Remember when we wrote about a bill that could financially devastate homeowners facing foreclosure, and then we wrote about how it was reversed?
Well, the bill might just be back.
The Arizona Bankers Association — which represents more than 70 banks in the state — has filed a lawsuit in the Arizona Supreme Court against Governor Jan Brewer, challenging the constitutionality of how the Legislature passed a reversal to controversial Senate Bill 1271.
The bill would have changed the eligibility requirements for “anti-deficiency” protection, which protects a homeowner facing foreclosure from having to pay back the difference between the amount for which the bank is able to sell their home, and what they owe the bank. In today’s economy, that often means $100,000 or more.
Read more fromn the Phoenix New Times