Catherine Reagor | The Arizona Republic
Many Arizona homeowners who were able to get federal loan modifications during the housing crash will begin to see their monthly payments rise this year.
Borrowers, who had their interest rates reduced through the Home Affordable Modification Program in 2009, are hitting the five-year mark. That’s the point when their interest rates will begin to climb again, pushing up their monthly payments, according to a federal report released Wednesday.
In Arizona, about 88 percent of the 33,556 homeowners who lowered their payments through HAMP will see their interest rates begin to climb again during 2014-15. Typical borrowers in the state will see their monthly payment rise by $185 a month, according to a Special Inspector Report for the Troubled Asset Relief Program.
