Mortgage Repayment Plan Lawyer Phoenix, AZ
If you are unable to pay your mortgage and are concerned about a potential foreclosure, there may be options available. Right now, you should call a mortgage repayment plan lawyer Phoenix, AZ. Through due diligence, our firm may be able to arrange a mortgage loan modification that brings your mortgage up to date; ultimately allowing you to avoid foreclosure. This process often comes with challenges which is why you should consult a lawyer before you speak with your mortgage company or lender. Call Kamper & Estrada, PLLC, today.
What is a Mortgage Repayment Plan?
Mortgage repayment plans give you the opportunity to spread out your past due amount over the course of several months. This amount is placed on top of your current mortgage payments. If the following apply to you, a mortgage repayment plan lawyer in Phoenix, AZ might recommend this option:
- You are not eligible for a refinance, or do not want to refinance
- You are facing a short term hardship
- You are a couple of months behind on your mortgage
- You can afford to pay your current monthly mortgage payment
The Benefits of a Repayment Plan
- You can bring your mortgage current
- You can resolve the debt owed
- You can catch up on any past payments
- Your credit score will not be as impacted as it would with a foreclosure
- You can stay in your home; thus preventing foreclosure
How Does a Repayment Plan Work?
If you are eligible for a mortgage repayment plan, the past due amount will be spread over a period of 3-9 months (sometimes more). This amount is added to your pre-existing mortgage payments. Depending on your personal financial circumstances, there may be other terms available. Your Phoenix, AZ mortgage repayment plan lawyer can talk with you about these options during a consultation. When you and your mortgage company arrange a plan, you will be asked to sign an agreement that outlines the terms, such as the length of the repayment period.
Modifying Your Loan
It may be possible to modify your mortgage. This is known as a loan, or a mortgage, modification. If you qualify, the modification might include a reduction or delay in principal payments, an extension of the term of the loan, or an adjusted interest rate. On average, many people will save about $500 per month.
You will need to qualify for a mortgage loan modification. In general, the criteria includes:
- You are behind on your mortgage
- Your mortgage was obtained prior to 2009
- The property has not been condemned
- You owe up to $729,750 on your primary residence
Covid – 19 has affected a number of homeowners; leaving them unable to pay their mortgage. There are special laws in place that may be able to help. A mortgage repayment plan and foreclosure lawyer Phoenix, AZ has to offer should be consulted as soon as possible.
If you are ready to learn more about whether a mortgage repayment plan or modification is possible, or you need help to stop a foreclosure, call a mortgage repayment plan lawyer in Phoenix, AZ from Kamper & Estrada, PLLC, today.