Dennis C. Fedele
Assoc. BROKER, MBA, MRE, CDPE, Eqtr, 5 Star REO



We were told to seek legal advice – what do I ask them? 

Be prepared to discuss your hardship, financial situation, assets and debts. If your job requires a security clearance or credit review, be sure to discuss this as well. When making the appointment, ask what documents the lawyer may want you to bring in. Take notes while discussing these topics.

Some topics to discuss include but are not limited to: 

o   My job requires a security clearance, what options do I have to avoid jeopardizing this clearance or my job? 
o   My employer reviews credit as a condition of employment, what can I do?
o   I want to buy another house then do something about this one.  What risk am I taking?
o   What is purchase money?
o   Does my 2nd loan qualify as purchase money?
o   I refinanced my home for a lower interest rate but did not take cash out, is this purchase money?   
o   I refinanced my home and took cash out to pay off credit cards and auto loans. Is this purchase money?    
o   I improved the home with the cash out refinance, is this purchase money?    
o   Does the Arizona anti-deficiency law protect me from a creditor having collection recourse?    
o   Does the Arizona anti-deficiency law cover my Home Equity Line of Credit?    
o   What is the potential risk for deficiency judgments?
1st mortgage? 2nd mortgage?    
o   If a creditor has recourse, how long do they have to seek a judgment?    
o   Will I have a risk of wage garnishment or a creditors ability to place a lien on other assets?    
o   What can I expect for an impact to my credit score for delinquent payments?    
o   What can I expect for an impact to my credit score for foreclosure or short sale?    
o   Will I have the ability to buy another home? When?    
o   Will I have a higher interest rate on credit accounts?    
o   Will I be able to retain my open credit accounts?    
o   Will my retirement accounts be protected?    
o   Will my savings and children education accounts be protected?    
o   I have vested and non-vested stock options are they protected?    
o   I receive performance bonuses as part of my compensation. How do I disclose this?    
o   Do I qualify for bankruptcy?    
o   Should I pay my HOA fees?
o   Should I vacate the home and shut off the utilities?  
o   I want to take the built-in appliances, ceiling fans and granite countertops from my home when I move. I put them      in after I bought the home. Can the lender do anything about it?    
o   Can a relative buy my home as a short sale?    
o   The lender wants a cash contribution; can I get the buyer to pay for it?  

This list of questions is intended to illustrate the broad discussion topics that you might want to discuss. Focus on your specific situation and evaluate all of your options. Document the best 2 or 3 options for you and write down the pros and cons. Refer to this document often when you begin to question your choices. You will hear comments and get inputs from well meaning sources and by referring back to this document you will be able to reaffirm your decision based upon your specific situations. Update your decision with additional legal advice if your specific situation changes.

Call Dennis 602-908-2136 or email now to schedule a private and confidential consultation.