I am in the process of foreclosing my house along with 2 rental homes in AZ. I understand that the anti deficiency law protects my assets. However, can and will the 2nd mortgage company sue me or put a lien on my other property/asset for the deficiency? Is there anyway to protect myself?Can the 2nd mortgage company sue me for deficiency upon foreclosure?
It's simple if you don't make the payments, they will foreclose. If you signed a promissory note, they could come after you in the form of a filing to the IRS for the balance owned. I suggest you talk with a bankruptcy attorney.
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