Arizona SB1259 on Foreclosures; Proof of Ownership Passes Senate 28 Ayes 2 Nays

Remember SB1259?

Goodnight Banks: Arizona

Well what do we have here?

A. FOR ANY BENEFICIARY WHO IS NOT THE ORIGINATING BENEFICIARY ON THE DEED OF TRUST, THE BENEFICIARY SHALL RECORD A SUMMARY DOCUMENT REGARDING THE BENEFICIARY’S LEGAL INTEREST IN THE DEED OF TRUST THAT CONTAINS THE FOLLOWING INFORMATION IN CHRONOLOGICAL ORDER:

THE FULL NAME AND ADDRESS OF RECORD OF EVERY PRIOR BENEFICIARY ON THE DEED OF TRUST.

THE DATE, RECORDATION NUMBER OR OTHER UNIQUE DESIGNATION OF THE INSTRUMENT, AND A DESCRIPTION OF THE INSTRUMENT THAT CONVEYED THE INTEREST OF EACH BENEFICIARY.

THE SUMMARY DOCUMENT PRESCRIBED BY THIS SECTION SHALL BE RECORDED AT THE SAME TIME AND PLACE THAT THE NOTICE OF TRUSTEE’S SALE IS RECORDED PURSUANT TO SECTION 33-808 AND A COPY OF THE SUMMARY DOCUMENT SHALL BE ATTACHED TO ANY NOTICE OF TRUSTEE’S SALE THAT IS REQUIRED TO BE PROVIDED AS PRESCRIBED IN SECTION 33-809.

C. FAILURE TO PROPERLY RECORD THE SUMMARY DOCUMENT THAT DEMONSTRATES EVIDENCE OF TITLE FOR THE FORECLOSING BENEFICIARY AS OF THE DATE OF THE TRUSTEE’S SALE AS PRESCRIBED BY THIS SECTION RESULTS IN A VOIDABLE SALE.

D. ANY PERSON WITH AN INTEREST IN THE TRUST PROPERTY MAY FILE AN ACTION TO VOID THE TRUSTEE’S SALE FOR FAILURE TO COMPLY WITH THIS SECTION AND IS ENTITLED TO AN AWARD OF ATTORNEY FEES AS WELL AS DAMAGES AS OTHERWISE PROVIDED BY LAW IF THE PERSON SUBSTANTIALLY PREVAILS, INCLUDING AN AWARD OF ATTORNEY FEES FOR ANY INJUNCTION OR OTHER PROVISIONAL REMEDIES RELATED TO THE CLAIM.

Well last night it passed the Senate with a vote of 28 Ayes to 2 Nays…

Y = Yes
N = No
NV = Not Voting
EXC = Excused
V = Vacant

Member Name Vote Member Name Vote Member Name Vote
Paula Aboud Y Sylvia Allen Y Frank Antenori Y
Nancy Barto Y Andy Biggs Y Scott Bundgaard Y
Olivia Cajero Bedford Y Rich Crandall N Adam Driggs Y
Steve Gallardo Y Ron Gould Y Linda Gray Y
Gail Griffin Y Jack Jackson Jr. Y Lori Klein Y
Leah Landrum Taylor Y Linda Lopez Y John McComish Y
Al Melvin Y Robert Meza Y Rick Murphy Y
John Nelson N Steve Pierce Y Michele Reagan Y
David Schapira Y Don Shooter Y Kyrsten Sinema Y
Steve Smith Y Steve Yarbrough Y Russell Pearce Y

AYES: 28   NAYS: 2   NOT VOTING: 0   EXC– USED: 0   VACANT: 0

Looks like it’s almost game over for the Bank’s in Arizona…

Full text of Bill below…

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4closureFraud.org

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Arizona SB1259 Foreclosures; Proof of Ownership

Comments
8 Responses to “Arizona SB1259 on Foreclosures; Proof of Ownership Passes Senate 28 Ayes 2 Nays”
  1. Wayne says:

    I am a true patriot …. I have refused to pay the Banksters of America in over 2 years and I have not been foreclosed on. No transfers of assignments recorded at the Recorder’s Office. Banksters of America have refused to answer the QWR sent to them of who is my lender and who owns my note. The Banksters have invited me to Scottsdale Az for Modification of my Loan … I called them and I agreed to come with all my paper work they have requested if they would have on table at such time, all the original documents including my Note on the table also. They said they couldn’t and I said … “Well I guess we don’t have a deal”. I also asked them how they could offer me a contract (Modification) from a contract they could not produce nor do they own. CLICK. Phone hung up!!!! Guess they aren’t going to get paid for a very long time.
    I do this not to get a free house mind you, I do this because of the promise broken to me by my original lender and the refusal by Countrywide and Bank of America to allow me to talk to the Note Holder. Oh there is so much to be said .. bottom line is .. This is Fraud and Corruption at the highest level of the Banks and I charge them not only with Fraud but of Racketeering. Hell, Al Capone and Jimmy Hoffer went to Prison on a lot less of a crime.

