Monday, February 07, 2011

House Democrats unveil Homeowner Relief for a Strong Future

STATE CAPITOL, PHOENIX – House Democrats announced on Monday a homeowner relief package to hold government accountable at a time when the state again ranked second in the nation this month for foreclosures.

Homeowner Relief for a Strong Future offers balanced, responsible solutions for the foreclosure crisis, prevents fraud and preserves our communities.

“These bills directly deal with the foreclosure crisis, a problem in Arizona that Republicans have ignored in the past,” said Rep. Debbie McCune Davis, D-Phoenix (District 14). Recent figures as of Thursday show that Arizona continues to rank second in the nation in foreclosures. We have held that top spot for the past few years, and now it’s time to hold government accountable so we can have a strong economic future.”

McCune Davis has asked House Commerce Committee Chair Jim Weiers to establish a subcommittee on foreclosures.

In February, Arizona jumped to second in the nation in foreclosures. One in every 17 Arizona households received a foreclosure filing last year. (http://www.post-gazette.com/pg/11014/1117879-28.stm#ixzz1D2zRAq9o)

Homeowner Relief for a Strong Future includes the following bills:
-HB2383 Borrowers’ Bill of Rights: Guarantees homeowners the right to receive timely and accurate responses to good-faith borrower inquires. (McCune Davis)
-HB 2283 Abandoned Home Crime Reduction Act: Requires current and accurate ownership information on all property and assists neighborhoods and law enforcement in reducing crime. (McCune Davis)
-HB 2626 Home Sales Notification Act: Allows homeowners in foreclosure to be notified of sales, even when the initial sale is postponed (McCune Davis).
-HB 2124 Homeowner Relief Act: Keeps homeowners in their homes by granting temporary (60 day) relief to residential homeowners, who are in foreclosure and in danger of losing their home. (Patterson)
-HB 2123 Safe Neighborhoods Act: Requires the maintenance of properties during the foreclosure process. (Patterson)
-HB 2430 Right to Rent Act: Allows homeowners, whose foreclosed homes are of low to moderate value, to remain in their homes as renters for an extended period of time. (Tovar)
-HB 2642 Mandatory Mediation Act: Offers homeowners facing foreclosure in an owner-occupied home an additional step that would require a mediation process to take place before the property may be foreclosed. (Tovar)
-HB 2641 Arizona Home Equity Theft Prevention Act: Protects homeowners who are facing foreclosure from scams and fraud. (Tovar)
-HB 2632 The Tenant Rights Act: Ensures that if a tenant is lawfully in possession of the property when a foreclosure action is initiated, the tenant is able to continue to rent the property for the remainder of the lease or 90 days, whichever is longer. (Hobbs)
-HB 2269: Truth in Mortgage Brokers Act: Cracks down on bad acting mortgage brokers and protects borrowers from bad lending practices. (Ableser)

“This package of bills could not come at a more critical time for our state,” said Rep. Daniel Patterson, D-Tucson (District 29). “We need to hold government accountable to enact legislation that strengthens our housing market and the financial well-being of our communities. Those steps include fighting scams and fraud and encouraging lenders and borrowers to work together for the best possible outcome.”

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2 comments:

  1. These acts overall are good but I fail to see an act that says, if a homeowners defaults on a mortgage during the first 5 years of the loan they will be required to sell the house after 90 days of missed payments unless the full amount is paid immediately or co-signors will be held liable for fraud and criminal acts if they fail to live up to the agreement to live in the property.

    I also fail to see the benefit to HB2632- Tenants already are allowed to reside in the property up to 90 days after the sale, as per The Protecting Tenants at Foreclosure Act. Why are they duplicating a federal law?

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