BREAKING: State of Arizona details proposed new 15% cuts to departments, universities, etc. due to Gov. Brewer & Republicans failure to pass fair budget. See also: AZRepublic; AZDailyStar Better budget options at StrongerArizona.com.
TUCSON -- Pima County continues to be hit hard by home foreclosures with 1480 last month.
It's unacceptable out-of-touch GOP state legislators haven't cooperated to hear or help pass my HB2601, and other Democratic sponsored bills that would offer people relief.
HB2601, which will be re-introduced in January 2010, 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 is temporary.
More on Arizona's foreclosure crisis.