ARIZONIANS WAKE UP AND CALL YOUR REPRESENTATIVES!

Posted on February 3, 2011 by Neil Garfield

CITIZENS MUST ACT BEFORE TUESDAY!!!

REFERENCE TITLE: foreclosures; proof of ownership

 

State of Arizona
Senate
Fiftieth Legislature
First Regular Session
2011

SB 1259

Introduced by
Senators Reagan, McComish: Biggs

AN ACT

amending title 33, chapter 6.1, article 1, Arizona Revised Statutes, by adding section 33-807.02; relating to deeds of trust.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:
Section 1.  Title 33, chapter 6.1, article 1, Arizona Revised Statutes, is amended by adding section 33-807.02, to read:
START_STATUTE33-807.02.  Nonoriginator foreclosures; evidence of title; remedy; attorney fees
A.  For any beneficiary who is not the originating beneficiary on the deed of trust, the beneficiary shall record a summary document regarding the beneficiary’s legal interest in the deed of trust that contains the following information in chronological order:
1.  The full name and address of record of every prior beneficiary on the deed of trust.
2.  The date, recordation number or other unique designation of the instrument, and a description of the instrument that conveyed the interest of Each beneficiary.
B.  The summary document prescribed by this section shall be recorded at the same time and place that the notice of trustee’s sale is recorded pursuant to section 33-808 and a copy of the summary document shall be attached to any notice of trustee’s sale that is required to be provided as prescribed in section 33-809.
C.  Failure to properly record the summary document that demonstrates evidence of title for the FORECLOSING beneficiary as of the date of the trustee’s sale as prescribed by this section results in a voidable sale.
D.  Any person with an interest in the trust property may file an action to void the trustee’s sale for failure to comply with this section and is entitled to an award of attorney fees as well as damages as otherwise provided by law if the person substantially prevails, including an award of attorney fees for any injunction or other provisional remedies related to the claim.END_STATUTE

Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud |

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22 Responses

  1. BSE, on February 4, 2011 at 8:16 pm said:

    State of Arizona
    Senate
    Fiftieth Legislature
    First Regular Session
    2011
    SB 1259

    Introduced by
    Senators Reagan, McComish: Biggs

    If SB 1259 does not pass next week, then it defines the chain of corruption within the government / judges who ignore written law and side with the foreclosing bank who has no standing.

    Remember, this PONZI scheme stole from the sub prime, fleeced the middle class, deflated your neighborhood, and now they steal your house payments, tax dollars and the homes

    that surround your streets ! All for their unjust enrichment ! We shall no longer be enslaved to this scam !

  2. Beth, on February 4, 2011 at 6:31 pm said:

    Thanks for your supportive comments. Now I hear that various special interests are targeting the Arizona House of Representatives to try to kill our bill, or the House version of our bill. First we have to make it through Senate committee and the Senate. Why would title companies want to lobby against this bill? It promotes clear title in Arizona. The only reason you would be against it is if you, acting as a bank lapdog, had insured a ton of cloudy titles, hmmm? The next AIG?

  3. BSE, on February 4, 2011 at 10:51 am said:

    If SB 1259 does not pass next week, then it defines the chain of corruption within the government / judges who ignore written law and side with the foreclosing bank who has no standing.

    Remember, this PONZI scheme stole from the sub prime, fleeced the middle calss, deflated your neighborhood, and now they steal your house payments, tax dollas and the homes that surround your streets ! All for their unjust enrichment !

    We shall no longer be enslaved to this scam !

  4. judge, on February 3, 2011 at 9:47 pm said:

    THANKS! findsenlaw … nice explanation! Anything I can do to get this thing passed ASAP ?

  5. kickboxer, on February 3, 2011 at 9:43 pm said:

    Findsenlaw,

    Thank you for your contributions to the cause and for the clarification.

  6. Deb wynn, on February 3, 2011 at 8:52 pm said:

    Findsenlaw. Much respect. You have done so
    much for this cause . Thankyou

  7. findsenlaw, on February 3, 2011 at 8:37 pm said:

    I tried to post earlier so I apologize if this posts twice. I worked on this bill. Essentially, it just requires that the banks certify the steps in the chain of title. It requires them to specify the assignments or instruments that they claim gives them the authority as beneficiary to order the trustee to foreclose. It is a step in the right direction. In Arizona, the federal courts, (incorrectly) interpreting state law, and estimating how the Arizona Supreme Court would rule, have required virtually nothing of a foreclosing entity. I think the case law is incorrect and would be changed if a case makes its way to the Supreme Court, but in the meantime, this simple legislation would require the claimed beneficiary to demonstrate how it came to be authorized, each step in the process. If an entity cannot show this, it has no business foreclosing. If it lies in the certification, there is something to attack in litigation. Thus, it’s not the end all, but it is a good step in the right direction, and it is not so radical that the politicians would be too afraid to pass it (although when the bank lobby steps in, watch out). That’s why we need broad, grass roots support. Check out my blog post for more: http://findsenlaw.wordpress.com/

  8. sizeonoffer, on February 3, 2011 at 8:28 pm said:

    This bill is genius. Finally a simple, straightforward clarification so badly needed in Arizona. Only someone with something to hide–ie crooked bankers–would want to kill this bill. If i lived in Arizona I would email this thing in SIZE to get it passed!!! WOW–finally some legislators with brains.

  9. Kim Thomas, on February 3, 2011 at 8:22 pm said:

    RECLAMATION DEED RECLAIM YOUR PROPERTY!! FIND OUT ABOUT GEORGE BABCOCK RECLAIMING AMERICA ONE YARD AT A TIME. MA.& RI & CT.IF YOUR HOME HAS BEEN FORECLOSED ON CALL US WE WILL MAKE IT RIGHT FOR YOU. WE CAN HELP YOU RIGHT AWAY! NO FAMILY LEFT BEHIND! BUDGET PLANS FOR EVERYONE.WE CAN HELP YOU STAY IN YOUR HOME. THE BANKS MADE A LOT OF MISTAKES IN THE PAPERWORK AND WE OFFER TO FIND THEM.FREE CONSULTATION ON ANY LEGAL MATTER.CALL KIM THOMAS 401-352-5609 or 401-274-1905. WE CAN HELP THE LAW OFFICES OF GEORGE E.BABCOCK ………………………………………………………………………ESQUIRE. CHECK OUT OUR WEBSITE: http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.babcocklawoffices.com%2F&h=911e4
    IF YOU HAVE A MERS WHICH STANDS FOR MORTGAGE ELECTRONIC REGISTRATION SERVICES WHICH WOULD BE IN MOST CASES ON THE 1ST PAGE OF YOUR MORTGAGE PARAGRAPH C. CALL KIM THOMAS OR GEORGE BABCOCK AT 401-274-1905 AND GET RELIEVE FROM YOUR PROBLEM!

  10. Zoe, on February 3, 2011 at 6:43 pm said:

    For those not sure if this is a good thing, you might want to go to Foreclosureblues for a little more info.

    I would have added that the original note is demanded as well. In times past, the ORIGINAL note was surrendered to (and kept in) the custody of the Court before a judgment could be issued–to ensure that the note couldn’t be negotiated later. Common sense, really. Especially today, as we surely know the banks are not adverse to negotiating the note multiple times. Why not say it’s lost and keep the scheme going! Who’s to know?

    Clearly, thanks to Neil, we have learned on this site that possession of the note doesn’t prove ownership and standing, but even if ownership is proved, the servicer shouldn’t get to keep the original note AND get the judgment.

    We have an epidemic of “lost note” affidavits. One Fannie Mae publication says each pool has a percentage limitation for lost notes. Who’s minding that important matter? I would say no one.

  11. DyingTruth, on February 3, 2011 at 6:43 pm said:

    What did you expect? They literally OWN the Arizona State’s Supreme Court now. This is following being able convince the US Supreme Court to recognize and declare such recognition that fictitious persons with nonexistent lives are guaranteed all the rights and powers enumerated anywhere within the US Constitution. All the while letting the lower Federal Courts to stomp out and destroy all of those of ours (real People with real lives) which WERE guaranteed.

    It is this Fatal mentality of twisted logic which convinces “once” reasonably able mind, capable of constructive thinking, to become an absolutely destructive mind, incapable of comprehending the most clearest of any sound, reasoned logic.

    This moral mentality would, and may very well, will soon establish principles which might dictate and ordain that all living things which do live have no right to such life and the things which derive from it, and declare it established that all the things which do not live shell be entitled to all those things which are derived from said life and shall be entitled thereto. For this follows the same logical path of wisdom used to reach the destination previously reached.

  13. Ken Crum, on February 3, 2011 at 5:01 pm said:

    Steevo –
    My read is YOU SHOUD BE FOR THIS.
    Read it again – slowly – OUT LOAD and it will make sense.

