2010 Arizona Legislative Session Brings Proposed Foreclosure Laws
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
