Attempts to Salvage a Defective Deed of Trust Can Be Risky
The Arizona Court of Appeals this week upheld a trial court’s dismissal of a bank’s attempt to cure a defective deed of trust as untimely. In Deutsche Bank National Trust Co. v. Pheasant Grove, LLC, the Court of Appeals held that the bank waited too long to correct a defective property description on a $1.2 million loan on a Scottsdale residence given in 2003. When the homeowners subsequently defaulted on a second loan of $800,000, the home was sold at … Continued