2010 ARIZONA LEGISLATIVE SESSION BRINGS PROPOSED FORECLOSURE LAWS

By Kent Berk on April 16th, 2010 in BLOG, FORECLOSURE

During Arizona’s 2010 legislative sessions, there have been numerous proposed statutes dealing with foreclosures:

H2511 – Would prohibit cities from levying a tax on the transfer of a property to a lender in foreclosure.

H2739 – Would require mediation (settlement discussions) before a residential foreclosure. Foreclosure would be stopped during mediation.

H2740 – Would allow homeowners to elect to rent the home after foreclosure, as long as they use it as their primary residence.

H2766 – Would require a landlord of a home in foreclosure to notify the tenant at least 60 days before the foreclosure.

H2270 – Would require mortgage brokers to investigate the borrower’s ability to repay the loan before making the loan.

H2626 – Would require lenders to try to contact borrowers to discuss options to foreclosure, including loan modifications, at least 30 days before a foreclosure notice.

H2309 – Would regulate foreclosure consultants in order to combat a growing number of foreclosure scams.

Visit the Arizona State Legislature for more information