Mortgage Help is Available for Phoenix Homeowners

Phoenix homeowners who are struggling to keep up with increases in their adjustable mortgage rates or who are facing possible foreclosure on their homes now have help available.

The city's Housing Department and the U.S. Department of Housing and Urban Development say homeowners can get assistance from several government agencies and private organizations.

In Arizona, more than 24,000 loans - many of them in Phoenix - were either in foreclosure or seriously delinquent toward the end of last year and industry experts are predicting that one in five sub-prime loans is likely to end in foreclosure.

The following could help people save their homes:

• FHASecure gives credit-worthy homeowners who are now in default a second chance with a FHA insured loan. To qualify, homeowners must have a non-FHA insured adjustable rate mortgage or ARM that has reset, sufficient income to make the payments, and a history of on-time payments before the loan reset. To apply, visit www.fha.gov or call 1-800-CALL-FHA (225-5342) for more information.
• HOPE NOW provides information and resources to distressed homeowners. English- and Spanish-speaking counselors can be reached at 1-888-995-HOPE (4673) and more information is available at hopenow.com.
• Local Phoenix housing counseling agencies also are available to explore options. Included are: Arizona ACORN, 602-253-1111 or acornhousing.org; Chicanos Por La Causa, 602-253-0838 or cplc.org; Community Housing Resources of Arizona, 602-631-9780 or communityhousingresources.org; and Neighborhood Housing Services of Phoenix 602-258-1659 or nhsphoenix.org.

Visit the City of Phoenix Website for more information.