Phoenix Banking Law Legal Information
Banking Law
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Banking Law
Being Sued by Your Lender for a Deficiency? You May Have Defenses.
Banks and lenders are now suing homeowners for a deficiency judgment. A deficiency occurs when the home sells at a trustee's sale or foreclosure for less than what was owed. There are several defenses to a deficiency action, as discussed in this article.
Banking Law
Trustee’s Sales and Deficiencies
With the passage and subsequent repeal of legislation that would dramatically impact Arizona’s anti-deficiency statutes, it is clear now more than ever that every owner of real property that is considering or facing a foreclosure should consult with an attorney regarding the real risks inherent with such a process. In light of the struggling real estate market in Arizona and the resultant rise in foreclosures, property owners must pay special attention to the potential for a deficiency judgment.
Banking Law
Lenders Can Modify Commercial Notes
Businesses and individuals that own commercial property, such as free-standing buildings, office condos and larger centers, are finding that some lenders are willing to restructure their commercial loans as a result of the devastating impact of today's turbulent economy. Depending on the situation, lenders are acting to avoid a commercial mortgage default and finding creative ways to temporarily or permanently modify commercial loan terms.