OfflineWhen the real estate market crashed, some areas of the country were hit harder than others. Arizona was among the states that suffered the most. In fact, the state is among 18 that were given emergency funds designed to help struggling homeowners avoid foreclosure in an effort to help with recovery efforts. However, it appears as though Arizona is failing to distribute these funds to those in need.
Just behind Florida, Nevada comes in second in terms of foreclosure activity. However, the state is actually making progress toward recovery. For example, there was an 84% decline in foreclosure starts from May to June of this year, in addition to a 58% decline in foreclosure activity during the same time.
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thanks for sharing this article... it is beyond me how these greedy banks can take those emergency funds allocated to pass on to struggling homeowners, and instead 'use' them for administrative costs to deny homeowners assistance! How screwed up is that??!!
Valerie
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This has been a national problem with lenders across the board. The Federal government has guaranteed hundred of millions of dollars to help homeowners. The problems is that they allowed lenders to disperse the funds. What a stupid idea.
Banks are in the money taking and money making business. They hate to give out money that will not make interest in the long run - even if that money is not theirs. Imagine lenders reducing their loan balance through government funds. The lender loses all the interest on the government payoff. Even if the homeowner will default in the future, they are willing to take that chance just to get their hands on more interest.
Sad.