Posts Tagged ‘default’

Hiring a Lawyer to Negotiate Your Mortgage Refinance in Flagstaff

Author: Arizona Loan Modification.
Time: Thursday, November 5th, 2009 at 1:53 am.
Category: Blog.

Flagstaff is one of the most scenic communities in the United States, and as a result the people who live here tend to live here for the long term.  When a community features long-time residents, it usually means that the local real estate market is relatively stable.  While the community has not suffered as desperately as many others in the wake of the financial meltdown that’s all but crippled both the American economy in general and real estate and mortgage markets in every state, there are still many homeowners who are deeply troubled with the prospect of losing their homes.  Fortunately, there is help available, and that all starts with contacting a Flagstaff mortgage refinance attorney.

Looking at the local statistics, anyone could see that more people in the Flagstaff area need help now than even just a few years ago.  In terms of foreclosures, Flagstaff’s market hovered at under 0.01% for years up until around early to mid-2007.  Since then, the foreclosure rate has jumped to a high of 0.07%, and this fast rise in foreclosures all took place within a period of two years.

One can also track the rise and ultimate burst of the real estate bubble in Flagstaff merely by looking at the last four years of the local home value index.  In 2005, that index value sat at $251,900.  In 2006, the height of the bubble, that number had risen to more than $352,000.  However, since reaching its peak, the index has dropped precipitously to a figure of $285,900.

Given that sort of instability in the market, many people now find themselves with mortgages attached to their properties that are all but untenable, especially those who purchased a home when the values were at their highest.  Now that the market has dropped, people need help to save their homes by avoiding defaults and ultimately foreclosures.

One avenue that could be a solution for many is a simple mortgage refinance.  Many lenders are willing to work with borrowers to this end in order to avoid the expense of foreclosure proceedings and the ultimate loss involved with selling off a property below the note’s value.  However, you’ll need experienced professional help in order to negotiate a fair rate, so contact the Flagstaff mortgage refinance lawyers at Phillips & Associates today to schedule a free initial consultation.

Tucson Home Loan Modification

Author: Arizona Loan Modification.
Time: Thursday, November 5th, 2009 at 1:23 am.
Category: Blog.

Tucson is a real estate market that over time has been relatively stable in terms of its property value index and foreclosure rates.  This may be due to several factors, but just like every other real estate market in the United States, Tucson has suffered as a result of both the overall economic downturn in the United States and the collapse of the real estate and mortgage markets.  As a result, many homeowners are not sure where to turn for help, but some have obtained the answers they needed by seeking the counsel of a Tucson home loan modification lawyer.

One look at the specific statistics that relate to the Tucson market should bring anyone to an understanding of why every option, including a home loan modification, should be reviewed in the search for a solution.  In terms of the local home value index, the Tucson market has suffered.  In mid-2006, the average value of a home sat at $256,000.  In mid-2009, that number had dropped to $174,000.  That’s a drop of more than 30%.

When viewing the foreclosure percentages during the same time frame, one could understand how so many people were feeling nothing short of desperate in many situations.  In mid-2006, the Tucson foreclosure rate sat at 0.033%.  In mid-2009, that rate had skyrocketed to just under 0.3%, which is a climb that’s all but unprecedented in the past 75 years, or since the Great Depression.

What all of this means is that people need help, and this help needs to be available in the form of solution options.  One such potential option is a home loan modification for those who qualify.  Every situation is different, but for those who meet the criteria, a home loan modification could allow for an existing mortgage to be modified such that either the total amount of the note is reduced, the interest rate is reduced or the life of the note is adjusted, thereby assuring the lender that the homeowner will avoid default and ultimately foreclosure.

However, obtaining such an adjustment involves more than simply filling out paperwork with the lender.  You need the help of a Tucson home loan modification attorney to make sure that you are doing everything possible to secure the most equitable result possible.  Contact the law firm of Phillips & Associates today to get this process started and to move towards saving your home.

Hiring a Lawyer to Help You with Your Tempe Refinance Effort

Author: Arizona Loan Modification.
Time: Tuesday, November 3rd, 2009 at 5:51 am.
Category: Blog.

Tempe is a community that’s known around the world for its beauty, its culture and its proximity to a renowned education center in Arizona State University.  In short, people want to live near these sorts of areas for many reasons, but unfortunately for many, the economic disaster that has unfolded around the world has left many residents wondering what to do next when it comes to their homes and mortgages.  However, there could be options for you, and below you’ll find a few reasons as to why you should contact a Tempe mortgage refinance lawyer to work with you towards a solution before a serious problem arises.

1.  Lenders Need to Cut Potential Losses and Risks

Many people wrongly assume that their lender will not work with them towards refinancing a mortgage so that it’s less inherently risky for both parties.  Lenders have been taking on losses in record numbers over the past year because of some of the irresponsible loans that have been approved, and the statistics tend to support this notion.  The home value index for the area has dropped by almost 20% in the past year, meaning that many people are facing mortgages worth more than their properties.  If a lender repossesses a home through foreclosure, that property will likely have to be sold at a loss.

2.  Lenders Need Market Stability as Much as Borrowers

Given the high number of foreclosures in the area and the number of ‘under water’ mortgages, the market is as unstable as it’s ever been.  This is not only a troubling sign for lenders in terms of their existing loans, but also for prospective loans that will not be as profitable overall given the general hesitancy to borrow.

3.  Foreclosures are Costly

Foreclosure is an expensive process.  The lender must record all of the steps of default, issue several legal notices and then provide for all of the procedural steps that allow them to retake the property.  All of this is done merely for the right to re-sell the property at a loss, as was mentioned above.

Overall, the conditions are ripe for those who qualify to refinance their mortgages.  However, you will need an experienced professional working with you in order to be sure that you are getting a deal that’s fair and within the guidelines of relevant laws.  Contact the Tempe mortgage refinance attorneys at Phillips & Associates today to schedule an initial consultation.

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