Arizona's plan to spend $125 million in federal foreclosure prevention funds
T he Arizona Department of Housing must have its plan to spend $125 million in federal funds to slow foreclosures to the U.S. Treasury Department by April 16th.
A public meeting was held to discuss the plan last Wednesday. There were many questions and some criticisms to the plan. The state’sHousing Dept. had to put the plan to together in only about six weeks. Most of the plan revolves around giving homeowners in imminent danger of foreclosure money to pay down their principal, if lenders will match that amount. If the Housing Dept., with the help of the state’s expert, government-backed foreclosure …
