InfoBytes Blog
Arizona governor announces cooperation program with state banks to provide foreclosure and eviction protection
On March 30, Arizona Governor Doug Ducey announced a cooperative agreement with state banks to protect small businesses and families that have been impacted by the Covid-19 crisis from evictions and foreclosure. Under the initiative, banks and mortgage servicers are suspending evictions and foreclosures for up to 60 days, which may be extended longer to overlap with the declared state of emergency. Under the program, banks and servicers have established payment forbearance programs for mortgages, and also have established payment deferral programs for specific (non-mortgage) consumer loans and for small businesses. The announcement also noted that state banks are working to lend Paycheck Protection Program loans as provided by the Small Business Administration through the CARES Act.