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arizona rental

Arizona rental foreclosed on

by Jarad 2 Comments

Question:  I live in California but owned a rental in Arizona that was foreclosed on. I had an equity line of credit on that home when it was foreclosed on. I believe I owed about $90K on that equity line of credit. Can they now come after me for the money? Is my only recourse bankruptcy?

 

Answer:

Well all you can do it wait and see what the bank sends you in the mail. They will either send you a 1099 or they will send you a judgment for the $90k. Now, I know that Arizona is a anti-deficiency state, however, there are 2 statutes that apply to foreclosure and in a lot of cases, homes that have 2nd mortgages do not fall into the category of either of these statutes because the money was not used in the purchase of a home. You might be able to work out a settlement with the bank especially if you threaten them with the bankruptcy card. A good attorney can help you with that. Worst case, most people just bk.

I wish you would have found us earlier… you could settle your note as well and save a lot of headache. Good Luck

Filed Under: Foreclosure, HELOC Tagged With: arizona, Arizona anti deficiency, arizona rental, Bankruptcy, deficiency judgment, equity line of credit, rental

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