When a foreclosure sale generates more money than needed to pay off the lien, the excess proceeds usually go first to creditors in the order of their priority, and second to the owner after creditors are paid in full. So, in...more
7/16/2018
/ Anti-Deficiency Provisions ,
Appeals ,
Banking Sector ,
Borrowers ,
Creditors ,
Deed of Trust ,
Dismissal With Prejudice ,
Foreclosure ,
Homeowners ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgages ,
Property Liens ,
Real Estate Transactions ,
Sheriffs Sale
Arizona’s trustee’s sale statutory scheme provides for the waiver of all defenses and objections to a trustee’s sale that: (i) are not raised prior to the sale, and (ii) do not result in an injunction against the sale going...more
2/26/2018
/ Action to Quiet Title ,
Appeals ,
AZ Supreme Court ,
Borrowers ,
Damages ,
Deed of Trust ,
Injunctions ,
Lenders ,
Loans ,
Motion to Dismiss ,
Promissory Notes ,
Signatures ,
Trustee Sales ,
Trustees ,
Waivers ,
Wrongful Foreclosures
Believe it or not, guaranty contracts mean what they say. If a guarantor agrees to reimburse a lender for misappropriated security deposits, unpaid taxes, and the cost of enforcement, then – not surprisingly – courts will...more
Since a lender must have a valid debt and valid lien to conduct a trustee’s sale, a borrower that allows the foreclosure sale to occur impliedly agrees that the debt and lien are valid. In Madison v. Groseth and BT Capital,...more
5/29/2014
/ Appeals ,
Borrowers ,
Breach of Contract ,
Debt ,
Default ,
Deficiency Judgments ,
Delinquent Borrowers ,
Foreclosure ,
Lenders ,
Liens ,
Mortgages ,
Trustee Sales ,
Trustees
In Parkway Bank & Trust Co. v. Zivkovic, 662 Ariz. Adv. Rep. 26 (Ct. App. 2013), the Arizona Court of Appeals held that provisions in loan documents purporting to waive the applicability of A.R.S. § 33-814(G) violate Arizona...more
In Independent Mortgage v. Alaburda, the Arizona Court of Appeals held that Arizona’s anti-deficiency statute, A.R.S. § 33-814(G), precluded a lender from suing its borrowers for a deficiency after foreclosing on the...more