Feeling buried in Arizona

[2keAZ]

Here is our situation.

1. Our primary residence in Pinal County, AZ is valued at $145,000 and we paid $245,000 for it two years ago. We have a 30 yr. fixed and a 15 yr. fixed 2nd. I don't see property values going up anytime soon. I just see our money going into a big hole that we are never going to recover, not even in ten years! What am I going to face from walking away from my house. Am I liable for the difference? To complicate matters further...

2. We also own a condo in Laughlin, NV that was inherited from a grandfather, we are not upside down and the rent pays most of the mortgage.

If I walk on my house can they (the lenders) come after the condo in NV.?

I am so glad to have found this forum

So for the long questions.

Thanks,

Eric

[cactus77727]

Be thankful you are in Arizona! Don't walk, run. If both loans on the home are non-recourse purchase money loans, then you are in for a treat. Arizona has antideficiency laws (google: arizona foreclosure laws) so if your home meets the requirement*, they cannot sue you for deficiency. *Home on less than 2.5 acres, primary residence, loans were used to purchase the property.

From what I've read about Nevada, it's a completely different story. You might consider focusing on the NV condo and live there. Check out my AZ story in posts called:
another one bites the dust - 80/20 Litton/Specialized
and
Walking Away in Arizona - My Journey

Do your homework, read your loan docs, talk to a qualified attorney to double check everything, then make a rational business decision about it. Good luck and keep us posted on how thing go for you.

[2keAZ]

I appreciate the help where would be a good place to find a qualified attorney

[2keAZ]

cactus,

Looks like you are in AZ, who did you speak to about your situation

[Moe Bedard]

Eric,


Here on this forum you would need to look for an attorney either at your state's bar association or you can go to
National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys

or you can check the local bbb............we can not provide a direct referral on the forum.........without that attorney or firm speaking to Moe first to be authorized to be advertised on the forum.

[cactus77727]

Also, Professor Shays always recommends the attorney you talk too be qualified in real estate and debt collection.

[The Professor]

Yep, pays to repeat myself. You are very lucky your good situation is in Nevada, and your not-so-good situation is in Arizona.

Take care,

Daniel