[bachbaron]

Well US Bank is the first lein holder so I assume they hold the power of sale. Countrywide can't foreclose unless US Bank does. If there is a foreclosure, US Bank would get all the proceeds from the trustee sale as the value of the property has dropped significantly.

Is there a way to negotiate with Countrywide on an Arizona domiciled property to get them to release their lein to the first lein holder without a promissory note?

I have spoken with an experienced title agent who said that since Arizona is a non deficiency judgement state, they could not come after me for the lost amount.

Thank you everyone for all your advice and support.