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What is statue of limitations on foreclosed 2nd mortgages in arizona?

by serranojim686 from Apache Junction, Arizona. Feb 20th 2014 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Your question is not clear, so i'll have to guess at what your asking.. but understand I'm not an attorney.. for a complete explanation of your rights in Arizona, you should contact a local AZ real estate attorney. If your asking about how long after the foreclosure can they come after you for recourse, then the answer depends on when the 2nd was taken out.. If you purchased a home and did a 80/20 or something like that, then the 2nd is considered purchased money, and under Arizona law, when the home is foreclosed, they cannot come after you for the deficit If there is one.. if the 2nd was not taken out at the same time when purchased, then the statute of limitations is 6 years.. but there are a lot exceptions to this which is why you need to talk to an attorney and explain your complete scenario for the most accurate advice.. the laws are different for commercial properties, homes that were used for rentals, refinanced loans vs. purchased money loans, HELOC"s, homes on more than 2.5 Acres, etc.. too many variables missing to properly answer your question.. Best advice!!! Call A lawyer!!.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 20th 2014
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