A Potential Opportunity for Homeowners Badly in Debt
The goal of a negotiated home loan modification is generally to either bring down the interest rate, reduce the amount of principle, or both. The process by which a loan modification is accomplished and the particular features of a modification can vary widely from instance to instance.
In many cases, we are seeing loan modification applicants being placed into a trial period of three months or more — some without a definite time frame. This may be due to the fact that this area of law and the economy is in constant flux.
Recent legislation changed the parameters of loan modification in the United States. Although money was sent to banks in order to encourage home mortgage loan modification, there is still much discussion and uncertainty regarding what these changes mean, how much money is available, and what types of loans or loan modifications are possible.
There are many informational resources available to consumers in Arizona who wish to learn more about loan modification, including:
- NACA Neighborhood Assistance Corporation of America
- HOPE NOW Homeownership Preservation Foundation Hotline (888-995-HOPE)
While these resources are certainly valuable, your interests may best be served by consulting a bankruptcy and foreclosure attorney with extensive experience and a record of success in stopping foreclosure and preserving home ownership in Arizona. We invite you to contact our offices today to schedule a free, no obligation, no pressure consultation with a lawyer at our firm.
Our offices are conveniently located in Phoenix, just south of the Biltmore, minutes from Hwy 51, and in downtown Mesa.
