Posted: Wed Jan 14, 2009 4:10 pm Post subject: In the state of Arizona, can a creditor collect the deficien
In the state of Arizona, can a creditor collect the deficiency on a "non purchase loan" in AZ?...If the creditor is an Ohio based corporation does it make a difference? I am told they can't collect on a Foreclosure, but can on a Short Sale. They say they can either way, even if they're being paid to release the lien.
As far as I know, a lender in Arizona may sue the borrower for a deficiency judgment with the help of a judicial foreclosure only in the case of non-purchase money loans. A non-purchase money loan is the money that the borrower pulled out of the home to buy stuff whereas a purchase money loan is the one which is applied to the purchase of real property.
Thanks,
Jerry
Terri Guest
Posted: Thu Jan 15, 2009 7:11 am Post subject: Non purchase versus deficiency
terri_bogert
