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Arizona Foreclosure Law September 2009

Arizona Foreclosure Changing Law as of September 2009

Arizona’s laws that prohibit deficiencies are found in Arizona Revised Statutes Sections 33-814.G and 33-729.A. These types of laws are also called “anti-deficiency legislation.”

ARS § 33-729.A states, “. . . if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor, nor may general execution be issued against the judgment debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold under special execution are insufficient to satisfy the judgment, the judgment may not otherwise be satisfied out of other property of the judgment debtor, notwithstanding any agreement to the contrary.

Old Law

ARS § 33-814.G before September 30, 2009, states, “If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses.”

New Law

ARS § 33-814.G after September 30, 2009, states, “If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling BY THE TRUSTOR UNDER THE DEED OF TRUST FOR AT LEAST SIX CONSECUTIVE MONTHS AND FOR WHICH A CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses. THE TRUSTOR IS RESPONSIBLE FOR DEMONSTRATING THAT THE TRUST PROPERTY WAS USED BY THE TRUSTOR AS A ONE-FAMILY OR A SINGLE TWO-FAMILY DWELLING FOR AT LEAST SIX CONSECUTIVE MONTHS.

Click to view  Arizona Foreclosure.

Arizona Relocation Due to Arizona Real Estate

We found this interesting news report showing an increase in the real estate market in Arizona.Lots of Canadians are coming down to take advantage of the Real Estate in Arizona.

View our Arizona MLSListing Page.

Arizona Neighborhood Stabilization Program for Arizona Homes and Arizona Foreclosures

Neighborhood Stabilization Program (NSP) Information

On July 30, 2008, President Bush signed into law the Housing and Economic Recovery Act of 2008 (HERA) to address the severe housing crisis. Title III of the Act appropriates $3.92 billion of grant funds under the Neighborhood Stabilization Program (NSP) for states and local governments to purchase and redevelop abandoned or foreclosed properties. The HERA directed the United States Department of Housing and Urban Development (HUD) and the city of Phoenix to target funding to areas with the greatest needs based on the extent of foreclosures, sub-prime mortgages, and mortgage delinquencies and defaults.

As funding recipients, city, county and state agencies must develop their own programs and funding priorities. However, they must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120 percent of area median income.

The city of Phoenix has kicked off their first program, “Homeownership Assistance” assisting buyers of foreclosed homes, townhouses or condominiums with $15,000 in down payment and closing cost assistance. If you are interested in finding out how to purchase a foreclosed property using this program please see the information links in the box below “Buying a Foreclosed Property”. If you are a a real estate professional or a lender or a mortgage broker representing a foreclosed property, please see the information links in the box below “Information for Real Estate Professionals and Lenders”.

source:phoenix.gov

Loan Modification Arizona and Foreclosure Assistance

Arizona has a website designed specifically to help homeowners with loan modifications and foreclosures. The site, http://www.azforeclosureprevention.org/ can help anyone understand and navigate through the process.

There is also information to help keep you from losing your home to a foreclosure or loan modification scam. The Attorney General recommends checking out the tips and suggestions in a “new” brochure: Avoiding Loan Modification and Foreclosure Scams.

If you know anyone who may be faced with foreclosure or the need to modify their loan, please recommend this site.

Buyer Assistance With Phoenix Arizona New Homes Or Resales

Homebuyers offered Homeownership Assistance

The city of Phoenix is now offering $15,000 in down payment and closing cost assistance to help potential home buyers qualify to purchase foreclosed single family homes, townhouses or condominiums.

The Neighborhood Stabilization Program (NSP) allows home buyers to repay the full amount of the loan to the city when the homebuyer sells the home or refinances.

You can learn more about this opportunity by calling 602-262-6602 or click HERE to visit the website. If you are looking to purchase and Arizona Phoenix home, you can also search the Phoenix MLS by clicking HERE .

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