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Gender: Male
Age: 59
Sign: Gemini
City: Utopia
State: New york
Country: United States

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TUESDAY, JULY 28, 2009 (4:23 PM) Return to HarmlessIndividual's blog
Arizona Law Holds the Foreclosed Responsible for Debt
(I'm feeling awake)


Catherine Reagor
The Arizona Republic
July 28, 2009

A new law passed by the Arizona Legislature that makes homeowners liable for tens of thousands of dollars on homes lost to foreclosure is now the focus of an intense repeal battle.

An amendment to the state’s foreclosure laws, passed in the recent legislative session, was designed to protect small community banks from people buying speculative new homes they can’t sell for a profit.

But the impact of the change is much larger. It makes some homeowners in foreclosure liable for the difference between their mortgage and what their lender can recoup from reselling the house. In the current housing market, the difference is generally more than $100,000 on the typical Valley foreclosure.

Read entire article 

The below statemen only applies to US citizens only, not sure about other countries

IF you think this is amazing, then i urge you to look at the deed to your house, you are listed as the rentor, you will never ever own your house, you will always be the rentor

Category: News and Politics
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