Arizona Banking fighting homeowners

I had the opportunity to attend and speak at a Senate meeting today to discuss the new anti-deficiency law.  Myself, Attorney Marc McCain, AAR President Tom Farley, and others were on hand representing Arizona homeowners, consumers, industry professionals, and the greater good of the State of Arizona.  Opposing our stance against the new bill were various banking officials all of whom seem to believe that this bill is “good” for Arizona.

This bill basically says that a bank may pursue a deficiency judgement against anyone that defaults on a home loan and does not meet two criteria:

1.  Must have lived in the property for 6 months
2.  Must obtain a Certificate of Occupancy

Own an investment property that you planned to use to retire on?  JUDGEMENT!   Maybe you own a second home in Flagstaff or Prescott?  Don’t live there 6 months?  JUDGEMENT!   Did you buy a home for your kids for college, or your parents?  Guess what…JUDGEMENT!  Can’t pay the judgement?  Don’t worry, the lenders can come after your primary home, your checking account, your savings, and any change that falls out of your pocket as they slam the door of your home behind you and leave you on the curb.

Arizona homeowners – What do you think about this?  How can this help us in this time of economic  turmoil and Arizona real estate chaos?

It can’t!

This bill serves to do nothing for the Arizona homeowner and serves only to allow the same banks that should have underwritten loans properly in the first place the right to come after just about anyone that they feel they can squeeze money out of.

This bill NEEDS to be repealed before it goes into effect!  Contact the state legislature today and let them know what you think!

Please email me at Sean @ AzHomeHelp.com as well as Attorney McCain at mmccain @ mblawaz.com with your thoughts and feelings so we have proof of Arizona consumer support behind us.  Remember, this bill affects you, your neighbors, your family, and your future.

Related posts:

1. Arizona Anti-Deficiency Law may be repealed!
2. Arizona Anti Deficiency Law & How It Affects a Short Sale
3. Jobs Bill Could Cost Homeowners Up To $600 A Year
4. Arizona Anti Deficiency Law Update
5. Arizona Bankers Association Fighting Repeal of SB 1271