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

One of the best things that you can do if you are interested in a loan modification is to speak with a lender who might be able to point you in the right direction. There are a number of government programs available including HARP and HAMP that lenders will be able to help you with your loan modification or at least get you pointed in the right direction.

While there are no real 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.

If you are looking for the loan modification attorney who can best represent you when negotiating a loan modification with your lender? We recommend shopping multiple lenders if you are :

  • Behind on your mortgage and facing foreclosure
  • Tired of fighting the banks for a loan modification with no end in site
  • Looking for a reputable lender recommended by consumer advocates
  • Interested in learning if you qualify for a HAMP or HARP program

Other Loan Modification Options

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 as to whether the loan modification process will work for you.