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Arizona Loan Modification Information

Arizona Loan Modification

Arizona loan modification options can often be confusing to people. Are you confused? If so, don’t fret – when it comes to Arizona loan modification options, there are very few experts.

Arizona Loan Modification Options:

While there are no official guidelines or “how to” manuals on how to get an Arizona loan modification done, there is at least one government loan modification program that you may be eligible for.

The Federal Housing Finance Agency (FHFA) recently announced a loan modification program that it is calling the “FHFA Streamlined Loan Modification Program” that went into effect in December of 2008.

Arizona Loan Modification FHFA Program Qualifications:

  • Have a loan owned or guaranteed by Fannie Mae or Freddie Mac.
  • Owe 90% or more than the home is worth.
  • Be 90 days or more behind on payments.
  • Demonstrate financial hardship.
  • Not have filed bankruptcy.
  • Presently occupy the home.

Arizona Loan Modification FHFA Loan Modification Possible Remedies:

  • Interest rate reduction (but not below 3%).
  • Loan term extended from 30 to 40 years.
  • Deferred principal.

Note that there are not principal reductions available with the FHFA loan modification program.

Do you think you may be a candidate for an Arizona loan modification? Be sure to speak with one of our experts at 480-374-0303 as to whether the loan modification process will work for you.

or

Learn How To Do Your Own Loan Modification Without The Help of a Loan Modification Company