Arizona governor signs foreclosure notification bill

Arizona Governor Jan Brewer signed a foreclosure notification bill requiring  lenders to try and assist struggling homeowners who would like to stop foreclosure with some type of loan workout.

The bill would only apply to properties purchased between the beginning of 2003 and the end of 2008. It requires mortgage servicers to reach out to borrowers and identify solutions to stop foreclosure at least 30 days before a notice of default is filed on the property.

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