KOLD News 13Help offered to struggling home owners
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Tucson, AZ (KOLD News 13) - It's generally agreed if home owners and lenders have problems and stop talking to each other, that's a bad sign.
In Arizona, Mortgage foreclosures are up sharply over last year but may have leveled off in the last quarter of 2009, according to Hope Now Alliance, a partnership of non-profit groups and financial institutions.
The group, working through an Obama Administration program Making Home Affordable, is putting on workshops in the Tucson and Phoenix area to encourage lenders and home owners to sit down face to face.
A representative from the US Treasury says the program 'incentivizes' (sic) banks to modify loans, making mortgages more affordable.
That's good news for Fred and Sandra Hoy-Johnson of Oro Valley, who bought their home with an interest free loan (first five years) ten years ago.
Since then, with the market in decline, the couple has seen their home value and their loan remain level with each other, giving them virtually no equity.
"This should be the quiet time for us," says Sandra, expecting the golden years to mean something other than stressing about a mortgage.
Tucson has just held its second workshop, but two more are scheduled this week for the Phoenix area at the Glendale Civic Center, Thursday, March 11, from 1pm to 7:30pm and Friday, March 12, from 10am to 6pm.
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