Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi JACustomer,1) Is your home a one or two-family home?2) Is your home on less than 2.5 acres?
3) Were your mortgage(s) used to purchase your home?
What were the second and third mortgages used for?
If you stop paying the mortgages, and given the information you provided, the second and third mortgage companies - but not the first - can pursue deficiency judgments for the balance due on those loans after your house sells in a foreclosure sale. Arizona Stat. 33-729(A).
I think this is what you wanted to know. If not, please let me know.Thank you!