Posts Tagged ‘foreclosure’

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.

Scottsdale Home Loan Modification

Author: Arizona Loan Modification.
Time: Tuesday, November 3rd, 2009 at 5:35 am.
Category: Blog.

Scottsdale has always been known as a community that’s very stable in terms of its economics, and it’s also one of the most desirable areas in which to own a home in all of Arizona.  Despite this stability, Scottsdale is suffering on a macro-level scale like everywhere else, in that it has not been able to escape the grip of the disastrous economic downturn that has all but crippled the national economy.  The biggest asset that these conditions affect on an individual level is someone’s home, which is why anyone who is facing the possibility of getting into trouble with their mortgage should contact a Scottsdale home loan modification attorney as soon as possible.

One look at some basic statistics should provide the perspective to those who are struggling that they are far from alone.  The foreclosure percentage for Scottsdale has skyrocketed since 2005, when the percentage was a microscopic 0.002%.  Since then, the rate has climbed to just under 0.2%, which represents a one hundred-fold increase in the number of troubled properties.

In addition, the number of homes sold for a loss has also spiraled out of control.  Using the same time frame, the number of homes sold for a loss in 2005 sat at approximately 0.5%.  That rate has climbed as high as just under 33% in 2009.  There is no way to look at that trend and not see a developing economic disaster relative to the amount invested in these local properties.

However, there are options available to those who suddenly find themselves tied into a mortgage that’s worth more than their properties.  The federal government has come out with a home loan modification program that is geared towards helping those who qualify save their homes, but you will need the help of a professional who understands these new laws and how to deal with the lenders who must also work within them.

If you’d like to obtain a more thorough understanding of how this process works and whether or not it’s the proper strategy for you, the Scottsdale home loan modification lawyers at the law firm of Phillips & Associates can help you clarify your questions.  Contact the firm today to schedule an initial consultation.

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