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