HOPE FOR ARIZONA HOMEOWNERS WITH SB1259?
This is real interesting, here is the text of a bill SB1259 that just passed the Arizona Senate. Not perfect, but trying to get some "truth in lending."
A. FOR ANY BENEFICIARY WHO IS NOT THE ORIGINATING BENEFICIARY ON THE DEED OF TRUST, THE BENEFICIARY SHALL RECORD A SUMMARY DOCUMENT REGARDING THE BENEFICIARY'S LEGAL INTEREST IN THE DEED OF TRUST THAT CONTAINS THE FOLLOWING INFORMATION IN CHRONOLOGICAL ORDER:
THE FULL NAME AND ADDRESS OF RECORD OF EVERY PRIOR BENEFICIARY ON THE DEED OF TRUST.
THE DATE, RECORDATION NUMBER OR OTHER UNIQUE DESIGNATION OF THE INSTRUMENT, AND A DESCRIPTION OF THE INSTRUMENT THAT CONVEYED THE INTEREST OF EACH BENEFICIARY.
THE SUMMARY DOCUMENT PRESCRIBED BY THIS SECTION SHALL BE RECORDED AT THE SAME TIME AND PLACE THAT THE NOTICE OF TRUSTEE'S SALE IS RECORDED PURSUANT TO SECTION 33-808 AND A COPY OF THE SUMMARY DOCUMENT SHALL BE ATTACHED TO ANY NOTICE OF TRUSTEE'S SALE THAT IS REQUIRED TO BE PROVIDED AS PRESCRIBED IN SECTION 33-809.
C. FAILURE TO PROPERLY RECORD THE SUMMARY DOCUMENT THAT DEMONSTRATES EVIDENCE OF TITLE FOR THE FORECLOSING BENEFICIARY AS OF THE DATE OF THE TRUSTEE'S SALE AS PRESCRIBED BY THIS SECTION RESULTS IN A VOIDABLE SALE.
D. ANY PERSON WITH AN INTEREST IN THE TRUST PROPERTY MAY FILE AN ACTION TO VOID THE TRUSTEE'S SALE FOR FAILURE TO COMPLY WITH THIS SECTION AND IS ENTITLED TO AN AWARD OF ATTORNEY FEES AS WELL AS DAMAGES AS OTHERWISE PROVIDED BY LAW IF THE PERSON SUBSTANTIALLY PREVAILS, INCLUDING AN AWARD OF ATTORNEY FEES FOR ANY INJUNCTION OR OTHER PROVISIONAL REMEDIES RELATED TO THE CLAIM.
If you are an Arizona homeowner, do not be afraid to call your Arizona legislatures asking for support of this bill. We need to bring more truth in lending. When you file lawsuits against these banks (as we do, for example TILA rescission), it takes a while to figure out who owns the loan. They try to keep this a secret from the Plaintiff and the Judge until discovery forces them to disclose this information. As an ARIZONA TRUTH IN LENDING LAWYER I strongly support this bill and others like it. In fact, they should be required to "produce the note" showing a full chain of transfer, endorsement, and consideration from the loan originator up the securitized loan trust. But of course that would probably collapse the securitized loan system and expose it for what it was - "a half-baked idea."
You can watch the video testimony here on the ARIZONA BILL TO REQUIRE PROOF OF LOAN OWNERSHIP BE RECORDED
More information can be found at our Foreclosure Defense Website at http://www.ForeclosureDefenseResourceCenter.com or our Foreclosure Radio Show!
Comments(0)