Legal Question in Real Estate Law in Arizona

Promissory Note Signed in Arizona.

Hi. We bought a house in 2007. We have a conventional mortgage - no refinancing. We are considering walking away from the home (defaulting/foreclosing).

I understand that given that Arizona is a non-resourse State, the lender is not able to sue us for the dificiency. However, in reviewing our original loan documents, it appears that we signed a promissory note. Can you tell me what the legal implications are here? Does the promissory note mean that we could indeed be sued for the defaulted mortgage amount? Thank you so much!


Asked on 9/14/10, 2:34 pm

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

If you occupied the home as your principal residence, then the anti-deficiency statute will protect you against and recourse.

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Answered on 9/19/10, 3:38 pm


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