I owe $206k for a home in Surprise, AZ that is only worth $109k per the tax assessment. It is my primary residence and I have ONLY ONE mortgage. I never cashed out. Wold i be able to walk away without Wells Fargo Bank suing me? WHAT WOULD YOU RECCOMEND I DO? I am a single father on disability through the V.A. and Medicare.Thx, Pat
State/Country relating to question: Arizona
Tried contacting bank repeatedly to no avail. Wells Fargo will not call me back or the loan officer is NEVER available to talk to me.
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It is not the tax assessment but what a real estate agent tells you that the house is worth. Under the Arizona Revised Statutes (A.R.S. 33-729(A)), when a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price of a residential property TWO AND ONE HALF ACRES OR LESS that is limited to and utilized for either a SINGLE ONE FAMILY OR SINGLE TWO FAMILY RESIDENCE the mortgagee cannot collect a deficiency judgment out of any of the other assets of the homeowner (the lien of the property shall not extend to any other property of the judgment debtor). In any event they cannot attach your disability.
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