Strategic Default In Arizona: Is It Wrong?

In Arizona, many people are faced with a situation where they owe more on a home than it is worth and have “negative equity” in their home. Deciding to default on a loan when you can afford the monthly mortgage payment has become known as “strategic default” and is currently a hot topic with the media.

Is strategic default wrong? Does doing a strategic default mean that you just simply “walk away” from the home? Is there a right and a wrong way to strategically default on your mortgage?

Kevin Hardin is a local short sale, loan modification and bankruptcy expert in Phoenix and answers just a few of the questions about people have regarding strategic defaults in this short video.

Have more questions about strategic defaults in Arizona? Contact  the local experts on this topic by clicking on the banner below.

Loan Modifications in Arizona: Are They Happening?

Loan Modifications in Arizona: Are They Happening?

Many people I talk with are in a situation where they owe significantly more on their home than it is worth.  Somehow, the idea of “loan modifications” have become mainstream – but what exactly is possible hasn’t been all that well covered in the media. If you really want to know what is going on with getting a loan modification done, who better to talk to than the legal experts who are helping clients with them every day?

Kevin Hardin is the local expert I like to refer people to when it comes to answering questions about getting a loan modification done and what to expect.  In fact, I happen to know that there are at least 7 secrets about loan modifications that most people don’t know about.  Here is just an idea of one thing that I know many people I talk with have no idea about: your lender most likely doesn’t own your loan.

#1: Who really “owns” your loan?

Here is just a little more information about some of the things Hardin covers when talking about loan modifications and what to expect as you attempt to get your lender to modify your loan.

Arizona Loan Modifications: 7 Things To Know

  • Who really “owns” your loan? It may not be who you think
  • Your permanent loan modification isn’t permanent?
  • A forbearance is not the same as a principal reduction
  • Once you are underwater in your mortgage, it is virtually impossible to no longer be underwater
  • Are loan modification payments current payments?
  • Does a loan modification save your home?
  • How long before you can become a homeowner again?

Have more questions about what is possible when it comes to loan modification here in Arizona? Be sure to contact Kevin by clicking on the banner below and learn what your options are.

Phoenix Arizona Loan Modification Attorney: Thomson Law

Many people across Arizona are finding that they are in a situation where they owe more than their home is worth, are having trouble making their mortgage payments and wondering what their options are.

One common thing people do when in this situation is they speak with a real estate agent about “short selling” their house. And I suspect more often than not, the real estate agent isn’t even aware of all of the potential legal risks associated with a short sale in Arizona.

And yes, there are plenty of potential legal risks whenever you short sell your house in Arizona – not to mention attempting to get a loan modified or if both are unsuccessful, go through foreclosure.

So when people ask us our opinion, we usually tell them to speak with an experienced loan modification / short sale attorney who can give expert legal advice and assistance when it comes to both the homeowner and the Realtor.

Enter Thomson Law in Phoenix.

Phoenix Short Sale Legal Experts

Just a small excerpt about Thomson Law that speaks directly to some of the things they have done to help their clients:

How Do You Define Experience?
Is it simply discussing the close ratio of a short sale? Is it the number of listings? Is it the degree of difficulty? Not really, as everyone deserves professional representation from simple to more complex. The problem with that, is there are many short sales that should never have closed because the sale failed to satisfy the seller’s true objectives or created an increased liability for the seller to his or her lenders…

Thomson Law has maintained the view that the true evaluation of experience is “Did the client receive the guidance that had their best interests in mind”. Thomson Law believes it has done so. Thomson Law attorneys are AV rated, the highest peer rating, from Martindale-Hubbell with more than 20 years of experience in Arizona real estate and mortgage lending. Still many have wanted to know what we have done lately.

To date, no client of Thomson Law has received an adverse decision awarded against them by a court for deficiency liability. But that really does not begin to tell the whole story.

Thomson Law has never really publicized what the Mortgage Mediation practice group has accomplished over the last two and a half years. The firm is very proud of the results of this practice group. The Mortgage Mediation practice group has focused on assisting homeowners and real estate agents with their short sales and or retaining their homes when faced with a point where they can no longer afford the current mortgage. Keep in mind, we are retained in a minority of situations as we provide our services to the real estate industry at large.

Since August of 2008 the accomplishments of the Mortgage Mediation Group are as follows:

  • Our staff has fielded over 8,000 incoming phone calls from distressed homeowners.
  • We have averaged over 16 consultations a week for a total of 2018 consultations with homeowners that are having difficulty paying their mortgage.
  • Of those clients 719 have retained our Mortgage Mediation services beyond the initial consultation.
  • The 719 retained clients represent $235,034,092 in total resolved residential mortgage debt. This number does NOT include ANY bankruptcy work.

If you find yourself in a situation where you are possibly facing a short sale, a loan modification or a foreclosure, we highly recommend you speak with the best legal team that you have access to who can help you be sure your legal rights are protected.

A wise man once told me that there is nothing more expensive than cheap legal advice.

And if you don’t believe me, just ask those people who have their lenders chasing them down after a short sale for the deficiency.

Contact Thomson Law:

Kevin Hardin
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016
602.840.3290 Fax
[email protected]

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.