What Is a Arizona Home Loan Modification?
Arizona Home Loan Modification is a negotiation between a lender and a borrower where the loan terms are restructured without refinancing or creating a new loan. The rate and terms of your loan are restructured to fit your current financial situation.
The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.
We currently work with most every major bank and lender to secure a Arizona Home Loan Modification in order to help them help you.
How do you do it?
In these market conditions, the banks, lenders, and mortgage servicers have been mandated by the Federal Government to do everything they can to work out a payment plan with their borrowers. This is a great thing for today’s borrowers, especially for those who are running late on their payments or are having trouble making them on time.
Within 24 hours after The Butler Law Office[link to Contact Us page] provides your Arizona Home Loan Modification application package to your lender, our legal team will contact your lender to notify them that we will be negotiating a Arizona Home Loan Modification on your behalf. From then on, we will be working with you and your lender in order to find a solution to your mortgage problems.
Are lenders, banks, and mortgage servicers really willing to negotiate?
Definitely. Lenders do not want to foreclose on your home unless they have no other alternative. If you can present them with a realistic professional proposal that makes sense, they are very open and receptive to the Arizona Home Loan Modification process.
Who qualifies for a Arizona Home Loan Modification?
Anyone who can prove they are having a tough time and who has a regular income. Especially those who are at least one month behind on a mortgage payment, those with negative amortizing loans, those with loans that are about to adjust, those who are upside down on their loan and those who would rather keep their home than do a short sale. Also, there is no credit check.
Basically, the bigger the hardship you are having, the more negotiating power you have with your lender. Remember, they don’t want to foreclose on you. They would rather keep you in your home and create a solution that will be affordable to you, rather than go through the cost and expense of foreclosing on your property.
Why should I choose a Arizona Home Loan Modification?
If you are having trouble and behind on your payments you have several different options to fix your problem. A Arizona Home Loan Modification is a good solution if you: cannot refinance, are struggling to make your payments, are behind on your payments, have experienced a genuine hardship, and want to stay in your home. A Arizona Home Loan Modification is a permanent solution to your situation and is not meant to be used as a temporary stop to the foreclosure process.
Can I negotiate a Arizona Home Loan Modification myself?
In short, yes you can. You can contact your lender or your bank and see about going through the process of Arizona Home Loan Modification. But, keep in mind that your bank has their best interest at heart. They neither have the time nor the inclination to hear about what troubles you might be experiencing.
What usually ends up happening is that the bank will negotiate an agreement that helps them but may leave you with and insufficient solution. This also takes many hours of communication and back and forth information exchanges in order to accomplish. A Arizona Home Loan Modification is not easy to complete on your own and the outcome may not be as favorable as you need.
When you contact the bank they will ask for a “hardship letter” from you. When they receive that letter, they will usually tell you that they will get back to you in about 8 weeks. By the time you get back with them, or if you are lucky enough to get a call from them, you’re already in worse shape than when you first started negotiation.
Why Does The Butler Law Office Have More Success?
Our staff has been doing Arizona Home Loan Modifications since the modification programs started. Every day we are negotiating banks and lenders. We have open lines of communication with most lenders, which gives us the ability to negotiate directly with the person who is in charge of making a decision on your loan.
We also create a professional legal file on your behalf. The file includes all of your financial data including income, assets, expenses, and unexpected intangible expenses. We couple this with a property analysis and we package this together in a file that makes it easy for the lender to read and understand. This allows for a more comprehensive and quicker response than you would get through other forms of negotiation.
I’ve spoken to my lender and they just want all their money. Can you still help?
Yes! Many of our clients have experienced this same kind of inflexibility from their lender before calling us. Your lender or mortgage servicer is going to try to put you into something that will benefit them first and put your needs last.
Our staff has experience working with a variety of lenders, banks, and servicers; and we have the credibility and reputation to work with even the toughest lenders. We have direct contacts with most lenders and banks and we are always taken seriously.
What do you need from me to get started?
If you believe The Butler Law Office can help you, then we will need some basic information about your current financial situation. This will better allow us to make an evaluation of just how we can help. Please see our webpage: What to Bring to Your Modification Appointment to learn what we will need.
Will I have to meet with my lender?
No. We take care of all the paperwork and all of the negotiating on your behalf.
How long does the process usually take?
Unfortunately most Arizona Home Loan Modifications take longer than anticipated, depending on the type of loan and the individual situation. Many times we find that the time required is based on how quickly the client can provide the documentation requested by our office and any further documentation required from the lender. Once the package is prepared and submitted to the lender it is a matter of negotiation and how quickly the Lender responds. Some lenders and servicers are quicker than others. We have seen final modification offers from lenders in as quick as 3 weeks and as slow as 1 year. Although most take less than 6 months.
The Butler Law Office has over thirty three years of legal experience and can assist you in obtaining a Arizona Home Loan Modification to make your home more affordable!