Arizona Laws 44-1378.03. Foreclosure consulting contract
A foreclosure consulting contract shall:
Terms Used In Arizona Laws 44-1378.03
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Foreclosure consultant: means a person who, directly or indirectly, makes any solicitation, representation or offer to a homeowner to perform for compensation or who, for compensation, performs any covered service that the person represents will do any of the following:
(a) Prevent or postpone a foreclosure sale. See Arizona Laws 44-1378
- Homeowner: means the record owner of a residence in foreclosure at the time the notice of the pendency of an action for foreclosure or the recording of a notice of sale pursuant to section 33-808. See Arizona Laws 44-1378
- Residence in foreclosure: means residential real property consisting of not more than four family dwelling units, one of which the homeowner occupies as a principal place of residence, and against which there is recorded an outstanding notice of the pendency of an action for foreclosure or notice of sale pursuant to section 33-808. See Arizona Laws 44-1378
- Writing: includes printing. See Arizona Laws 1-215
1. Be in writing and provided to and retained by the homeowner, without changes, alterations or modifications, for review at least twenty-four hours before it is signed by the homeowner.
2. Be printed in at least twelve-point type and shall include the name and address of the foreclosure consultant to which a notice of cancellation can be mailed and the date the homeowner signed the contract.
3. Fully disclose the exact nature of the foreclosure consulting services to be provided and the total amount and terms of any compensation the foreclosure consultant or associate will receive.
4. Be dated and personally signed, with each page being initialed, by each homeowner of the residence in foreclosure and the foreclosure consultant and shall be acknowledged by a notary public in the presence of the homeowner at the time the homeowner signs the contract.