FAQ
Arizona Home Loan Modification Questions
Phillips & Associates is a law firm that has helped many people dig out of their mortgage and/or foreclosure holes many times over the years. People have come to us with many different factual scenarios and reasons that have led to the problems they have faced, but regardless of all of those different situations, the attorneys at the firm have come to identify a few questions that are frequently asked.
If you are facing the prospect of losing your home, we strongly recommend that you take immediate action by contacting us. If there is a way to save your home, we will explain how it can be done and help you get there. In the meantime, below are just a few examples of the questions frequently asked by our clients.
How do I get the collection calls and letters to stop?
Anyone whose mortgage is behind in payments is dealing with heavy collection efforts. What this should tell you is that those who own your mortgage note are most interested in working out a solution to save your home as well. If that does not happen, the mortgage underwriters likely lose money as well. An attorney can help stop the collection efforts while you work towards a solution.
What is a mortgage modification?
A mortgage modification is like any loan modification, in that the entity that owns your note would agree to either lower the interest rate or lower the amount you owe on the loan, thereby lowering your monthly payment and giving you the opportunity to catch up on your delinquency. This is a possibility for many, and you owe it to yourself to seek the help of an attorney to explore it fully as an option.
Will I have to file for bankruptcy protection?
That answer depends on the specifics of your situation, but if you work with Phillips & Associates, we will only recommend bankruptcy protection if there is no other viable option. For most of our clients in this situation, there are other options, but even if you do need to file for protection, it is not as negative as it seems in general.
Why should I contact an attorney as opposed to a mortgage broker?
There are many reasons why an attorney is a better choice than a mortgage broker. First of all, mortgage brokers are paid largely on the commissions they earn when they write a loan. While they are far from the only reason this housing crisis exists, they were one of the reasons that millions of people now find themselves dealing with a serious problem. Additionally, when you are facing foreclosure, several laws and regulations come into play that could have an effect on your situation, and you need an attorney to work with you so none of those laws are overlooked or broken as you work through this process.
Your Next Step
As you see, there are questions that are quite common in nature. However, no two situations are ever exactly alike, which means that if you would like to obtain specific answers to your specific problems, contact the attorneys at the Arizona law firm of Phillips & Associates today to schedule an initial consultation.