New Arizona Anti-Deficiency Laws Clarify Intent to Utilize
Arizona anti-deficiency laws were recently amended by the Arizona legislature and will become effective January 1, 2015. Previously, the two laws, A.R.S. § 33-729 and A.R.S. § 33-814, generally provided that a loan secured by a parcel of property of 2½ acres or less, which is utilized as a one or two family dwelling, is not subject to a deficiency claim if the fair market value of … Read More
I Received a 1099 from My Home Equity Lender- What Steps do I need to Take?
Tax Consequences of Foreclosure-with a HELOC
It is common for homeowners to have a house that is "upside down", many with first and second mortgages. Houses that were purchased a number of years ago appreciated rapidly in a short period of time and it was easy to pull on the home's equity by securing an equity line of credit. That equity may have been used for many purposes, including home improvements, … Read More
I Received a 1099 from My Lender, Now What?
Tax Consequences of Foreclosure or Short Sale of Personal Residence in Arizona
It is difficult to read any economic news or watch a local TV news program without seeing the prevalence of foreclosures and short sales of personal residences in Arizona. It is not uncommon in today's economic crisis to own a home that was purchased in the last five years that is substantially "upside down". Many … Read More
Ten Things to Consider Before Purchasing Real Property at an Arizona Trustee's Foreclosure Sale
By: Janessa E. Koenig, Esq.
If you are considering purchasing a home or investment property that is being foreclosed on in Arizona, you will need to attend the Trustee's sale. While many bidders have attended hundreds of foreclosure or trustee's sales, this may be your first! There are several important aspects of purchasing a property at a trustee's sale.
Make sure the sale is proceeding … Read More