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News Article From: 07-27-2009
New law triggers fear for housing, an article from azcentral.com, reports that a new law passed by legislature makes homeowners liable for the difference between their mortgage and what their lender can recoup from reselling their house. The amendment is designed to protect small community banks from people buying speculative new homes they can't sell for a profit. Real-estate lobbyists and attorneys for homeowners are working to have the law repealed. The new law would affect any Arizona homeowner in foreclosure who has not lived in the home for six straight months. http://www.azcentral.com/business/realestate/articles/2009/07/26/20090726foreclosurelaw0726.html |
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