HB 2833 Summary

• Establishes a mandatory foreclosure mediation program in the administrative office of the courts for nonjudicial foreclosures of owner-occupied residential properties, overseen by the Arizona Supreme Court.

• Requires the beneficiary to provide the trustor and mediator with loan documents, payment history, income data, appraisals, and explanations of any loan modification denials at least 10 days before mediation.

• Makes mediation and in-person appearance mandatory for the beneficiary (except may participate by telephone), trustor, trustor's counsel, and trustee (except may participate by telephone), with beneficiary representative required to have authority to agree to settlement or loan modification.

• Stays all foreclosure action during the mediation process and freezes all foreclosure-related fees, costs, and interest from the scheduled mediation date until the court records notice that mediation requirements were satisfied.

• Terminates the foreclosure mediation program on July 1, 2022 and applies only to owner-occupied residential properties where a notice of sale had not been recorded before the bill's effective date.