Facing Foreclosure? Arizona Loan Modification Attorney Service!

Arizona Homeowners, are you facing foreclosure or feeling that a real estate foreclosure might be around the corner? Have you receivied a notice of default? Have you considered filing chapter 7 or chapter 13 bankruptcy but just aren't sure which way to go or whether you or not you qualify?
Have you thought about giving up and just handing over the deed to your house (deed in lieu of foreclosure)?

When you are not sure where to turn next, call us. Let's take a look at you home and your property to see what options might work for you.

LETS TAKE A QUICK LOOK AT JUST A FEW OPTIONS THAT MAY BE AVAILABLE FOR AN ARIZONA HOMEOWNER FACING FORECLOSURE OR A NOTICE OF DEFAULT:

(1) Have an Arizona loan modification attorney work with your lender(s) to try to modify your home loan.

What is a loan modification? A loan modification or loan workout as it is sometimes called involves having us contact your lenders to make a business case to them as to why they should modify your loan.

Common reasons a lender may agree to modify your loan:

(a) You are "upside down" in your property and the bank really does not want to foreclose and take the property back. For example, if your property is worth 350k and you owe 475k on a first mortgage, the bank may be swayed to lower your rate or potentially reduce your loan principle to get you a loan payment you can live with.

(b) The bank recognizes that you face a unique hardship and basic fairness dictates that they work with you. For example, say a family member has an accident and they are uninsured. You flip the bill to help them and this impacts your ability to pay your loan. You fall several months behind and have a hard time catching up. As the bills continue to mount, you are unable to pay your mortgage at all. In this circumstance you might want to have a arizona loan modification lawyer contact the lender on your behalf and seek a loan modification to either defer payments, seek a forebearance or just lower your interest rate so that you can afford your loan payments.

(c) The Lender has too much bad debt on the books and the last thing they want to do is to pay legal fees to foreclose on a property in a down market.

(2) Have an Arizona loan modification lawyer demand your loan file and perform a forensic loan analysis on the file. If the lender will not voluntarily modify your mortgage we have another idea. When we represent you in a loan modification setting, we will normally demand a copy of your loan file by sending the lender a "qualified written request" which demands that the lender send us a copy of your loan file within 20 days. If they do not respond they have violated RESPA from the outset.

Upon obtaining the file, we have a forensic mortgage loan analysis performed that reviews your loan file to see if the lender made any critical errors in making or arranging the loan you originally signed up for.

Common legal violations we look for are:

(a) Truth in Lending Violations (Reg Z and Reg B)

(b) HOEPA Violations

(c) RESPA Violations

(d) Predatory Lending Violations

and more.

We also make them prove the debt is valid by producing the promissory note.

If our mortage audit reveals any serious legal errors or loan compliance violations, we will be in a better position to really negotiate with the lender as we will let them know about our ability to file a lawsuit to address the legal errors detected.

(3) If the Lender will not play fair after items A and B above are performed, and assuming legal grounds to file a lawsuit exist, we can file a lawsuit seeking damages and attorney fees against the lender.

(4) As an alternative to filing a lawsuit, if you qualify to file for Chapter 7 or Chapter 13 bankruptcy we can explore that option as well.

If we pursue bankruptcy a separate fee applies.

OUR FEES FOR PERFORMING A LOAN MODIFICATION

Our up front fees for perfoming loan modification depends on the amount of your loan:

Loan amount up to $200,000 is $1,995
$201,001-$500,000 loan balance is $2,995
$501,000 and $750,000 loan balance is $3,995
$751,000 - $999,999 million loan balance is $4,995
$1 million and above is $5,995

WE ACCEPT CREDIT CARDS

WHAT YOU GET FOR THIS FEE:

-We demand your loan file under RESPA

-We Demand that the lender prove the debt by producing the promissory note

-We create a financial profile of your debts and income and prepare a Loan Modification Proposal

-We negotiate on your behalf for a voluntary loan modification

-If a voluntary loan modification is not possible we perform a foresnic loan audit / loan analysis

-If we find legal violations we use this to leverage a loan modification

-If we are successful at this point negotiating a loan modification on your behalf we will also help you finalize the signing of loan modification documents or agreeements
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IN THE EVENT A VOLUNTARY LOAN MODIFICATION IS NOT POSSIBLE OR THE LENDER IS NOT AGREEABLE, AND IF GROUNDS EXIST TO FILE A STATE OR FEDERAL LAWSUIT, WE CAN DISCUSS WITH YOU THE POTENTIAL OF TAKING YOUR CASE ON CONTINGENCY OR A REDUCED FEE /CONTINGENCY BASIS AS WE MAY SEEK TO SUE FOR RECISSION, MONEY DAMAGES AND ATTORNEY FEES.

LITIGATION FEES ARE DETERMINED ON A CASE BY CASE BASIS

AS DISCUSSED ABOVE, IF CHAPTER 7 OR CHAPTER 13 BANKRUPTCY IS DEEMED THE BEST OPTION A SEPARATE FEE WILL APPLY FOR THIS SERVICE.

