Anti-Deficiency Laws
Arizona’s “anti-deficiency” statutes prevent a lender from suing a person for any losses on a home after foreclosure or short sale. As outlined in Arizona Revised Statues, Title 33, Chapter 6.1 a person may not be sued by his or her lender if the property is located on 2.5 acres or less and is a single family residence or duplex. This only applies if the decrease in value is not due to the home owner’s neglect. There are a few sates with similar laws to protect home buyers.
- Jeff Buettner
Real Estate Wiz Kid
Can you advise me with Phoenix Foreclosure consultation?
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