Governor Repeals Much Debated Changes to Anti-Deficiency Statute
Today, Governor Brewer signed HB2008
, which repealed the changes to Arizona's Anti-Deficiency Statute that were set to go into effect on September 30, 2009. The much debated changes would have required the borrower under a deed of trust whose property was sold at a trustee's sale to have demonstrated, among other things, that the borrower "used" the property for six consecutive months in order to qualify for the protection of the anti-deficiency statute.
The prior law will now stay in effect without change. We have written a simple 5 step analysis
of how that law is applied to trustee's sales and judicial foreclosures.
If you have any questions, please let us know.