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.

Arizona Loan Modifiers – Be Careful Who You Contact

Author: Arizona Loan Modification.
Time: Thursday, July 23rd, 2009 at 7:46 am.
Category: How We Can Help, Mortgage Loan Modification, Recent News.

Thousands of people in Arizona need help with their mortgages, as they are simply unable to keep up with their payments for several different reasons.  Given this reality, consumers are being inundated with solicitations and advertisements that promise a ‘quick resolution’ and an ‘easy end to your problems.’  The old adage applies – if something sounds too good to be true, it most likely is.

That notion was reinforced recently when the Attorney General of Arizona filed a complaint against a home loan modification company last week.  According to an article filed by Bizjournals.com:

“The case filed Monday in Maricopa Superior Court alleges that Santoya Financial Co. LLC and its two executives, Thomas J. Montoya and Robert Sanchez, advertised and promoted the firm as having an affiliation with the U.S. Department of Housing and Urban Development, which it does not, according to the filing.

As part of the complaint, the AG alleges that Santoya Financial, located at 2225 W. Whispering Spring Drive in Phoenix, charged fees for services that consumers could access directly for free.

According to court records, Santoya Financial began advertising loan modification services in March to consumers who were facing foreclosure on their homes. Sanchez was featured on a Phoenix television station in April and allegedly represented that his firm was “working with HUD while providing loan modification services to consumers,” the lawsuit stated.

Santoya charged consumers $1,199 plus the equivalent of one month’s mortgage payment, the lawsuit asserts.”

As you can see, the unfortunate reality is that the home loan modification industry is quickly becoming a dirty business where people will take advantage of consumers’ desperation.  Whether the officers of this company are guilty of what they’ve been charged with remains to be seen, but this is far from the only problematic practice in this new industry.  Rather than risk your future, contact a team of home modification attorneys with a firm that’s been practicing law in Arizona successfully for many years.  Contact one of our licensed attorneys at Phillips & Associates to get the process of reviewing your situation and working towards a solution started today.