Hiring a Lawyer to Negotiate Your Mortgage Refinance in Flagstaff
Flagstaff is one of the most scenic communities in the United States, and as a result the people who live here tend to live here for the long term. When a community features long-time residents, it usually means that the local real estate market is relatively stable. While the community has not suffered as desperately as many others in the wake of the financial meltdown that’s all but crippled both the American economy in general and real estate and mortgage markets in every state, there are still many homeowners who are deeply troubled with the prospect of losing their homes. Fortunately, there is help available, and that all starts with contacting a Flagstaff mortgage refinance attorney.
Looking at the local statistics, anyone could see that more people in the Flagstaff area need help now than even just a few years ago. In terms of foreclosures, Flagstaff’s market hovered at under 0.01% for years up until around early to mid-2007. Since then, the foreclosure rate has jumped to a high of 0.07%, and this fast rise in foreclosures all took place within a period of two years.
One can also track the rise and ultimate burst of the real estate bubble in Flagstaff merely by looking at the last four years of the local home value index. In 2005, that index value sat at $251,900. In 2006, the height of the bubble, that number had risen to more than $352,000. However, since reaching its peak, the index has dropped precipitously to a figure of $285,900.
Given that sort of instability in the market, many people now find themselves with mortgages attached to their properties that are all but untenable, especially those who purchased a home when the values were at their highest. Now that the market has dropped, people need help to save their homes by avoiding defaults and ultimately foreclosures.
One avenue that could be a solution for many is a simple mortgage refinance. Many lenders are willing to work with borrowers to this end in order to avoid the expense of foreclosure proceedings and the ultimate loss involved with selling off a property below the note’s value. However, you’ll need experienced professional help in order to negotiate a fair rate, so contact the Flagstaff mortgage refinance lawyers at Phillips & Associates today to schedule a free initial consultation.
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