One of the toughest parts of “my job” is going to listing appointments where the home owner is “upside down”, owing more on the home than it would sell at in today’s market. It’s not just the home owners who purchased in the real estate run-up several years ago that are having problems, owners who tapped out their equity to yesteryear’s values may also be in trouble. All it takes is one life event, illness, divorce, job loss, or even just a reduction in hours, coupled with today’s higher costs, and a balanced budget can be in major trouble.
In Arizona, we have a couple of resources for home owners. I recommend that home owners who are working through challenging times make a call to the Foreclosure Prevention Hotline at 1-877-448-1211 or visit www.AZ211.gov to get more information to make a better informed decision.
July 10, 2008 Update
- Here’s another web site that may be very helpful, too.
Arizona Foreclosure Prevention Task Force - Taskforce Helping Reduce and Prevent Residential Foreclosures in Arizona
July 19, 2008 Update
Scottsdale city staff is also participating in a variety of regional efforts to assist homeowners at risk of foreclosure. For more information, contact Scottsdale Social Services.
