Many people who live in Arizona currently owe more on their loan than their house is worth and are wondering if they should do a loan modification or try to refinance their home.

If you are in a conventional loan, and you owe more than your house is worth, you cannot refinance and one of the few options that you do have to lower your monthly payment each month is to do a loan modification.

Loan modification companies all charge differently, they have different processes and have different success rates, so make sure that if you hire a loan modification company to work with that you check their references and do as much research on them as you can.

Also, here is a handy list of good loan modification companies who are helping Arizona homeowners get their loans modified.  Remember, they are all different and have different success rates, so be sure to do your homework!