The Real Deal
New Directive May Affect Pending Foreclosure Sale
July 1st, 2010
The Home Affordable Modification Program (HAMP) Supplemental Directive 10-02 became effective June 1st, 2010. The directive contains borrower outreach and communication guidelines for foreclosure actions while a borrower is being evaluated under HAMP.
Who Do Commercial Tenants Pay When Their Rental Property Forecloses?
May 1st, 2010
The Real Deal: Your Legal Update for Real Estate
Volume 3, Number 1, May 2010
Who do Commercial Tenants Pay When Their Rental Property Forecloses?
When commercial landlords lose their rental property to foreclosure, it can be easy for their tenants to get confused as to whom lease payments are made. Commercial tenants want to pay the right
Gov. Brewer Repeals Bill; Great News for Homeowners and Investors
October 1st, 2009
For now, a homeowner or investor can still enjoy the Statute’s protection, which is, when a homeowner loses their home to a private trustee’s sale, the selling lender cannot later sue the homeowner for losses suffered by the lender, so long as certain criteria are met.
The Wings of the Arizona Anti-Deficiency Statute Have Been Clipped – A Bit
August 3rd, 2009
A.R.S. Sec. 33-814 is the Arizona Anti-Deficiency Statute governing Deeds of Trust. Most loans on residential properties in Arizona are secured by Deeds of Trust. According to this Statute, when homeowners lose their homes by a private trustee’s sale, the selling lender cannot later sue the homeowner for losses suffered by the lender, so long as certain criteria are met.
Stop Foreclosure and Remove Second Mortgage through Bankruptcy
June 12th, 2009
With home prices at record lows and foreclosures at record highs, many homeowners are facing the fact that their home is worth substantially less than what is owed on the mortgage. Many of these homeowners that feel trapped in a home that is “upside down,” are making the difficult decision to walk away from their properties. There are two areas where homeowners can use a chapter 13 bankruptcy filing to remain in their homes – one, when they are behind on payments and need time to get caught up, and two, to remove a second mortgage or home equity line of credit from their home.
Does the Housing and Economic Recovery Act of 2008 Apply to You? / Foreclosure and Home Equity Lines of Credit
September 18th, 2008
On July 1, 2008, President Bush signed into law the Housing and Economic Recovery Act. An estimated 400,000 borrowers in danger of losing their homes will be able to refinance into more affordable government-insured mortgages. The program offers government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property’s current value. The program begins on October 1, 2008, and homeowners in danger of losing their homes before then should not wait to contact their lenders to see whether those lenders are participating in this program.
Anti-Deficiency Statutes in Arizona / What Happens to the Tenant’s Rights After Foreclosure?
July 25th, 2008
A tenant signs a one-year lease for residential real property. Half way into the lease, the landlord’s lender initiates foreclosure proceedings because of the landlord’s delinquency. What happens to the tenant’s rights after a foreclosure? The result of a foreclosure sale is that all junior lienholders and interests in a property are extinguished. That means that the tenant’s rights to the property are extinguished and the purchaser at the foreclosure sale may evict the tenant. The tenant is left with a claim for breach of the lease against the landlord.
