AZ HB2300

Allows homeowners to file a notarized affidavit with a trustee to temporarily stay a foreclosure sale for at least 60 days if the property is their principal residence, the loan is for personal/household purposes, and they own no other real property.

During the 60-day postponement period, homeowners may negotiate revised loan terms with their lender and can receive assistance from nonprofit organizations, government representatives, or federal agencies.

Requires homeowners to make agreed-upon monthly payments during the 60-day period; failure to pay terminates the stay and allows the trustee to reschedule the sale.

If homeowners continue making timely agreed-upon payments, the trustee's sale cannot occur until one year after the originally scheduled sale date, unless the lender revises loan terms and directs cancellation.

The statute is set to automatically repeal on June 30, 2015, and declares a public emergency regarding foreclosures caused by unsound lending practices.