Hi Friends!
This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A. I came across an interesting article from Catherine Reagor posted on azcentral.com. It was in the recent newsletter from the Tucson Association of Realtors. It’s about Arizona homeowners getting help from lenders.
Top 5 lenders: $500 million spent to help Arizona homeowners
by Catherine Reagor
The nation’s five biggest lenders say they recently spent more than a half-billion dollars to help struggling Arizona homeowners, according to a report released Wednesday on the status of the $25 billion lender settlement.
So far, 7,735 of the state’s mortgage borrowers have received aid from the settlement, which was announced in February. Most of those people were given help completing short sales. All the lenders except Bank of America also reported they completed loan modifications and refinancings to help borrowers stay in their homes.
However, it’s been difficult to find many of the more than 7,000 Arizona homeowners who received the aid outlined in the report.
“We have seen one loan modification with a principal reduction from the settlement,” said Patricia Garcia Duarte, president and chief executive of Phoenix-based Neighborhood Housing Services. “The report’s figures are a little surprising.”
Her agency, one of the state’s top housing non-profits, worked with a client whose loan amount was reduced by $110,000 because of the settlement.
In Arizona, the average aid to each borrower helped by the settlement is $75,000, according to Wednesday’s preliminary report on the mortgage settlement between the country’s attorneys general, Ally Bank, Citibank, Chase, Wells Fargo and BofA. The lenders agreed to the deal to settle accusations of foreclosure abuses.
“The numbers from the mortgage-settlement report sound very good, but I am not seeing it yet,” said Mike Trailor, Arizona Housing Department director. Trailor said he talked to a group of homeowners Tuesday night and none reported help from the settlement.
Nationally, the five lenders included in the settlement reported providing $10.6 million between March 1 and June 30 to help nearly 138,000 borrowers.
Click here for a copy of the full article.
In the meantime, give me a call if you have any questions, or need any help with your own lending needs. That’s it for now! Make it another great day!
Your Hard Money Lender in Tucson and Southern Arizona,
Billy A
P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at:
(520) 299-4878!
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