That pesky excess sale proceeds statute, A.R.S. § 33-727, is making waves again. We previously blogged about this statute... In the prior post, we explained that excess sale proceeds (i.e., a foreclosure sale price greater...more
When a foreclosure sale generates more money than needed to pay off the lien, the excess proceeds usually go first to creditors in the order of their priority, and second to the owner after creditors are paid in full. So, in...more
7/16/2018
/ Anti-Deficiency Provisions ,
Appeals ,
Banking Sector ,
Borrowers ,
Creditors ,
Deed of Trust ,
Dismissal With Prejudice ,
Foreclosure ,
Homeowners ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgages ,
Property Liens ,
Real Estate Transactions ,
Sheriffs Sale
Lenders routinely accelerate notes after a default occurs, calling the entire loan due immediately. Less regularly, a lender may change its mind and unilaterally revoke the acceleration. Rarely, however, does a lender fail to...more
7/3/2018
/ Acceleration ,
Affirmative Action ,
Appeals ,
Creditors ,
Debtors ,
Deed of Trust ,
Foreclosure ,
Homeowners Association (HOA) ,
Liens ,
Loans ,
Mortgage Lenders ,
Notice of Default ,
Promissory Notes ,
Property Owners ,
Reversal ,
Revocation ,
Sheriffs Sale ,
Standing ,
Statute of Limitations ,
Trustee Sales
Arizona’s trustee’s sale statutory scheme provides for the waiver of all defenses and objections to a trustee’s sale that: (i) are not raised prior to the sale, and (ii) do not result in an injunction against the sale going...more
2/26/2018
/ Action to Quiet Title ,
Appeals ,
AZ Supreme Court ,
Borrowers ,
Damages ,
Deed of Trust ,
Injunctions ,
Lenders ,
Loans ,
Motion to Dismiss ,
Promissory Notes ,
Signatures ,
Trustee Sales ,
Trustees ,
Waivers ,
Wrongful Foreclosures
What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more
5/3/2017
/ Appeals ,
Banks ,
Choice-of-Law ,
Commercial Mortgages ,
Conflicts of Laws ,
Deed of Trust ,
Deficiency Judgments ,
Foreclosure ,
Lenders ,
Promissory Notes ,
Reversal ,
Statute of Limitations ,
Time-Barred Claims ,
Trustee Sales
Arizona anti-deficiency laws do not prohibit a non-purchase money lender from suing on its note after foreclosure by a senior lender. In Wells Fargo Bank, N.A. v. Brewer, No. 1CA-CV 12-0383 (Ariz. Ct. App. May 21, 2013...more