Arizona Homeowners Could Benefit from Relief Offered by Wells Fargo
As the Arizona economy continues to struggle, people are desperately looking for any solution to their mounting financial stress. One of the fundamental reasons that so many residents of Arizona are struggling is because of the depressed real estate market, as thousands of people find themselves under water with their mortgages. What's worse is that many of these mortgages will become even more difficult to manage as payments rise within the next two years when their rates adjust. This development could make a bad situation worse, but now comes word that Wells Fargo has reached an agreement with Arizona Attorney General Terry Goddard to offer some relief to some struggling homeowners.
The specifics of the offering include Wells Fargo providing relief for more than 1,700 homeowners with payment option adjustable-rate mortgages, also known as "pick a payment" loans. The total amount being invested by the enormous bank could total up to $154 million, with $86 million being pledged for the reduction of the principals on these loans. Wells Fargo finds itself in this situation because it bought Wachovia Corp. and Golden State Corp., two of the more notorious lenders involved in the nationwide mortgage crisis.
Seek a Solution with an Arizona Bankruptcy Lawyer
While this is certainly good news for those 1,700 homeowners, it will not help the thousands of others who find themselves in similar situations. For those people who will not be able to take advantage of this offer, there are still options for relief. However, those options cannot be explained and a plan to put an end to this grueling financial stress cannot be put into action unless those who are struggling take that difficult first step to contact experienced professionals for the help they need.
If this includes you, it's time to regain control of your life. Start this process by contacting an experienced Arizona bankruptcy lawyer to take a look at your finances so that you can work towards a solution, whether that includes filing for bankruptcy protection or not.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!