Arizona Real Estate Law - insight Arizona's Anti-Deficiency Statutes

State Landlord Tenant Law - Arizona Real Estate Law - insight Arizona's Anti-Deficiency Statutes

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In Arizona, absent some agreement, rule or statute to the contrary, a lender can generally seek a insufficiency judgment after foreclosing on a property securing a loan, if the property does not sell for adequate money to satisfy the debt in full. Fortunately for most typical Arizona homeowners, the Arizona legislature has adopted anti-deficiency statutes that forestall such recourse in many typical fact scenarios. In addition, the parties to a real estate covenant may expressly agree that the lender's only recourse is foreclosure on the property itself.

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State Landlord Tenant Law

In the event of non-recourse loans, the non-recourse provision should be included in the mortgage or deed of trust. In most cases, the lender according to a non-recourse loan will also want assurances in the loan documents that the borrower will not commit acts of waste.

In the absence of express agreement, Arizona law provides protection for borrowers against potential liability stemming from the sale of a property at less than shop value in a foreclosure sale. The borrower, however, must act fast to safe his or her rights. If the property sells for less than the number owed to the lender, the borrower is entitled to ask a court to decide the property's fair shop value. In the event the court agrees that the far shop value is higher than the sales price the buyer gets reputation for the higher amount. This not only protects the borrower from an unfairly low price, but encourages lenders to make a reputation bid for an number near fair shop value.

There is an even more convenient statute protecting borrowers against insufficiency judgments spicy particular or dual-family dwellings on 2 1/2 acres or less where the loan is "purchase money," meaning it was used to pay the buy price of the property. Typically, loans used to refinance buy money loans are also determined buy money loans, although the use of some of the proceeds to pay other debts, derive cash out, or for other uses may expose the borrower to recourse liability.

Significantly, even if the loan is not a buy money loan, the lender's election to utilize non-judicial foreclosure on the deed of trust renders it non-recourse by operation of law. The lender may, however, instead seek judicial foreclosure, which is more costly and time-consuming, but preserves the ability of the lender to derive a insufficiency judgment. This anti-deficiency statute also allows a lender to seek a insufficiency judgment against the borrower in the event of waste.

Because interpretation of the Arizona anti-deficiency statutes and associated real estate laws can be very complicated, borrowers and lenders are advised to seek the assistance of an experienced real estate attorney with any questions or concerns they may have.

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