TriValley Central > Eloy Enterprise > Top Stories > AZ Department of Housing launches foreclosure assistance program, Save My Home Arizona

NOTE: READ ON - LIKE OTHER PROGRAMS MANY WILL NOT FIT IN.... THEY AREN'T ADDRESSING THE PROBLEMS JUST ADDRESSING A FEW SYMPTOMS.

TriValley Central > Eloy Enterprise > Top Stories > AZ Department of Housing launches foreclosure assistance program, Save My Home Arizona: "PHOENIX — The Arizona Department of Housing has announced that it has launched the new Save My Home AZ program, designed to assist homeowners facing foreclosure.�The primary component of the program is a principle reduction that will bring the current mortgage payments down to match the current value of the home.�

President Obama announced on Feb. 19 that the U.S. Department of Treasury would be financing $1.5 billion in foreclosure mitigation to those states hardest hit by the housing crisis, with Arizona receiving $125.1 million of those funds.�
One of Arizona’s earliest concerns about the award was the sheer number of Arizonans facing foreclosure and the realization that the Treasury award, while a significant amount of money, could do little to stabilize a problem of overwhelming magnitude.

“With a foreclosure rate that is currently second in the nation, it was pretty clear from the beginning that the $125.1 million allocation coming to Arizona could not be impactful with respect to the sheer number of households needing assistance.�At best, these funds will assist just over 4,000 households or around 11,000 individuals to remain in their homes,” commented ADOH Director Michael Trailor."

note FURTHER ON YOU WILL READ ABOUT az SAVE MY HOME PROGRAM: which is geared towards those that have income loss... however the principle reduction is based on IF THE BANK WILL MATCH FUNDS. yeah right.. banks have been fighting against this... This is WORTH checking out if you are underemployed or unemployed.

www.azhousing.gov or call (602) 771-1000, TTY (602)-771-1001.