AZ Homeowners’ Assistance Program on Track to Fail

Seems the Arizona Housing Department’s hardest-hit-fund program still isn’t doing much to help homeowners fend off foreclosure.

Through the first quarter of 2011, a period when Arizona ranked second in the nation for the number of foreclosures, only 10 homeowners received assistance under the Save Our Home AZ program.

The program is supposed to be the Arizona Department of Housing’s method to distribute its $125 million federal allocation from the Hardest Hit Fund aimed at helping homeowners in the 10 states hardest hit by foreclosures.

The stated intention is to” provide assistance of up to $50,000 to qualified homeowners to create an affordable and sustainable mortgage payment through a permanent principal reduction modification.” The program is supposed to be helping 4,000 homeowners.

So, how’s it doing so far? How many of the 4,000 have gotten assistance? Just the 10. One, zero. Ten. Yes, since the program’s inception in September 2010, only 10 homeowners have been helped.

Only one of those successful transactions has been a principal reduction, which economists, consumer advocates and some financial industry executives say will be necessary to end the foreclosure free-fall and stabilize the housing market. (Principal reduction might even end up part of a settlement being negotiated between the big five U.S. mortgage loan servicers and a coalition of state attorneys general.)

In addition to the glaring limitations of the program, which I wrote about back in December 2010, it seems the program only works if banks opt in. The money is there, but banks have to agree to participate. So far, in Arizona, it seems only Bank of America has done so. My servicer, Wells Fargo, apparently opted out.

If Arizona really works hard, maybe Save Our Home AZ can be even more dismal a failure than the federal HAMP loan modification program.

Update 9/12/2011:
As of the end of June 2011, nine months after its inception, Save Our Home Arizona has only helped 78 Arizonans avoid foreclosure. Only three of those transactions were principal reductions.

At this rate, it will take 38.5 years for the program to meet its stated goal of helping 4,000 homeowners avoid foreclosure in this state that is one of the worst victims of the mortgage meltdown. Absurd!

Update 3/2012: As further proof this program is pie in the sky, as of Feb. 24 only a total of 16 modifications have been granted. In a year and a half. In a state consistently ranked in the top three hardest hit by foreclosures. Absurd.

Update 4/2012: Looks like Arizona isn’t the only state doing a dismal job disbursing the “Hardest Hit Fund” dollars to homeowners. A total of 3% of the fund has helped people save their homes from the banksters’ foreclosure feeding frenzy. Another farce, brought to you by your government.
Treasury Faulted in Effort to Relieve Homeowners

13 thoughts on “AZ Homeowners’ Assistance Program on Track to Fail

  1. I am actually one of the few people that got on that program… We have been on it about 3 months now, I think this was intentionally created to help pay off banks…all it is doing for us is delaying the foreclosure, we fell about 3-4 months behind when this program came in, and boa just sent me a letter saying all that is going to be due as soon as the program is over. I might as well walk away from my house now.

    • Hi Will,
      Sadly, I think you’re absolutely right that these “hardest hit” programs were just another way for banks to defer a few more foreclosures until later. It takes a long time to forge all that paperwork, after all!

      Were you one of the few who got a principal reduction from the AZ program? I suspected those would turn out to be deferrals instead of actual reductions, but no data to support that yet.

      Sorry for your troubles and that the program you hoped would help turned out to be just another scam. I encourage you to write to the AZ Attorney General about your experience … I understand there might be a investigation underway regarding these “hardest-hit” programs.

      Good Luck!

  2. NC’s program mishandling is CAUSING foreclosure — same story I read in Michigan-

    McArdle is not willing to make NC take responsibility — putting me in worse position – far worse – than I was before. If mistakes were made, and they do admit they made them at first – then they blamed ME when they found what their mistakes would cost–

    why don’t THEY pay for these mistakes? Why is there no oversight?

    http://www.thepetitionsite.com/3/foreclosure-prevention-fraud/

  3. No, there is no oversight. These “home preservation” programs all seem to have been conceived by people who believe a corrupt industry is best left to police itself when it comes to restructuring loans. The federal and state government officials owe there election campaigns to the big banks, so they don’t help. Regulatory agencies seem to be cronies of the big banks, so no help there, either. And the legal mechanism is skewed in favor of the banks, as well.
    Utter Nonsense!

  4. Pingback: Only 3% of $$ Has Helped Hardest Hit Homeowners | Is Mortgage Modification a Scam?

  5. Pingback: SIGTARP: Banks Fail Miserably at HAMP, Treasury Does Pretty Much Nothing |

  6. Pingback: Media Misses the Point on Foreclosure Prevention Program |

  7. を盛大に、Swatchグループ(香港区)総裁Mr . Kevin RollenhagenやSwatch(香港やマカオ区)副総裁谢兰诗さん(がナンシーだ)特別招待した「シアターの女神家元」陈法拉(Fala)、「シアターの女神」楽瞳(Cilla)、「新晋の日本の歌姫」の松岡李それはどうも(Linah)や「Baby前スキャンダルジェームズParry彼氏」を演じ、工夫をこらした方式Swatch 2011の両の大きい旗艦腕時計シリーズを含む世界に翻訳され、New Gent Coloured及び新しいフルBlooded腕時計シリーズ、ゆっくり悦目に心がめまぐるしく。 http://www.brandiwc.com/brand-36-copy-0.html

