Changes in Arizona Anti-Deficiency Law

The Arizona Supreme Court just issued an Opinion in BMO Harris Bank, N.A. v. Wildwood Creek Ranch, LLC, holding that Arizona’s residential anti-deficiency statute, Arizona Revised Statute Section 33-814(G), does not bar a deficiency judgment against an owner of vacant property.  The Court specified that for the anti-deficiency protections to apply, a “dwelling” must have … [Read more…]

Foreclosure Wave 2.0

A recent article by Jann Swanson of the Mortgage News Daily reports on a troubling “tetrad of housing landmines” that could usher in a new wave of foreclosure activity.  Pulling from a from Octavio Nuiry’s Housing Landmines: Are Mortgage Flare Ups Coming Soon?, Swanson reports that while foreclosure activity is waning nationwide, a new wave … [Read more…]

Mortgage Settlements and Tax Liability

It is interesting that some attribute the phrase “Monkey on my back” to an older phrase: “Monkey on the roof,” which referred to one’s mortgage.  Well, call it a monkey or a 900-pound gorilla – either way – Bank of America just loosed some kind of opposable-thumb animal from its back.  One troubling aspect of … [Read more…]

The Next Default Tidal Wave

While most reports show an improving housing market, it seems that the fallout from the housing borrowing binge has yet to fully materialize.  According to Reuter’s Peter Rudegeair, “U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to … [Read more…]