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.