If a debtor owes a debt to a creditor and the debt is cancelled or forgiven, the amount of the forgiven debt may be taxable income. The debtor should consult with a competent Arizona real estate lawyer or Arizona bankruptcy lawyer to determine if the amount of debt that was forgiven is taxable.

There are many myths about the benefits of short sales. The downside of short sales may be much more than the upside because the legal ramifications and adverse consequences could be more severe than opting for a foreclosure. Always consult with an experienced Arizona real estate lawyer, an Arizona foreclosure lawyer or an Arizona bankruptcy lawyer before considering a short sale.

The Arizona anti-deficiency statute is powerful protection for homebuyers with mortgage loans. But it may not apply in all situations. Consult with a competent Arizona real estate lawyer and Arizona bankruptcy lawyer to determine whether the anti-deficiency statute will protect you from being sued after a foreclosure.