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Here are key parts of Arizona’s 25-page proposal for the Help for the Hardest Hit Housing Markets fund. The Save My Home AZ Program has three parts.
• Permanent modifications to help homeowners, who are usually underwater on their mortgages. Applicants must show they can’t afford their mortgage due to an approved hardship. Qualifying homeowners can receive $50,000 in federal funding to pay down their principal, but it must be matched by their lenders. About 1,848 Arizona households are expected to be helped by this program, which is being funded with $92.4 million of the federal money.
• Second-mortgage settlements to help homeowners who need those loans to go away so they can receive a loan modification on their main, or primary, mortgage. Another 1,500 households could be helped by this $7.5 million program
• Temporary modifications/mortgage payment relief that will prepay some mortgages for as long as 24 months to help under-employed and unemployed homeowners while they look for jobs. As many as 1,000 households can receive a share of the $12 million funding for this program.
