A number of Democratic lawmakers, including Arizona Congresswoman Gabrielle Giffords and U.S. Senate Majority Leader Harry Reid, D-Nev., have called on lenders to freeze foreclosures after Bank of America did so last Friday. This came after questions regarding the review process that BofA used, and whether or not the foreclosure proceedings were simply being sped through.

JP Morgan Chase & Co. and GMAC Mortgage Corp. have stopped foreclosure proceedings in 23 states but not Arizona.

"Bank of America has taken an important step and other major lenders should follow its lead,” California Attorney General Jerry Brown said in a statement.

Republicans have not yet voiced an opinion on the issue.

Arizona has one of the highest foreclosure rates in the U.S.

“We need to ensure that homeowners have long-term solutions to underwater mortgages and allow bankruptcy judges to modify mortgages on residential real estate for Chapter 13 bankruptcy filers, currently prohibited under law. This will stabilize the market, offer critical bankruptcy protection, and signify a long overdue shift in focus from helping lenders to helping borrowers,”said U.S. Rep. Donna Edwards, a Democratic representing Maryland suburbs of Washington.

If your business is facing Chapter 11 bankruptcy, contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights.