There is much confusion about AZ anti deficiency law. Most of the misunderstanding comes from the fact that most States do not have anti deficiency statues. Therefore when people read articles the author may not be discussing laws specific to Arizona.
The Harpers Law Group has a nice article explaining AZ anti deficiency law. Below is an excerpt from the article and a link to the entire text explaining anti deficiency laws and statutes in Arizona..
In the absence of express agreement, Arizona law provides protection for borrowers against potential liability stemming from the sale of a property at less than market value in a foreclosure sale.
Here is the link to the article on the Harpers Law web site.
The Arizona anti deficience laws may or may not apply to a short sale. Notice the above language says foreclosure sale not short sale. We've been told that application of the law to short sales has not been tested in an Arizona court so there is no real precidence.
Hope this helps as you explore and learn about Phoenix Arizona short sales.
The Urban Team
Your Short Sale Realtors
602-234-5777
