State program helps struggling homeowners - WTVM.com-Columbus, GA News Weather & Sports

New

State program helps struggling homeowners

Posted: Updated:
Cookie Coleman Cookie Coleman
  • NEWSMore>>

  • Seale, AL residents enjoy return of Labor Day Fair

    Seale, AL residents enjoy return of Labor Day Fair

    Monday, September 1 2014 8:26 PM EDT2014-09-02 00:26:07 GMT
    Residents in east Alabama are rounding up the Labor Day celebration at one of the Alabama's oldest courthouses. The courthouse located in Seale, Ala. is the third oldest in the state. This is the first fair
    More >>
    Residents in east Alabama are rounding up the Labor Day celebration at one of the Alabama's oldest courthouses. The courthouse located in Seale, Ala. is the third oldest in the state. This is the first fair since 2010 when the fair restarted, and it originated in 1980 to raise money to refurbish the old courthouse after it began to deteriorate.More >>
  • Columbus man dies after struck by car at Chase Homes

    Columbus man dies after struck by car at Chase Homes

    Monday, September 1 2014 8:15 PM EDT2014-09-02 00:15:09 GMT
    A crash in Columbus claimed the life of a 29-year-old man over the weekend.  Authorities say Anthony Williams passed away from a motor vehicle accident Saturday, Aug. 30. Williams was not in a vehicle wheMore >>
    A crash in Columbus claimed the life of a 29-year-old man over the weekend.  Authorities say Anthony Williams passed away from a motor vehicle accident Saturday, Aug. 30. Williams was not in a vehicle when the incident occurred. More >>
  • Lee Co. Sheriff’s Office investigating murder, attempted murder cases

    Lee Co. Sheriff’s Office investigating murder, attempted murder cases

    Monday, September 1 2014 8:09 PM EDT2014-09-02 00:09:07 GMT
    On August 31 at about 11:33 p.m. CST, the Lee County Sheriff's Office received multiple 911 calls from subjects attending a poker party in reference to a shooting with at least two injured gunshot victims. More >>
    On August 31 at about 11:33 p.m. CST, the Lee County Sheriff's Office received multiple 911 calls from subjects attending a poker party in reference to a shooting with at least two injured gunshot victims. 

     
    More >>
PHOENIX (CBS5) -

The hangover from the housing crisis continues.

About 30 percent of homes in Arizona are still underwater, and some homeowners are facing foreclosure.

But, the state's Department of Housing is working to helping people like Cookie Coleman of Phoenix.

"In 2006, I bought this (condo) at $163,000," said Coleman. "In 2007, it went up to $192,000."

In 2008, the bottom fell out of the housing market, and the value of Coleman's condo plummeted.

"My house was worth $44,000," she said.

A few years later, Coleman suffered a heart attack and was forced to quit her high-stress job.

"I bought my home when I was a restaurant manager, and couldn't afford it as a server," she explained.

Coleman and her many pets were about to lose her condo to foreclosure in November 2013, when she discovered Arizona Department of Housing's Save Our Home AZ program.

"They paid $104,000 of the principal of my house and my payment went from almost $800 to $291 a month now," she said.

The money comes from Arizona's Hardest Hit Fund, rolled out in 2010 when the U.S. Treasury Department gave the state $267,000,000.

"The money is here to help people recover from the housing crisis," said Mike Trailor, director of Arizona Department of Housing.

Trailor said the Save Our Home AZ program has spent about $100,000,000 so far - $70,000,000 of that to pay down negative equity.

Other options include having the mortgage paid for up to two years, if you're unemployed or underemployed.

The state might also be able to help you pay off your second mortgage or offer short-sale assistance.

Trailor said applicants must meet income requirements, and the home they need help with must be their primary residence.

"If they don't qualify for our program, we do our best to assist them in any way we can," he said. "We'll call your mortgage company and see if there's a way we can help you."

Trailer encourages homeowners not to give up and to explore all avenues.

Coleman did that and she is now one of about 2,800 Arizonans whose houses have been saved.

"I see a possible retirement now," she said. "I can get health insurance again now. I can even go visit my grandkids now, because I can afford to live here in my home again."

If there's any money left when the program expires at the end of 2017, it will be returned to the federal government.

To find out if you qualify for one of the Save Our Home AZ programs, click here.

Copyright 2014 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

Powered by WorldNow

1909 Wynnton Road
Columbus, Ga. 31906

FCC Public File
publicfile@wtvm.com
706-494-5400
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WTVM. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.