Answers You Need
Arizona Home Loan Modification Service
While it may seem that the current mortgage crisis is new, the fact is that there have always been home foreclosures, just not at this unbelievable volume! The team of professionals at Phillips & Associates have years of experience in mortgages, debt negotiation and foreclosures and will work diligently to answer all of your questions and completely and, thoroughly prepare home loan modification package as quickly as possible. The Following are some common questions for potential clients considering a home loan modification. Please feel free to contact our office 24 hours a day, every day, for specific answers for your unique situation.
Do I qualify for an loan modification in Arizona?
While every case is different, if you purchased or refinanced your home in the last five years and now owe substantially more than the current market value of your home, you obtained a “creative” mortgage or, you are paying a high interest rate, a home loan modification may work for you. It is extremely important that you can show the ability to pay whatever negotiated amount it agreed upon. Our team of professionals are highly experienced in different phases of real estate and home loans and will work with you to determine what is the best possible course of action to help you save your home. Even if you do not qualify for a loan modification, there may be different ideas that we have that can help you in your current situation. In many cases we will have to re-arrange other outstanding debt you have. In some cases we may have to negotiate with many creditors to help you be able to afford to keep your family home.
What is foreclosure?
A foreclosure usually commences when you are at least three months behind on your monthly mortgage payments and after several collection attempts by the mortgage company fail. Your mortgage company will post a notice on your home and will sell your home at an auction in an attempt to recover as much of your unpaid mortgage as possible. This process will force you out of your home. A foreclosure will also be listed on your credit report and will adversely effect your credit score.
What if I can’t pay the past amount I owe on my mortgage?
If this is the situation you face, the last thing you should attempt to do is to work through this process yourself. Many of our clients are very intelligent people even professionals however, they realize these cases are not “normal” this loan modification program situation in our Country is a new approach to avoid a furtherance of the catastrophic crash in the housing market on a National basis. We can work with you and your mortgage company and attempt to make an arrangement to allow you to get current on your mortgage without having to lose your home and destroy your credit.
Should I contact a mortgage broker to get a new loan?
No. There are several reasons why this is not a good idea. First, if your mortgage is in serious default, you may not have the credit score necessary to secure a safe and affordable loan. In the unrealistic event you would be approved at all. Secondly, mortgage brokers do not have the understanding of the relevant laws that an attorney would, which means that it’s possible that you could be led down the wrong path again. Further, most current homeowners bought their homes when the housing market was on the wild upswing and owe more than their home is worth. If this is the case, it would be impossible to obtain a new loan on your home for what you currently owe since your home would not appraise for the balance amount of your mortgage.
What is mortgage modification?
Mortgage modification, also known as the more general term, loan modification, is the process by which your mortgage would basically be renegotiated. This could occur in several ways. We may be able to get your lender to lower the total amount you owe on the loan, have your interest rate lowered and locked in so that your monthly payment is not only lower, but is always the same amount and a work out to satisfy past-due mortgage payments.
What’s the best way to secure a mortgage modification?
We can work with you and your mortgage company to make sure that any loan modification is in your best interest and more importantly, is something that will work for you to insure that you are successful in maintaining your mortgage payments and keeping your most important asset, your home! Our team of loan modification professionals stand ready to begin helping you immediately and will work diligently to insure that the best possible modification of your mortgage is obtained for you.