Unemployed Homeowners To Get Help

There is new hope for struggling homeowners who have lost their jobs.Mike Trailor is director of Arizona’s Housing Department.Trailor said they’ve just kicked-off a new homeowner assistance program, with the help of $36 million in federal funding.The program targets unemployed homeowners, who would get their monthly mortgage paid for up to 24 months, if they qualify.”It’s a bridge to get you from unemployment, to hopefully employment to where you can sustain your home ownership,” said Trailor.However, like many of the recent federal homeowner assistance and loan modification programs, this one has some potential problems.CBS-5 has learned that a homeowner who took out a second mortgage for anything other than purchasing the house isn’t eligible for the unemployment-mortgage assistance program.Trailor said discussions are now under way to make the program’s requirements more flexible.”Whether it’s with a percentage of the purchase price, or money used for medical purposes or home improvement,” said Trailor, “we’re trying to make sure the program serves as many people as possible.”Money to help Arizona’s unemployed homeowners comes from $250 million Arizona was given by the federal government last year, as part of the Hardest Hit Housing Program, which helps homeowners avoid foreclosure.

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