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Program Launched to Aid People Facing Single Family Home Foreclosures

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By : John Cutts    99 or more times read
With the number of single family home foreclosures and other types of foreclosed dwellings continuing to increase in Arizona, the state's Department of Housing has deemed it necessary to launch the Save My Home AZ Program designed to help prevent further loss of properties among homeowners in the state.

Owners of foreclosed homes in Glendale and in other counties and cities of the state can take advantage of the state project whose primary aim is to reduce the amount of mortgage payment and bring it to a level that is as close as possible to the value of the residence.

The U.S. Department of Treasury has recently announced the release of funds worth $1.5 billion designed to finance foreclosure mitigation efforts in states suffering from huge supplies of foreclosed dwellings. With Arizona foreclosure listings having some of the highest statistics all around the country, it was no surprise that the state received a big share which totaled $125.1 million.

However, despite the considerable financial aid from Treasury, state officials were worried that the sheer volume of properties under lists of houses foreclosures will not allow the federal aid to make any dent on the housing market troubles of the state. Officials have estimated that the recent funding from the federal government can help, at most, 4,000 households in the area.

In an effort to alleviate part of the problem of single family home foreclosures in Arizona, the latest program will focus on addressing issues that contribute to the housing problem, including income loss. It will offer various options to troubled homeowners, including providing a permanent loan modification that will allow a mortgage reduction of as much as $50,000.

It will also offer opportunities for homeowners to acquire a second loan settlement and provide some of the unemployed with help in paying their mortgages until they can find some form of employment. The state has emphasized that Save My Home AZ will be made available to borrowers experiencing mortgage payment problems caused by extenuating circumstances.

Such circumstances may include death in the family, divorce, under employment or loss of employment and illness. State officials further added that the state initiative will be open to all types of foreclosures, including single family home foreclosures, as long as primary criteria are satisfied.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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