AZ: State Expands Assistance to Underwater Homeowners

Arizona ForeclosuresFederal funding to help prevent foreclosures in Arizona is being expanded to more people because the effort has failed too many homeowners, according to the state agency charged with overseeing the program.

Of the $268 million allotted to the state since 2010, only about $4 million has been spent as of this week. About 200 homeowners have received various forms of aid, far shy of the 4,000 the housing agency hopes to help.

Officials and housing advocates say mortgage lenders are the reason for the breakdown: Much of the aid was intended to be used to pay off a portion of what a struggling homeowner owed, as long at their lenders agreed to forgive an equal amount.

Full Story from the Tucson Citizen

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