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House Engrossed |
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State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session 2010
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HOUSE BILL 2626 |
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AN ACT
amending title 33, chapter 6.1, article 1, Arizona Revised Statutes, by adding section 33‑807.01; providing for the delayed repeal of section 33‑807.01, Arizona Revised Statutes, as added by this act; relating to deeds of trust.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 33, chapter 6.1, article 1, Arizona Revised Statutes, is amended by adding section 33-807.01, to read:
33-807.01. Notice of trustee's sale conditions; exceptions
A. For a property with a first deed of trust recorded on or after January 1, 2003 through December 31, 2008, if the borrower occupies the property as the borrower's principal residence, before a trustee may give notice of a trustee's sale for the property pursuant to section 33‑808, the lender must attempt to contact the borrower to explore options to avoid foreclosure at least thirty days before the notice is recorded.
B. If a loan described in subsection A of this section is owned by a beneficiary that is not an agency of the United States government, the federal national mortgage association, the federal home and loan mortgage corporation, a federally insured depository institution or a subsidiary or affiliate of a federally insured depository institution, the notice required by subsection A shall include information on how the borrower may meet with the beneficiary or its authorized representative, in person, at a location in the county in which the trust property is located, for the purpose of exploring options to avoid foreclosure.
C. An officer who is employed by the beneficiary must certify in a written document under oath that they complied with this section. The certification required by this subsection shall be sufficient if it is in substantially the following form:
certification of compliance
The undersigned hereby certifies, under penalties of perjury, that he or she is the beneficiary, successor beneficiary or authorized representative of the beneficiary named in the trust deed recorded at instrument number __________________ in the county of ___________________, that he or she attempted to contact the borrower at least thirty days prior to the date of this certification to explore options to avoid foreclosure as required by A.R.S. section 33-807.01(A) and (B) or the provisions of A.R.S. section 33-807.01(A) and (B) do not apply pursuant to A.R.S. section 33-807.01(D).
Dated this ___ day of ________________, ____.
_________________________________
Signature
D. This section does not apply to:
1. Loans made, purchased or serviced by:
(a) A state or local public housing agency or authority.
(b) Loans that are collateral for securities purchased by an agency or authority described in subdivision (a).
2. Deeds of trust that were prepared in connection with five or fewer loans that were funded by a single lender, or group of lenders in concert, in one calendar year.
3. Lenders compliant with the United States department of treasury home affordable modification program.
E. Nothing in this section requires a servicer to violate contractual agreements for investor-owned loans or provide a modification for a borrower who:
1. Is not willing or able to pay under a modification.
2. Has surrendered the property as evidenced by either a letter confirming the surrender or delivery of the keys to the property to the trustee, beneficiary or authorized agent.
3. Has filed for bankruptcy.
4. Has left the property vacant or abandoned.
F. This section shall not be construed to require a beneficiary to violate any agreement made between the beneficiary and a federal or state regulatory agency of that beneficiary or any requirement of federal law.
Sec. 2. Delayed repeal
Section 33-807.01, Arizona Revised Statutes, is repealed from and after December 31, 2013.