Does Arizona allow deficiency judgments?

Arizona Revised Statute §33-814 provides the legal framework for deficiency judgments after a trustee’s sale in Arizona. The most important thing for a borrower to understand is that they can add language to the Deed that prohibits the recovery of the additional balance after a trustee’s sale.

Is Arizona a judicial or nonjudicial state?

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.

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.

How long does it take to foreclose on a home in Arizona?

between 90 and 120 days
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.

Is Arizona a one action state?

Many states, including Arizona, have statutes governing mortgages that prohibit separate actions that are pursued simultaneously: “If separate actions are brought on the debt and to foreclose the mortgage given to secure it, the plaintiff shall elect which to prosecute and the other shall be dismissed.” See, e.g.

How long does a foreclosure take in Arizona?

Is there a moratorium on evictions in Arizona?

The CDC eviction moratorium expired. Arizona renters impacted by COVID-19 can be evicted for the first time in 16 months after the Centers for Disease Control and Prevention eviction moratorium expired Saturday.

Can a bank get a deficiency judgment in Arizona?

Do Not Sell My Personal Information If your Arizona home sells at a foreclosure sale for less than you owe on your mortgage loan, you might still be liable to pay money afterward. That’s because, in some cases, under Arizona law, the foreclosing bank is able to get a deficiency judgment.

Can you sue a bank for a deficiency?

Alaska, Arizona, California, Hawaii, Minnesota, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, Washington. If you have had a lender attempt to collect on a deficiency in a state where anti-deficiency laws exist, you may be able to file a lawsuit against the lender.

Can a person be sued for deficiency after a foreclosure?

Anti-deficiency laws exist in some states to prevent lenders from going after borrowers for money owed after a home is foreclosed on. These anti-deficiency statutes, however, have not stopped all lenders from attempting to collect on money they feel they are owed, and borrowers may feel they have to pay money they do not—under the law—owe.

What is the deficiency amount for a foreclosure?

Say the total amount you owe on your home loan—including outstanding principal, interest, fees, and costs—is $300,000. But your home sells for just $250,000 at the foreclosure sale. The deficiency is $50,000.

Can a deficiency judgment be issued in Arizona?

Deficiency Judgments Are Generally Allowed Most foreclosures in Arizona are nonjudicial, which means the bank does not have to go through state court. Judicial foreclosures are allowed too. In a judicial foreclosure, the bank forecloses through the state court system.

Alaska, Arizona, California, Hawaii, Minnesota, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, Washington. If you have had a lender attempt to collect on a deficiency in a state where anti-deficiency laws exist, you may be able to file a lawsuit against the lender.

Anti-deficiency laws exist in some states to prevent lenders from going after borrowers for money owed after a home is foreclosed on. These anti-deficiency statutes, however, have not stopped all lenders from attempting to collect on money they feel they are owed, and borrowers may feel they have to pay money they do not—under the law—owe.

Say the total amount you owe on your home loan—including outstanding principal, interest, fees, and costs—is $300,000. But your home sells for just $250,000 at the foreclosure sale. The deficiency is $50,000.