Recent Government Legislation Gives Homeowners A Chance To Lower Mortgage Payments, Stop Foreclosure and Get Rid Of Late Fees and Back Payments!

Recently, there was legislation passed mandating that banks modify the mortgages of homeowners struggling to make payments on their home loans REGARDLESS of whether they were delinquent or currently had a notice of default.

Furthermore, this legislation states that any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended.

So, if you’re struggling to make your home mortgage payments, and fear that you’re headed down foreclosure road, get started now!

Loan modifications can take up to 12 weeks to complete in some cases, so the sooner you act, the sooner your payments drop.

If you’re a resident of Arizona and require a loan modification due to a hardship, or inability to meet your mortgage agreement, you might be feeling a little helpless. An Arizona loan modification can sometimes be a little harder to obtain than a simple phone call to your lender asking to lower your payment, but don’t fear.

A loan modification is simply the adjustment of terms within your current mortgage to come to a win-win agreement between you and the lender. This is done to offset the number of homeowners that may potentially lose their homes due to:

• Loss of job
• Medical expenses
• Increased mortgage due to a predatory loan
• Etc.

Arizona loan modifications differ quite a bit since the economy has taken such a harsh turn here. Unlike many places in the nation, Arizona has been hit among the hardest and homeowners are simply not able to absorb the burden any longer. Subsequently, lenders are becoming significantly more willing to work with homeowners in AZ.

Adjustment to the terms of a homeowners loan in Arizona vary widely. Due to the differing economy here, lenders have been known to adjust:

• Interest rates
• Term
• Principle Balance (although rare)
• Remove, adjust, or completely forgive late payments and legal fees
• Postpone notice of trustee sale, and even foreclosure altogether

Mortgage loan modifications take time, however. Even with lenders willing to work with Arizonans, there is still a lengthy process which is required to obtain a mortgage modification.

So, to get started as soon as possible, simply apply using the form to the right and find out if you qualify for a mortgage modification today! There is no obligation to apply.

There has been a lot of talk about banks and private servicing companies requiring that you be late on your payments to be eligible for a loan modification. To clear up the confusion, let me just say that simply isn’t the case. There is one caveat to that, however.

President Obama has recently released an incentive for banks willing to help homeowners in need but not delinquent. This means that many homeowners will be able to obtain a loan modification even if they’re not late on their payments.

The real world scenario on that, however, is that many banks are still not complying, and even when they do, they are being very sparse on the amount that they will modify a payment.

Going late on your mortgage to obtain a loan modification is never recommended (or it shouldn’t be at least), but often times borrowers that are the most likely to default (i.e. those that are late already) get the attention of the banks more readily.