AZ HB2430

Amends Arizona foreclosure law to require beneficiaries and trustees to provide notice to defaulting trustors before exercising the power of sale on certain owner-occupied residential properties.

Grants eligible trustors the right to occupy foreclosed property as a renter for one year after notifying the lender, if they pay court-determined fair market rent and maintain the property as their primary residence.

Applies only to single-family or two-family dwellings (including condos and planned community units) that served as the trustor's principal residence for at least two years before default, with a deed of trust executed before July 1, 2007, and securing a purchase price below the median for the area.

Establishes a justice court procedure to determine fair market rental value based on testimony from a state-licensed residential real estate appraiser, with the determined rent payable monthly to the beneficiary.

Allows either party to request a redetermination of fair market rental value no earlier than one year after the initial court determination to reflect changed market conditions.