Our Location

Phoenix, Arizona

1425 South Higley Road
Suite 106
Gilbert, AZ 85296
Phone (480) 603-4988
Fax (480) 603-4989

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Practice Areas

Buck Edmunds PLC

Loss Mitigation / Loan Modification

Buck Edmunds has a staff of attorneys focusing on negotiating real estate and mortgage contracts. Our focus is on Loan Modification and Loss Mitigation with the industry's largest lenders. We would like to share our knowledge and experience with homeowners like you to get your finances where you and your family are comfortable.

A Loan Modification is a change in the original terms of your mortgage note. This is NOT a refinance; we are negotiating with your current lender to work out payments that you can afford. We will present your situation to the lender so that you get the best results.

Loan Modifications are successful right now because of 2 simple factors:

  1. You want to be able to make fixed, affordable payments on your home loan so that you can keep your property.
  2. Your Lender does not want to foreclose on your property because real estate values are down and continuing to decline.

The Main Factors that we look for in considering whether we can represent a Homeowner for a Loan Modification are: (all factors are considered, not any one factor is absolute)

  1. Excessive Loan to Value - The remaining balance on the mortgage(s) is higher than the value of the home or close to the value of the home, and there is no ability to refinance. The real estate market in the area is declining.
  2. Temporary Hardship - Due to something beyond control, a financial hardship exists. For example: cutbacks at work, lost job, divorce, medical expenses, death, accident/injury, rising costs of necessities.
  3. Excessive Debt to Income Ratio - Gross monthly income in relation to (or divided by) the total amount of monthly debt is high.
  4. Loan is Adjustable or a Negative Amortization Loan - Payment is adjusting or will be adjusting soon. It was fixed for an initial short period (for example- 2, 3, or 5 years). Or, current loan may have started out with 4 different payment options. By making the minimum payment, the unpaid interest is added to the balance resulting in "negative amortization."
  5. Late Mortgage Payments / Low FICO (Credit) Scores - Since the loan adjusted or due to Hardship, it has become difficult to make the payments and late payments are being made on the mortgage or other debt.