Ariz. legislation to help underwater homeowners re-introduced

Legislation to launch a program allowing Arizona homeowners, underwater on their mortgages reduce their interest rates and monthly payments, has been re-introduced.
Formerly known as Senate Bill 1039, the new legislation is SB 1451. It’s ardently backed by Sen. Michelle Reagan, R-Scottsdale, and passed the Senate’s Committee on Banking and Insurance earlier this week.
Reagan’s program stalled last year in the Arizona Housing Commerce Committee. Then the senator said she wasn’t giving up because “too many Arizona homeowners are doing the right thing and paying their mortgage when they owe so much more than their house is worth.”
The new bill creates the Arizona …

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