Arizona Law Deficiency Judgement

Posted in Arizona Law by admin on May 3, 2010 No Comments yet



Cramer: That’s Right – If Your House Is Down, Dump It?

Watch this.. is this real? What is the Deficiency Judgement Law in Arizona? I owe 256K on a home now worth 170K… 224K for Purchase Money adn 32K to consolidade other debt.
I know if I do the “Deed in Lieu of Foreclosure”…the Bank will send me a 1099 form and whatever was forgiven after the Home sale will be taxable income to me. What about if I stay until they tell me to leave and Forclosre the home? Am I still responsible for the difference? Can someone that really know the Arizona Real Estate Law answer these questions?

The federal tax is not called into play if you are forced out, but you credit will take a major hit.

Hold on a month or so (if able) the idiots in congress are thinking about temporarily suspending the tax law just for people like you.

As for Arizona, you may, or may not get hit, I am not familiar enough with their state tax law to tell you, but I do know Federal taxes are a heck of a lot higher than state.

Foreclosure, anti-deficiency judgment, free Tucson foreclos




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