Legal Question in Real Estate Law in Arizona

Re: Foreclosure

If you own a rental property and cannot make the mortgage payments, then you should be asking the bank to modify the loan so that you can pay the mortgage and you can get the property rented, so that the rental income will cover the mortgage, insurance and taxes. You don't foreclose on yourself, the bank has the right to foreclose if you default on the loan. At best, if you want to walk away from the property, you would offer to deed the property to the bank in lieu of a foreclosure and they would give you a release of any further liability.