Even though the burst of the housing bubble didn't seem to have a direct negative impact on Fountain Hills, it didn't escape the repercussions of the country wide recession.  People are still losing their jobs and having trouble making their mortgage payments.

As with anyone having a financial issue that involves the possible or probable loss of their home, it is in the best interest of the home owner to talk directly with their lender to look for options.  

We hear about new loan remodification programs but in all honesty, banks are hesitant to reduce rates until the default reaches a critical state.  For homeowners who try to be proactive and notify the bank there may be an upcoming problem in payments, the bank much prefers to wait until the problem occurs.  This particular methodology isn't in anyone's best interests, and certainly not the home owner who has done everything he can to fend off a problem.

Banks hate to give away money; they don't want to adjust rates and reduce principle because they are losing money.  They would much prefer to see the borrower on the verge of really losing his home before stepping up to the plate and helping out.

If you happen to be experiencing an issue with paying your mortgage, don't expect much help or understanding from your lender.  Unless you are three months in default, your lender may not even return your phone calls, as sad as that may seem.

There are attorneys who advertise how they can help, but if you can't pay your mortgage, in all probability you won't be able to pay them either, and they don't work for free.

If you seriously believe you are in imminent danger of losing your home, your best bet is to try for a short sale.  This does require cooperation from your bank as you figure out together what you might be able to sell your home for and then have your bank agree to accept this sum as the final payoff of your mortgage loan.

They are never thrilled to agree to a short sale, but if they are convinced this is the only way to recoup at least some of the money from your loan, they will allow it to happen.  The last thing a lender wants is to actually take possession of your home, assume its liabilities, and then spend the necessary money to hold it until they can dump it.

Fountain Hills AZ real estate is really the perfect place to buy homes listed on a short sale because they will continue to hold their true market value going forward.