My question involves a foreclosure in the State of: Arizona
I purchased a modest home in Jan 07 and obviously the value has dropped considerably. I purchased the home with an 80/10/10 mortgage, 10% down with that equity being put into an HELOC that created the rest of the 80/20 to avoid PMI. I have an out of state job offer and am looking at options.
I understand in AZ 33-729 that "if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor"
Would this extend to the second mortage since it was used to secure payment of the balance price?
I am looking for a lawyer locally for advice (not sure how to find one who specializes in real estate law).
Thanks

