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Am I personally liable after a foreclosure?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by lduffyaz, Oct 2, 2008.

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  1. lduffyaz

    lduffyaz Law Topic Starter New Member

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    I purchased a home in Arizona as a primary home in 2006. It is a rental home now, and I am upside down by over $100,000. The rental income is $1000.00 less than my payment. I have a first and second mortgage that I obtained to buy the property.
    I own 2 other houses, one is a rental and one I live in.
    If I let this house go back to the bank, can they come after me for my personal assets or other properties?
    Thanks!
    Laurie
     
  2. dee_dub

    dee_dub Moderator

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    Depends what the mortgage says, what the law in AZ is (they vary), and what the bank elects to do. Usually if the bank forecloses it can't sue you for whatever remains on the debt. On the other hand, the bank might be able to force a judicial sale of the property and come after you if there's any outstanding balance, or might be able to sue you personally for default on the debt. Check with a lawyer where you are.
     

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