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.

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.

Lenders Stuck with Thousands of Properties

Author: Arizona Loan Modification.
Time: Tuesday, August 18th, 2009 at 8:01 am.
Category: Mortgage Loan Modification.

We posted recently about why mortgage lenders are generally amenable to working out a home loan modification solution for those borrowers who qualify, and the reason that this is the case is because of the expense and eventual loss that these lenders incur during the repossession/foreclosure process.  Now comes word that lenders in the Tucson area are concerned about what to do with a plethora of properties that have basically been abandoned.

According to Inside Tucson Business:

““What we are seeing is people give up hope as they try doing a loan modification,” said Long Realty Senior Associate Broker Rebecca Patsch. “They’ll leave their house and then the lender will file for a trustee sale, which typically the trustee sale will happen 90 days after the filing. But what we’re seeing is lenders are not completing the foreclosure for six months to a year after the filing. So that’s why a lot of these houses are just sitting there with no one in them and they’re not listed for sale; the lender hasn’t foreclosed.

Tucson ranks among top metro areas for foreclosures, according to a report released July 29 by RealtyTrac. For the first half of 2009, Tucson ranks 40th, with more than 7,000 properties, or 1.67 percent, having foreclosure filings. Other areas in Arizona above the 1.19 percent national average for foreclosures were Phoenix-Mesa-Scottsdale (ranked No. 9) and Prescott (No. 27). No. 1 in the country is Las Vegas.”

One of the reasons that the lenders are sitting on so many properties is because they do not want to record all of the losses at once.  Therefore, if you are facing potential problems with your mortgage, you need to make sure that you obtain the guidance you need to find out if you can save your home.  Contact the home loan modification attorneys at Phillips & Associates today to schedule a free initial consultation.

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