Mortgage help headed to Arizona homeowners - East Valley Tribune: Business

Mortgage help headed to Arizona homeowners

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Posted: Thursday, June 24, 2010 8:43 am | Updated: 8:05 pm, Thu Jun 24, 2010.

Some Arizona homeowners facing the threat of foreclosure may be able to receive significant aid thanks to relief help from Washington.

The financial aid to underwater homeowners could reduce what they owe by $100,000 or more.

The Arizona Department of Housing announced a plan for using $125 million in federal funds to help reduce mortgage balances for more than 1,800 households, many of them in Maricopa County.

The state will issue borrowers loans of up to $50,000 to apply to their mortgage balances. Their lenders will be expected to match or exceed that amount.

Under terms, the "soft" loans would not likely have to be repaid, at least not in full unless a home appreciates or was sold during a 10-year period.

The "Save My Home AZ," plan is expected to launch in September.

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