  2. Bill says:

    So what happens when a loan is pooled with thousands of others and becomes securitized? Now the “beneficiary” is called an investor and there can be 10 or 20 times as many of these as there are loans in the pool. They can be an institutional investor like an insurance company or pension fund or your average mom and pop individuals. These positions can be (and probably will be) traded several times a day.

    Typical politicians! None of them have any idea what they’re voting on. The “beneficiaries” are not the entity of interest. It’s the mortgage servicer. When a loan goes into default, it typically goes to a “special servicer”. None of this means anything because Arizona is a Deed of Trust state, not a mortgage state. There is no judicial action required to foreclose on a defaulted homeowner so this whole procedure is a waste of time.

    The mortgage mess can easily be cleaned up by demanding the banks who sold non-performing loans into securitization be forced to buy them back. All securitizations, Fannie Mae, Freddie Mac, Ginnie Mae and the Wall Street conduits have a provision for this. Instead of defending these massive criminals with the “Too Big To Fail” song and dance, we should be liquidating their assets and selling them off to smaller, more responsible institutions! So, now your government has crossed the line from ineptitude to co-conspirator!

  3. If enacted this bill creates a major impasse to foreclosure by an alleged mortgagee that has not field the required prof of ownership and chain of title. Equally impressive is what the bill does not address. It does not prescribe the form that proof of ownership must take. For example, it does not say that the only way to document a transfer of a mortgage is by submitting a written assignment with evidence of its recordation, It does however place the burden upon the putative creditor to demonstrate that he is the creditor secured by the mortgage and not some thief in the night.

  4. leapfrog says:

    Looks like John Nelson and Rich Crandall are bankster lackies. Arizonans in FC trouble: Remember these two names. Hopefully, you and your fellow voters will FIRE these two corporate sell-outs next election.

  5. l vent says:

    The fraudclosures need to stop. They are bankrupting America. Pres. Obama’s must to come to the forefront of the crisis and lead America out of this mess that was no fault of our own. This manufactured economic crisis by lthe elite is not just a state issue as is becoming more apparent everyday, the whole country is eventually going to go bankrupt, because this is strategic trickle up poverty. Just look at the Wall Street numbers today and yesterday,(and it is not just about oil and mideast turmoil) and the talks of a Government shut down which will further punish the American people for the crimes of the elite..The financial terrorism of America needs to stop.

  6. dRp says:

    This is great!
    Better to have it BEFORE forclosure sale, but sale is voided if not produced.
    Wonder if Banks will keep chain of ownership out of the foreclosure process and only cough it up at the sale.
    Imagine loosing at foreclosure only to get house back later free and clear because bank screws up!
    HUGE problems though to buy a house where the sale is voidable.

  7. Danelle Hills says:

    Please God, let something like this pass in all 50 states, or be adopted by the Attorneys General (if it is legal to do so) in dealing with the banks and mortgage lenders that the Attorneys General are in negotiations with.
    Removing every bit of the ill-gotten illegal profits the banks, brokerage firms and mortgage brokers got, along with a very unprofitable mess to clean up, is the ONLY way to send them the message that they are not to go back to their old ways, ever. Why have the concepts of “fiduciary duty” to customers and “unconscionable bargain” been allowed to fall by the wayside by our judicial system and bank regulators? We might as well have had the fox guarding the henhouse in all mortgage matters, that is what has been happening.

  8. StuckinSoPa says:

    So these Crandall and Nelson guys, do they really walk around with signs on their backs saying “Bought and Paid For by your friendly neighborhood Bankster.” How could anyone vote against a bill that requires you to follow the existing law. Oh yea, that’s right, there’s a matter of those pesky town/city/county/state recording fees, like in the courthouse where any transfer is recording on hard copy with the appropriate TRANSFER TAX STAMP attached as required by law.

    I wonder how many BILLIONS Mers has cheated (defrauded) local municipalities out of in tax revenue in the last 10 years
    .

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