Justin McHood

Arizona Loan Modification

Many people that I talk with are at some stage of trying to get an Arizona loan modification done. Some are just thinking about it, some have started talking with their lender, some are well on their way to actually getting a loan modification done.

One thing to be aware of if you are thinking about getting a loan modification done and you are in Arizona where your house is more than 10% under-water... there is an "easy way" to get a loan modification and a "hard way" to get a loan modification.

The Easy Way involves the lender simply extending the term of your loan to 40 years and decreasing your interest rate for a period of time.

The Hard Way involves a principal reduction - where the lender actually reduces the amount that you owe on your loan.

So when thinking about getting a loan modification done, be sure to ask about "the Hard Way" - it could save you thousdands on your mortgage and put you in the best situation possible.

Phoenix Arizona Mortgage Rates March 9 2009

We have had a lot of interest in the FHA kiddie condo loan program recently - so if you are a parent who currently has college aged children and want to know how to use the FHA kiddie condo loan, be sure to ask your local FHA mortgage expert!

Arizona FHA Mortgage Rates February 26 2009

Arizona FHA mortgage rates have been mostly flat for a couple of months now. If you are considering buying a home, be sure to check our Arizona mortgage rates to see what they have done over time - and to get a good idea of what range they have been in.

It is a great time to be a homebuyer in Arizona, there are plenty of homes available and FHA just announced new increased Arizona FHA loan limits for 2009.

Are there really Arizona mortgage loan modification scams happening? Uh... yep.

I was in touch with someone yesterday who had just paid $5,000 up front to a loan modification company and he called me asking me if I thought that he had done the right thing.

He may have been somewhat surprised when I told him "don't take this the wrong way, but I have never heard of the loan modification company that you are telling me about and $5,000 up front is a lot of money to pay compared with I see as a 'normal' charge."

Read more about Arizona mortgage loan modification scams >>

Also, here is a list of Arizona loan modification companies that seem to be getting good results for their clients.

HUD Mortgagee Letter Raises Arizona Reverse Mortgage Loan Limits Yesterday, HUD published an official Mortgagee Letter (2009-07) that raised Arizona reverse mortgage loan limits to $625,500. This is good news for Arizona seniors!

Learn more about the new Arizona reverse mortgage loan limits increase>>