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.

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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