Why is Mortgage Debt Low Relative to Real Estate Values?
The amount of mortgage debt in the United States is surprisingly low. Though the raw number of outstanding mortgages increased during the second quarter of…
New Rules for Evictions
The Arizona Supreme Court recently promulgated new rules for eviction actions. Per the new rules, before proceeding with an eviction action, landlords must serve tenants…
Upcoming Seminar! Learn More About Short-Term Leases
Join us Friday, September 27th from 9:00am – 12:30pm for our Short-Term Leases Seminar REGISTER TODAY! At this seminar, attendees will gain an understanding of the landlord-tenant act,…
What Disclosure Obligations Do REALTORS® Owe to Buyers?
“To whom much is given, much is required.” This principal applies to REALTORS® who, under Article 26 of the Arizona Constitution, may “draft any and…
Congress Passes New Law Regulating Short Term Rentals
Vacation Rentals Update: Congress Passes New Law Regulating Short Term Rentals Our state legislature and Governor have spoken, and short-term rentals are here to stay.…
Are Nonrecourse Loans Feasible?
LAYING DOWN THE LAW with Christopher J. Charles, Esq. and David F. Kotter Are Nonrecourse Loans Feasible? At first blush, asking a lender for nonrecourse…
Why Mediation Trumps Litigation
“Where there are no oxen, the manger is clean, but an abundant harvest comes through the strength of the ox.” Proverbs 14:4. Put another way,…
Greed Doesn’t Pay: Excessive Interest Charged by Lender May Result in No Interest
Pigs get fat and hogs get slaughtered. That is why hard-money lenders should avoid seeking hyper aggressive interest rates. Although conventional mortgage interest rates remain…
Election Of Remedies: Can Mortgagees Have Their Cake And Eat It Too?
Most secured creditors have multiple options if the debtor defaults on payment. That is precisely why they require borrowers to pledge security (such as real estate) for the performance of the repayment of the debt – so that if the borrower defaults, the creditor is not limited to the borrower’s promise to repay the debt – in addition, the creditor can seek reimbursement from the sale of the secured asset.
How Long Can A Lender Wait Before Foreclosing Or Suing On A Note?
Years ago, Justice Oliver Wendell Holmes, Jr. asked: “What is the justification for depriving a man of his rights, a pure evil as far as it goes, in consequence of the lapse of time?” Several reasons exist: [1] our laws aim to resolve just claims within a reasonable time; [2] if a claimant sits on her rights for too long, relevant evidence to disprove the claim may be lost or destroyed by the passage of time; and [3] litigation of a long-dormant claim by result in more cruelty than justice
Protecting Your Real Estate Commissions
Most real estate professionals understand that a purchase-money mortgage is senior to all other liens. But that is only mostly true. One important exception for all real estate professionals to be aware is the “PACA Trust.”
The PACA Trust
Most real estate professionals understand that a purchase-money mortgage is senior to all other liens. But that is only mostly true. One important exception for all real estate professionals to be aware is the “PACA Trust.”