CHANGES TO ANTI-DEFICIENCY STATUTES WON’T GO INTO EFFECT
Governor Brewer repealed the changes to the anti-deficiency statute that were set to go into effect on September 30, 2009. The much debated changes would have required the borrower under a deed of trust whose property was sold at a trustee’s sale to have demonstrated, among other things, that the borrower “used” the property for six consecutive months in order to qualify for the protection of the anti-deficiency statute.
At least for the time-being, the current anti-deficiency statutes will stay in effect. We have drafted a simple summary of the current law.