Arizona Second Mortgage
A bank can lock in an investment property granted a lien on the principal residence of a customer in Arizona?
I lost my work and the difficulty of renting my property investment is now worth less than The Mortgage. If the property is excluded Investement ON, the Bank may impose a lien in my primary residence in Arizona? Neither house has a Second Mortgage.
yes …. and not in Arizona is an anti-state waiting for its key .. and of this writing, this applies to your property investment so. That said, a law that was just after this summer, which will come into force until September 30, 2009, which allows banks back to the owners of investment property not occupied the house for a minimum of 6 months for the fact that the loan after foreclosure. This it means is that if you let the house go to trustee sale (which is what they do in Az), the bank will have the property back and then sell the property. The bank is authorized to take action against you for the difference between the amount you sell the house and what the balance of your loan. So …. If you take 300k loan to buy the house and the bank takes the house back, but can sell for 200k, the bank has the right to return to you civilly liable for the difference 100k. When you "Sue" for the difference will ask for a trial .. I do not know if you can win a lawsuit against the property or pay … There are people actively trying to get this law repealed …. But it's something you want to keep mai an eye on in the coming months as a couple. The draft bill was just passed SB 1271. You can get more information online. I contacted a counseling real estate for options. Good luck!
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