Arizona Will Get $125m Mortgage Aid
June 28th, 2010 | 
Author: The homes in Arizona finance authority will receive $125 million in federal money through the Hardest Hit Fund created by the Obama Administration.
In Arizona the money will be disbursed in three ways, according to the Arizona Department of Housing division:
Financial assistance will be provided in the form of principal reduction, interest rate reduction and/or term extension programs with the goal of securing permanent loan modifications.
In situations where a second mortgage is preventing homeowners from modifying the first mortgage, money will be provided to eliminate the second lien and therefore providing a path to permanent loan modification.
The state also will provide money for people who are unemployed or underemployed and cannot make their current Arizona mortgage payments. Those payments would give the distressed homeowner time to find a new job and resume paying their mortgages.
The announcement today says, four other states will receive federal a total of $1.5 billion: California, Florida, Michigan and Nevada.
For the latest real estate news and blogs go to Arizona Homes for sale.
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