Foreclosure Article


Loan Modification Frequently Asked Questions

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. To find out more about Loan Modifications, go to the U.S. Department Housing and Urban Development (HUD) website. 

Attached Document
.pdf Loan Modification Frequently Asked Questions


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QUESTIONS

  • I recieved a Notice of Substition of Trustee. The recorded date that shows on this notice when my mortgage lender appointed the as a successor trustee shows a recording date of September 15, 2008. Which today is September 2 , 2008, so how can something have been recorded on a date that has not even happened yet? The sale is scheduled for September 5, 2008. What are my legal rights as to getting this sale postponed?
  • I filed for ch. 7 bankruptcy and my debts were discharged on June 2011. To this date I'm badly behind on my house payments, and my lender offers me a reduced monthly payment of $350. The problem is that my lender does not want to make any promises in writing and does not give me straight answers on what happens if I keep my end of the deal. I'm affraid my lender will simply foreclose when it may fit its interest, disregard of my needs. Also, it is wise to enter into any deals post bankruptcy if my debts are discharded already and thus, uncollectable? Thanks!
  • Last year we fell behind on our home payments. We tried to work with the lender for months, Instead they set a foreclosure date. We only owe $265,000 plus the arrears on our home which is now appraising at $422k. We were forced to file Ch. 13 in order to stop the foreclosure and save our equity. My spouse now has a high income job offer out of state. We want to rent out our home instead of selling & dismiss the BK but still owe over $18k in arrears. With our bad credit due to the BK, what are our options for getting a loan to pay the arrears? Our home will rent for $2800 and our payment is 2k.
  • Due to piling credit card debt and a recent diagnosis of cancer I may be headed towards foreclosure on my condominium. My question is if I cannot save my home will I be subject to any deficiency judgments against me because my residence is a condominium? I've read about if the property being less than 2.5 acres and a single family dwelling is safe from deficiency judgments. Do condos fall under the same protection? Is there anymore light you can shed on this situation for me?
  • Can a second (junior) mortgage Deed of trust lienholder obtain a deficiency judgment against me. The Arizona single family home foreclosed Trustee sale on September 2nd, 2014. They are just now trying to get a hold of me. There is no way I can even afford to pay. Thank you
  • A mortgage company defrauded us, sold us on a refi from a 3.5% ARM to an 8% fixed before the industry crashed. Turns out the switched papers at the title company and put us back in an ARM with a pre-payment penalty. After Az Att Gen office sent a letter to them, did they finally modify our loan. 2 yrs later, I want to refi in to todays rates after no late payments and I am told since modified, never can refinance??? Also Att Gen office asked me to fill paperwork out for the settlement they reached with a Bank, I did, have heard nothing and the Bank says they will do nothing!
  • I belong to a Property Owner's Association. The manager and the original Developer states we do not follow ARS Title 33 because the Association is a non-profit corp. and does not own property. We are all mandated members that must pay dues to maintain the roads that are dedicated to public use. We have bylaws, CC&R's. Is this true? The developer is getting properties back thru foreclosures and says he does not owe dues and is using his 10-1 votes from the foreclosures. Our CC&Rs say that if the first mortgagee gets property back they are not liable for past dues, but from acquisition. Help?
  • I was served a special writ for foreclosure due to being behind on HOA dues. How long do I have to try to pay the amount owed? It states my redemption period is 6 months. Is this from data of sale? Or from date I was served? Also, how long do i have before it goes to auction?
  • The house I am renting is about to go into foreclosure. My landlord wants to remove the storage shed, window wrought iron around the home as well as the sun lights. Is this legal? What are my rights?
  • I am currently in a Ch 13 bankruptcy. My home was in my bk plan. Currently my pre and post petition payments are current. However my mortgage servicer continues to place the payments made in a reserve account for several days before applying the monthly payment. My loan servicer also adds additional fees to my monthly statement such as property preserv fee? My home was in foreclosure but since it is current on pre and post petition payments, my servicer still has not canceled the trustee sale, they just continue to move the date forward. I filed pro se and everything else has been fine.

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  • State Bar of Arizona
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  • Maricopa County Bar
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    Referral number 602-257-4434
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    www.pimacountybar.org
    Referral number 520-623-4625
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