Five states are scrambling to come up with “innovative solutions” to address foreclosures.
Arizona, California, Florida, Michigan and Nevada may share in $1.5 billion of federal funding (Arizona could get $125 million). The states have six weeks to present their innovative program to the government to receive funding. Ideas could include paying down a portion of the mortgage for home owners underwater of granting a one year period of no mortgage payments for an unemployed home owner. We must wait to learn what the Arizona program will be and if it is approved.
