An Arizona real estate lawyer, an Arizona foreclosure lawyer and an Arizona bankruptcy lawyer will warn clients that failure to pay HOA assessments will cause the HOA to sue the homeowner and collect such amount. Even Chapter 7 or Chapter 13 bankruptcy will not discharge all HOA assessments.

Homeowner associations are common in Arizona. As a long time Arizona real estate lawyer, I have frequently drafted HOA governing documents that set forth the powers and responsibilities of HOAs. If homeowners don’t elect a competent Board of Directors, the HOA’s stability becomes a serious risk.

Any competent Arizona real estate lawyer, Arizona foreclosure lawyer or Arizona bankruptcy lawyer will agree that the Arizona anti-deficiency statute is one of the most important Arizona laws protecting borrowers with loans secured by a residence. This statute will prevent many mortgage lenders from suing debtors for any deficiency amount after a foreclosure occurs. In a surprise ruling, a recent Arizona Court of Appeals case has extended the Arizona anti-deficiency statute to construction loans.

When you stop making mortgage payments, an experienced Arizona foreclosure lawyer or Arizona real estate lawyer will advise that you will still be able to live in your house for at least 90 days after a foreclosure notice is filed and delivered to you. And depending on how aggressive the lender is, a foreclosure notice may not be filed for quite some time after you stop making payments.

Every person who owns real estate should have an Arizona estate planning lawyer prepare a beneficiary deed that automatically conveys real estate to an owner’s beneficiaries upon the owner’s death. This is important because a will does not have to be probated with respect to valuable real estate that is automatically conveyed to a person’s heirs via a beneficiary deed.