There are solutions to avoid letting your house fall into foreclosure.

Arizona has $267 million dollars to assist AZ homeowners in distress with short sales and foreclosure prevention financial assistance!

 

Reginald Givens, Foreclosure Assistance Administrator with the Arizona Department of Housing, commented at a meeting of key housing industry leaders in Phoenix last week.  He explained that money is available for homeowners who are unemployed, under-employed or considering a short sale.  For those considering a short sale, relocation funds of up to $4500 is available, second mortgage settlement and assistance with buyers closing costs is possible for those who meet the income and hardship requirements and for those whose loans are owned by Freddie Mac or Fannie Mae.  Some  of the other short sale specific requirements include a requirement that the home is the primary residence, and the loan must have been the original mortgage used to purchase the home or a no cash-out refinance, and those with HELOC's (Home equity line of credit) are ineligible.

 

In addition, up to $50,000 can be available for those who are seeking a principal reduction or permanent mortgage modification, or for those who need assistance in bringing their loan current.

 

For more information on Save Our Home Arizona programs, visit www.azhousing.gov.