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.

Some people mistakenly believe that filing bankruptcy will force a mortgage lender to agree to a home modification. Not true. An experienced Arizona bankruptcy lawyer and real estate lawyer will advise you that the bankruptcy code prohibits a bankruptcy court to force a first mortgage lender to change the deal terms on the mortgage for your primary residence. But there may still be some hope.