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Arizona are you ready for the proposed foreclosure bills?

By
Real Estate Agent with HomeSmart License # SA577557000
Arizona are you ready for the proposed foreclosure bills?  Here is what Arizona Democrats have introduced to legislation to help with the state's foreclosure crisis, as well as to try and protect homeowners:

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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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.

Comments (6)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Troy, you beat me to it! I was thinking the very same thing. An extension is good only if the banks will make an effort to complete a loan modification. Great post.

Feb 25, 2010 03:47 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Vickie - I'm sorry to steal your thunder, but thanks for reiterating my thoughts.

Feb 25, 2010 04:12 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

As with most legislative attempts to fix problems, some of this sounds great.  Others could get goofy.

Feb 26, 2010 03:38 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Patricia - I think part of the problem is that the people writing these bills do not have a finger on the pulse of what is going on.  They are looking at it from the outside.  We need people on the inside creating ideas on how to fix things.

Feb 26, 2010 07:37 AM
Kim Espinoza
Realtor, United Broker's Group, Arizona - Chandler, AZ
Connecting Arizona Buyers and Sellers

Thanks for the post. I agree with you, I am not sure how some of these would work in the real world.

The mandatory mediation sounds good unless the seller has to move due to a relocation. It is so nice that the politicians can just address all of these issues with nice little rules. Unfortunately, people and their situations don't always fit into nice little boxes.

I don't think I have had 2 short sales with the exact same situation going on. 

 

Mar 02, 2010 11:13 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Kim - Boy do I agree.  You can't generalize short sales, or most sales in general.  I can just see each transaction taking longer and longer with more and more laws being created.

Mar 04, 2010 05:17 AM