Arizona Department of Housing
The Arizona Department of Housing offers free advice on purchasing your first home (or any other for that matter). Know what to look for when signing a home loan and report any suspicious activities to authorities. Don't sign anything without knowing what it is. There is even an Arizona Foreclosure Help Line if you need immediate assistance.
Arizona Underwater Mortgages Among Highest in Nation
Underwater mortgages occur when an owner owes more than the house is worth. This has happened a lot lately with the housing market plummeting...people who bought in the last two years are victim to this. Not to mention, with an exploding interest rate even if you have kept up on your payments the extra interest can sink you. Hence the term, underwater. This article goes on to explore the reasons for Arizona's particularly hard hit home owners.
More than 29 percent of Arizona homeowners owe more on their mortgage than their home is worth.
According to new research from CoreLogic, that gives Arizona the third-highest rate in the nation, behind only Nevada (48 percent) and Michigan (39 percent). Overall, at least 7.5 million American homeowners are “upside down” on their mortgage -- meaning they would have to bring a check to closing if they sold today.
