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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55004
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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In Arizona, default, what can the lender come after?

Customer Question

In Arizona, for strategic default, what can the lender come after? Retirement income? Car? Other?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good Evening. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? Is this property your residence? Thanks.

Customer: replied 1 year ago.
Expert:  Richard replied 1 year ago.

Thanks for following up. The lender will not be able to pursue any of your assets. The reason why is that Arizona is a non-deficiency state.

According to Arizona anti-deficiency statutes the lender in certain cases cannot sue the homeowners for deficiency. According to the Title 33, Chapter 6.1 of Arizona Revised Statutes, the lender cannot sue the borrower for any shortfall:

  • If the size of the property is 2.5 acres or less than that
  • Further anti deficiency statutes is applied if the foreclosed home is a single family home or duplex.

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