Stephen M Weeks's Answers

I have been told that I am covered under the Arizona anti deficiency statue. Can lenders still come after me??

The most likely scenario for a lender selling to a collection agency is when a second loan has been involved. Then the key question is, is the second loan a "purchase money" loan or not? If it does not qualify it can cause problems. A number of people got into 80/20 loans - an 80% first mortgage and a 20% second. The first forecloses and then the second tries to collect through a collection agency. Generally speaking they cannot (although certain factors in the statute can change that...

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What does the term "purchase money" mean in regards to home loans and anti-deficiency statue?

The loan you describe would retain the characteristic of being a purchase money loan. The following is from the Arizona case Bank One, Arizona, N.A. v. Beauvais: "Given these strong statements concerning the legislature's consumer protection objective, we believe the legislature did not intend that a loan would lose its character as a purchase-money obligation when, as here, it is extended, renewed, or the remaining portion of the original loan is refinanced and the deed of trust on the...

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In Arizona, What are some of the other exceptions that can prevent a home in foreclosure from using the anti-deficiency statue?

The best thing to do would be to look at the statute ARS 33-814 (notably subsection G, but read the whole statute) and, then if you have a follow up question on a particular aspect you should be able to get your questions answered. The statute can be found online here: http://www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/33/00814.htm&Title=33&DocType=ARS

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What are the fees for just reviewing loan documents to determine if loan is covered under the Arizona anti-deficiency statue?

A lawyer can likely answer your question in a standard consult meeting. They would need to see all loan docs, including a first, second, and if applicable, a home equity loan. I would expect a standard fee to be similar to what my firm would charge $125. If you are talking about a first loan on less than 2.5 acres, you probably are safe. It is when the house is on a large parcel or when other loans are involved that you may have trouble.

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House we are buying has driveway that one side is raised slightly higher than the other side. What could be the casue?

You don't indicate if the home i(or driveway) s new, relatively new, or old. If the home is under warranty by the builder, than you will probably want to just contact them. However, make sure you contact them in accordance with the Purchaser Dwelling Actions Act. You can find the Act at 12-1361 ( et seq) by following this link: http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=12 Pay particular attention to the notice provisions in 12-1363. If this is an older house,...

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My tenant is on a month to month lease and the house is going into forclosure. We have given her plenty of warnings and have

If the tenant is on a month to month lease, and has not paid for this month, you can likely file a forceable entry and detainer action, since you are still the owner. The question really comes down to how much hastle do you want to go through, given the fact that a foreclosure is looming (which you seem resigned to happening). If you are going to do it, then you will probably want to have a lawyer involved. Legalities: I am not your lawyer. This does not establish an attorney-client...

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Received notification of trustee sale scheduled for 12-02-10. what happens next?

First, you will need to know if the anti-deficiency statutes actually protect you. Some people are surprised to learn that an exception takes their property out of the statutory protections. You may want a lawyer to actually look into this for you. If you are absolutely certain that you will not face a deficiency, then the lender's only right upon a non-payment of the underlying obligation is to conduct the trustee's sale.

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What amount should I deduct from my last rent check?

No legal advice, just common sense here. The bigger question you should ask yourself is, is it worth a lawsuit or collection action? Is there a breach of contract, yes. And you would likely be able to prove it relativley easily. However, the question then is, what are the damages. You have continued to live in the property without the dishwasher, so a jury or judge would have to determine the value of the rental with the dishwasher (as promised) and without it (as it ended up)....

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Going thru divorce.if i have a will leaving half assets to my children and i die before divorce is final, will my soon to be ex

First of all, you do not discuss why this is a particular concern. If you are struggling with depression, stress, and related issues from the pending divorce, I highly recommend that you seek treatment immediately from a health care provider. You seem to care for your children, and if you are thinking about harming yourself, remember, that is a permanent solution to a temporary situation. And they will feel the pain for the rest of their lives (while also being statistically at a greater...

In Arizona, what portion of the value of a married couple's home belongs to the estate of a deceased spouse?

It may be that the property never goes into the estate. The first thing you will need to find out is how the property was deeded. If the property is deeded as Joint Tenants or as Community Property with Right of Survivorship, then the property will transfer directly over to the surviving spouse outside of probate. I would expect that most deeds are one of the two mentioned above. If that is the case, zero goes into the estate. If the property was not held in this fashion (and there are no...