Mortgage and Credit Line Deficiencies

Since the housing crash and the rise in unemployment, lenders are overwhelmed with mortgage and credit line borrowers who are no longer able to make their payments. Some of these loan are protected by Arizona’s “anti-deficiency statute,” which means that once the lender forecloses on the house, the borrower no longer owes any money. However, mortgage debt that is not protected by Arizona’s “anti-deficiency statute” is still collectable after foreclosure. So, in this situation, if the property is worth less than the mortgage at foreclosure, the owner will be liable on an unsecured debt for the difference. However, since the debt is unsecured, it can easily be discharged in bankruptcy. Because of this, lenders are typically willing to settle if they believe the borrower lacks the ability to pay the full amount. The Butler Law Office has a solid track record of negotiating deficiency settlements to meet our clients’ needs.


In addition to settling this type of debt, The Butler Law Office can help reduce your expenses by negotiating a Loan Modification of your home mortgage.


The Butler Law Office has over thirty three years of experience and can help you make a debt settlement decision that will be best for you or your business!