House Bill 2008 – Repeal of SB 1271 Arizona Anti Deficiency Law
HB 2008 & the repeal of SB 1271 – Arizona Anti Deficiency Law Update
We just checked in today with both Senator Pierce’s office (the original proponent of the bill who then wholly agreed that it should be repealed) and the governor’s office and no word yet on the status of the bill.
With a passing of HB 2008 the repeal of SB 1271 would be complete and all parties including the banking lobbyists and those of us representing the Arizona homeowners can sit down and discuss what changes should be made for greater Arizona.
Even assuming a repeal of this bill we can be assured that the banking lobbyists for both community banks and big banking will be hot-to-trot to get something similar in the works only this time they won’t be able to slip it under our noses! It’s downright scary how something like this can be scuttled through the system so quickly without anyone in the general public ever realizing how much it affects them, their neighbors, and their homes.
We’ll keep you up-to-date on the newest information regarding the anti deficiency law and house bill 2008.
For Arizona short sale information and how this law may affect you please visit our Az short sale website.
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4 comments
I thought legislatures were there to protect us…..This basically takes protection away from people who may be small investors second homeowners, retirement home owners, vacation home owners, and gives it to the banks. Any one of these types of people that have not lived in their home for 6 month straight can forget about loan remod or re-fi as the banks will foreclose and go after individuals. Thanks to the legislature who are supposed to protect the people of AZ.
Well said — you are right on the money! This is a ridiculous law that does not benefit the Arizona homeowner & benefits only the lenders. I highly encourage everyone to send Governor Brewer a note encouraging her to sign HB 2008 which will repeal SB 1271!!
Just talked to the Jan Brewer office, and we were told, we will have a commitment from her on Friday sometime. One way or the other!!!
Call her office at 602-542-4331 and voice your thoughts. Now
I am very positive they want to figure out away to discourage investors, so that we do not go thru a cycle like we just did. However, when we need some positive forward momentum we do not need a law like this. This current law we are talking about is not clear at all. Can they go backwards in time, are the people who invested without knowing this risk grandfathered in, etc.
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