This blog’s August 3, 2009 post knocked the passage of Senate Bill 1271 on a variety of grounds, and predicting that the courts would have a field day sorting out the resulting mess. The House of Representatives passed SB 1004, the anti-deficiency debacle repair, on November 23rd. SB 1004 included the repeal and replacement of revised ARS §33-814, essentially returning the statute to its original status prior to the passage of SB 1271. With this fix, Arizona will continue to operate as a deed of trust state with the protections of homeowners that have been in existence since 1971. SB 1004 has an emergency clause, and it will go into effect upon Governor Brewer’s signature. Which will not come a moment too soon, the way we see it.

–MNW