Arizona is among the worst states hit by the housing bust. In fact, according to Realty Trac's latest report, Arizona ranks second among states with the highest foreclosure rate in October of this year. One in every 149 housing units received a foreclosure filing. Foreclosure filings were reported on 17,507 Arizona properties for the month, an increase of nearly 35 percent from the previous month and up 176 percent from October 2007.
With home prices continuing to drop and interest rates continuing to rise, the future seems grim for the homeowners of Arizona. Arizona had the third highest state total in the third quarter, with 40,419 properties receiving a foreclosure filing - a 9 percent increase from the previous quarter and a 189 percent increase from third-quarter 2007.
Realizing the fragility of today's real estate market, not only in Arizona, but all over America, any radical move to avert the situation could produce the opposite effect in the long haul. At least, this has been the sentiment of analysts, especially from Arizona.
According to their analysis, what is needed is a gentle but steady approach to rescue the homes of people facing foreclosure. One of the most effective ways to achieve this is through loan modification. Through loan modification, homeowners are given an opportunity to pay for their mortgages and to save their homes from foreclosure. With loan modification, the borrowers payment is lowered so that they are capable of the making the payment.
But loan modification is not a lender's loss. Since borrowers are able to pay their lower mortgages lenders can expect a steady flow of payments from them. This would result in the future stability of the real estate business. This is especially substantial in helping those who are in a sub-prime loan. Those are the borrowers who are mostly affected.
For the people of Arizona, there are available loan modification experts whom the public can seek information and guidance from on the process of loan modification. There are experienced professionals who can work for a homeowner in negotiating with their lender for more affordable payment terms.
©2008 Tom Brady
Reprint rights available for free.
Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services, a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.
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