Arizona Gov. Jan Brewer has signed a bill requiring mortgage lenders to try to work with homeowners to avoid foreclosures.
The measure applies to homes purchased between the beginning of 2003 and the end of 2008. It requires lenders to contact borrowers and explore options to avoid foreclosure at least 30 days before recording a foreclosure notice.
Brewer signed the bill on Tuesday. It was sponsored by Republican Rep. Michele Reagan of Scottsdale.