42% of Arizona home sales are distressed properties.* A new analysis shows that more than 42 percent of all Arizona home sales last year were either foreclosures or in some stage of foreclosure. That's an increase of 12 percent from 2010 but a slight drop from the number in 2009. The report released Thursday by foreclosure tracking firm RealtyTrac shows the percentage of distressed sales in the ...
Arizona Mortgage Settlement - How Will Settlement Dollars Get To Homeowners?* On February 9, 2012, an historic joint state-federal settlement was reached between Arizona and 49 other states, the federal government and the country’s five largest residential mortgage loan servicers—Ally/GMAC, Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The settlement will provide as much as $25 ...
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance on a primary residence that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of ...
The goal in interpreting a statute is to find and give effect to the intent of the legislature. Mail Boxes, Etc., U.S.A. v. Indus. Comm'n, 181 Ariz. 119, 121, 888 P.2d 777, 779 (1995). In determining the legislative intent, the court must first look to the language of the statute. Canon Sch. Dist. No. 50 v. W.E.S. Constr. Co., 177 Ariz. 526, 529, 869 P.2d 500, 503 (1994). If the statutory language ...
The Federal Trade Commission recently imposed a new rule on those companies providing mortgage relief to homeowners through short sales, loan modifications, and other mortgage relief options. The FTC issued the Mortgage Assistance Relief Services (MARS), Rule 16 C.F.R. 322, to prevent consumer abuses by sham companies claiming that, for a fee, they will negotiate with the homeowners' lender to ...
Arizona Mortgage Settlement - How Will Settlement Dollars Get To Homeowners?* On February 9, 2012, an historic joint state-federal settlement was reached between Arizona and 49 other states, the federal government and the country’s five largest residential mortgage loan servicers—Ally/GMAC, Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The settlement will provide as much as $25 ...