A Loan Modification Program is a program created by the State of Arizona that entails the modification of the initial terms of your loan in order to make an easier payment scheme for you.
These recent times, monthly rates are overwhelming especially for those who applied for a loan with a good financial situation before the economic meltdown. With this kind of situation, the ending was usually foreclosure. In addition to that, banks cannot cover their loss anymore, because of the drop of interest rates in the foreclosed homes.
The banks in Arizona face monetary problems owing to the increased number of individuals defaulting on their loans. People who foreclose their homes because they cannot pay their rates aren’t making a feasible solution for the lenders, especially that the number of foreclosed homes surmounts the request. Now, people are not interested in investing for homes, making things difficult for the bank to recover their loss. The government of Arizona made the first move in solving this problem by passing the law, which permits the mortgagor to request modifications for the initial contract, especially for those who are facing difficulties in their monthly rates payment. This is a prescience that can bring benefits to both collaboration parties. With this program, clients can receive more affordable rates and there is no need to risk losing their properties. Through the expansion of the length of the contract, clients will have ample time to pay for it. For instance, a loan with five years of huge monthly rates can be expanded into a loan with smaller, accessible rates and payable in ten long years. Aside from that, banks will be benefited from the continuing of the collaboration with the debtors, rather that foreclosing their goods. Being well informed before going through negotiations with the bank will help you a lot. Seek professional advice in order for you to obtain the best deal possible. You can also win many advantages, because of the fact that the renegotiation is important for both the bank and for you. You will need to help the bank, but it is in the interest of the bank to offer you the best deals.
The loan modification program supports the relationship between the clients and his/her lender in order to evaluate as a partnership. With it, the government hoped hat the number of foreclosed houses will decrease, especially now that these new countermeasures are released. A proof of the success of this program is the increasing number of retained houses being returned in the possession of their real owner.
Legacy Home Mortgage 602-790-7999 4040 East Camelback Road,#200 Phoenix, AZ
Gold Coast Mortgage Group (520) 299-3745 5580 N Suncrest Place Tucson, AZ
American Life Financial 480 835 5001 935 E. Main Street Mesa, AZ
Sun American Mortgage 480-467-1107 4140 E. Baseline Rd. Mesa, AZ
National Lender 623-695-7776 3005 S.47 Th. Ave yuma, AZ
Quicken Loans (866) 602-1549 4200 E Zuni Way Rimrock, AZ
Nova Home Loans 480.614.6409 8800 East Raintree Dr. Ste 180 Scottsdale, AZ
GS Capital Lending 480-699-8813 633 E. Ray Road Ste #135 Gilbert, AZ
River Valley Mortgage 928-854-5363 157 Paseo del Sol Ave Lake Havasu City, AZ
Freepoint 602.625.5400 4110 N. Scottsdale Road Scottsdale, AZ
Arizona Foreclosure Prevention Task Force
Community Legal Services
Don’t Borrow Trouble Pima County
DNA – People’s Legal Services
Lawyers Helping Homeowners
Southern Arizona Legal Aid
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