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Law Office of Steven C. Vondran

Extreme Service - Excellent Results

http://www.vondranlaw.com/

For more information about our Arizona loan modification, bankruptcy and debt modification service contact us at:

(877) 276-5084


Arizona Clients

Address: 8111 N. 13th Way, Phoenix, Arizona 85020
Phone: (877) 276-5084
Fax: (602) 358-8013
Email: steve@vondranlaw.com

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Note: Loan modification work is primarily driven by phone, fax and email with you and the lenders. As a consequence we are able to serve Arizona loan modification clients in the following Arizona cities:

Tucson, Mesa, Glendale, Chandler, Scottsdale, Gilbert, Tempe, Peoria, Yuma, Surprise, Avondale, Flagstaff, Lake Havasu City, Goodyear, Sierra Vista, Prescott, Oro Valley, Bullhead City, Apache Junction, Prescott Valley, Casa Grande, El Mirage, Marana, Kingman, Buckeye Fountain Hills, San Luis, Nogales, Florence, Douglas, Queen Creek, Maricopa, Payson, Sahuarita, Paradise Valley, Chino Valley, Eloy, Sedona, Cottonwood, Camp Verde, Show Low, Winslow, Somerton, Safford, Coolidge, Globe, Page, Bisbee, Tolleson, Youngtown,Wickenburg, South Tucson, Guadalupe, Holbrook, Snowflake, Cave Creek, Benson, Thatcher, Litchfield Park, Eagar Pinetop-Lakeside, Taylor, Colorado City, Dewey-Humboldt, Willcox, St. Johns, Carefree Clarkdale, Quartzsite, Parker, Superior, Williams, Clifton, KearPima, Springerville, Star Valley Gila Bend, Wellton, Miami, Huachuca City, Mammoth, Tombstone, Fredonia, Patagoni, Hayden, Dunca, Winkelman, Jerome.

This is an advertisement and communication pursuant to State Bar Rules

Are there Alternatives to Foreclosure? You bet!

Here are a few options to explore before you allow a foreclosure process to run its course:

(1) Loan Workout / Loan Modification - A loan workout is where you negotiate with your lender, when you are delinquent or in default of your loan, in an attempt to lower your loan interest rate, which in turn reduces your monthly payment. Other names for a loan workout include loan modification or repayment plan. A forebearance is related but slightly different.

(2) Forbearance - This is often used when a Notice of Default has been filed. A loan forebearance allows you to delay or reduce your monthly loan mortgage payments for a short period of time with the understanding that another option will be used at the end of that time to bring your account current. When a forebearance applies, your lender will generally cease taking any legal actions against you.

(3) Short Sale - A short sale is generally the option to explore when all negotiations for a loan workout or loan modification have failed and you are upside-down on your mortgage (which means you owe more money than your house is worth). In a short sale, the lender agrees to cooperate in the sale of your property and take a loss that will usually result. The way this works, you place the home up for sale and any offers that you or your broker receive are presented to the bank for approval.

Unlike a traditional sale when the homeowner decides whether or not to accept the offer, in a short sale it is the bank that controls the negotiations and the homeowner usually has no say in the process. A short-sale is therefore one of the last-ditch oppoprtunities to save someone's credit from referencing a foreclosure filing.

(4) Mortgage Refinance - Refinancing may be possible. Refinancing to a shorter term loan or an interest-only loan may help you lower your payments enough to be able to keep your house. In order to refinance, your new loan will have to be able to pay off the old loan. With credit guidelines tightening, this may not be the best option, or a feasible option, but it is worth exploring.

(5) Deed-in-lieu of foreclosure - A Deed in lieu is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he would in a formal foreclosure. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.

In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Generally, the lender will not proceed with a deed in lieu of foreclosure if the current fair market value of the property exceeds the outstanding indebtedness of the borrower.Because of the requirement that the instrument be voluntary, lenders will often not act upon a deed in lieu of foreclosure unless they receive a written offer of such a conveyance from the borrower that specifically states that the offer to enter into negotiations is being made voluntarily.

This will enact the parol evidence rule and protect the lender from a possible subsequent claim that the lender acted in bad faith or pressured the borrower into the settlement. Both sides may then proceed with settlement negotiations.Neither the borrower nor the lender is obliged to proceed with the deed in lieu of foreclosure until a final agreement is reached.

Retrieved from "http://en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure"

(6) Filing Bankruptcy - Filing Chapter 13 Bankruptcy can be used to stop foreclosure of your home. In order to qualify for this option you will need to have a steady income stream. How this works is you file a chapter 13 petition for bankruptcy before your house is sold. The Chapter 13 stops the foreclosure process immediately. Once the case is filed, you will propose a repayment plan to repay the amount you fell behind on the mortgage. Once approvied, you will begin to once again pay your regular mortgage payments, which must be accepted by your mortgage company under "operation of law." A forced loan modifcation can be approved if the owner can prove they cannot afford the curent payments.

You should note that the filing of a Chapter 13 bankruptcy stops ALL collection activity though the application of an "automatic stay." The automatic stay remains in effect during the life of the case unless the court orders otherwise. Note that you can always refinance or sell your home while under Chapter 13.

California Loan Workouts and BK Law - About This Site!

This site is designed to provide citizens in the State of California with general legal information about the topic of loan workout law and bankruptcy.

If your house is being foreclosed on you need to take swift action. This site is provided to help you evaluate options to being foreclosed on.

If you have any questions, check out our website at www.vondranlaw.com or call us for a free initial consultation at (877) 276-5084.

Steve Vondran, Esq.

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