Arizona is getting $160 million from the federal government to help homeowners who are upside down in their mortgage.
The program, called "Save Our Home Arizona," has the potential to lower the principle home loan balance to 100 percent loan to value.
The program was created to assist responsible homeowners avoid foreclosure on their primary residence with a possible principle reduction contribution up to $100,000.
Participants must meet certain guidelines. The current home loan must be owned by Fannie Mae or Freddie Mac, the property must be the homeowner's primary residence and current loan to value must be more than 120 percent. However, no financial hardship is required.
The State of Arizona has authorized few a mortgage companies in Arizona to participate, including Waterstone Mortgage in Gilbert and Scottsdale. For more information on the program and its requirements, people can contact 480-635-3042 or 480-635-3015.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
Saturday, May 25 2013 10:48 PM EDT2013-05-26 02:48:56 GMT
Augusta is a hot spot this weekend as holiday travelers pass by the Georgia—South Carolina border. For many, that means traffic and it also means more law enforcement on the road. Georgia state troopersMore >>
Georgia state troopers have increased patrols during the holiday weekend and will have a few checkpoints throughout the CSRA.More >>
Saturday, May 25 2013 9:09 PM EDT2013-05-26 01:09:50 GMT
One teen is dead after a fatal car accident in Aiken County this morning The Aiken County Coroner's Office confirmed Ricky Marquez, 19, died after the car he was riding in left the roadway and struck severalMore >>
An Aiken County teen is dead after severe head injuries from a fatal car accident this morning. More >>
Saturday, May 25 2013 6:31 PM EDT2013-05-25 22:31:35 GMT
Oklahoma natives are raising money to help tornado victims who are now forced to rebuild their town after an EF-5 twister ripped through Moore, Oklahoma last Monday. "Every little bit helps," said ValliMore >>
Oklahoma natives are raising money to help tornado victims who are now forced to rebuild their town after an EF-5 twister ripped through Moore, Oklahoma last Monday.More >>
Friday, May 24 2013 10:51 PM EDT2013-05-25 02:51:03 GMT
Eileen Faucette-Robinson is fed up with the problems; years of problems, from what she says is a result of an apartment complex towering over her backyard."Situations like this where there is a healthMore >>
Eileen Faucette-Robinson is fed up with the problems; years of problems, from what she says is a result of an apartment complex towering over her backyard.More >>
Friday, May 24 2013 9:45 PM EDT2013-05-25 01:45:01 GMT
The Georgia-Carolina Council for the Boy Scouts of America voted against allowing gays to join the Boy Scouts. They say they voted against changing the membership standards because 85% of the 2,700 constituentsMore >>
The Georgia-Carolina Council for the Boy Scouts of America voted against allowing gays to join the Boy Scouts.More >>
Friday, May 24 2013 8:45 PM EDT2013-05-25 00:45:32 GMT
Mobility Transit Services, the company that runs the Augusta Public Transit, is suing the City of Augusta after they claim their contract was unlawfully terminated. "The Augusta Commission in a meetingMore >>
Mobility Transit Services, the company that runs the Augusta Public Transit, is suing the City of Augusta after they claim their contract was unlawfully terminated.More >>
Friday, May 24 2013 10:53 AM EDT2013-05-24 14:53:19 GMT
Ryan David Jones/Source: RCSO
Friends and neighbors now say the Jones Family, Edna, Roosevelt, and Russell, are the victims of a suspected triple homicide in South Augusta.The Richmond County Sheriff's Office has been investigatingMore >>
The Richmond County Sheriff Office has charged Ryan David Jones with 3 counts of Murder and Possession of a Firearm during the Commission of a Crime.More >>
Friday, May 24 2013 8:54 AM EDT2013-05-24 12:54:11 GMT
The Richmond County Coroner's Office has confirmed a bicyclist has been struck and killed on Peach Orchard Road.Robert Donald Holden, Jr, of Hephzibah, was pronounced dead at the scene on the 3500 blockMore >>
The Richmond County Coroner's Office has confirmed a bicyclist has been struck and killed on Peach Orchard Road.More >>
Friday, May 24 2013 8:00 AM EDT2013-05-24 12:00:17 GMT
For 12 years Denise Glasford's sister fought in the Army, but died last year on Memorial Day. "Thinking about her and wishing she was still here with us," Glasford said. "It's been a tough year for the family." GlasfordMore >>
Glasford and her niece and nephew are three of dozens of family members paying tribute to soldiers who made the ultimate sacrifice. Here at Fort Gordon's Warrior Remembrance Memorial Day Ceremony, they're honoring those killed, and remembering those they left behind. Soldiers say the national holiday is much more than a day off from work to barbeque and celebrate.More >>
Thursday, May 23 2013 11:43 PM EDT2013-05-24 03:43:19 GMT
The Richmond County Sheriff's Office is investigating a shooting at the Cedar Grove Apartments.That's off of Deans Bridge Road.Residents in the area say that two people were shot and taken to the hospital.More >>
The Richmond County Sheriff's Office is investigating a shooting at the Cedar Grove Apartments.More >>