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.
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Arizona kids in crisis: How you can help
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains