Call 480-478-0709
or fill in the fields below
for a consultation!

Arizona Anti-Deficiency Statute

Arizona’s mortgage deficiency statutes located at A.R.S. §33-729, §33- 814 and §12-1566 and the case law interpreting them are complex. This article includes a checklist of items to be considered to determine whether a mortgage lender has the right to obtain a mortgage deficiency judgment against a borrower or guarantor of a loan secured by real property pursuant to…

Read Full Article »

Access Code: SLG

Mortgage Debt Relief Act

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value…

Read Full Article »

  • Short Sale 101

  • Industry News