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Patrick Ryan MacQueen

Patrick MacQueen’s Answers

5 total

  • Arizona Foreclosure - Can Second Mortgage Lender (home improvement loan) collect on deficiency balance after Trustee Sale?

    AZ foreclosure w/trustee sale. All anti-deficiency "requirements" are met. The Second mortgage was taken out before the new build home construction was complered. Loan was used 100% for addition of a pool. The lender even made the checks out to th...

    Patrick’s Answer

    While you may or may not meet the technical requirements under Arizona anti-deficiency statutes (and the cases interpreting the statutes), you should absolutely respond to the collection company. With a strongly worded letter regarding Arizona law, you may be able to convince the collectors to go away.

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  • Tenant rights in the state of Arizona

    my wife and I just moved from mn to arizona about two months ago. We are renting from an apartment complex in which my wife is only on the lease. The apartment complex has asked that I be added as an authorized tenant of the lease. I have two misd...

    Patrick’s Answer

    The answer depends upon what the lease states. If your wife executed the standard-form Arizona residential lease (the AAR form), you may need to be include as an additional tenant.

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  • My home is in foreclosure. Auction date is Sept1. Should we leave for a rental before the 1st and are we liable for any repairs?

    We have 2 contract short sale offers pending but still awaiting to hear from lender. Legally am I still responsible fr utilities repair, etc.?

    Patrick’s Answer

    You still legally own the home until the foreclosure date. As such, you should absolutely continue to keep the home in good repair. In addition, I strongly urge you to keep your property insurance up to date. Please note that, although the home is set for auction on September 1st, many auctions are postponed.

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  • If my home is in foreclosure and will be set to go to auction Sept.1, what are my ;iabilitie? Am I still responsible for upkeep?

    I still live in home and am deciding whether to move to a rental or not

    Patrick’s Answer

    You still legally own the home until the foreclosure date. As such, you should absolutely continue to keep the home in good repair. In addition, I strongly urge you to keep your property insurance up to date. Please note that, although the home is set for auction on September 1st, many auctions are postponed.

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  • If I foreclose on my investment property can the lender go after my personal property/income/savings/401K etc to recover monies

    I currently pay my partner rent but am not on the mortgage papers etc. I don't want any reprocussions for him and I am not concerned about losing my credit rating

    Patrick’s Answer

    The answer is completely dependent upon whether you have anti-deficiency protection. If you have the protections afforded by Arizona anti-deficiency law, then your lender(s) are prohibited from mataining a "deficiency" action and cannot thereafter go after your other assets. So, the first step is to determine whether your loan and your investment property is protected from a deficiency action. Please note that, even if you have full anti-deficiency protection, your lender may still attempt to sue you or will send your account to a collection firm. And, while your lender may or may not be able to actually collect from you, you should never ignore a lawsuit or letter from a collection firm.

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