Arizona Foreclosure HELP

If you live in the great state of Arizona, you have been affected by the mortgage crisis in some way. Whether you are facing foreclosure, one of your relatives just lost their house or your neighbors house has been empty for the last 8 months - Arizona has the 2nd most foreclosed homes in the United States.

If you live in Phoenix and you have not been affected by the mortgage crisis, good for you! If you are like the thousands of home owners who are losing everything pay attention.

If you are facing foreclosure you have many options - all that ultimately keep you in your home. Being forced to move from your home could possibly be the worst thing that could happen outside of a death. All the memories, accumulated posessions, work to find a new place etc. We all know what a pain that is envolved, it is our job to make sure you don't go through it.

At SOS Home, we have saved hundreds of home owners with Arizona foreclosure assistance and saved their home. We have a staff of registered foreclosure experts who can service home owners all over the county. We specialize in Arizona foreclosure assistance and Colorado foreclosure assistance having offices in Phoenix and Denver. This does not limit where we are able to help. We are able to council our clients over the phone since most of our work is done on the phone anyway with mortgage lenders etc.

We always give our fist consultation for free so any questions or concerns you have we will do our best to answer them. If you choose to go with us for you Foreclosure help, we only charge if we are successful! This is not a lie, we only get paid if we save your house... can you lose? NO

Check out our website for more information http://www.866soshome.com/ or call us at (866) SOS-HOMe [866-767-4663]

Loan Modifications Help to Avoid Foreclosure

(Source: Jose Montero)

This subject has received a lot of press lately. With the resetting of mortgage rates to higher levels, the foreclosures are bound to go higher. Short sales have not been a good option since the banks at taking forever to respond to any offer that is sent their way. That leaves the loan modification as the first and easy step to follow to avoid foreclosure for the homeowner. But be careful, there are many companies out there right now that claim to be saviors, but are more like predators looking to take what little of your money is left. So what is a loan modification and what can it do to help you avoid foreclosure?

In a loan modification you are asking the bank to help you stay in the home and avoid foreclosure. They can do this by modifying the loan terms to reduce your monthly payments. Sometimes this is done on a temporary basis, and often it is done permanently. The first thing you should do when you are having problems meeting your mortgage obligations is to talk to your bank. I read a recent article that half the number of people that default on their mortgages never talk to their banks. This is inexcusable since the bank can do many things to help the homeowner avoid foreclosure.

Talk to your bank. Let them know you are having, or will soon have, a hard time making payments. Talk to them about your financial status. If you have recently lost, or are in the verge of, losing your job, let them know. Talk to them about anything that is affecting your ability to make the mortage payments. Please always keep in mind that the bank WANTS to talk to you. They might not always help, but this first contact is crucial if you later want to request a short sale on the property.
Document your Loan Modification efforts - Write down who you talk to and when. Document what was said to you and by whom. Talk to several different lenders and mortgage brokers to see if refinancing is an option. This is important since you might be later requested to show that you put some effort into avoiding foreclosure.
What to ask from the Bank- Let your bank to know that you will not be able to continue to make payments on your mortgage and you need assistance. Ask the bank to modify the loan by reducing the interest rate, forgiving part of the principal, extending the maturity of the mortgage (15 years to 30 years), foregoing payments, etc. There are many ways that the bank can help you avoid foreclosure, but you have to initiate the contact.

Most likely you will be speaking to someone in the Collection Department as part of the modification process. If they are not able to help, ask to speak to the Loss Mitigation Department. They are the ones that get involved if the person is on the verge of losing their home. Ask them about the possibility of doing a short sale on the property.

Get Advice!!! Talk to your CPA, attorney, about any impact that a short sale, foreclosure or bankruptcy can have on your financial future. This is important!

Consult with a real estate agent that is knowledgeable about short sales. This is a very complex and time consuming process. Most real estate agents will avoid short sales, and do not want to be bothered with them. Get someone with training and experience to assist you through the entire process.

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Stop Foreclosure Assistance

(Source: Robert Ramos)

Foreclosure assistance is also known as loan or loss mitigation. No matter how you word it the goal is the same; you want to keep your home! In the process of mitigation with the bank, many foreclosure assistance companies have also been known to achieve a lower monthly payment for the borrower, a reduced interest rate and bring down the principle balance of the loan.

A good stop foreclosure assistance company should include a few services. First off is loan mitigation with the bank. I would make sure that once you submit your financials and hardship package to the foreclosure assistance company that they make sure you qualify before taking your money (A free Consultation). In other word, when you contact an Arizona foreclosure assistance company you need to get a hardship package filled out and reviewed by the company to make sure they are confident you qualify. Do pay any money till you have taken theses steps.