  8. Q計画の中心要素は、オーデマピゲ時計工場が司会のQ国際賞授与対象は保護児童権益側は重大な貢献の有名人や社会機構。新しいMillenaryミレニアムクインシージョーンズ腕時計の一部販売収入はクインシージョーンズ基金会に寄付する。オーデマピゲ表グループCEOの莫菲利(フィリップ・Merk)さんは「クインシージョーンズは天才芸術家、プロデューサー、さらにはまず1位の人は広い心を持っている。ブルガリ偽物彼はいろいろな困難を克服して育成の偉大な事業に感動し、彼の高貴な品質は恐れ入っ、私たちに人生の中の重要な一課は、完璧な芸芸術」と情熱、同様の哲学はこの伝奇音楽人とオーデマピゲ表ほど係がきつい。オーデマピゲ135年通りで休まないの努力の成果を壮大タブ史、クインシージョーンズも数十年一日のように待ってた世界の流行音楽史をつくる。MILLENARYミレニアムクインシージョーンズ(Quincyジョーンズ新しい)限定時計演繹ミレニアム横楕円形のケースにこの素晴らしいミュージシャンを演じるその特色に富んだオーデマピゲ新しい現代Millenaryミレニアムシリーズの特徴をマークし、黒鋼の個性豊かな横楕円形のケース。表面のようなケースは多分霧中間部分面研磨磨き;別のいくつかの表面表圏や表耳正面は多分亮面研磨に磨きをかけて、令其のレイヤー感のほかヘルニア。スーパーコピーケースデザイン精細には縦横に霧面研磨磨きをセイコー飾り。亮面バフ磨きのキャップを刻んでクインシージョーンズと署名のMillenary Quincyジョーンズ–リミテッドEdition文字が、貴重な表項で世界限定500発行。ミレニアムクインシージョーンズ腕時計配備黒革バンド、組み合わせとケースの呼応を黒鋼APと折り畳み表ボタン。ミレニアムクインシージョーンズ腕時計を踏襲して2000シリーズ特有のオフセット文字盤も目利き一目で見分けるその係のマーク名門の出。文字盤外縁描き出して繊細なアウトコース、美しい黒の表面に向けては小が大のプラチナローマ数字に標を連想させるニューヨークジャズクラブで徹夜の音楽演奏。ブランドコピーミレニアムクインシージョーンズ腕時計黒を基調とし、その豊富な深さのレベルを作成するために運用出動人心の琴線の対比、工夫をこらした鍵盤柄飾りをめぐる時表示文字盤、生き生きとした鍵盤弾くよう現場ジャズのリズムがありありと表面の上に、軽快。 http://www.gginza.com/%E6%99%82%E8%A8%88/%E3%83%AD%E3%83%AC%E3%83%83%E3%82%AF%E3%82%B9/daytona/65198499868fb2b5.html

  9. これは北京の札を2008オリンピック記念で創作の1項のエナメル陀のはずみ車の腕時計、限定30匹。パネライ時計コピーエナメル文字板の上半分は直径0 . 04ミリ黄金素子制のオリンピックスタジアム――鳥の巢、鳥の巢の上に2匹のリュウキュウツバメを振るうように立て、ささやく、鳥の巢の下部の両側の各何枝芽が初の春柳の風に揺れて。柳に陀はずみ車の中華霊燕羽ばたく、腕時計を添えた多くの情趣。全体の時計はデザインの調和、生き生きして、エナメル文字盤のような一枚の水おしろいスケッチを含んで、鳥の巢の春暁のロマンチックな感情。 http://www.brandiwc.com/brand-super-14-copy-0.html

  10. Millenary 4101ミレニアム腕時計はブランドの一番の注目作。頼り外観美実態は、完璧な技術と精密複雑な構造、腕時計の自然注目見とれ。機械装置を設置楕円型ケースの中に、現在その美。ムーブメントをAudemars Piguet(オーデマピゲ)独立研究開発、創製と生産の4101型自動的にムーブメントは、通常深い底の部分を余すところなく披露表。配備を下らない12枚板橋、巧みに配列が円弧状、優雅な現。八枚ゴールド?慣性もりを可変慣性摆轮も、目の前には世間。えこひいき時指針が法則を独立秒針盤、独創性。スーパーコピー時計すべての優れた機械設計完璧に溶け込んでMillenaryミレニアムシリーズの経典の特徴の中に:楕円文字盤、スクラブケースと研磨ベゼルの微妙なコントラストおよび偏心文字盤とローマ数字時間尺度。表のその立体感と技術の性能を。 http://www.ooobag.com/watch/omega/sea/b31f229322cff3c8.html

  11. プラダ バッグ コピー 2015新作、536点入荷 !トート、アウトレット、 ピンクなら豊富な品揃えの当店へ!激安 CELINEセリーヌ バッグ スーパーコピー大量入荷! ブランド コピーサングラス レイバン アルマーニ バーバリー シャネル 3000点新作 ! 2点5000円ブランド コピー Tシャツ アルマーニ D&G MONCLER 新作800点入荷! 2点以上注文20%OFF ! 母の日プレゼント特集 イヤリング 指輪 ネックレス ブレスレット ヘアピン 新作 1000点入荷! http://www.brandiwc.com/brand-super-27-copy-0.html

  12. すべての3つのモデルは同じきれいなダイヤルレイアウトを共有して、わずかに小さい数字で(ロジウムプレートまたはレッドゴールド)を適用したちょうど内の鉄道の線路の章のリング(それは旅行に行くための美的か忘れない)。より小さな数字のようですが好きな間の不動産が使われていないが、私はそれを過去の腕時計への背中をエレガントな腕時計をつくるiwcのゴールに話すと思います。それは、要するに、それは全体的なプレゼンテーションの一部としてそのきれいなダイヤルを持っていてうれしいです。 http://www.bagkakaku.com/vuitton_bag/2/N55213.html

Leave a Reply

Your email address will not be published. Required fields are marked *