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.

Application Process

  • 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