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http://blog.youwalkaway.com/?p=247
Apparently AZ has modified their anti-deficiency laws so that a lender can come after you for a deficiency if you default and haven't lived in the property for 6 months...
For the uninitiated, AZ used to have almost blanket Anti-deficiency immunity as long as it was a purchase money loan...
It just boggles my mind that the banks are getting all this favorable treatment and all the support the law can give them... While i have yet to see a single measure to help the "homeowner"; they seem to get thrown under the bus at every possible chance and are pushed into debt at every available turn; starting with the new BK bill on '05...
All the "help" a "homeowner" seems to get is 125-130% LTV mortgage loans so that he can keep paying the debt on "his" house.....
Apparently AZ has modified their anti-deficiency laws so that a lender can come after you for a deficiency if you default and haven't lived in the property for 6 months...
For the uninitiated, AZ used to have almost blanket Anti-deficiency immunity as long as it was a purchase money loan...
It just boggles my mind that the banks are getting all this favorable treatment and all the support the law can give them... While i have yet to see a single measure to help the "homeowner"; they seem to get thrown under the bus at every possible chance and are pushed into debt at every available turn; starting with the new BK bill on '05...
All the "help" a "homeowner" seems to get is 125-130% LTV mortgage loans so that he can keep paying the debt on "his" house.....