Can I Be Sued?

Unfortunately a common question these days in this housing crisis is if a lender who forecloses on a loan secured by a deed of trust or a lien on an Arizona home can sue the home owner for a deficiency?  The answer to this question is yes or no.  The problem is the facts and circumstances for each loan are different.  If you have been given advice from someone other than an experienced Arizona  real estate attorney, I would not be too comfortable.  According to Jeana Morrissey, an Arizona Real Estate lawyer, “If you are facing a possible loan default and foreclosure or if you have already defaulted and a foreclosure has started, you should consult with an experienced Arizona real estate attorney who can review your specific situation and tell you if you will be liable for a deficiency or if Arizona’s anti-deficiency laws protect you from being sued for a deficiency.  You should consult with an experienced real estate attorney sooner, rather than later, because your options will be reduced and then eliminated the closer you get to the foreclosure date.”

There are so many different situations and questions to consider, and the result could have a huge effect on your future.  It is wise to invest in consulting with an experienced professional in this matter.