Legal Question in Real Estate Law in Arizona

I live in Phoenix, AZ and I can no longer afford my home. I have had the house for over 5 years. . I have a first and a second mortgage with Chase. If I were to walkaway, would Arizona's anti deficiency law make it so they could not come after me for the total of both mortgages or does it only apply to the first mortgage?


Asked on 11/30/10, 6:20 pm

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

The answer depends upon the use of the funds which were borrowed with the second mortgage. If those funds were used to improve the property, they may be included in the protection. If you spent the money borrowed to buy a car, then no protection.

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Answered on 12/05/10, 6:34 pm


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