Wowsa. It’s been a pretty brutal day for economic news:
Unemployment Up Sharply Nationwide (held its own in Arizona by the way)
As such, the stock market took a pounding today, with the Dow losing 395 points (All the broad market indexes were down about 3% today).
I’m a bit of a news junkie. As I was reading through report after report of today’s economic news I did manage to come across one gem of an article.
No, it’s not good news — not by any stretch of the imagination. But it’s got important information related to home foreclosures, which have hit Arizona particularly hard (per RealtyTrac, Arizona ranked 3rd in the nation in foreclosure activity in April, up from 4th in March).
CNN Money published this article yesterday, “The Trick to Getting A Mortgage Fixed”.
The title is misleading — there is no trick. It takes a lot of work, sacrifice, and some luck. And the fact is, not all loans can be adjusted or modified no matter what you do or who you talk to.
Misleading title aside, there is some great information in this article. It can help educate you in the loan modification process from the lenders and mortgage investors perspective and provides helpful tips and suggestions.
With so many folks facing foreclosure, we’re going to try to run some articles on how to reduce the risk of foreclosure. We provided some resources and phone numbers for free housing counseling earlier in the week, and will continue to post other items as we come across them and time permits.
Remember, the most important thing you can do if you start getting in trouble with your mortgage payments is talk to your lender. The sooner the better. Don’t ignore it, and don’t be ashamed to reach out for help. Lots of people are in this situation.