AZ Republican: If You Foreclose On Something, You Should Tell Them Who Owns The Property
Michele Reagan, AZ Republican legislator. I was shocked when I read this, but when I found out it was sponsored by a Republican legislator who couldn’t get information about who owned her mortgage, it made a lot more sense. After all, Republicans only care about problems when they affect them directly! Anyway, if passed, this will be a real help to Arizona homeowners in foreclosure: Arizona may become the first state to require lenders to prove they have the right to foreclose by providing a complete list of any previous owners of the mortgage , under a bill passed yesterday by its Senate. The legislation, which is headed to the House after being approved 28-2 in the Republican-dominated Senate, would allow foreclosure sales to be voided if lenders that didn’t originate the loan can’t produce the full chain of title. Arizona permits nonjudicial foreclosures, meaning property can be seized from the homeowner without a court order. Lawmakers in states including New York, Oregon and Virginia also have proposed legislation to address concerns among consumer advocates that lenders or mortgage servicers are using incomplete or false paperwork to repossess properties in default. The attorneys general of all 50 states are jointly investigating how the mortgage-servicing industry operates. “If you foreclose on somebody you should have to tell them who owns the property,” Michele Reagan, who sponsored Senate Bill 1259, said in a telephone interview. “People have the right in this country to face their accusers.” The Republican lawmaker is in litigation with her mortgage servicer, which she said won’t identify the owner of the loan .
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AZ Republican: If You Foreclose On Something, You Should Tell Them Who Owns The Property
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on February 26, 2011. Filed under