Although most homeowners would be wise to speak with an Arizona foreclosure lawyer about their situation, the following article provides a general framework of the Arizona laws that affect a second mortgage lender's ability to collect a deficiency balance owed after the first mortgage lender has foreclosed.

If the lender cannot foreclose because the primary lender already has, it has no further recourse.

In cases like these where the funds cannot be traced back to the original purchase of the property, the protections of Arizona law will likely not apply.

Because many refinances involved both purchase money and non-purchase money elements, however, homeowners should understand that some second mortgage lenders will seek to recover at least the non-purchase money portion of the loan.

Arizona Foreclosure Law - What Happens With My Second Mortgage When The First Mortgage Forecloses

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