Mortgage Law, Fraud & Loan Modification
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Loan Modification in Arizona
If your home is worth less than your mortgage balance or if you're facing foreclosure or if you're struggling to make your loan payments, then you may be a good candidate for a mortgage modification. However, you have to be cautious because loan modification scams are common. An Arizona mortgage modification attorney can guide you through the process and assist you if you've been the victim of a loan modification scam.
What Is Arizona Mortgage Modification
When you got a mortgage on your home, you signed a contract with the bank or lender. When you modify a mortgage, you're changing at least one of the elements in that original loan agreement. This might include:
- Changing the length of the loan
- Changing the interest rate
- Changing the amount of principal you owe
- Changing the monthly payment that is due
- Temporarily suspending mortgage payments
You may be a good candidate for an Arizona loan modification if:
- Your home's value has decreased and is currently worth less than the total amount you owe on your mortgage
- You're at risk of foreclosure
- Your income has decreased and you're unable to make your mortgage payments
- Your mortgage is locked into a high interest rate
An Arizona loan modification attorney can review your mortgage, your home's appraised value and your financial situation to determine if you qualify for a mortgage modification. The lawyer can then help you get your loan modified.
Avoiding Arizona Loan Modification Scams
The Arizona Attorney General warns Arizona residents to beware of mortgage modification fraud. The state's website says:
"Homeowners sometimes fall prey to scam artists or so-called foreclosure 'rescue' or loan modification companies that claim they can help you save your home. These criminal predators take your money, can ruin your credit, and wipe out the equity you have in your home. The offers can look legitimate, but anyone guaranteeing results or charging upfront fees to 'save your home' should be suspect."
If you think you've been the victim of a mortgage modification fraud, your Arizona loan modification lawyer can contact the company and attempt to resolve the issue on your behalf. You can also report the suspected scam to the state's attorney general.
Questions to Ask When Hiring an Arizona Mortgage Modification Lawyer
Before hiring an attorney, you should meet with Arizona loan modification attorneys to find the one who's right for you. Most lawyers offer a free initial consultation, which is a short meeting that helps you get to know the lawyer. You can briefly describe your situation to the lawyer to ensure he or she can help you, and you can ask the attorney questions. Topics to discuss include:
- The attorney's experience representing Arizona mortgage modification clients
- Whether you're a good candidate for a loan modification
- Your legal options
- How much the attorney costs
- How long it will take to modify your mortgage
Find & Hire an Arizona Loan Modification Attorney
If you're ready to hire an Arizona loan modification lawyer, you've come to the right place. Attorneys.com has relationships with lawyers across the state, including attorneys in cities such as Phoenix, Tucson, Flagstaff, Mesa and Chander. Our free service can quickly connect you with Arizona mortgage modification attorneys in your area.
To use our service, call us at 877-913-7222 or fill out the form on this page. We'll ask you a few short questions, then quickly match you with an attorney in your area.