UTA eNews
June 7, 2010

Arizona Legislation Requires Lenders to Give Notice of Right to
Explore Foreclosure Avoidance Options

Arizona trustees survived relatively unscathed by the 2010 legislative session which officially ended on April 31, 2010. All normal bills will be effective on July 29, 2010.

Through House Bill 2626, Arizona joined the list of states which require lenders to give advance notice to their borrowers of the right to explore foreclosure avoidance options, explains Christopher Perry, Esq., Perry & Shaprio. “Specifically, lenders have to make a written ‘attempt to contact a borrower to explore options to avoid foreclosure’.” It only applies to borrowers who occupy the property as their principal residence. It applies only to first deeds of trust recorded on or after January 1, 2003 through December 31, 2008. The written notice must be given 30 days before a notice of trustee’s sale can be recorded.”

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