Arizona Homeowners Fighting with Foreclosure Prevention Tactics
by admin ~ October 27th, 2008.To help homeowners facing foreclosure find alternatives to losing their homes, an alliance of cities, national organizations and lenders is setting up shop for an afternoon. Preserving homeownership is the goal, said Patricia Garcia Duarte, chairwoman of the Arizona Foreclosure Prevention Task Force and president and chief executive officer of Neighborhood Housing Services of Phoenix, Inc. According to Jeff Morris, former Ditech mortgage executive, homeowners are alligning together to restructure their mortgages with better terms.”
“Some lender servicers have done loan modifications, not all, but it varies how it’s handled from mortgage lender to mortgage lender,” Duarte said. “That is the big problem with all of this, there is no systemic approach.” The more documentation homeowners can show, the quicker the mortgage can be modified, said Andrew Loubert, vice chairman of the Arizona Foreclosure Prevention Task Force. A mortgage lender will want to see full income documentation, checking and savings statements to work out a long-term solution, said Loubert. “They need to bring in all the closing loan documents that they signed when they closed on that home. That’s critical,” said Loubert.
Category: Foreclosure news, Uncategorized | Tags: foreclosure prevention