Asked by Scott, 85043 • Mon Aug 4, 2008
repossess a single family home. The lender has been VERY friendly and gave the impression they do NOT want to own another home in Phoenix and will work with me to solve my dilemma. I plan to present the data I gather to CitiMortgage as proof it would be in their best interest to agree to my loan modification request.
Home prices in my desirable subdivision have decreased up to 50% and are still on the decline. The 5 recent sale comps Iâ€™ve collected show an approximate 30% decline in sale prices, meaning I'm now at least $70k underwater. 20% of the homes are now vacant, and 15 are listed for sale. All but 3 are REOs with below market asking prices. (20% does not include homes not yet on the market)
1. Are 30-year fixed mortgage rates in Phoenix trending up or down?
2. What is the approximate cost to the lender to repossess a home? I need an approx. figure and verifiable source.
3. Are there any other facts I should include in my hardship letter and loan modification requests?
Real Estate in Phoenix
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