Register | Forgot Your Password? | Close

Arizona will be using $57 million from a major mortgage settlement to help struggling homeowners keep their homes, Arizona Attorney General Tom Horne said.

"You may have people who bought responsibly and then they experienced economic setbacks that were not their fault and they can still make payments, but they can't make the full payment," he said. "By helping them out, we can keep them in their homes, the mortgage holder is better off. Sometimes getting paid less than the full amount is better than proceeding with a foreclosure."

Horne said $41 million will go directly to help homeowners. The rest of the funds will be used for enforcement, counseling, legal and outreach programs.

Some funds will also be used to support non-profit mortgage assistance groups and veteran housing.

In total, Arizona netted about $3.5 billion. The rest of the money will be administered by banks.

Martha Maurer, News Editor

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.

Voice For A Better Arizona

  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.