Posts Tagged ‘mortgages’

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.

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.

Attorney General Calls for Changes to Home Loan Modification Programs

Author: Arizona Loan Modification.
Time: Saturday, August 15th, 2009 at 5:08 am.
Category: Mortgage Loan Modification.

The concept of the home loan modification is relatively new to American society and to the legal and business communities, and it stands to figure that as the first wave of home loan modification programs begin to mature, some will notice aspects of them that they’d like to see changed.  Given the reactionary nature of the birth of this notion to begin with, the fact that some would like to add or subtract certain tenets should not come as a surprise.

One of the people who’d like to see some changes is the Attorney General of Arizona, Terry Goddard.  He put forth some thoughts recently at a foreclosure workshop in Phoenix, and AZCentral.com provided some of the highlights of the points made:

“1. Not count towards servicers’ commitments or include in calculations of a re-default rate any modifications that do not lower borrowers’ monthly payments. Modifications that result in a higher payment due to capitalization of arrearages and fees are unlikely to be a solution for borrowers.

2. In order to move borrowers into sustainable mortgages, servicers must begin to forgive feesand, when appropriate, reduce principal and not just reduce interest rates and extend terms. Throughout this crisis, servicers have responded by taking half steps in hopes of an imminent or near term recovery in the housing market. It is time to recognize the reality of the situation, accept losses and move on. This is particularly true for Payment Option ARMS, many of which will require a reduction in principal in order to achieve a sustainable modification.”

There were several points made, but the overall point of the ideas was that the process should be streamlined and simplified.  Whether that happens or not remains to be seen, but in the meantime, many people do not have time to wait for the political haggling to finish.  If that includes you, contact a home loan modification attorney at Phillips & Associates today to schedule an initial consultation and to work towards the real possibility of saving your home.

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