Legal Question in Real Estate Law in Arizona

I am 57 yr. old retired, disabled, and in a failing physical situation. I live alone and am upside down on my mortgage. I want to leave Az. to be near my family for my safety and to help my children. What would my responsibility be if I walked away from my present mortgage? I owe 186k on a home worth about 105- 120k. I have contacted my mortgage co. and realtor about doing a short sale. My hardship is not financial, it is a health problem but my mortgage co. wants my financial records. Will I be forced to stay here against my will because of the current economic situation? I have recently been told by a neurosurgeon that I need spinal surgery. I am alone here and want to go back east to my family.


Asked on 8/22/09, 5:33 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

You are not forced to stay in AZ, you can leave at any time. If you were to give the property to the mortgage lender, that would end your responsibility as the law provides that the lender cannot go after you for any deficiency, and the lender would have to sell the house to recover on their loan. Don't give the mortgage company any financial information.

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Answered on 8/27/09, 8:30 pm


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