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Arizona Foreclosure Deficiency Judgment

In Arizona foreclosure deficiency judgment, the lending institute can sue the borrower for any deficiency in the actual payment received after selling the foreclosed home and the total borrowed money. The total amount also include administrative cost, fees, charges and cost during foreclosure process. For every state in US there are different laws for deficiency judgment. In Arizona foreclosure deficiency judgment is allowed but there are certain limitations that makes it more favorable for the homeowners than lenders.

According to Arizona anti-deficiency statutes the lender in certain cases cannot sue the homeowners for deficiency. According to the Title 33, Chapter 6.1 of Arizona Revised Statutes, the lender cannot sue the borrower:
  • If the size of the property is 2.5 acres or less than that
  • Further anti deficiency statutes is applied if the foreclosed home is a single family home or duplex.
  • Moreover homeowners having second mortgage, refinanced loans and home equity line of credit are also exempted by the statute.

Deficiency Judgement in Arizona

Deficiency judgment in Arizona is allowed only for judicial foreclosure process and that too within the period of 90 days after foreclosure auction. The Veteran Affairs or VA home loans are the exception to anti-deficiency law. In case of VA loan deficiency judgment can be obtained even if the state prohibits the same in certain cases. In case the deed-in-lieu has happened, which means the homeowner willing gives the title of the home to lender, then the right of Arizona foreclosure deficiency judgment does not remain with the lender. But in this case the remaining balance, if any, becomes taxable income which will have to be paid in the next tax return.

There are two anti-deficiency laws that are available for the protection of borrowers. These are:
  • 33-729(A)
  • 33-814(G)
If you have been sued by the lender for Arizona deficiency judgment then immediately take the assistance of foreclosure lawyer or attorney who handles the cases related to foreclosure and deficiency judgment so that you do not end up in further financial loss.

For further reading also check the sites that have been listed by Realestatezing.com and also keep visiting the other pages of this site for more information on foreclosure and other related processes.
 
Foreclosure Counseling.com
Foreclosure Counseling.com helps you with anti-deficiency laws in Arizona. The crisis management company further assist you with counseling if required.
Website:http://www.foreclosurecounseling.com/foreclosure_help/antideficiency.html
 
Sacks Tierney P.A.
Sacks Tierney P.A. is the attorney who handles cases of Arizona foreclosure deficiency and anti-deficiency laws in AZ.
Website: http://www.sackstierney.com/articles/antideficiency.htm
 
Directory I M Articles
Check out different law firms and lawyers for Arizona foreclosure deficiency judgment and also read the related articles on the issue of foreclosure.
Website: http://articles.directorym.com/Paying_A_Deficiency_Judgment_From_A_Foreclosure-a969781.html


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