Explore All Options when Facing a Foreclosure

Author: Arizona Loan Modification.
Time: Tuesday, August 25th, 2009 at 12:46 am.
Category: Avoid Foreclosure, Blog, How We Can Help.

When the economy is in the throes of a serious recession, as the American economy is today, problems regarding money seem to arise in every possible circumstance.  Jobs are being lost by the millions.  Unemployment benefits are requested in record numbers both in Arizona and just about everywhere else in the country.  Governments find themselves without all the fund necessary to pay out unemployment benefits.  Not to mention, mortgages are falling into delinquency by the millions and foreclosures are continuing to rise.

What’s worse is that for some, all of these problems are hitting people’s lives at once, leaving most to feel as though they have no option to find themselves out from under the pile of mounting bills and excruciating stress that is simply part of the package in regards to financial struggles.  While this can seem overwhelming, there are options for just about everyone, regardless of the specifics of a particular situation.

These options can include a home loan modification, a short sale of your home, debt consolidation/negotiation and perhaps bankruptcy.  Each of these strategies can present positive results to someone who’s struggling, and even the option that seems to be the last-resort – bankruptcy – can help you save your home in certain circumstances.  However, you need to find out how your situation fits into these different options before moving forward.

In order to take that first step, you need to seek the help of a professional who understands all of these contingencies and the laws that govern them.  You should start by contacting a home loan modification attorney at Phillips & Associates today to schedule an initial consultation, as your attorney will be able to take a close look at your situation and to help you map out a strategy that will give you the pathway to putting these problems behind you.  Contact the firm today to get this process started.

Mortgage Delinquencies Continue to Rise

Author: Arizona Loan Modification.
Time: Saturday, August 22nd, 2009 at 7:38 am.
Category: Avoid Foreclosure, Recent News.

The relationship between the mortgage crisis in the United States and the economic recession that dominates the news and everyone’s life is becoming the classic ‘chicken or the egg’ scenario.  Some feel that each has caused the other, but regardless of the actual answer, assuming there is one, the reality is that the mortgage market is traveling down the same path as the economy in general.

Additional evidence of this parallel was reported recently by the Associated Press, which provided the details regarding the delinquency rate of mortgages around the United States.  It should come as no surprise that for the eight consecutive quarter, the number of mortgage delinquencies continued to rise.

“The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC.

The credit reporting agency said its database shows delinquencies — or the percentage of mortgage holders at least 60 days behind on payments, considered a precursor to foreclosure — jumped to 4.58 percent nationally, from 2.99 percent for the 2007 fourth quarter.

The states that have shown the highest delinquency and foreclosure rates remain the same. Florida is on top, with a 9.52 percent rate for the fourth quarter, while Nevada is second with 9.01 percent. Arizona came in at 6.93 percent and California right behind at 6.88 percent.”

If you are struggling with your mortgage and you’re either falling behind or about to, it should be clear that you’re far from alone, especially in Arizona.  However, before you allow the situation to worsen, you owe it to yourself to take the necessary steps to save your home.  You may have options that include a home loan modification, but you need to be proactive and contact the attorneys at Phillips & Associates today to schedule an initial consultation.

Startling Number of Phoenix Mortgages ‘Underwater’

Author: Arizona Loan Modification.
Time: Thursday, August 20th, 2009 at 6:58 am.
Category: Avoid Foreclosure, How We Can Help, Recent News.

When a new phenomenon hits society, it’s often accompanied by new terms and jargon, and the ongoing mortgage crisis is no different.  One of the most common new terms is ‘underwater,’ which refers to mortgages where the amount owed on the loan is more than the home for which the loan was issued is worth.  When a mortgage is underwater, it often starts a disastrous chain reaction that leads to a default on the loan and many times a foreclosure.

According to the Arizona Republic:

“As much as 68 percent of all Phoenix-area homeowners with mortgages are “underwater,” meaning they owe more on their mortgage than their home is worth, according to a new report from Wall Street’s Deutsche Bank Securities.

More concerning is Deutsche Bank’s research that estimates 78 percent of metro Phoenix’s homeowners with mortgages will be underwater before home prices stabilize, which Deutsche Bank estimates will happen the first quarter of 2011.

The almost 50 percent plummet in metro Phoenix home values has led to the area’s negative equity problem. The people who need to sell and can’t sell for enough to pay off their mortgages are pushing the area’s foreclosure rate up. There is a partial solution: lenders following through on more home loan modifications and short sales.”

Obviously, home loan modifications could be a way out from under this problem for homeowners who qualify.  However, you’ll need the help of a home loan modification lawyer to make sure that you obtain put your best foot forward in terms of obtaining a new loan, as laws need to be followed and negotiations with the lender need to be handled properly.  If you are facing mortgage problems, contact the attorneys at Phillips & Associates today to schedule an initial consultation so you can find out of a home loan modification is an option for you.

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