On September 4, 2009, at approximately 1:20pm, Governor Brewer signed HB 2008 which repeals SB 1271 and its changes to the Arizona anti-deficiency statute.  For now, Arizona’s Anti-Deficiency Statute will remain in favor of Arizona homeowners.
Expect lenders to be a little bit more favorable to loan modifications and short sales now that SB 1271 has been repealed.  For more information and how this may impact your situation, please call Pak & Moring at (480) 444-9999 to speak with an experienced attorney.