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Phoenix City was founded by a Civil War veteran named Jack Swilling. Another founder, Lord Darrell Duppa, suggested on naming the place Phoenix for it was a city born from the ruins of a previous civilization. In 1881, Phoenix was incorporated as a city and eventually became a major transportation hub in North America. Phoenix City is the capital of Arizona and is also the fifth most populous city and has one of largest land area in the United States. Located northeast of the Sonoran Desert, Phoenix City has the hottest climate in the United States. A mortgage can be placed on a property or home, when a home buyer needs extra money, either to buy the property or home itself, or for extra expenses. The home owner has to pay the mortgage in a fixed period of time. The home owner has to pay a monthly installment, which is already agreed by both the lender and the borrower before hand. The word mortgage is derived from the words "mort" which means death, and "gage" which means grip. This is because when the borrower fails to meet on the agreed terms, the lender has the right to repossess the property, in other words, the lender has the borrower in a "deathgrip". In June 2009, Phoenix City witnesses a significant jump in property foreclosures. Mortgage lenders are now taking more than a month to respond to mortgage modifications requested by homeowners. Cash-back deals in Phoenix City is now very rare because of the drop in home prices. Arizona now has a new law that makes mortgage fraud a felony. This law will help minimize mortgage scams. |