Legal Question in Real Estate Law in Arizona

Re: forclosure

Without all the facts it is impossible to give a definitive opinion. See an attorney and provide all the facts and documents in your case.

This is a common problem in Arizona, where the market climbed extremely rapidly, and some bought at the top of the market before the correction took place. Many homes were overvalued at the top of the market, and have fallen in value. Investors thought they could sell and that the market would continue to rise.

You may have several options: to sell the property, possibly in a "short sale," to find an investor to join in the property owenership, to give a deed in lieu of foreclosure, to allow a foreclosure, to file bankruptcy, to do a workout of the loan with the lendor. Some of these alternatives have serious consequences, and therefore you should consult with legal counsel before making the decision.

Good luck and best regards.

James D. Jenkins