This effectively puts a stop to ALL illegal foreclosures. No proper documentation? Forget it.
The bottom line is this: Either the original issue of that mortgage and its subsequent securitization went through all previously-required assignments and you can prove it or your ability to convey a title via Trustee Sale is gone.
Awwww those poor widdle banksters that cheated on the rules…. looks like Arizona has had enough of their games and is going to body-slam them all in favor of their citizens. BRAVO!
Now to get this introduced and passed in all 50 states….. a refreshing instance of legislation that actually both defends property rights and fits on one page!
|THIRD READ:||DATE||AYES||NAYS||NV||EXC||EMER||AMEND||RFE||2/3 VOTE||RESULT|
|TRANSMIT TO HOUSE:||02/22/11|
On the way to the House…..
Put a fork in ’em – they’re