HousingAZ.com to Help Struggling Homeowners complete Short Sales in Arizona

Are you a homeowner considering a short sale?  Apply online today http://www.housingaz.com/

The Arizona Department of Housing has $269 million in federal foreclosure-prevention funds.

The state agency is offering homeowners $4,500 and to pay their 3 percent closing costs if they work with their lender to complete a short sale instead of losing their home to foreclosure. But, of course, like the principal-reduction loan modifications, it's all up to the lenders whether the deals go through.


Housing Director Michael Trailor said the state agency will start taking applications for the short-sale program today. It's the same site that is taking applications for the principal reduction loan-modification program and unemployment mortgage aid, both of which also are being funded by federal money from the Hardest Hit Housing program.
The principal reduction loan program was launched a year ago, and Trailor said as many as 30,000 Arizona homeowners should qualify.He said the miserable results, because of the lender's reluctance to cut principal and Fannie Mae and Freddie Mac's policy not to reduce loan amounts, have been a frustrating and time-wasting effort for his agency during the past year.

So, to try to spend some of the money to help homeowners, the agency received approval from the U.S. Treasury Department to start the short-sale program.The Housing Department is also expanding its program to cover mortgage payments for more unemployed and underemployed homeowners who are eligible.

"We want to spend this money to help homeowners, but we need lenders' help," Trailor said. "Anyone who thinks they are eligible should immediately apply at our website."