I recentaly read an article in the Real Estate Journal, about new legislation that is moving through the Arizona Senate, but has yet to be approved by the House of Represenative's. (Similar legislation is also being considered in New York, Oregon and Virginia.)
The Arizona state Senate has passed a bill, SB 1259, requiring that lenders provide a complete list of any previous owners of a mortgage note before they can foreclose on that note. Essentially, the bill requires that before a lender forecloses, a "full chain of title for the property" must be produced and filed.
Lenders are warning that states with this type of legislation will make lending in these areas much more difficult and that it could become difficult to even get a loan in these states. Do you think that this bill is worth it?