(Phoenix, Ariz. - Oct. 15, 2010) Attorney General Terry Goddard today called upon the Arizona Legislature to enact a Borrowers’ Bill of Rights, which would guarantee the rights of homeowners with respect to mortgage servicing and make certain unscrupulous servicing practices unlawful under the Arizona Consumer Fraud Act.
“The foreclosure abuses we have seen have hurt Arizona homeowners and our economy,” Goddard said. “One-sided mortgage contracts and abusive foreclosure practices are unfair to consumers. They tip the balance of power decidedly and inappropriately in favor of lenders and against homeowners. It is time to balance the scales. Borrowers should have rights that can be enforced.”
Under the Bill of Rights, borrowers would have the right to:
• Receive timely and accurate responses to good-faith borrower inquiries;
• Receive clear information on how to avoid foreclosure;
• Pursue loss mitigation or loan modification negotiations whenever possible;
• Not have their home foreclosed during loan modification negotiations; and
• If and when foreclosure becomes necessary, to have such foreclosure based on accurate documents,
verified by someone with personal knowledge of the information contained therein.
>>> continue reading
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“The foreclosure abuses we have seen have hurt Arizona homeowners and our economy,” Goddard said. “One-sided mortgage contracts and abusive foreclosure practices are unfair to consumers. They tip the balance of power decidedly and inappropriately in favor of lenders and against homeowners. It is time to balance the scales. Borrowers should have rights that can be enforced.”
Under the Bill of Rights, borrowers would have the right to:
• Receive timely and accurate responses to good-faith borrower inquiries;
• Receive clear information on how to avoid foreclosure;
• Pursue loss mitigation or loan modification negotiations whenever possible;
• Not have their home foreclosed during loan modification negotiations; and
• If and when foreclosure becomes necessary, to have such foreclosure based on accurate documents,
verified by someone with personal knowledge of the information contained therein.
>>> continue reading
###
Borrowers Bill of Rights 10-15-10.pdf
Audio - Borrowers Rights 10-15-2010.mp3
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