Residential short-sale transactions have been commonplace in Arizona for at least the last six years. Many homeowners that have sought to short sale their residential properties have expressed a great deal of frustration. This frustration has been caused by: (1) the length of time it has taken to obtain approval from the lender; (2) the lenders' repeated requests for the same financial information ...
At Schern Richardson Finter Decker, our practice focuses primarily on real estate and commercial litigation matters. However, as a result of the downturn in the Arizona real estate market, real estate practitioners in Arizona increasingly find themselves assisting clients with issues related to taxation and bankruptcy. It has come to my attention that tax professionals are presently counseling ...
5 Next Steps When The Appraisal Comes In Too Low We recently came upon a very informative article about what steps a buyer can take when an appraisal comes in too low. In short, those steps are: 1. Appeal errors or bad comps to the appraiser. 2. Ask for a second opinion. 3. Rengotiate the terms of the purchase contract. 4. Pay the difference or split the difference. 5. Change lenders. For a more ...
42% of Arizona home sales are distressed properties.* A new analysis shows that more than 42 percent of all Arizona home sales last year were either foreclosures or in some stage of foreclosure. That's an increase of 12 percent from 2010 but a slight drop from the number in 2009. The report released Thursday by foreclosure tracking firm RealtyTrac shows the percentage of distressed sales in the ...
Arizona Mortgage Settlement - How Will Settlement Dollars Get To Homeowners?* On February 9, 2012, an historic joint state-federal settlement was reached between Arizona and 49 other states, the federal government and the country’s five largest residential mortgage loan servicers—Ally/GMAC, Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The settlement will provide as much as $25 ...
The Arizona Court of Appeals recently expanded Arizona's anti-deficiency statute governing the pursuit of a deficiency following the foreclosure of a deed of trust in the case of M&I Marshall & Ilsley Bank v. Mueller (link provided). Most home loans are secured by deeds of trust in Arizona. When a homeowner quits making payments, the lender may foreclose on the home through an auction via a ...
The LA Times reports that: [m]ajor banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations. The requirement to allow so-called short sales would be in addition to forcing mortgage ...
Residential short-sale transactions have been commonplace in Arizona for at least the last six years. Many homeowners that have sought to short sale their residential properties have expressed a great deal of frustration. This frustration has been caused by: (1) the length of time it has taken to obtain approval from the lender; (2) the lenders' repeated requests for the same financial information ...