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terri_bogert · Joined: 14 Jan 2009 Posts: 1 1.31 Dollars($)

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.

jerry · Posted: Thu Jan 15, 2009 2:30 am Post subject:

Hi terri,

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

Guest

Thanks Jerry. Exactly what I thought.

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