What Are Arizona Anti-Deficiency Laws? Arizona Revised Statute §33-729 protects homeowners with a purchase money mortgage from deficiency judgments. To qualify, the property must be less than two and half acres and used as single one-family or single two-family dwelling.
Is Arizona an anti-deficiency state?
Fortunately for most Arizona homeowners, the Arizona legislature has adopted anti-deficiency statutes that preclude such recourse in many typical fact scenarios. In addition, the parties to a real estate contract may expressly agree that the lender’s only recourse is foreclosure on the property itself.
Does Arizona have a moratorium on foreclosures?
In Arizona, Governor Ducey’s executive order postpones all eviction actions for 120 days against any individual affected by COVID-19. FEDERAL ACTION: CARES Act postpones foreclosures and places a moratorium on evictions for residential properties with federally backed mortgages.
What is the foreclosure process in Arizona?
In Arizona, most foreclosures proceed via a non-judicial process governed by a deed of trust executed and recorded at the time of purchase. By electing this procedure, the lender may proceed with a trustee’s sale without having to file an action in court.
How long does a foreclosure take in AZ?
How Long Does the Typical Foreclosure Process Take in Arizona? Arizona lenders typically need between 90 and 120 days to foreclose on a property in a non judicial foreclosure process that is uncontested by the borrower.
What is the maximum rent increase allowed in Arizona?
There is effectively no limit on rental increases, as this authority is preempted by the state under A.R.S. § 33-1329.
How Long Does Foreclosure Take in Arizona?
How long does foreclosure take in AZ?
How long does a foreclosure take in Arizona?
What is the redemption period in Arizona?
The Redemption Process Arizona law gives the property owner a minimum of three years after the tax lien auction within which to redeem the property and prevent foreclosure.
When can a lender pursue a deficiency judgment against a borrower?
§ 580(d) limits a lender’s right to seek a deficiency against the borrower after the property is foreclosed by a trustee’s sale regardless of the type of loan or the type of property being foreclosed if the sale did not generate enough proceeds to pay the full amount of the debt.
Is Arizona a non recourse mortgage State?
A mortgage loan used to purchase a home in Arizona is non-recourse debt. In other words, in Arizona, unlike most states, the homeowner has no personal liability for a mortgage used to purchase a home.
Can you get a deficiency judgment after a foreclosure in Arizona?
There is no Arizona law that says a lender cannot get a deficiency judgment following a deed in lieu of foreclosure. To avoid a deficiency judgment with a deed in lieu of foreclosure, the agreement must expressly state that the transaction is in full satisfaction of the debt.
What is a deficiency in a foreclosure sale?
When a lender forecloses, the total debt the borrowers owe to the lender sometimes exceeds the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency. Example. Say the total debt owed is $400,000, but the home sells for $350,000 at the foreclosure sale. The deficiency is $50,000.
What do you need to know about Arizona foreclosure laws?
Because this is a non-judicial remedy there are very stringent notice requirements and the legal documents are required to contain the power of sale language in order to use this type of foreclosure method.
Can a short sale in Arizona be foreclosure?
(Learn more about short sales to avoid foreclosure .) There is no Arizona law that says a lender cannot get a deficiency judgment following a short sale. To avoid a deficiency judgment, the short sale agreement must expressly state that the lender waives its right to the deficiency.
