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Arizona Law Allows Lenders to Issue Borrowers a 1099 for Discharge of Indebtedness & Sue Later for a Deficiency

Question:  I lost my Arizona home in a foreclosure.  The lender reported the discharge of indebtedness to the Internal Revenue Service and sent me an IRS form 1099-C (Cancellation of Debt) for $100,000, the amount unpaid on the loan after the foreclosure.  The lender is now threatening to sue me if I do [...]

March 4th, 2010 | Tags: , , , , , , , , , , , , , , , , , , , , , | Category: Arizona Foreclosure Law, Arizona Foreclosures, Arizona Real Estate, Questions People Ask Us | Leave a comment

New Federal Law Protects Tenants From Being Evicted After Foreclosure

A law passed by Congress and signed by President Obama, the Helping Families Save Their Homes Act, provides protections for tenants whose landlords lose the rental property through foreclosure.  The law’s protections are effective immediately and expire at the end of year 2012.  With the new law, tenants now have the right to remain in their homes [...]

December 1st, 2009 | Tags: , , , , , | Category: Landlord/Tenant Law, Real Estate Law | Leave a comment

New FHA Loan Rules Devalue Condos

Arizona Republic:  “New federal loan-guarantee rules imposed to fend off future government losses from plummeting condominium prices have rendered condos utterly worthless, Valley real-estate experts said.  The Federal Housing Administration rules, which took effect Oct. 1, prohibit any new FHA-backed loans on condo units in projects that include more than 25 percent commercial [...]

October 10th, 2009 | Tags: , | Category: Arizona Real Estate, Government Helping Us - Not, Real Estate Law | Leave a comment