Arizona mortgage aid launches as Phoenix foreclosure filings climb

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Arizona mortgage aid launches as Phoenix foreclosure filings climb
Arizona mortgage aid launches as Phoenix foreclosure filings climb

A new $ 197 million program to help pandemic-stricken Arizona homeowners pay their mortgages is now accepting applications.

There are currently approximately 80,000 Arizona homeowners who are lenient or arrears with their mortgage payments, according to the Arizona Department of Housing. The government agency manages the mortgage allowance.

Eligible Homeowners can receive up to $ 25,000 to pay 12 months overdue mortgage, utility, internet, insurance, and tax bills from the Arizona Homeowner Assistance Fund. Money is also available to make future mortgage payments for households still struggling with COVID-19.

Aid comes as the number of eviction lawsuits in Maricopa County has more than doubled recently. Although Metro Phoenix trustee sales requests – the first step lenders must take towards foreclosure – are still very small compared to foreclosures during the housing crash.

“This is direct and immediate help,” said Tom Simplot, director of the state housing authority. “If you are behind on your mortgage payments, we can send funds direct to your home loan agent to bring you power.”

To qualify, Arizona homeowners can earn up to 150% of the median income of a region, so help is available to many.

When the state forbearance plans expired in August, the number of trustee filing or advance foreclosure notifications in Maricopa County rose to 139.

For the first 15 months of the pandemic, pre-foreclosure court records did not exceed 85 per month due to forbearance.

In 2019, lenders typically filed between 400 and 500 fiduciary sale ads per month.

During the property crash in March 2009, lenders filed for foreclosure on more than 10,000 homes on the Phoenix metro.

Homeowners can apply for mortgage aid on the Housing Office website at https://haf.azhousing.gov.

The money comes from the US rescue plan’s $ 9.961 billion allocated to homeowner injuries.

“We want to make sure families stay in their homes and still have a roof over their heads,” said Governor Doug Ducey. “As Arizona emerges from the pandemic and our economy grows, many hard-working people who have faced difficult times are still trying to find their finances.”

Reach the reporter at Catherine.Reagor@arizonarepublic.com or 602-444-8040. Follow her on Twitter @Catherinereagor.

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