The short answer is it depends. A deficiency judgment is created if, after the foreclosure sale, the sale proceeds are less than the indebtedness. Whether the lender can pursue the borrower for a deficiency judgment depends on the type of loan and security used i.e. a deed of trust or mortgage. Generally, if the real [...]
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If faced with a foreclosure of your home or rental property, there is some good news. Arizona’s antideficiency statute, A.R.S. § 33-814 provides some relief. When a real estate loan secured by a deed of trust goes into default, the lender can elect to proceed with a trustee’s sale of the property to enforce its [...] |
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