Arizona are you ready for the proposed foreclosure bills?
HB2715 - This bill would give homeowners facing foreclosure an extra 60 days to work out a loan modification.
How about requiring banks only a certain amount of time to get loan modifications completed?
HB2740 - This bill calls for allowing renters in homes that are in foreclosure to remain in the home and continue to pay affordable rents. It also allows for homeowners who lose homes to foreclosure to remain as renters.
I would like to know how this is going to work?
HB2766 - This bill requires landlords to give a renter at least 30 days' notice if they have to move out of a foreclosure home.
HB2321 - Requires homes to be maintained during foreclosure.
These two bills actually seem to make sense, and should have already been enacted.
HB2739 - This bill creates a mandatory mediation program for homeowners facing foreclosure. This would be supervised by the Arizona Supreme Court.
Sounds like this bill could cause a delay in a lot of things throughout the mediation process.
I'm typically not one to express my political views, but there are so many things changing in real estate as well as the lending field, that it is difficult to keep up. I just hope that the economy gets better soon, and we can get back to selling resale and new homes, and forget all about these short sales and foreclosures. I can hope, but I think we are still a few years away from that.
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