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What Are Anti Deficiency Laws?

Posted on January 15 By Justin McHood

Anti Deficiency laws are laws that spell out what is to happen when a homeowner gets foreclosed on or has to sell their home for less than what they currently owe on their mortgage. Anti Deficiency laws vary from state to state and many times people aren't even aware that it is possible that lenders can "come after them" for any deficiency if there is a short sale or foreclosure.

I am not a lawyer, but this is why I always recommend getting good legal advice if you are are going through a short sale or foreclosure.

Here in Arizona, there are Anti Deficiency laws on the books and a local Tempe, Arizona Realtor sat down with Kevin Hardin who works for one of the best legal firms in Arizona to discuss Arizona Anti Deficiency laws:

Highlights from the video:

  • Arizona has statutes regarding Anti Deficiencies
  • The mortgage you have must be a purchase money loan to qualify
  • You may have deficiency risk if it is an investment property, or you refinanced or have a heloc
  • No consumer should try to give their own legal advice because the laws are complex
  • Is it better to walk and let your property go to trustee sale or do a short sale?

Regardless of what state you live in, I recommend that if you find yourself in a situation where you are facing foreclosure or a short sale, be sure to take the time to get legal advice.

Because there is nothing more expensive in life than cheap legal advice.

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