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If you have been following my Real Estate Law Blog posts you may have already read about some of the recent legal developments related to foreclosures and short sales in Arizona. However, in light of a new Court of Appeals case just decided last month, I felt it was time for a summary [...] The Arizona Bankers Association is pushing again to change Arizona’s anti-deficiency laws. According to Paul Hickman, president and CEO of the Arizona Bankers Association, “One of our main goals is to reform this statute and bring it in line with the rest of the country . . . This law makes Arizona compare worse to [...] As Arizona real estate lawyers, we are frequently asked by Arizona home owners if a lender who forecloses on a loan secured by a deed of trust or a lien on an Arizona home can sue the home owner for a deficiency. We are also asked whether the anti-deficiency laws apply to a [...] Reuters: “In a decision that may slow foreclosures nationwide, Massachusetts’ highest court voided the seizure of two homes by Wells Fargo & Co and US Bancorp after the banks failed to show they held the mortgages at the time they foreclosed.” Arizona Republic: “Arizona’s attorney general filed a lawsuit Friday against Bank of America, accusing the state’s largest mortgage lender of deceiving borrowers who were trying to obtain loan modifications to keep their homes. . . . ‘BofA is abusing borrowers systematically,’ Arizona Attorney General Terry Goddard said.” Good news for Arizona borrowers and real estate investors who have liens on their property secured by a Deed of Trust. The Arizona legislature repealed SB 1271 for the second time. Last year the Arizona Bankers Association tried to pull a fast one on borrowers whose loans were secured by Deeds of Trust [...] Arizona Republic: “Short sales allow people to sell their homes for less then they owe on their mortgage to avoid foreclosure. In Arizona, though, some former homeowners are finding they are still in debt to their lenders, even after completing a short sale.” CBS San Francisco: “Banks seem to have most of the power when it comes to foreclosures, but some homeowners are fighting back with a new battle cry: ‘Show Me the Note!’ . . . “The deeper you look, the more illegal the actions are of these banks,” said Reno attorney Robert Hager, who’s [...] Arizona Republic: “As national concern about foreclosures continues to grow, attorneys general from all 50 states say they will push for an agreement with mortgage lenders to help distressed homeowners. The prosecutors want lenders to standardize their practices to reduce the chances of improper foreclosures and create a fund to help homeowners who [...] Wall St. Journal: “The Recent Fracas May Not Hit You Where You Live— But the Fallout Could Affect You in Surprising Ways. But the fallout from the [mortgage] crisis is beginning to be felt in real-estate markets across the country, particularly in places dominated by vacation homes and investment properties. Some of the [...] |
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