Is it possible to get a loan modification in Arizona?
Kind of.
It is actually possible, but I haven’t really seen it happen all that much. In fact, according to Kevin Hardin from Thomson Law, one of the most common problems with getting a loan modification done is that it might not be the best solution in the first place for a homeowner.
There are many different situations when it comes to people and their homes – and there is no one-size-fits-all solution. Some people may have a situation where foreclosure makes the most sense, some may be in a situation where a loan modification can make sense and many will be in a situation where a short sale makes the most sense.
Regardless of which of the “bad three” options makes the most sense for your situation, one thing makes perfect sense regardless – hire the best real estate attorney you can.
Here in Arizona, we refer people all the time to Thomson Law and here is a little bit of information from the managing director there about what you need to know about loan modifications.
#1: Who really “owns” your loan?
Here is just a little more information about some of the things Hardin covers when talking about loan modifications and what to expect as you attempt to get your lender to modify your loan.
Arizona Loan Modifications: 7 Things To Know
- Who really owns your loan? It may not be who you think
- Your permanent loan modification isnt permanent?
- A forbearance isnot the same as a principal reduction
- Once you are underwater in your mortgage, it is virtually impossible to no longer be underwater
- Are loan modification payments current payments?
- Does a loan modification save your home?
- How long before you can become a homeowner again?
Have more questions about what is possible when it comes to loan modification here in Arizona? Be sure to contact Kevin and learn what your options are.
Thomson Law PLC
Kevin Hardin, Managing Director
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016
602.774.3757
