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 ARS Section 33-814(G)   AZREIA Email

Arizona Real Estate Investors Association's Position on Arizona Senate Bill SB 1271

The following is the text of an email message sent on July 27, 2009, by Alan Langston, Executive Director, to the members of the Arizona Real Estate Investors Association (AZREIA).

Undoubtedly you have heard and read a lot about legislation that was recently passed and signed by Governor Brewer that basically guts the protection of property owners and allows for ''deficiency judgments'' to be entered for the difference between what the foreclosure property sells for and the amount of the loan. It is important to note that the Arizona Statutes providing this protection had been on the books since 1971 and in most states since the Great Depression. There is no question this is bad legislation. It was hurried through the legislative process through a “strike everything” that totally replaced language in an entirely unrelated bill dealing with the criminal justice system. The “strike everything” tactic was one of the primary reasons that no one who represents property owners noticed the legislation and no one other than the banking interest testified at the committee meetings.

Since this came to light we have been very active. You, as an investor, are a stakeholder in this and need to be heard. I have had many conversations with our lobbyist planning and executing our strategy. We have worked very closely with the lobbyist for the Arizona Association of Realtors (AAR). There has been plenty of maneuvering behind the scenes as different stakeholders on different sides of this issue try to build their coalitions. I sent a letter to Governor Brewer last Wednesday requesting the special session be amended to include this legislation pointing out many of the issues. Our focus is to have this law repealed, so that it (if reintroduced in the next legislature) can be fully vetted with all stakeholders participating in the debate.

There will be meetings this week with legislators to discuss this issue. We will be in these meetings representing your interest along with other stakeholders. The first meeting is tomorrow with the sponsor of the legislation, Senator Pierce.

I want to be clear. We have our work cut out for us to have this repealed. This is signed law. But, it is just as clear that all stakeholders weren’t heard. This law affects homeowners, owners of second homes and vacation property, investors, builders and others. It has the ability to devastate personal wealth, sharply increase bankruptcies, significantly slow our fragile real estate market, curtail investment in property, increase lawsuits and more.

We will have a full discussion of this legislation and what has transpired during our August 10th AZREIA meeting. The workshop at 5:15 features our lobbyist. It was originally scheduled to cover all legislative activities that affected you, the real estate investor. It will be altered slightly to allow time to cover this issue in full.

There are a couple of things that I need from you:

1. If I call out for help with this issue including writing letters, placing phone calls or attending a rally, be ready to help immediately.

2. Any time you hear anyone using the terms speculator and investor interchangeably correct them by explaining the difference. You are an investor. You add value to a transaction. If you invest in residential property, you rehab homes, clean up blight, rebuild neighborhoods, increase property values, provide safe, clean attractive housing, etc. You are a business person who effectively and efficiently manages a business. Yes, you make a profit because you take a risk and expect a return.

I want to thank you for being so engaged in issues like these. It helps make my job a little easier when we have an active, involved membership. I will keep you informed about our progress on this issue.

Alan Langston
Executive Director
AZREIA

Join KEYTLaw's Campaign Calling for the Current Special Session of the Arizona Legislature to Fix the Broken Law

KEYTLaw real estate attorneys Richard Keyt and Jeana Morrissey have written a letter to Arizona Governor Jan Brewer asking her to amend her call a special session of the legislature to include fixing Arizona Revised Statutes Section 33-814(G).  We request that readers of this article also write a letter to Governor Brewer requesting that she ask the current special session of the legislature to consider fixing Section 33-814(G).  We've made it very easy for you to send the message to the Governor.  Just print our pre-addressed request letter, sign it and mail it to Governor Brewer.  We hope that the governor gets a large number of letters.

Please print our letter to Governor Brewer, sign it and mail it to the Governor at the address at the top of the letter.  Our letters are here:

Schedule an Arizona Foreclosure Law Consultation

If you have questions about Arizona foreclosure law and the legal consequences of defaulting on a loan secured by a lien on an Arizona home, hire Arizona real estate attorney Jeana Morrissey to review your loan situation and answer your questions.  Jeana offers a one hour in office or over the phone consultation for $299.  Contact Jeana at 602-906-4953, ext. 4 or jrm@keytlaw.com. To hire Jeana, complete our online consultation agreement.  To schedule a consultation, call Jeana's legal assistant Milena at 602-424-4159.

About KEYTLaw, LLC, and Jeana Morrissey

Information on www.keytlaw.com about Arizona foreclosure law and real estate matters is provided as a public service by KEYTLaw, LLC, and Jeana Morrissey, a residential and commercial real estate attorney licensed to practice law in Arizona.  Jeana's telephone numbers are 602-906-4953, ext. 4 (voice) & 602-798-7682 (fax), and her email address is jrm@keytlaw.com.  Communicating with Jeana Morrissey or KEYTLaw, LLC, personnel via email or otherwise does not cause you to become a client or cause your communications to be confidential or subject to the attorney client privilege.

Call Governor Brewer’s office at (602) 542-4331 and tell her you want SB 1271 repealed.

Join Our Campaign Calling for the Current Special Session of the Arizona Legislature to Fix the Broken Law

KEYTLaw real estate attorneys Richard Keyt and Jeana Morrissey have written a letter to Arizona Governor Jan Brewer asking her to amend her call a special session of the legislature to include fixing Arizona Revised Statutes Section 33-814(G).  We request that readers of this article also write a letter to Governor Brewer requesting that she ask the current special session of the legislature to consider fixing Section 33-814(G).  We've made it very easy for you to send the message to the Governor.  Just print our pre-addressed request letter, sign it and mail it to Governor Brewer.  We hope that the governor gets a large number of letters.

Please print our letter to Governor Brewer, sign it and mail it to the Governor at the address at the top of the letter.  Our letters are here:

Letter to Governor Brewer - Word 2003 format (editable)

Letter to Governor Brewer - Adobe pdf format (not editable)

Schedule an Arizona Foreclosure Law Consultation

If you have questions about Arizona foreclosure law and the legal consequences of defaulting on a loan secured by a lien on an Arizona home, hire Arizona real estate attorney Jeana Morrissey to review your loan situation and answer your questions.  Jeana offers a one hour in office or over the phone consultation for $299.  Contact Jeana at 602-906-4953, ext. 4 or jrm@keytlaw.com. To hire Jeana, complete our online consultation agreement.  To schedule a consultation, call Jeana's legal assistant Milena at 602-424-4159.

This page was last modified on July 29, 2009.

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