Scottsdale Home Loan Modification

Author: Arizona Loan Modification.
Time: Tuesday, November 3rd, 2009 at 5:35 am.
Category: Blog.

Scottsdale has always been known as a community that’s very stable in terms of its economics, and it’s also one of the most desirable areas in which to own a home in all of Arizona.  Despite this stability, Scottsdale is suffering on a macro-level scale like everywhere else, in that it has not been able to escape the grip of the disastrous economic downturn that has all but crippled the national economy.  The biggest asset that these conditions affect on an individual level is someone’s home, which is why anyone who is facing the possibility of getting into trouble with their mortgage should contact a Scottsdale home loan modification attorney as soon as possible.

One look at some basic statistics should provide the perspective to those who are struggling that they are far from alone.  The foreclosure percentage for Scottsdale has skyrocketed since 2005, when the percentage was a microscopic 0.002%.  Since then, the rate has climbed to just under 0.2%, which represents a one hundred-fold increase in the number of troubled properties.

In addition, the number of homes sold for a loss has also spiraled out of control.  Using the same time frame, the number of homes sold for a loss in 2005 sat at approximately 0.5%.  That rate has climbed as high as just under 33% in 2009.  There is no way to look at that trend and not see a developing economic disaster relative to the amount invested in these local properties.

However, there are options available to those who suddenly find themselves tied into a mortgage that’s worth more than their properties.  The federal government has come out with a home loan modification program that is geared towards helping those who qualify save their homes, but you will need the help of a professional who understands these new laws and how to deal with the lenders who must also work within them.

If you’d like to obtain a more thorough understanding of how this process works and whether or not it’s the proper strategy for you, the Scottsdale home loan modification lawyers at the law firm of Phillips & Associates can help you clarify your questions.  Contact the firm today to schedule an initial consultation.

Maricopa Home Loan Modification

Author: Arizona Loan Modification.
Time: Thursday, October 29th, 2009 at 7:10 am.
Category: Blog.

Anyone who owns a home understands that the United States is working through a terrible real estate and mortgage crisis, and Maricopa is no different than anyplace else in terms of not escaping the grip of this historic downturn.  Many people in the area have found themselves to be without any options when it comes to finding a solution for their mortgage problems and have lost their homes.  However, despite the troubling statistics and market conditions, you may have a solution available to you.  In order to find out, you’ll need to contact a Maricopa home loan modification attorney to obtain more details.

One look at some very basic statistics should tell the story when it comes to real estate and mortgages in Maricopa.  Many people assume that homeowners wind up owing more on their mortgage than their property is worth because they fall behind on payments or because balloon payments and the like come due.  While these instances do occur, it overlooks the overriding fact that many people are upside down on their mortgage because of the precipitous drop in property values in the area.

In early 2006, which was the time when many experts would describe as the ‘height of the real estate market bubble,’ the average home value index in Maricopa was approximately $270,000.  As of early October in 2009, which some are starting to call the ‘bottoming out’ period, the home value index in the area sits at just over $107,000.  That’s clearly a huge drop, and even those who have been making their payments find themselves buried under a mountain of debt.

In addition, the foreclosure rate in the area has risen ten-fold during that same time frame, which only harms the overall property value index in its own right.  Therefore, people need help.  Luckily, there are options available, and one potential solution would be a home loan modification.  This is a process whereby your lender basically works with you to change one or more of the terms of your loan, but you’ll  need the help of a Maricopa home loan modification attorney to make sure that you give yourself the best chance for an equitable solution.  An attorney will understand not only the new laws that govern this situation but also how to properly negotiate with your lender to work towards a solution.  If you are concerned about your mortgage, contact an attorney today to evaluate your options.

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.

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