New Law Regarding Arizona ForeclosurePosted on February 24, 2011 in Arizona Law Regarding Business and Real Estate
Under Arizona Senate Bill 1259, we may become the first state to require lenders to prove they have the legal right to foreclose by proving up a list of all owners of the deed of trust, under a bill passed yesterday by our Senate.
The law, which is headed to the House after being approved 28-2 in the Republican-dominated Senate, would allow foreclosure sales to be voided if
lenders that didn’t originate the loan can’t produce the full chain of title. This is in line with our statutes, which permit nonjudicial foreclosures, meaning property can be forfeited with a court order.
Lawmakers in states including New York, Oregon and Virginia
also have proposed legislation to address concerns among consumer advocates that lenders or mortgage servicers are using incomplete or false paperwork to repossess properties in default. The attorneys general of all 50 states are jointly investigating how the mortgage-servicing industry operates.
The stakes are high and this is the least the banks can do before they re-take a home or commercial property. Call Bill Miller at 602-319-6899 with questions about your legal rights. He has been an Arizona trial lawyer for over 24 years and has successfully defended many wrongful foreclosure proceedings.
Arizona Trial & Business Law
William A. Miller, Esq.
William A. Miller, PLLC
8170 North 86th Place, Suite 208
Scottsdale, Arizona 85258