Phoenix Arizona Real Estate Blog

What is a Loan Modification?

Justin — Wed, 19 Nov 2008 03:22:03 +0000

Recently, we were asked by local morning talk-radio superstar Darrell Ankarlo at KTAR to be on his show and to briefly talk about the most recent proposal by the FDIC to encourage lenders to modify people’s mortgage loans by guaranteeing against some of the losses.

We noticed a theme among those people who called in: many of them were NOT currently late on their mortgage, but were about to be late on their mortgage due to some kind of hardship. Overall, their questions could be summed up as:

“I am not currently late on my mortgage, but I am not going to be able to continue to make it — what do I do?”

My answer in each case was “make sure that you call your lender and speak with them about your situation and start talking to them about a possible loan modification — where they will modify the terms of your loan to make it more affordable. If you called them last week and they told you that they couldn’t help you, try back again this week. And then next week.”

Why would we encourage people who are struggling to make their payment to call their lender after their lender recently told them that they couldn’t help them?

Because the general attitude is changing (sometimes daily) toward loan modifications and what banks are willing to do. This will even change more dramatically if the FDIC passes their proposed plan.

So if you find yourself having trouble making your mortgage payment, be sure to call your lender. And if your lender tells you that they cannot help you?

Call again next week.

And the week after that.

Listen to the full 18 minute conversation with Darrell Ankarlo.

Mortgage Rates for November 18, 2008

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Pre-foreclosure or Bank Owned Homes in San Tan Heights and Skyline Ranch

Candace — Sun, 16 Nov 2008 18:48:15 +0000

The rural lifestyle awaits you in one of the shining secrets of Arizona. Queen Creek offers residents over 330 sunny, beautiful days each year and a stunning climate. With the great climate and the welcoming neighbors, it’s no wonder why so many relocate to Queen Creek in attempt to try out small town life. Queen Creek is home to just over 20,000 residents that appreciate the rural benefits of this small town. The city offers a low crime rate, good schools, and a high quality of living that includes plenty of health benefits through the high air quality and the care that is taken to improve the area for the residents and their well being.

Offering such activities as horseback riding and hiking, Queen Creek is perfect for people who love outdoor activities. The community center and the local parks give residents the chance to play sports, such as basketball, tennis, baseball, and volleyball. Queen Creek is also home to four golf courses. This town is just minutes from numerous big cities, which puts residents within a short drive of several popular amenities and attractions, including one of the country’s largest shopping malls.

Schnepf Farms - a family operated farm that holds frequent festivals.
The Queen Creek Performing Arts Center
Horseshoe Park - a large, publicly owned and operated equestrian facility that will hold regional events. Currently under construction but scheduled to be completed fall 2008.
Queen Creek Library - the newest branch of the Maricopa County Library District that opened November 8, 2008.
Barney Family Sports Complex - a privately owned and operated indoor sports facility. To be completed fall 2008.

Below are some statistics for the map area below for single family detached homes in San Tan Heights and Skyline Ranch in Queen Creek, Arizona that are Pre-Foreclosure, Bank or Lender Owned. Only mappable properties with valid prices and home sizes are included in these calculations. Statistics were taken on available homes on November 16, 2008, they are subject to change.

Prices

Average: $127,341

Median: $110,000

Median: $57 / sq ft

Lowest: $75,000

Highest: $350,000

Lot Sizes

Average: 7,669 sq ft

Median: 7,500 sq ft

Smallest: 7,500 sq ft

Largest: 15,000 sq ft

Home Sizes

Average: 2,039 sq ft

Median: 1,928 sq ft

Smallest: 1,115 sq ft

Largest: 3,556 sq ft

List of available homes in pre-foreclosure and/or bank owned in San Tan Heights, Skyline Ranch in Queen Creek, Arizona below:

$250,000 :: 750 W Desert Canyon Drive, Queen Creek AZ, 85243 - 5 beds, 3.00 baths
Property Size: 2,983 sq ft
Lot Size: 7,500 sq ft
Added: 10/20/08, Last Updated: 11/19/08
Property Type: Single Family - Detached, Residential
MLS Number: 4073556
Tract: Skyline Ranch

Listed With Desi Scherer Fine Properties