes to prohibit a homeowner’s personal liability after losing a home to foreclosure. In the past two years in Arizona there has been both a rapid increase in homeowners who default on mortgage home loans and a rapid decline in home values. Therefore, the scope of the protection of the anti-deficiency statutes is now of heightened interest to both homeowners and lenders.

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