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In Arizona, will refinancing a home affect "non-deficiency" protection? <<< More info below >>

Tucson, AZ |

5 years ago I refinanced my original home loan, but only to reduce my monthly payments. I never took any equity money out. Only the cost of refinancing was included in the new loan. Does this in anyway affect the "non-deficiency" protection?
The home is located in Arizona and is in foreclosure and is scheduled for "Trustee sale" at the end of the year. I have no desire to keep the home, Due to no fault of mine it is now only worth about half of what I owe.

Thanking You in advance.

Attorney Answers 2

  1. No, it won't affect it. As long as you're referring to a true refinancing (not a HELOC), it is the only mortgage, and this was your home and not an investment property or anything, Arizona's anti-deficiency suit statute should protect you.

  2. The anti-deficiency statute will protect you even if you are an investor as long as the property is under 2.5 acres, less than a 4-plex, and was used for residential purposes (by you or your renter).