In the latest email from Tom Farley, he gave us an update that we added to our post on SB 1271 the anti-deficiency bill.  The email also included these 3 other notes, all important information for Arizona REALTORS® to be aware of.

Foreclosure Notification Legislation

Other legislation that has been inserted into a budget bill includes partial language from HB 2269 which effects the notification of tenants in foreclosed properties. Originally, HB 2269 put the onus of notifying the tenant onto the property owners (who are going through foreclosure) but also onto the landlords or management companies even thought they are not the legal owner of the property and nor are they likely to ever receive the Notice of Foreclosure mailed by the Trustee. The new language in the budget reconciliation bills (HB 2008 and SB 1024) requires the Trustee to also notify the tenant that the property is in foreclosure by mailing a copy of the Notice of Foreclosure to the property.

Residential Landlord & Tenant Act Pamphlets

The Secretary of State’s Public Services Division has always published (printed) copies of the Landlord Tenant Act and provided that copy free of charge to those requesting the statutes. The department has decided to go paper free and will no longer provide hard print copies of the Act. It will be available in electronic format online along with their other publications. Copies of the pamphlet will be available until reserves are exhausted. After that, no more copies will be available from the Secretary of State. To view the online publication or print a copy please Click Here.

The Latest on the HVCC

As you know, the Home Valuation Code of Conduct (HVCC) establishing standards for solicitation, selection, compensation, conflicts of interest and appraiser independence became effective on May 1 for any mortgage that will be sold to Fannie Mae or Freddie Mac. Today, NAR President Charles McMillan sent a letter discussing the unintended consequences of the new standards to James B. Lockhart III, Director of the Federal Housing Finance Authority, and to Andrew Cuomo, New York’s Attorney General, in response to the FHFA guidance notice. To read NAR’s response please Click Here.