foreclosures in arizona

Evelia MartinezSpecial Projects Manager

Don’t Borrow Trouble ® Pima CountyAPRIL 8, 2011

1 in every 173 homes received a foreclosure filing notice

66,000 homeowners have lost their home to the servicer

1 in 88 homes in the worst hit areas received a foreclosure filing notice

1 in every 146 homes received a foreclosure filing

1 in 12 reddest areas received a foreclosure notice

Foreclosure Filings 1 in every 85

homes received a foreclosure filing

1 in 13 homes in worst areas received a foreclosure filing

1 in every 246 homes received a foreclosure filing

1 in 41 homes in the worst areas received a foreclosure filing

DAYS

30 Days

60 Days

90+ Days Refer to Foreclosure

Current on Due Date

Collections Loss Mitigation –

Home Preservation – Work Out Plans

Concern that Upcoming Resets will Continue to Drive New Foreclosures

Monthly Mortgage Rate Resets (first reset in billions of US dollars)

Source: Credit Suisse: Assessing Risks to Global Financial Stability, p. 8. http://www.imf.org/external/pubs/ft/gfsr/2007/02/pdf/chap1.pdf Info from FRB Report: Arizona Foreclosure Trends

◦ Important to reach borrowers with ‘preventable’ foreclosures◦ Borrower Outreach Events◦ Expand use of foreclosure prevention workbook

http://www.pima.gov/current/2008_November%20English%20Workbook.pdf

◦ Making Homes Affordable◦ Federal program provides both loan modification and

refinance options Online form available that allows borrowers to assess if

they qualify for the program http://makinghomeaffordable.gov/eligibility.html

Tool created by the Pima County Foreclosure Prevention Coalition.

Designed to inform, educate and/or help deal with a potential foreclosure.

Download available at www.dbtaz.org

Professionals dedicated to foreclosure prevention familiar with lenders/servicers

Will help assess financial situation and develop a work plan

Assist with completion of a Request for Modification Affidavit (RMA)

Will serve as advocate with lender/servicer Discuss options available to you

FREE OF CHARGE/GRATIS!

EVELIA MARTINEZSpecial Projects Manager

DON’T BORROW TROUBLE ® PIMA COUNTY

A Program of the Southwest Fair Housing Council

(520) 792-3087