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


Comments:

QUESTIONS

  • We had a home that was foreclosed on in 2008. We had a first mortgage and a second HELC, both by the same bank. They foreclosed via trustee sale, not judicial foreclosure. Can they come after us for the total amount of the HELC?
  • I bought a condo in July 07' using funds from a City of Phoenix bond program. I was unaware of a stipulation stating that the owner must occupy the unit for the life of the loan. I was laid off from my employer and I have had to relocate to Texas for work. Now the mortgage company is stating that they can accelerate the loan pay-off requiring me to pay the loan in full. I pay my mortgage payment each month, how can they do this?
  • Can HUD or FHA garnish my Social Security and Honeywell Pension for expenses if my Reverse Mortgage defaults?
  • I bought a timeshare in Nevada, but due to my husbands remission of cancer and my multiple sclerosis, we can no longer make the payments. If they foreclose on the timeshare can they garnish my wages in Arizona
  • In 2010 I was granted a bankruptcy, which included my home. However, the home wasn't foreclosed upon until 2011. Now, I want to purchase property. Does the date before I can get a loan count back to when the bankruptcy was granted or to the date of the foreclosure?
  • what assistance is available to me I was 12 months behind caught up on six in September and they started foreclosure this month sell date is Feb of 2015 I thought they were working with me and no notice foreclosure.? my husband was on unemployment for over 4 years and recently is now working and we are able to catch up and stay on track.
  • Can a bank start a foreclosure while they are in the process of doing a modification for homeowner?
  • If my spouse bought a home that is most likely going into foreclosure. I was not involved in any way for the purchase of this property nor am I on the title. I do however pay the mortgage on this property. If this goes to foreclosure, can the lender come after me for any reason?
  • 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!
  • I'm renting a home for the last 7-8 years ,and now I found out its going into foreclosure .Do I still need to pay rent,and would like to know what my options are thank you.

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FIND LEGAL HELP

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OTHER LEGAL RESOURCES

  • State Bar of Arizona
    www.azbar.org
  • Maricopa County Bar
    www.maricopabar.org
    Referral number 602-257-4434
  • Pima County Bar
    www.pimacountybar.org
    Referral number 520-623-4625
  • National Domestic Violence Hotline
    800-799-7233
  • Bankruptcy Court Self Help Center
    866-553-0893
  • Certified Legal Document Preparer Program
    Link

ORGANIZATIONS

Documents

Horne Issues National Mortgage Settlement Consumer Alert to Arizonans ReadSpeaker

.pdf  AzMortgageResource.gov ReadSpeaker

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Did you know the Arizona Attorney General’s Office has a wide range of statewide assistance programs funded through the national mortgage settlement that could benefit you or people you know?

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LINKS

Arizona Housing Information

HUD in Arizona

Federal Consumer Action Handbook Online

Pima County Courts Self Service Center

Arizona 2-1-1

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