As we have discussed often in this forum, Asset Protection NOT just about lawsuits, it’s increasingly about any source of loss, risk or exposure to your hard earned wealth.
In some cases your assets themselves, like real estate, create the liability we are concerned about. Given the carnage in the real estate market over the last few years, especially in the Southwest, knowing what you are signing and which of your assets are affected is half the battle. Think of all the wealthy peoplel you may know that lost some or all of their assets over the last few years and the need for this education become even more clear.
This article summarizes Arizona’s mortgage deficiency protections for residential property owners. It provides a description of the foreclosure process, real estate security instruments, and the types of properties and loans that may qualify for deficiency protection.
It was authored by attorney Gregory Hague, who’s name you may recognize from his many successful years in the real estate business in Phoenix, Scottsdale and Paradise Valley. Greg has combined that invaluable experience with his legal practice and now handles a variety of real estate related legal issues as a partner at the Phoenix Arizona law firm of Stinson Morrison Hecker, LLP. – Ike Devji