FAQ - THE TEST FOR WHETHER THESE EXCEPTIONS APPLY - FORECLOSURE IN ARIZONA
THE TEST FOR WHETHER THESE EXCEPTIONS APPLY:
For either of the anti-deficiency statutes to apply, the mortgage or deed of trust must be secured by real property that: (1) Consists of 2 1/2 acres or less; (2) and is restricted to and utilized for a single-family or dual-family dwelling. (3) the proceeds of the loan had to be used to pay all or part of the purchase price of the property (better that all of it was). If all three of the foregoing apply, a deficiency on a normal foreclosure is unlikely.