    Ken

  14. Beth Findsen, on February 3, 2011 at 4:46 pm said:

    This bill is about transparency in foreclosure. It reiterates what property law already mandates, but that some Arizona federal courts have failed to enforce. A foreclosing party must be so entitled. Not so hard, huh? Please read my blog post on SB 1259 for more information. Thanks! http://findsenlaw.wordpress.com/

  15. Steevo, on February 3, 2011 at 4:35 pm said:

    I really don’t understand this post. What does all this mean? Should we be for or against this bill?

  16. Bon Scott, on February 3, 2011 at 3:45 pm said:

    Let’s see, by the time I become a finance officianado with enough knowledge to also be a pro bono part time “lawyer” renegade, we should be, uhh…
    just about broke,

    the dollar just about worthless,

    and time to basically reset the globe and start over, LOL

  17. judge, on February 3, 2011 at 3:42 pm said:

    Ok …. Sorry but I don’t understand the first two comments. Is SB 1259 a good thing? So I should call my state Senator and tell him to vote for it? or ???

    Little help for us slow AZ folks greatly appreciated…..thanks! 🙂

  18. Bon Scott, on February 3, 2011 at 3:41 pm said:

    CMBS Hotel Stats, Neil’s homework… LOL

    $60-$70 billion of hotel mortgage debt held in REMIC trusts.

    $66 billion in currently outstanding hotel mortgage debt.

    $17 billion (26% of total) is now in Special Servicing.

    $13 billion (20% of total) +60 days delinquent in debt service payments (76% of $17 billion) as of January 2011.

    These numbers exceed the worst predictions made as recently as this time last year.

    In stable times the percentage in special servicing is about 1%, now it’s over 25%.

    Channels of funding are limited, equity capital is deploying in large amounts in contrast.

    Available funding deployed can be hard to locate. because complications within REMIC aimed loans is bloated with securitization layers, and master and special loan servicers which make cross communication with the original lender all but impossible.

    What about 2012? A statistical repeat of 2011 at best (e.g. $60 billion more cycling).

    OHHHHHH SHHHHHHEEEEEEEEEEE…..

  19. Bon Scott, on February 3, 2011 at 3:39 pm said:

    Time to throw the Hotel Lawyer a curve ball, and give him a little heads up! LOL

  20. Bon Scott, on February 3, 2011 at 3:36 pm said:

    I’ll also say, when I was telling people about this site, two years ago, they would say, “oh yeah, sure”, “oh accept it”, or whose that “they” you are talking about, LOL, is it a conspiracy site?

    LOL, no! It’s a done in broad daylight site, foooooo.

    When I look at my friends, jeeeez man, I love the guys, but they are one bunch of hoodwinked dodo birds. You try to tell them the truth, with facts, figures, illustrations and cartoons, and they would still rather not see it.

    But now that occasionally an anchor person, and radio show has peeped here and there about it, everyone knows, and they are telling me stuff, as if they just discovered the secret to walking through walls! LOL

    Thanks for educating the avarage dummmmmy out there, like myself. I learned plenty from this site, and the general patterns of it all. I really would like to no more of the diseased entrails of the greed of this whole thing, and how it extends into governmental and judicial, finance and holy chambers of “holiness”, as sickening as it may be… Onward, OH NEIL! WITH THE TRUTH!!!!

    Neil Garfields Livinglies, alot like Wikileaks, except we are all drowning in this dam break! LOL

    Maybe, Neil, it’s time to start a site about the CMBS loan default earthquake phase about to begin showing some nice banker returns this year, and obligatory effects, the destitution of a lot more hard working, well formerly hard working hospitality industry people, and the dominoes it will eventually lead to.

    Expand man! Expand! LOL

  21. Bon Scott, on February 3, 2011 at 3:25 pm said:

    But I have to ask you Neil. In your website banner, where you have that “I told you so” look on your face, LOL, uhhh?

    What’s that little brown, lumpy thing, to the left of you, on the shelf? Is that a dead mouse? In the house that Jack built?

    Love ya man. The page rank is doing good! LOL

  22. Bon Scott, on February 3, 2011 at 3:22 pm said:

    This must remind everyone of that old Aerosmith Rocks album song “Nobody’s Fault.”

    No?

    Yeah, it was an obscure little diddy about San Andreas rumbling at the end of the human governed state of earthly affairs.

    and it went something like this, LOL

    “California showtime, five O’Clocks the news, everybody’s concubine was prone to take a snooze…”
    “sorry, your so sorry, don’t be sorry”
    “man has known and now they’ve blown it, upside down and hells the only sound, we did an awful job and now we’re just a little too late…”
    LOL

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