This question cannot be answered without a complete analysis of your situation. Among other things, in order to provide a legal opinion of your potential liability, an Arizona real estate lawyer must determine what type of home you live in, how the lender proceeded to foreclosure, when you obtained the loan in question, how the funds were utilized, and what actions the second mortgage lender may have already taken with regard to your loan.
Many individuals have heard, and they are correct, that in certain circumstances in Arizona a second mortgage lender cannot sue you for a deficiency. This is not always the case, however, and before making any decisions based on this assumption you should consult with an experienced Arizona real estate attorney to discuss the facts and circumstances of your case.
