Monday, February 09, 2009

Patterson intros economic justice, foreclosure bills

Working to solve problems and help people. Image from Wall Street Journal

PHOENIX -- It was a windy, rainy and busy day at the Arizona Capitol, especially on the House side with the 5pm bill introduction deadline.

I'm proud to have introduced economic justice bills today for foreclosure relief, property tax fairness, anti-fraud/false claims act and other public interest issues. More news on this later.

UPDATE, 2/10: More info on our fair foreclosure relief bill, HB2601:

This act would grant immediate (60 day) relief to residential homeowners, who are in foreclosure and in danger of losing their home.

· The bill requires the owner to submit a signed, sworn and notarized affidavit to the trustee in order to postpone a sale.

· During the postponement period, the owner is granted the opportunity to negotiate a revised payment of the loan.

· Additionally, it encourages the lender and owner to make efforts to arrive at revised loan terms.

· If the owner makes timely monthly payments under this scenario, the sale may be postponed for up to one year; otherwise the sale can be rescheduled by the trustee.

The act expires June 30, 2012.

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