HB 2715 Summary

• Allows homeowners to submit a notarized affidavit to the trustee to temporarily stay a foreclosure sale for at least 60 days if they meet specific criteria including being a natural person with a principal residence in Arizona.

• Requires the affidavit to confirm the loan was for personal/family/household purposes, is secured by a first or second deed of trust on a 1-4 unit residential property, and that the owner owns no other real property.

• During the 60-day postponement period, the homeowner may negotiate revised loan terms with the lender with assistance from nonprofit organizations or government representatives, and must make mutually agreed payments.

• If the homeowner continues making agreed monthly payments after the 60-day period, the trustee's sale cannot occur earlier than one year from the original sale date, giving homeowners up to one year to resolve the foreclosure.

• Repeals this statute effective June 30, 2013.