Legal Question in Real Estate Law in Arizona
I bought a 6 acre land as an investment back in 2005 . My lender(M&I bank) would not take a deed in lieu of a forclosure, If I do a short sale or default on the note. Will the lender come after me for the balance.
1 Answer from Attorneys
Sorry to hear about your troubles, but you should consult with an attorney to assure your defense against a deficiency is properly presented.
Be mindful of the minefield in short sales. I recently won a case against M&I in which it sought a deficiency judgment after a short sale, but many lenders are successful in pursuing deficiencies [the difference between the loan balance and the sales proceeds to pay off the loan].
Feel free to contact my office via my website at www.CleverLegal.com or call 480-860-9390 to discuss your options. Your issue may be time-sensitive and may result in loss of rights if you do not act in time. Thank you.
Disclaimer: This answer does not create an attorney-client relationship and is for informational purposes only. It is not, nor is it intended to be, legal advice and you should not rely upon it as more specificity in a consultation may reveal facts or other information which could change the result. You should consult an attorney for legal advice addressed to your individual situation.