Bloomberg | Arizona Bill SB1259 Would Void Foreclosures Without Full Title History

“The trustees association has suggested an amendment to the bill that would instead require the owner to certify to the trustee that it has the legal right to foreclose. Under the amendment, which wasn’t taken up by the Senate, the lender could face perjury charges if the certification is found to be false.”

Is that suppose to be a joke? We all know how many perjury charges came out of the hundreds of thousands of affidavits that were robo-signed with “personal knowledge” under penalty of perjury. ZERO…

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Arizona Bill Would Void Foreclosures Without Full Title History

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.

Check out the rest here…

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4closureFraud.org

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Arizona SB1259 Foreclosures; Proof of Ownership

Comments
6 Responses to “Bloomberg | Arizona Bill SB1259 Would Void Foreclosures Without Full Title History”
  1. Patriot Alice says:

    The buyer should also prove that they have fully paid for the property, before they can make any claim of ownership. I remember in Italy, years ago, the Communist used to threaten that as soon as they voted themselves into office, they’d take my family’s property away! Some of you people are on the verge of thinking the same way. You are hoping for some way, that you can get the property for free! YOU MUST PROVE THAT YOU HAVE PAID FOR IT FIRST, IF NOT, GO TO HELL!

    • Sorry, that is wrong.

      The banks are trying to take people’s houses. It is, therefore, up to THEM to prove their actions are in accordance with the law.
      What they do is almost always NOT by the law. They have been getting away with that for a very long time. They have used their money—OUR money!—to pay government people, and court-of-law people, mostly judges, to tell lies for them.

      You are correct, in that the banksters operate on the “Communist” principle that “What is yours is mine!

      The communist or Communist systems of government are irrelevant to these discussions.

  2. judge says:

    I agree with all you guys!!!!!! This is a good law and it is repeating what is already on the books but being ignored by the judges ! GOD BLESS ARIZONA !!!!!!!!

  3. Q: What kind of business pisses off a Republican?
    A: A terminally mis-managed business, is the kind!
    The Republican lawmaker is in litigation with her mortgage servicer, which she said won’t identify the owner of the loan.” Apparently, she is expected to send money to people who SAY they own her load, but who refuse to show the proof!
    Sounds like a con game, to Me. If they had proof, then they would be sending copies everywhere, “Ya ya! We told ya!” Silence=zero proof available.

    Said Paul Hickman, chief executive officer of the Arizona Bankers Association in Phoenix, “States that pass these types of laws will be riskier environments to lend in and more difficult environments to get a loan in.” OK, Mr. Hickman, you excuse My engineering mentality, and I will ignore your execrable grammar!
    My point is this: How, exactly, is it risky to do business with people who know you are the legitimate person to receive the money?
    If I take out a loan with “ABC Mortgage of Phoenix”, pay them, for a few years, then suddenly My house is being foreclosed upon, by “Shady-Night Mortgage Fixers, Inc.”, and am offered zero proof of anything: Why should I believe them?
    Perhaps your name is “Hick Man”, and you understand nothing of business!

    Here is the deal, Mister Hickman, same as with teabaggers: “Prove it or shove it!!

  4. PJ says:

    What? hope this person sees how stupid he sounds in this statement. Its better to business in a state where the titles are clouded and anyone down the road can come along and claim ownership… Really!

    “If Arizona passes this, it will be the only state in the union that will require a production of chain of title,” said Paul Hickman, chief executive officer of the Arizona Bankers Association in Phoenix. “States that pass these types of laws will be riskier environments to lend in and more difficult environments to get a loan in.”

  5. l vent says:

    YES!!!!!! Not only is this THE LAW it needs to be enforced nation wide. There should not have ever been a need for a special bill to be passed when these laws are ALREADY ON THE BOOKS. If the judges were following the rule of the law from the start which they clearly did not, this mess would have never happend. CNBC just had some jerk on from Wells Fargo talking about how they are giving people loan mods now with principal reductions. A DAY LATE AND A DOLLAR SHORT. Diana Olick was also speaking about the Government is going to be FORCING THE BANKS in a couple of months to do principal writedowns and loan mods. Again, A DAY LATE AND A DOLLAR SHORT. Before anyone signs a loan mod agreement the banks should be made to PROVE FULL TITLE HISTORY. We pay more than enough money to live in these UNDERWATER HOMES in HYPER-INFLATED PROPERTY TAXES, HYPER-INFLATED UTILITY BILLS, HYPER-INFLATED FOOD AND SERVICES AND SO ON. The government should consider themselves VERY LUCKY if WE ALL DO NOT WALK AWAY and leave them HOLDING THE BAG. The Government is REALLY PUSHING IT with the American people if they think for one minute we are going to accept a NEW FRAUDULENTLY INDUCED DEBT BURDEN LOAN MODIFICATION. The American people have HAD ENOUGH of the LIES and the Banksters and the Government can take a loan mod and SHOVE IT . The American people have been robbed, financially raped and pillaged by the elite and WE WILL NOT PAY A FAKE, FRAUDULENTLY INDUCED MORTGAGE DEBT TO COVER UP FOR THE CRIMES OF THE ELITE.. YOU HAVE BROKEN THE BACKS OF MILLIONS OF AMERICANS WITH YOUR FINANCIAL TERRORISM.

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