Updated about 8 years ago on . Most recent reply
Non-Recourse Mortgages With 2nd Mortgage
We will be walking away from our property in Arizona that is under water by at least $50K. I don't think it will ever recover.
We bought in 2005 (of course at the peak of the RE boom) using an 80/20. The 20 went all towards the purchase.
My question is: The 2nd has been sold a couple times. Does that affect the non-recourse walk away event at all?
Is the 2nd subject to the Az. non-recourse laws regardless of how many time it has been sold?