Foreclosure in Phoenix>Question Details

Susadenn, Both Buyer and Seller in Phoenix, AZ

what will happen if I walk away from my condo in arizona?

Asked by Susadenn, Phoenix, AZ Mon Jul 27, 2009

I also own a home that I will live in.

Help the community by answering this question:


Call a Real Estate Attorney for legal advice before doing anything. The current Arizona Anti-Deficiency Statute is in a state of flux right now, and you may or may not be held liable if you walk away from your situation. There are a multitude of personal issues that should determine your best option. If, after speaking with an attorney, he/she feels a short sale is in your best interest, visit our site, or feel free to call me. Either way, good luck!
1 vote Thank Flag Link Thu Aug 6, 2009
Amazing at the number of real estate agents giving legal opinion and advise.
Web Reference:
1 vote Thank Flag Link Thu Jul 30, 2009
It is against the Law for Real Estate Agents to give legal Advice. My husband is a Real Estate Attorney and R.E.A.. If you are still in need of assistance, please feel free to contact him at 480-612-5887 or by e-mail,
0 votes Thank Flag Link Tue Sep 29, 2009
You are getting great advice! Also, check out:
0 votes Thank Flag Link Fri Aug 7, 2009
In addition to all of the advice and options below, keep in mind that Arizona recently passed an ammendment to the deficiency judgement statute. SB 1271, although still open for legal interpretation, appears to allow lenders to seek a deficiency judgement if the Trustor (foreclosed owner) has not utilized the home for six consecutive months. If you have not lived in the condo for six consecutive months, the lender may have the rights to seek a judgement against you for the amount of loss they incur on the property.

I will echo the theme of these options and seek advice of a real estate attorney.
0 votes Thank Flag Link Thu Jul 30, 2009
If you can no longer afford your condo, we would like to purchase it. We are an investment company here in Phoenix looking to buy properties throughout the Valley. We will help you avoid foreclosure, negotiate a short sale with your bank free of charge, and once your bank and you approve the short sale, we will go forward and buy your property. We are trying to help out as many people as possible in your situation and at the same time, provide opportunities for people in your position to get into more affordable housing. We are a member of the BBB and are a local company. Please contact us if you would like to discuss more.
0 votes Thank Flag Link Tue Jul 28, 2009
All of the following information is true. You do not want a foreclosure on your credit! Also if you do not foreclose you could be able to purchase a home again in a few years not 7 or more.

If you would like some guidance with a short sale (preforeclosure sale) contact my office!

Lucinda Tkach
Windermere Central
0 votes Thank Flag Link Tue Jul 28, 2009
The following information is why should avoid foreclosure at all costs:

1. You will always have to disclose your foreclosure on future mortgage applications and sometimes employment applications. Many employers now run credit checks prior to hiring and during current employment. Depending on the position you hold, it could jeopardize your employment status.
2. Credit scores will be lowered by 300+points.
3. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized.
4. You may be denied access to certain computer sites.

These are just to name a few of the pitfalls of foreclosure. It should be avoided at all costs. If you are facing a possible foreclosure, there quite a number of things you can do. If you would like more information, I would be glad to email it to you.

Linda S. Cefalu
0 votes Thank Flag Link Mon Jul 27, 2009
See a Real Estate Attorney.

Some people will say that Bankruptcy is a better decision than Foreclosure.

With Foreclosure, it shows Creditors that you are not a "payer", and as stated by the previous poster,
will stay on your credit record for years to come.

Bankruptcy indicates that you attempted to resolve the debt.

Also with a Foreclosure, the Lender(s) may come after you (Bill Collectors, Judgment Lien, etc.) for the Money they Lose.

Again, see a Real Estate Attorney.

Best wishes,
0 votes Thank Flag Link Mon Jul 27, 2009
Todd said it exactly right!

Foreclosure laws differ depending on whether the property is located in a recourse or non-recourse state. You need to speak with an attorney and I think the attorney will also ell you that foreclosure is not an option. There are other solutions, e.g. a short sale or loan modification or bankruptcy. You need to learn how ea option may affect you legally and tax wise.
0 votes Thank Flag Link Mon Jul 27, 2009
You will have a foreclosure on your credit that will not go away for 7-10 years. You may also be responsible for the loss that the bank incurs when selling your property. They could come after you for the difference. You really need to sit down and talk with someone (maybe a REALTOR or Real Estate Attorney) about your options and see what would be your best bet. I would be happy to give you the number of a good RE Attorney if you need... just let me know.
0 votes Thank Flag Link Mon Jul 27, 2009
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