On July 10, 2009 the Arizona senate passed the SB 1271 that will change our anti-deficiency laws and severly impact those who may be doing a Short Sale on their property or going through a foreclosure. You can read the bill in it's entirety at http://www.azleg.gov/legtext/49leg/1R/adopted/S.1271FIN.pdf. This seems to mostly impact investors and/or new construction. As always, if you find yourself in a potential distressed property situation, it is recommended that you seek legal advice. If you have already begun to miss mortgage payments time is of the essence! If you would like to persue a Short Sale and need assistance please give me a call at 602.400.0250. This bill takes effect on September 30th, 2009.