Thursday, May 13, 2010

McGuire foreclosure rescue bill signed into law

STATE CAPITOL, PHOENIX – A bill in House Democrats’ Foreclosure Rescue for Arizona has been signed into law.

House Bill 2766, sponsored by Rep. Barbara McGuire, D-Kearny (District 23), requires a landlord to allow a tenant at least 30 days to vacate a foreclosed property.

“This new law will help Arizona get back on the right track when our state ranked second in the nation for foreclosures,” McGuire said. “It gives families and renters enough time to find a new home at a time of foreclosure through no fault of their own.”

McGuire’s law also requires a landlord to provide tenants with a written notice at least 90 days before the sale date and if the landlord fails to comply, the tenant may recover damages or one month’s rent plus the amount of the security deposit and attorney fees, whichever is greater.

“All of us have a financial interest in restoring property values, repairing neighborhoods and putting Arizona back on the right track,” McGuire said. “We can all benefit from these bills and working together, and that’s a winning combination for Arizona’s economy and quality of life.”


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2 comments:

  1. I recently came across your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

    Alena

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  2. House bill 2766 is necessary and there should be sanctions set against landlords who take advantage of tenants by deceiving and threatening them into paying more rent when the landlord has intentionally misled the tenant, failed to notify him/her in the required 90 day timeframe in writing as well as the tenant should be allowed to pursue much higher compensatory damages. I was never informed in writing that my landlord Anthony Mass of Mass Group LLC decided to stop paying Wells Fargo Home Mortgage sometime late 2009. I was told instead by his wife they were refinancing. They stopped paying their mortgage in January 2010 went into foreclosure in April and I found out because a notice of trustee sale letter was taped on the garage by the lenders law firm. What sort of classless people do this to single parents with children and dogs? There are costs to move and emotional consequences children suffer by having to move schools on short notice. The Mass Group has 3 or 4 other rentals they did this too and I am most assured they failed to disclose their situation properly. Jan Brewer should have these people made an example of by sanctioning them the max penalties. You can bet I will be suing them. I would encourage the other tenants to as well.

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