AZ HB2018

Amends Arizona law on purchase money mortgages and trust deeds to allow deficiency judgments for properties originated after December 31, 2014 that are used for construction and sale of dwellings by builders or for dwellings that were never substantially completed or never utilized as a dwelling.

Maintains existing protections limiting deficiency judgments for owner-occupied residential properties (single-family or two-family dwellings on 2.5 acres or less) that were substantially completed and actually utilized as dwellings.

Defines "substantially completed" as either final inspection completion (if required) or completion in all material respects according to local ordinances and building permit requirements.

Creates exceptions to deficiency judgment protections for mortgages and deeds of trust originated after December 31, 2014 on builder-owned property, incomplete dwellings, and dwellings never actually occupied as residences.

Applies to both traditional mortgage foreclosures under section 33-729 and trust deed foreclosures under section 33-814.