When homeowners are facing foreclosure one of the biggest questions on their minds is whether or not their lender can sue them for the deficient amount. AZ real estate lawyers say that the answer isn’t really that easy and the answer depends on each individual case. Arizona’s anti-deficiency law protects many homeowners from having to pay the deficient amount of their loan back to the lender, however, in every foreclosure situation it is best to consult with an AZ real estate lawyer to ensure that your best interests are being protected. Just because a real estate agent or other professional has told you that you won’t have to pay back the deficient amount doesn’t necessarily mean this is the case. By contacting an AZ real estate lawyer at the beginning of the foreclosure process, or even before if you know that foreclosure is imminent, will help protect your legal rights.
There are two different statues in Arizona that apply to homeowners and their deficiencies; deciphering exactly what they mean and understanding them is imperative to knowing whether or not they apply to your specific situation and if you are required to cover the remaining amount on your mortgage principal. AZ real estate lawyers say it’s also important to note that these two statues alone don’t necessarily determine whether or not your lender can sue you. The best thing for you to do in any foreclosure situation is contact an AZ real estate lawyer for help in answering your real estate and legal questions. By working with an AZ real estate lawyer your legal interests will be protected and you can work through your foreclosure situation together and come out ahead.