Watch for changes to the current Anti-deficiency Statues in Arizona
This will have an impact for homeowners that have not occupied their property in foreclosure for up to six consecutive months.

(view link below to read Senate Bill 1271, this is from section "G")
"utilized for either a single one-family or a single two-family dwelling BY THE TRUSTOR UNDER THE DEED OF TRUST FOR AT LEAST SIX CONSECUTIVE MONTHS AND FOR WHICH A CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED is sold pursuant to the trustee's power of sale, no action may be maintained to
recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses. THE TRUSTOR IS RESPONSIBLE FOR DEMONSTRATING THAT THE TRUST PROPERTY WAS USED BY THE TRUSTOR AS A ONE-FAMILY OR A SINGLE TWO-FAMILY DWELLING FOR AT LEAST SIX CONSECUTIVE MONTHS".

This is a great article to read which explains the current statutes.

Update on Court Decisions and the Anti-Deficiency Statutes
Posted on 01 February 2009
Tags: anti-deficiency, Combs Law Group, Court Decisions, Legal, statutes
By Christopher A. Combs and Adam D. Martinez


Introduction
Arizona and a small minority of other states have adopted anti-deficiency statutes to prohibit a
homeowner's personal liability after losing a home to foreclosure. In the past two years in Arizona there has been both a rapid increase in homeowners who are delinquent on their home loans and a rapid decline in home values. Therefore, the scope of the protection of the anti-deficiency statutes is now of heightened interest to both homeowners and lenders.
Frequent questions are: Can the lender waive the right to foreclose on a home and bring a collection action on the promissory note? Do investors and developers have the protection of the anti-deficiency statutes after foreclosure on a home? Do the anti-deficiency statutes apply to the refinancing by the homeowner of the original purchase money loan, even if a portion of the loan refinancing exceeds the original purchase money loan? This article will attempt to answer those questions.


To Read the rest of this article goto: (you may need to copy and paste this link to your internet browser)
http://aarnews.com/2009/02/update-on-court-decisions-and-the-anti-deficiency-statutes/

The business section of the Arizona Republic published this article on July 29th:
http://www.azcentral.com/arizonarepublic/business/articles/2009/07/29/20090729biz-catherine0729.html

This link is to SENATE BILL 1271 http://www.azleg.gov/legtext/49leg/1r/bills/sb1271s.pdf