Only Four (4) Homeowners Approved for Save My Home AZ Program
The State housing agency announced last month that nearly one hundred
and twenty five million dollars in federal funds would be used to aid homeowners facing foreclosure. Those homeowners who pass the strict eligibility criteria could receive up to fifty thousand dollars to pay off their principal, only if their lender matches the amount. The program has been operating for only three weeks and almost three thousand applicants completed the online assessment to determine eligibility. Six hundred applicants met the initial criteria, but 1only two hundred and twenty five of those completed the actual application. Another one hundred homeowners were disqualified because either their yearly salary or property values were too high or too low. So far only four homeowners have been approved by the Arizona Housing Department and their applications forwarded to their mortgage companies.