Many feel that the Arizona Anti Deficiency Law is unclear as it relates to Short Sale Transactions (read the statue).

Since the statue only references foreclosures many homeowners are selecting to go to foreclosure as a means of protection for being pursued for the deficiency amount (what they owe on the home versus what the home sold for in a Short Sale).

The language in the Short Sale approval letter received from the homeowners mortgage lien holder can be very vague and unclear. Many lenders, such as Bank Of America, simply omit the language from the letter. Most attorneys consider this approach insufficient protection for the homeowner. Thus the homeowner pursues foreclosure and the distress cycle continues.  The home is foreclosed on and the community is affected by declining property values and the affects of foreclosed homes.

If you would like to see is law changed to either explicitly included/exclude Short Sales.  Please sign this petition and forward it on.

Thank you,

Desiree Montgomery

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