I just received word that the House of Representatives unanimously passed SB 1004 . With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in place since 1971. SB 1004 repeals and replaces ARS §33-814 which essential returns the statute to its original status prior to the passage of SB 1271. This bill passed as an emergency pass which means it will go into effect as soon as signed by Governor Brewer.
Archive for the ‘Short Sales and Foreclosures’ Category
House of Representatives Pass Anti-Deficiency Fix – SB1004
Tuesday, November 24th, 2009Who Qualifies for Mortgage Forgiveness?
Tuesday, December 16th, 2008With more and more short sales in my inventory of listings, I’ve realized that one important question most homeowners have is how the short sale will impact their income tax. When a lender cancels debt, it is considered taxable income to the borrower . This income is reported to the IRS by the lender on Form 1099-C . (more…)