Arizona Taps $13.6M to Address Foreclosure Problems
For Arizona homeowners facing foreclosure, you will be relieved to know that assistance is on its way. The state government has decided to tap its funds and set up housing and foreclosure prevention programs worth $13.6 million, designed to stem the foreclosure problem and help residents who became homeless because of foreclosure.
The said budget allocation was announced last September 10 during the state’s annual Department of Housing conference. This is the biggest amount Arizona has allocated specifically for foreclosure assistance. The money actually originates from the Arizona Housing Trust, whose funds came from a certain percentage of unclaimed property sales.
Breaking down the budget, approximately $6 million will be allocated for the expansion of present housing programs and the rest for the formation of additional housing programs.
The decision of the state to set up the funding was based on the high foreclosure rate in cities such as Phoenix, where record number of foreclosure filings was set last August. There was a reported 7,271 pre-foreclosure notices filed in the city for the said month and every month since the beginning of the year, the state averages about 4,000 foreclosures.
With the foreclosure crisis hitting the state hard, it is not surprising that foreclosure counseling centers are swarmed by hundreds of distressed homeowners, hoping to speak with a foreclosure counselor. Early this year, the state was given $1.3 million by the National Foreclosure Mitigation Counseling Program. This was the first funding provided by the federal government for foreclosure prevention.
Considering that the state has one of the highest foreclosure rates in the nation, it is clear that it needs as much help as possible. In addition to the subprime mortgage mess, the growing foreclosure problem can also be attributed to the high fuel prices, declining home values and rising cost of living.
Many Arizonans have found themselves trapped in homes they could not sell nor refinance. And to make matters worse, they will have to deal with mortgages they could no longer afford.
Start your search for Arizona Foreclosure Listings in AZ Top Cities:
If you liked that post, then try these...
California AG Arrests 3 Foreclosure Scam Artists
California Residents Receive Foreclosure Relief
New York Courts Create Foreclosure Prevention Program
Stockton, San Bernadino Two Highest Metro Foreclosure Rates in First Quarter
