Controversial Arizona foreclosure law, SB 1271, repealed

Arizona owners of second-homes or investment properties facing foreclosure have one less thing to worry about. The law that could have made them liable for tens of thousands of dollars, SB 1271 was repealed on Monday when Gov. Jan Brewer signed SB 1004.
Controversial SB 1271 required some Arizona homeowners in foreclosure to prove they had lived in a home for six straight months or they would be liable for their lenders loss on the property.
 
SB 1271 was repealed in the Arizona’s special budget legislative session a few months ago. But then in October, the Arizona Bankers Association filed a lawsuit …

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