Ariz. accepting applications for mortgage help

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PHOENIX (AP) -- State housing officials are launching a new program to help homeowners facing foreclosure.

The Department of Housing is accepting applications for relief aiming at reducing current mortgage payments to reflect current home values.

Department Director Michael Trailor says the $125.1 million allocated to Arizona by the federal government will help approximately 4,000 households.

Eligibility criteria include income reductions but continued income that can support the cost of mortgages at current values.

The department says the program is aimed at helping households that  "demonstrate the most likely chance of long-term success in remaining in their home."

Application is made via the agency's website as

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