The good news is that if you qualify for a loan modification with the bank. You can possibly receive a lower monthly payment, lower interest rate and even have the principle amount of your loan brought down. It is important to make sure the foreclosure assistance program you are working with is going to attempt this option before any other. The benefits can be well worth it.

A true stop foreclosure assistance program is design to help the borrower achieve great results. No, company giving any type of stop foreclosure assistance should not disregard loan mitigation option with the bank. It is well know that a good loan mitigation expert will have excellent results getting your loan modified.

That's the whole idea behind hiring the foreclosure prevention specialist in the first place. You want to have a trained professional mitigate with the bank. This way you can have your loan modified. When done properly you will be able to afford and keep your home.

More on Avoiding Foreclosure

Arizona Foreclosure Assistance

If you live in Arizona, you know its one of the top three states with residents facing homes in foreclosure. Most of those home owners facing foreclosure in Arizona think they need to pack their bags, they have no option. This is actually the complete opposite-you do have many options.

At SOS Home, we have helped hundreds of home owners with Arizona foreclosure assistance. If you have missed a few mortgage payments or have already received a notice from your lender, make sure to give us a call to help guide you through your options. We are foreclosure specialists and guarantee a successful campaign. Check out our website: http://www.866soshome.com/ or give us a call (866) 767-4663

Back to Foreclosure Help

Funny Video

Foreclosures Increase 52%

(Source: Austin Business Journal)

Foreclosures for January 2009 rose 52 percent over the same month last year for the nine-county Central Texas region.

Postings filed for the upcoming Jan. 6 auction totaled 2,329 notices, compared with the 1,534 postings filed for the same month last year, according to Addison-based Foreclosure Listing Service Inc.

“Foreclosure postings filed for the upcoming auctions in January were higher in all nine counties than they were one year ago. In seven of the nine counties, the gain in posting activity was 50 percent or greater,” said George Roddy Sr., president of Foreclosure Listing Service.

That gain was surprising in the face of Fannie Mae and Freddie Mac’s pledge to suspend foreclosures on occupied homes until Jan. 9th, Roddy said.

“Fannie Mae/Freddie Mac’s pledge is on occupied single-family homes. Therefore, abandoned or vacant single-family homes will still be auctioned off,” Roddy said. “I am estimating that vacant homes comprise approximately 20 percent to 25 percent of Fannie Mae/Freddie Mac’s foreclosure postings.”

The highest gains in the Austin area came from Travis County, with a 58 percent increase over January 2008; Bastrop County, with a 73 percent increase in that same time period; and Williamson County, with a 50 percent increase in foreclosure postings over the same month last year.

Hays County had only a 9 percent increase in January from the same month in 2008, but its foreclosure postings rose 27 percent from the previous month.

Home foreclosure filings must be in at least 21 days before a foreclosure auction, Roddy said, which is why the company can list the January foreclosure numbers.

The foreclosure auction for mortgage delinquency and homeowner’s association fee delinquency takes place the first Tuesday of each month in every county seat throughout Texas.

Mortgage Loss Mitigation

(Source: Joe Gufford)

One of the by-products of the current state of the economy is the large amount of real estate foreclosure. They're at an all-time high, and many more are expected in the near future.

What this means is that lenders/investors are getting a very low return on their investments. They're in the business of lending money to buy homes, not to own them and sell them at substantial loss. Logically, these investors are willing to keep the cash flowing in, albeit at a rate less than they agreed. They are mitigating losses they're incurring with bad mortgages. Mortgage loss mitigation may include one of several solutions, from loan modification to foreclosure, special forbearance to repayment plans and others.

In response to the large pool of potential customers, hundreds of companies are popping up claiming to provide relief to homeowners facing foreclosure. Many of these companies are advertising they provide loan modifications. Period. Beware of such statements, as no one can guarantee they will provide or negotiate a loan modification. Each situation is different and many will not be agreeable to the lender. Research any loss mitigation provider, and be very wary of those who promise loan modification and only loan modification. Because of its popularity, a lot of unqualified individuals are claiming to be foreclosure experts and offer loan modification to earn some money. Be careful who you decide to work with, although the good ones are very helpful, the bad ones definitely are not!

There are firms with foreclosure consultants and specialists who are licensed and certified by U.S. HUD to bypass the servicer and work directly with the lender/investor on the borrower's behalf to negotiate the best workout plan.

For those interested in exploring Mortgage Loss Mitigation, be prepared to provide income and expense information and be ready to budget. The lender will need to know an accurate financial picture in order to be willing to negotiate a workout plan for a mortgage.