July 12, 2024
Home » Arizona AG Calls For 90 Day Repossesion Halt

Arizona AG Calls For 90 Day Repossesion Halt

PHOENIX (3TV / CBS 5) — During the coronavirus emergency, there are concerns that foreclosures and vehicle repossessions could spike.

Arizona Attorney General Mark Brnovich is now calling on financial and lending institutions to provide temporary relief to customers.

The Arizona National Guard told Arizona’s Family that they’ve been planning with Arizona grocers this weekend. And now, they’re prepared to help stores stock the shelves.

Late last week, Brnovich sent a letter sent to more than 1,000 financial institutions that do business in Arizona, urging them to halt foreclosures, evictions, and repossessions for at least 90 days.

In the letter, Brnovich acknowledges some financial institutions have already launched voluntary relief programs, but said Arizona needs a “consistent application of these amelioration efforts.”

“We want to make sure we’re doing everything we can so people have that security right now, that they know that even though we’re in tough times, we’re going to pull together and that especially economically, we don’t want people to worried they’re not going to have a roof over their head or they’re going to lose their car,” Brnovich told 3 On Your Side. “It’s unconscionable.”

 “All the money – net proceeds, 100% percent – will go towards helping [local restaurants] help their employees.”

Brnovich is also asking credit card companies and other lending institutions to waive late fees and default interest for late payments.

“The history of our great country shows that in times of crisis, we must all come together and provide support for one another,” Brnovich wrote. “I am calling for the banking and lending institutions to get ahead of this crisis and provide relief for Arizonans who need it.”

Wells Fargo is among the companies that have already pledged to suspend residential foreclosure sales, evictions, and auto repossessions.

“The coronavirus is disrupting the daily lives of many people around the world, and Wells Fargo has taken – and will continue to take – the steps needed to support our customers, employees and communities during this difficult time,” CEO Charlie Scharf said in a statement.