DIRECTORS OF DIFI AND HOUSING URGE MORTGAGE SERVICERS TO PARTICIPATE IN HOMEOWNER ASSISTANCE FUND PROGRAM
Phoenix - Today, DIFI Director Evan Daniels and Department of Housing Director Tom Simplot issued a joint letter to mortgage servicers requesting their immediate assistance in completing agreements to participate in the Arizona Homeowner Assistance Fund (HAF).
The HAF was established by the Arizona Department of Housing (ADOH) as a result of COVID-19 relief legislation passed by Congress last year. The HAF may provide Arizona homeowners who are behind on their mortgage with financial assistance on mortgage obligations up to $25,000 in either reinstatement or mortgage delinquency assistance, or, if the full amount is not used in reinstatement or delinquency, for three months of future mortgage payments.
Directors Daniels and Simplot issued the letter to mortgage servicers who have yet to submit the agreement required to participate in the HAF program. Once a mortgage servicer completes the agreement, ADOH can begin making assistance payments on behalf of Arizona homeowners with mortgages serviced by those institutions.
ADOH began accepting online applications from homeowners as a pilot program on November 1, 2021. The United States Department of Treasury approved Arizona’s HAF plan on January 4, 2022, and the program is now fully operational. To date, ADOH has received over 3,500 applications for assistance.
In the joint letter, Directors Daniels and Simplot urged mortgage servicers to complete the agreement timely to prevent foreclosure proceedings for affected Arizona homeowners.
“Many struggling homeowners have quickly made it through the HAF application and ADOH approval process and are now awaiting mortgage servicers to complete the process so payments can be made,” said ADOH Director Tom Simplot.
“Arizona’s financial institutions play an important role in getting this relief to homeowners, and we are optimistic they will answer the call for Arizonans by quickly responding to this request,” said DIFI Director Evan Daniels.
Read the joint letter HERE.