AZ HB2124

Allows property owners to deliver a notarized affidavit to a trustee to temporarily stay a foreclosure sale for at least 60 days if the owner meets specified criteria (natural person, owner-occupied principal residence with 1-4 residential units, first or second deed of trust, loan for personal/family/household purposes, owner has no other real property, property located in Arizona).

During the 60-day postponement period, the owner may negotiate revised loan payment terms or other modifications with the lender, with assistance from nonprofit organizations, government representatives, or federal agencies; the trustee must cooperate and provide lender contact information.

If the owner and lender agree on revised monthly payments and the owner continues making timely payments, the trustee cannot schedule a sale any earlier than one year from the date of the originally scheduled sale; sale may proceed after one year unless the lender has revised loan terms and directed cancellation.

Failure to make payments agreed upon after the 60-day period terminates the stay and allows the trustee to reschedule the sale upon notice from the lender.

The provision automatically repeals on June 30, 2014.