Save My Home AZ will provide assistance of up to $50,000 to qualified homeowners. In order to be eligible, there are certain requirements that one must meet. These include, but are not limited to: hardship, loan balance, property type, income & more. The primary goal of this program is to do permanent principal reductions. This is huge for the State of Arizona since the vast majority of home owners are underwater in their current loans.
Unfortunately, this program has had little success. The problem being that none of the lending institutions want to agree to it; which makes it nearly impossible to implement. Currently the money allotted for this program is being redirected. The state is using it to help unemployed mortgage holders stay current. They will pay up to $2,000 toward a mortgage for qualifying home owners.
If you'd like more information on this program please feel free to email me at firstname.lastname@example.org or call 602.714.1012