Tucson has traditionally been seen as a stable real estate market, but just like everywhere else, the city has been hit hard in recent years by the mortgage crisis. Estimates show that the number of foreclosures jumped from approximately 2,000 homes in 2006 to more than 4,000 in 2007 to more than 8,000 in 2008. There is no mistaking these numbers or this trend, which is why those who face the prospect of losing their homes should seek the help of a Tucson home loan modification lawyer to attempt to negotiate a mortgage refinance. Below are a few reasons why this is a positive step to take.
1. Knowledge of the Nature of the Lender
When a crisis such as this one takes hold, no one makes money, including lenders. Many lenders are facing the prospect of incurring the expense of pursuing foreclosures on dozens of local homes, each of which comes at a cost. Following a foreclosure, the lender then must look to unload its properties, and this usually leads to a loss as well, as home values have declined precipitously. Therefore, an attorney who understands the reality of a lender’s situation could use that knowledge to the advantage of the client in pursuit of a refinanced mortgage that allows said lender to avoid all of these steps and costs.
2. Knowledge of the Law
Many aspects of the mortgage market are heavily regulated by both state and federal statutes, and with the number of regulations growing in the wake of the recent unregulated market disaster, you need the help of someone who will immediately understand what sort of terms on a loan will be allowed and which ones will not. This saves you time and stress.
3. Skillful Negotiating
Attorneys understand the art of negotiation, and if you look at a refinance proposition at its foundation, it basically comes down to working out a fair deal with the lender. An experienced attorney will be able to communicate the potential benefits of doing so to the lender and will work towards securing a new loan that’s fair for you and acceptable to the lender.
If you’d like to obtain the answers you need regarding your potential mortgage refinance, you need to contact an Arizona home loan modification lawyer at Phillips & Associates as soon as possible to schedule an initial consultation.