My investment property in Arizona is under foreclosure, Can they go after my primary residence in California?

Asked by Snow White, Los Angeles County, CA Thu Jun 11, 2009

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Mario Villag…, , Burbank, CA
Thu Jun 11, 2009
Snow White,
This looks like it could be a big mess for you and so I would definitely speak to an AZ real estate attorney. I believe AZ can opt into a judicial foreclosure and even if they don't come after you for a deficiency they will most definitely 1099 for the deficiency amount. You should talk to an AZ Realtor about a short sale and see if they can decrease the deficiency amount and you might have to sign an unsecured loan for the difference. Obviously it's a mess but speak to the proper professionals, live on a tight budget, and start to negotiate w/ the lenders.

Good luck,

Mario Villagran, MBA, Realtor
(818) 416-7511
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