We are always looking for ways to give Mesa AZ foreclosure help. Here are a couple of new programs in Arizona available to homeowners to help them stay in their homes if they are having difficulty making their mortgage payments.
Save My Home AZ are federal government instigated programs administered at the state level. The programs are designed to “give qualified homeowners cash assistance to make their mortgage payments if they are unemployed or underemployed.” The programs use $36 million in Treasury Department funds which money was targeted to states that have been hit hardest by the real estate crash.
According to the program’s website, “Save My Home AZ [was] created to assist responsible homeowners avoid foreclosure on their primary residence in the state of Arizona.” More specifically, the Save My Home AZ website states that the program “offers troubled AZ homeowners assistance with two foreclosure prevention programs.”
The first program, designed to assist unemployed Arizona homeowners, allows applicants to apply for the “Unemployed Payment Assistance Program.” This program provides temporary payment assistance for up to 24 months while the homeowner seeks employment.
The second program, designed to assist underemployed Arizona homeowners, allows applicants to apply for the “Principal Reduction Program.” The Principal Reduction Program provides a loan modification utilizing principal reduction of up to $50,000 with matching contribution from the participating lender to reduce the mortgage payment to 31% of the homeowners monthly income. Of course, applicants will be required to meet certain requirements, including demonstration of a hardship, property type, loan balance, income level, and other conditions.
It is unclear how these programs will be utilized to assist homeowners. However, if past programs are any indication, I would not be too optimistic that these programs will actually help many homeowners; especially the Principal Reduction Program since it requires lender participation which participation seems unlikely.
Regardless, click the link to see if you are eligible for either of the programs: Save My Home AZ.
Also, here is a Q & A article from AZCentral.com.
If you have questions about your home and your mortgage and you want to know your options, call for a consultation.