Do you know what to and what not to do after a car accident? Arizona is among the top 10 states who have the worst drivers, according to a report from USA Today. According to the Arizona Department of Transportation in 2016, there was a car accident approximately...
Foreclosures & Short Sales
Borrowers Find Justice after Getting Slammed by the Real Estate Collapse
What Happens When the Real Estate Industry Collapses In 2009, a nice couple came to me because they felt they had been taken advantage of when they purchased their retirement home in the White Mountains in eastern Arizona. About a year after they purchased their home,...
Foreclosures Still a Big Problem in Arizona
Though the rate of foreclosures in Arizona has been steadily dropping, the rate of foreclosures in Arizona remains the 2nd highest in the U.S. behind only California. For years now, I have been advising clients on their potential liability should they lose their home...
Liability for Borrowers Who Participated in “Cash Out” Refinancing
During the real estate boom in Arizona, many borrowers tapped into their home equity by refinancing their loans and taking "cash out". In many instances, rather than taking out a 2nd loan or a home equity line of credit ("HELOC"), borrowers would simply refinance...
Is Now a Good Time to Short Sale My Home?
In a recent article, we discussed why a short sale might be a better option than simply walking away from your home and letting it go via foreclosure or a trustee's sale. For the reasons stated in that article, we still believe that a short sale - though requiring a...
Tax Consequences of a Short Sale or Foreclosure in Arizona
Short Sale or Foreclosure? In my practice over the last couple of years, I have met with countless clients to discuss with them their "underwater" homes. Typically, these clients want to know what are their options with their homes and the outstanding loans. They ask...
HARP 2.0
Mortgage rates are currently at record lows. A borrower can now get a 30-year fixed rate loan for as little as 3.375%. Unfortunately, homeowners who purchased their homes between roughly 3 and 8 years ago have not been able to take advantage of these low rates because...
More Misdirected Federal Government Money
This sort of stuff makes me shake my head. See this article at AZCentral.com. Recently, the federal government provided $269 million to the Arizona Department of Housing for the purpose of helping Arizona homeowners prevent foreclosure. The money was not used to...
The “Walk Away” vs. The “Short Sale” in Arizona
I get a lot of calls from people who are looking for foreclosure or short sale help in Arizona. With these calls, I consult with a lot of people about their options when it comes to either walking away or pursuing a short sale. I will state at the outset that I almost...
The Most Home Sales in June in a Decade
Highest Home Sales in 10 Years According to the Arizona Regional Multiple Listing Service, there were an astonishing 11,125 residential unit sales last month. This is incredible considering that there were more homes sold in June 2011 than were sold in June 2005, the...