Phoenix, Arizona Residential Real Estate & Foreclosure Law Attorney

Arizona Real Estate law covers a complex, wide range of issues making it imperative to consult with an attorney to ensure proper coverage of your investments.  This area of law coves the following:

  1. -Contract Issues

  2. -Residential Loan Modifications

  3. -Commercial Loan Workouts

  4. -Lease Issues

  5. -Commercial Leases

  6. -Contract Drafting and Disputes

  7. -Short Sales

  8. -Landlord/ Tenant Issues

  9. -Foreclosures

  10. -Wage Garnishment

Arizona Real Estate Contract Attorney

The Law Office of Joseph Velez is experienced in real estate contract drafting and review.  Before being legally bound by a contract, one must fully understand all the “small print.”  Whether you are working on a deed in lieu of a purchase contract, or a loan application their are minor subtleties that can greatly affect you and your property.  Contract review and drafting is a complicated process requiring a skilled eye capable of fine toothing through the legal jargon to see the true impact.

Law Office Of

Joseph A. Velez


Real Estate & Business Law Attorney

Arizona Foreclosure and Loan Modification Attorney

Foreclosure is an unfortunate but all too common aspect of many people’s lives.The foreclosure rate in Arizona has skyrocketed and is expected to rise in the coming years.  It is beneficial to go into a foreclosure educated on current laws, policies and programs and with an experienced professional on your side.  During an Arizona foreclosure, The Law Office of Joseph Velez analyzes your specific financial situation to determine the most effective strategy to apply to your case, communicates on your behalf with lenders for the most ideal results and advises on the best decisions with the least amount of impact on your finances and credit.  If you are facing a foreclosure, short-sale or potential loan modification, call real estate attorney Joseph Velez.  


There are many issues that are covered under real estate law that can have a large impact on your credit, finances, and assets.  It is important to speak with a professional fluent in real estate law in order to ensure the best protection for you.  At The Law Office of Joseph Velez we focus on advising our clients on making decisions that will continue to benefit them into their future.

The Law Office of Joseph Velez

Commercial Real Estate & Business Law Attorney

Scottsdale Financial Center

7272 E. Indian School Rd., Suite 111

Scottsdale, Arizona 85251



  1. A.Deed in Lieu is conveyance of property from borrower/owner to lender in satisfaction of debt obligation.

- Not against public policy

- Possible to convey by either quit-claim, special warranty or general warranty deed

- Feasible for deeds of trust, mortgages or agreements for sale

- Obtain deed in lieu title commitment

  1. -Can’t be unilateral: mortgage must “accept” deed

  1. B.May be in full or partial satisfaction of debt.

  1. - Should clearly state whether given in full or partial satisfaction (e.g. “deficiency” note possible); release of liability v. an extinguishment of debt (if accord and satisfaction, will discharge debt, including guarantees)

  2. -Borrower (or lender) can give additional consideration (e.g. money)

  1. C.Possible to keep lien on property (i.e., non-merger) if property documented.

  1. -Acquisition of title by mortgage generally “merges” lien interest into fee interest, unless clearly intended otherwise

  2. -Lender can maintain recorded lien or use a subsidiary of lender to take title; can then foreclose junior interests through strict foreclosure


  1. A.Reduces time and expense of foreclosure proceeding.

  1. -Trustee’s sale, judicial foreclosure and forfeiture proceedings are considerably longer

  2. -Particularly attractive to lender if non-recourse obligation or if any deficiency would be uncollectible

  1. B.Reduces negative publicity both to borrower and as it may affect property (e.g., chilling effect on leasing).

  1. - Deed can be separated from remainder of deed in lieu language to minimize record disclosure of transaction

  2. -Exempt from tax affidavit. A.R.S. 11-1134(A)(1) and/or (B)(1).

  1. C.Acceleration possession and control of property by lender and fosters smoother transition of property.

- Less chance for abandonment of property

D. Allows resolution of documentation problems (e.g., legal description problems, defective perfection) as well as release of potential claims.

  1. E.Believed by borrower to have less of a derogatory credit impact (but may not in fact be the case).

  1. -Voluntary relinquishment v. involuntary foreclosure


  1. A.Since simple conveyance (not foreclosure), lender only acquires the interest in property held by borrower.

  1. -Subject to all consensual liens, leases, title defects, mechanic’s liens, homeowner’s assessment liens, tax liens, easements, etc.

  1. B.Carefully scrutinized by courts.

  1. -Since no “public” noticing, courts are protective of borrower’s equity in property

  2. -Wise practice to have borrower recite that there is no equity (“estoppel language”)

  3. -More susceptible to assertions of fraud, overreaching, duress; also watch for bankruptcy fraudulent conveyance issue.

C. Equitable Mortgage

- If “option to repurchase” by borrower, transaction may be deemed equitable mortgage (any conveyance of property as security which isn’t a deed of trust is a mortgage); question of intent.  Solution: make certain deed is “absolute.”


Our law office represents clients throughout the Phoenix, Arizona area including the cities of Scottsdale, Maricopa, Mesa, Surprise, Paradise Valley, Avondale, Gilbert, Chandler, Glendale, Florence, New River, Fountain Hills, Peoria, Surprise, Queen Creek, Tempe, Sun City, Apache Junction, and Casa Grande. We serve the counties of Maricopa, Yavapai, Gila, Pinal, La Paz, Yuma, and Pima County.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

One hour initial office consultation fee is $295 for the matters discussed above.