The United States federal government and state legislators are stepping up efforts to prevent home foreclosures in Arizona. The state is among the areas in the country that suffered the worst due to the foreclosure crisis.
In the part of the federal government, additional money is being sent to the state to help local families who are facing possible foreclosure problems. The monetary aid comes in the heel of several legislative bills being proposed in the state legislature that are designed to address problems caused by foreclosures.
Several of the bills authored by House Democrats are bundled up together to form the Foreclosure Rescue for Arizona Act. However, only one bill was granted a hearing by the Legislature.
In comparison, Republican sponsored bills, also designed to help Arizona residents affected by foreclosures, have attained more success in the Legislature. Two major proposals have gotten through the House and are up for a hearing with the Senate Commerce and Economic Development Committee.
One of bills was designed to prevent home foreclosures by requiring lenders to contact homeowners and discuss possible options with them to avoid having their properties foreclosed. The other one focuses on the regulation of foreclosure consultants.
Meanwhile, a proposal that also tackles the issue of foreclosure consultant regulation has already gone through the Senate but is still awaiting House Committee of the Whole vote. The Senate Bill is designed to prevent consultants from asking for up front payment in exchange for a promise that they will assist clients in renegotiating their mortgages.
Several Democrat legislators have argued that most of the Democratic Party-sponsored bills are more comprehensive than the ones authored by the Republicans. The Democrats are now exerting extra efforts to negotiate with the Republicans to have some of the rejected proposals be put back on session.
Most of the legislative bills which aim to help Arizona homeowners are still under deliberation and have yet to even pass the House Senate. However, the monetary aid has already been approved and will soon be sent to help Arizona residents.
Arizona, together with several other states, will receive a combined amount of $1.5 billion from the Department of the Treasury. The money is meant to help those who are facing foreclosures and to also proactively prevent home foreclosures in the future.
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