Arizona Housing and Finance Resources
For the third quarter in 2009, Arizona ranked second among all states in foreclosure rate, an increase of 5.07% from the second quarter, a 24.55% rise from the same quarter last year. Nationally, it was the worse three month period in US history, with 937,840 homes receiving a foreclosure letter.
Median home values have declined significantly statewide. In the greater Phoenix area the median price was $133,000 in February 2009, a 58 percent drop over February 2008. In Tucson the median dropped from $200,000 in March 2008 to $165,000 for March 2009.
Arizona programs addressing the mortgage crisis
The Arizona Foreclosure Prevention Task Force was formed in 2008 to help reduce the number of foreclosures and the impact they have on families and community. The task force’s goal was to prevent 4,000 foreclosures in 2008.
The state also established the Arizona foreclosure help hotline in May 2008. Homeowners can speak with a foreclosure counselor by calling 1-877-448-1211. Counselors discuss options, explain the foreclosure process and try to negotiate with lenders to keep Arizona residents in their home.
Lawyers Helping Homeowners provides help from volunteer lawyers to assist homeowners with their options regarding foreclosure, including working with the lender. Lawyers Helping Homeowners can be contacted at http://azlawhelp.org/index.cfm.
Key Contacts and Information
To find out more about help available to Arizona residents who are having trouble with their mortgages, please visit http://www.housingaz.com/ShowPage.aspx?ID=248.
Mortgage lenders are regulated by various state and federal organizations. If you feel that your lender or mortgage company has acted in violation of the law, you may lodge a complaint with one or more of the appropriate government entities:
Department Financial Institutions
- 602-255-4421, 1-800-544-0708
- consumeraffairs@azdfi.gov
- http://www.azdfi.gov/
The mailing address is:
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
The DFI regulates state financial institutions, including mortgage lenders, banks, savings and loans and credit unions, among others. The DFI does not regulate any banks, savings and loans or credit unions with the term “national” or “federal” in their names. See below for organizations that regulate these institutions.
You may lodge a complaint at http://www.azdfi.gov/Info/Intro.htm by downloading the complaint form and submitting it to the department.
The DFI Consumer Affairs Division reviews all complaints against licensed entities or allegations of unlicensed activity.
If you believe you have been the victim of mortgage fraud, e-mail the Mortgage Fraud Line at fraudline@azdfi.gov.
Office of the Comptroller of the Currency (OCC):
- 1-800-613-6743
- TDD number: 713-658-0340
- Customer.Assistance@occ.treas.gov
The OCC regulates national banks, which are distinguished by the words “national” or “national association” or the initials “N.A.” Examples of national banks are Bank of America, N.A., City National Bank, Wachovia Bank, N.A. and Wells Fargo Bank, N.A.
If you would like to file a complaint about a national bank, you may use the OCC’s online complaint form at https://appsec.helpwithmybank.gov/olcc_form/(their preferred method), or you may mail or fax a complaint form accessible at http://www.helpwithmybank.gov/complaints/complaint.pdf, or in Spanish at http://www.helpwithmybank.gov/complaints/complaint_spanish.pdf.
The mailing address is:
Office of the Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
- Fax: 1-713-336-4301
Office of Thrift Supervision
- 1-800-842-6929
- consumer.complaint@ots.treas.gov
- http://www.ots.treas.gov
The OTS regulates institutions with the word “Federal” in its name or the initials “FSB” (Federal Savings Bank) or “FSA” (Federal Savings and Loan Association).
The mailing address is:
Office of Thrift Supervision
West Region
P.O. Box 619027
Dallas/Ft. Worth, TX 75261-9027
- 972-277-9500
- Fax: 972-277-9501
National Credit Union Administration
- 602-302-6000
- region5@ncua.gov
- http://www.ncua.gov
The OTS regulates institutions with the word “Federal” in its name or the initials “FSB” (Federal Savings Bank) or “FSA” (Federal Savings and Loan Association).
The mailing address is:
National Credit Union Administration
1230 W. Washington St., #301
Tempe, AZ 85821
- Phone: 602-302-6000
- Fax: 602-302-6024
If you are unable to reach your servicer or local state program, or if you would like additional assistance in this process contact Mortgage Outreach at 1-866-408-0420. Mortgage Outreach works directly with many servicers to help find solutions for borrowers that are struggling to keep up with their payments.
