Get $4,500 to short Sale Prevent Foreclosure – Phoenix AZ State Foreclosure Program
Quick Information Sheet
AZ State Foreclosure Program: Some Qualifications Requirement
- Income no greater than 150% of AMI (area median income)
- There must have been some household reduction in income since financing a home either through underemployment, illness, death or divorce.
- Must be homeowner’s primary residence.
- Eligible properties may not have an outstanding mortgages, in excess of 150% of purchase price.
- The consumer must complete the SOHAZ on-line self assessment and application
- Program assistance commitment must pre-date the fully executed purchase and sales agreement.
- Fidelity National Title must faciliate the closing.
Short Sale Assistance
- Assistance up to $25,000
- Maximum of $4,500 in transition assistance paid to the consumer
- Maximum of 3% of the sales price for buyers closing costs paid on behalf of the seller.
Second Mortgage Settlement
- Second Mortgage SEttlement Assistance capped at $16,500 maximum or 40% of outstanding loan balance, or $8,500 when combined with Short Sale Assistance.
- Short Sale program assistance is provided in the form of a grant.
Filed under: AZ State Foreclosure Program