Quote:
Originally Posted by Dueller
I did a quick search and did not find any law in the Az statute that made residential loans non-recourse. I would be surprised if I had found anything. The loan contract would be controlling. I cannot imagine it being non-course.  |
Just to update this, I did some searching, and found that home loans are in fact non-recourse, by Arizona statute (and case law interpreting and in fact expanding it). I can give the specific cites on Monday if anyone is interested.
Arizona home purchase money loans are non-recourse, as long as the lot is less than 2.5 acres. The AZ S. Ct. even specifically ruled that it doesn't matter if it is an owner or investor.
The rules are pretty liberal. I know in California, if you refinance, you lose the non-recourse statute. In Arizona, even if you refinance, the loan retains it's non-recourse status.