We bought a new home in November of 2013. Our current home in Peoria AZ is under water by 100,000 and I was advised by my mortgage company to rent it out for awhile until the market comes back. Well we are renting it out for fair market value is o...
In Arizona, distressed homeowners typically have good options to chose from in order to get out from under the distressed property. But there is no one-size-fits-all solution that works for everyone. What makes sense for you depends on your specific facts and objectives.
1 st Mortgage owe 366k, worth 330k, heloc judgement apx 40k. Just received a letter of intent to garnish wages.
In Arizona, distressed homeowners typically have good options to chose from in order to get out from under the distressed property. But there is no one-size-fits-all solution that works for everyone. What makes sense for you depends on your specific facts and objectives. Sounds like your 2nd position lienholder is signaling that it is willing to pursue the deficiency. You should get some legal advice about that.
Three sibs wants our mentally ill sister to stay in house in perpetuity & want free use of the family house for themselves & their children. The house was left in tenants-in-common trust with no provision for ill sib. For the past 5 years, the m...
As a party to the partition action, you have important rights. Being represented in that action can help avoid an unfair outcome and keep the plaintiff from overreaching. You may be interested in seeking special remedies allowed by the partition statutes.
re hazardous & limited access to residential property? I am a buyer & closing was last week. Are there deadlines to contest the contract ?
The seller is required by Arizona Law to disclose all known material defects of the property prior to closing. If that didn't happen, you should explore your legal remedies.
Owned the house for 8 years, refinanced in 2007 , paid off the second mortgage , which was a swimming pool
If your second loan is paid off and the original first position lienholder is foreclosing, it is unlikely you will be facing any deficiency liability. But it is possible in rare case, for instance if your loan is guaranteed by the VA. You probably have more than one way to avoid any cancelation of indebtedness tax liability in connection with the foreclosure. A detailed review of your facts is necessary to determine that. A legal consultation would be beneficial to be sure you are not taking any undue risks or leaving anything on the table.
I rented a house in foreclosure but Landlord did NOT tell me . He wants to look at house within 24 hours with some Investor . Do I have to let him in ? Auction date is April , 2013 ? ? ?
If your lease predates the recorded Notice of Trustee’s Sale, you have some rights under the Protecting Tenants in Foreclosure Act. Basically, that means you don’t necessarily have to move after the foreclosure. If your lease happened after the recorded Notice of Trustee’s sale, your landlord should have disclosed it. You may have some claims worth pursuing along those lines. Arizona Law says 48 hours notice is all that is required as long as it is a reasonable time of day.
I was told by the title company I was no longer responsible is that true
If you were originally obligated on the loan(s) secured by the property, you may be responsible for the deficiency (the balance owed) after the trustee’s sale. It depends on the nature of the financing and the property.
NationStar approval with $6000 to Flagstar ready to go. Flagstar is insisting on full promissory note as say even if goes to foreclosure, their HELOC will follow me unless I file bankruptcy. We have re-located out of state and needed to short sell...
You are correct that your liability on that HELOC turns on whether or not that second is a purchase money loan. There may be some other facts that help or hinder the issue of deficiency liability. If Flagstar is convinced that they have recourse against you on the HELOC, a legal opinion from your attorney may help to educate them.
I am a real estate agent who has a client that uses a walkway that is posted no tresspassing for over 30 years from his adjacent ranch to access the Tanque Verde wash for his daily morning walks and I think he has created a prescriptive easement f...
The primary Arizona Statutes governing prescriptive easements are found in Title 12, Ch.5, Art. 2. Basically, the law requires the same elements to establish a prescriptive easement as it does to establish a claim of ownership through adverse possession, except that prescriptive use need not be exclusive.
The elements are very case specific, so reference to the applicable case law, in addition to the statues themselves, is necessary to evaluate the merits of a potential prescriptive easement.
If the facts look good, you can demand a quit claim deed from the owner of the property under 12-1103, or the owner pays your attorneys fees to file a quiet title action to establish the prescriptive easement judicially.
What are the laws to get the homeowner out? Please be specific. I do verify when driving the property that it truly is the homeowner and not a tenant. I am an investor that is willing to give the homeowner some cash to move out, as I want them no...
Sounds like you are familiar with the Protecting Tenants in Foreclosure Act of 2009. If it is anyone in the property besides a bona fide tenant as defined in that Federal law, you can either induce them to leave or force them to leave. Most sophisticated entities taking back properties at trustee’s sale prefer to use the carrot (usually some kind of cash-for-keys incentive) rather than the stick (eviction). But the stick works just fine. It starts with a 5 day notice to vacate the property.