A Call to the Arizona Governor

Apparently the Arizona Association of REALTORS has written a letter to the Arizona Governor Jan Brewer. It is a request to Amend the Call for Special Session to Address Issues Resulting from SB 1271's passage. In a letter dated July 22, 2009, AAR CEO Tom Farley writes a three page letter accompanied by 30+ pages of Case law and practical issues backing up his claim that the recently passed SB 1271 amendement to the anti-deficiency statutes has gone too far and shifts the now balanced power between owners and lenders to the lenders favor. In the form of a fast foreclosure, and a double recovery for the lender. Thereby minimizing the possibility a lender would even consider working with a homeowner in distress since they could foreclose the property quickly for pennies on the dollar and pursue the deficiency from a judgement easily obtained. CHECK BACK FOR MORE!

SB-1271 Anti-Deficiency Statute

The anti-deficiency bill SB-1271 that passed Arizona legislation is receiving some heat. The original intention was to prevent investors in Arizona from foreclosing and short selling homes and sticking the local Arizona lenders with out any method of recovering the funds and thus making those banks go belly up. The major change was the requirement that the borrower had lived in the property for six consecutive months. Stick with us as we cover this topic over the next couple days.