Hiring a Lawyer to Negotiate Your Refinance in Tucson

Author: Arizona Loan Modification.
Time: Wednesday, October 21st, 2009 at 1:24 am.
Category: Answers You Need, Avoid Foreclosure, Blog.

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.

Flagstaff Home Loan Modification

Author: Arizona Loan Modification.
Time: Saturday, October 17th, 2009 at 6:46 am.
Category: Avoid Foreclosure, Blog, How We Can Help.

Flagstaff is a city that’s quite unique in many respects, but unfortunately, it has not been immune to the mortgage and foreclosure crisis that’s been gripping the entire United States for more than a year now.  As a result, many homeowners are struggling to find a solution to their mounting financial problems and are not sure how to go about saving their home.  Fortunately, there are potential solutions available, and if you face this situation, you need to start by contacting an Arizona home loan modification lawyer.  Below is an overview of the issue.

1.  Find Out if You Qualify

The first step you need to take is to decide whether or not you would qualify for a home loan modification.  Not everyone will, but you owe it to yourself to find out.  The answer will help you define your path towards a solution regardless of whether or not you would be eligible, and if you are, you need to take the next step.

2.  Work with an Arizona Home Loan Modification Attorney

In order to work towards a home loan modification, you need the help of an experienced and knowledgeable professional.  The reason is that there are several different ways in which a loan modification can be completed, but in essence it comes down to a negotiation between you and your lender.  While a lender will be open to restructuring a loan to avoid the possibility of incurring the expense of a foreclosure and then having to try to sell the property at a loss, they are not going to simply give you what you want.

However, working with an attorney will allow you the luxury of not having to learn every applicable real estate law that could apply and having to haggle with bankers and their attorneys all while feeling the stress of having your home in a position of risk.  Many people have made this sort of mistake, and that’s why the foreclosure rate in Flagstaff has risen seven-fold in the past 18 months.

If you find yourself struggling with your mortgage, take steps now to get it under control.  Contact the Arizona home loan modification lawyers at Phillips & Associates today to schedule an initial consultation.

Phoenix Home Loan Modification

Author: Arizona Loan Modification.
Time: Friday, October 2nd, 2009 at 7:30 am.
Category: Avoid Foreclosure.

For several months, the national and local media was focusing on the economy and specifically the struggling mortgage industry.  Homes were being foreclosed upon at record rates and a staggering number of people found themselves not only owing more than their home was now worth, but also that they were falling behind or about to fall behind on their mortgage payments.

However, recent months have seen a shift of media focus from the real estate market to the health care issue, but the fact is that thousands of people in Phoenix still find themselves in trouble with their mortgages.  A quick look at recent listings reveals that approximately 12,000 homes in Phoenix are listed as being in foreclosure at any given time.  While the number has dropped to an extent from the beginning of the year, it remains a significant problem for too many people.

Fortunately, if you are one of those homeowners who is looking for any sort of option to save your home, you have options available.  One of those options is a home loan modification, and while many have at least heard about the opportunity, few seem to understand what it involves.  Basically, a home loan modification involves adjusting the terms of your existing mortgage so that you are able to maintain the payments and to basically save your home from foreclosure.

Everyone should keep in mind that lenders have little interest in foreclosing on a property.  The process is expensive and it leaves the property in the hands of the lender to sell off, almost always at a large loss.  Foreclosure is in effect the lesser of two evils – getting something for the property loan as opposed to nothing at all if the borrower is allowed to remain in the property without making timely payments.

The terms of your loan that could be adjusted will vary depending on the specifics of your situation, but the following represent possible adjustments:

  • A reduction in the total amount you owe on the loan
  • A reduction in the interest rate
  • A lengthening of the term of the loan
  • A lowering of the monthly payments
  • Any or all of the above

Whether you qualify for such an option will depend on your overall financial situation, including your sustainable income.  Even if you do qualify, however, you’ll need to work with a Phoenix home loan modification lawyer so that you can be sure to work towards a new loan that’s fair.  In essence, this is a negotiation process that requires knowledge of the law and skill in regards to working out a deal with another party.  If you’d like to explore this possibility as you work to save your home, contact the Phoenix home loan modification lawyers at Phillips & Associates today to schedule a free initial consultation.

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