Arizona ‘Save My Home’ Program Announced, Panned | Legal News | News Ticker

Anyone who has spent any time in Arizona understands that on the whole, the state is suffering greatly in terms of its collective and individual financial situations. One of the biggest reasons for this struggle is due to the terrible state of the real estate market, as thousands of people find themselves under water on their mortgages and unable to make their payments. This problem has contributed to a record number of bankruptcy filings in Arizona, and different entities are attempting to help those who may not have already sought the assistance of Arizona bankruptcy lawyers for a way out.

The ‘Save My Home’ Program

One of the efforts that’s been announced recently is a program that’s known as the ‘Save My Home’ program. This program is using the more than $125 million apportioned to Arizona by the federal government and administered by the Arizona Department of Housing to help homeowners bring the principal of their mortgages down to current values. While this money could help as many as 4,000 homeowners and keep as many as 11,000 people in their homes, critics are panning this initiative as not being nearly enough to make a serious dent in the problem.

One of the reasons that this program is not being well received by everyone involves more than what’s seen as a nominal amount. The fact that these funds must filter through two levels of government before getting into positions to tangibly help a few of those who need it, which means that most expect enormous delays. For many people facing foreclosure, there simply isn’t enough time to find out if they qualify for this program.

Arizona Bankruptcy Lawyers

Fortunately, there are options for help available to those who need it now. Working with an Arizona bankruptcy lawyer will allow you to take a close look at your overall financial picture and to plot out a course for recovery that could save your home without waiting for the money available in this program. If you are ready to take this step and to put all of this financial stress behind you, it’s time to take that all-important first step to get this process of individual financial recovery started.

The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!