This past weekend news reports in the Wall Street Journal and The Arizona Republic demonstrate the beginnings of some bright spots for troubled homeowners.  On Saturday, November 1st, the Arizona Republic reported that Countrywide/Bank of America are poised to enter into loan modifications with metropolitan Phoenix homeowners facing foreclosures for the sole purpose of keeping people in their homes and working towards stabilizing the housing market.

The weekend Wall Street Journal summarized the the situation acknowledging that both the economists and the government understand there will be no true recovery for the economy and the financial markets until such time as there is a halt in the plummeting prices in the housing market.  Once the housing market stabilizes and the public perceives the "market has hit the floor", many cautious buyers will begin to get off the fence and join others already purchasing properties at good value and the reduction in current inventory will continue to escalate. 

Loan modification is one of the many ways troubled homeowners can avoid foreclosure.  Several key items are required: the qualifying party must prove source of income, have experienced a hardship (perhaps a major reduction in wages) and the evidence presented with current bank statements.

There are loan modifiers offering various services at varying prices with some offering a complete money back guarantee if they are not successful.  Trying to negotiate this on your own is a complicated maze and of course, time is always of the essence.  Contact me  if you would like some guidance in this process.  I require no fee for the referral, nor do I receive referrals for this assistance.  If these steps do not produce results for you, then we can talk about the option of a short sale in which my expertise will be a valuable asset to your success. Email gayle@azavoidforeclosurenow.com or call 602-850-4335. Gayle Henderson PC. RE/MAX Excalibur Realty.