Legal Question in Real Estate Law in Arizona

Deed in lieu of foreclosure

I have a 1st and 2nd mortgage. I don't want to have a foreclosure on my credit, but what happens with my 2nd if I sign over the deed to my 1st mortgage holder?


Asked on 9/16/08, 1:59 pm

1 Answer from Attorneys
Nina Ortega

Re: Deed in lieu of foreclosure

Giving a deed in lieu of foreclosure to your first mortgage holder will have no affect on the second mortgage; you will remain liable for the debt secured by the second mortgage and it will remain as lien on the title in the hands of the first mortgage holder.

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Answered on 9/18/08, 2:05 pm


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