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Article

Snell & Wilmer LLP | USA | 14 May 2014

Unmitigated waivers: guarantors remain liable despite 4-year delay in foreclosure sale

If a lender delays foreclosure allowing years of default interest to accrue such that a guarantor's obligation increases from $6 million to $12

Article

Snell & Wilmer LLP | USA | 28 Apr 2014

Amendments to Arizona’s anti-deficiency statute exclude homebuilders from anti-deficiency protection

Last Tuesday, April 20, 2014, Arizona's Governor, Jan Brewer, signed HB 2018 into law. This bill closes a long-standing loophole that allowed

Article

Snell & Wilmer LLP | USA | 3 Feb 2014

California amends its anti-deficiency statute

As of January 1, 2014, California amended its anti-deficiency statute to stop mortgage lenders from "collecting" from homeowners on post-foreclosure

Article

Snell & Wilmer LLP | USA | 15 Nov 2013

Guarantors beware! A.R.S. 33-814 may not save you from a deficiency judgment

In First Credit Union v. Courtney, 309 P.3d 929, 669 Ariz. Adv. Rep. 18 (Ct. App. 2013), the Arizona Court of Appeals rejected three creative

Article

Snell & Wilmer LLP | USA | 4 Sep 2013

A non-purchase money second deed of trust is not protected by Arizona’s anti-deficiency statute

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

Article

Snell & Wilmer LLP | USA | 16 Aug 2013

A lender holding two liens can foreclose on the senior lien and sue on the junior lien

In Wells Fargo Bank, N.A. v. Riggio, No. 1CA-CV-12-0430 (Ariz. Ct. App. June 4, 2013), the Arizona Court of Appeals held: (i) that the "merger of

Article

Snell & Wilmer LLP | USA | 26 Jun 2013

A person owning a fractional interest in a vacation home is protected by Arizona’s anti-deficiency statute

In Independent Mortgage v. Alaburda, the Arizona Court of Appeals held that Arizona's anti-deficiency statute, A.R.S. 33-814(G), precluded a

Article

Snell & Wilmer LLP | USA | 6 May 2013

Arizona residential landlords in foreclosure expanding the duty to notify tenants

The Arizona Residential Landlord Tenant Act, A.R.S. 33-1301 et seq., already requires landlords to provide written notice (with specific

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