Arizona's Economy and Real Estate Market Updates

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Foreclosure Process

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Watch this to understand the process of foreclosure in Arizona. Home Execs Realty understands the process let us help you. call us at 623-536-2229 or look us up on the web www.HomeExecsRealty.com.

GOVERNOR CALLS ON HOMEOWNERS AT RISK OF FORECLOSURE TO CONTACT THEIR LENDER

Announces Additional $1.45 Million to Assist Homeowners

PHOENIX – Today Governor Janet Napolitano announced that Arizona will receive $1.45 million in federal funding to expand mortgage foreclosure mitigation and counseling services through the state.

Congress appropriated this FY08 funding as part of the National Foreclosure Mitigation Counseling Program, the first time federal funds wholly dedicated to foreclosure counseling have reached Arizona.

The Arizona Department of Housing will administer $1,333,069 of the funding, working with thirteen certified counseling agencies across the state. Two community-based organizations, Neighborhood Housing Services of Phoenix Arizona ($62,965) and Primavera Foundation in Tucson ($54,233) will administer the rest.

“When homes are foreclosed, dreams and hopes are too,” said Governor Janet Napolitano.  “Thousands of Arizonans have subprime loans that will jump to higher rates, and many are in danger of losing their homes. This grant expands the options for homeowners, but homeowners must take the first step by reaching out for assistance.”

A 1-800 number dedicated entirely to Arizona residents is expected to launch in April to assist at risk homeowners in accessing this counseling service. In the meantime, homeowners can learn more about their foreclosure options by calling the national HOPE NOW number at 1-888-995-4673.

In addition to this new grant, the Governor announced additional steps the state has taken to assist homeowners at risk of foreclosure:

• Expansion of the Arizona Department of Housing’s Eviction and Foreclosure Prevention program (from $2.75 million to $4.2 million) and an additional $500,000 to support additional outreach in highly-impacted areas

• Additional foreclosure counselors are being trained across the state

• Foreclosure Prevention Workshops for at-risk homeowners throughout Arizona

• Introduction of legislation to expand regulatory oversight of the mortgage industry to prevent foreclosure scams and future abuses, through new mandated licensing of mortgage loan originators and the creation of the Arizona Home Equity Theft Prevention Act

• Leadership in the Arizona Foreclosure Prevention Task Force, which brings together 200 organizations, lenders, community leaders and government representatives to coordinate outreach and education efforts to assist homeowners facing foreclosure, including bilingual assistance

Tips on helping to avoid foreclosure can be found at www.azgovernor.gov.

http://azgovernor.gov/dms/upload/NR_031908_Foreclosure%20Funding.pdf

Nobody really knows how soon the Fed's rate cut will impact mortgage rates, or which direction rates will likely go.

For this reason, consumers are urged not to wait for the market to bottom before looking for a mortgage.

Although rates have been trending higher in recent weeks, they remain low by historical standards. So if you're looking for a mortgage, the time to act is now.

It's a bit easier to determine when the Fed rate cut will affect borrowing costs on adjustable-rate mortgages: You are likely to see a benefit the next time your mortgage resets.