With all the bad news out there in the newspapers and on television, there still is some good news to be had. And that has to do with the various kinds of debt that Americans have piled on themselves. They may have unsecured debts such as credit cards, medical bills and judgments; or they may have secured debts, such as a home mortgage. With the unprecedented number of foreclosures hitting the banks these past few months, there may be relief in sight. I’m talking about Mortgage Loan Modification. Yes, that’s definitely good news!
In other posts, I’ve talked about how to help yourself with your credit card debt by getting help with an attorney-based debt negotiation program like Fresh Start Law Group. In this post, I want to let you know that the same company that has been helping clients with their unsecured debts has partnered with Family 1st, LLC to bring the same excellent customer service to help with mortgages that need modification. Here’s a short description of how Loan Modification works. Contact one of our licensed mortgage brokers for more information using the form below.
A loan modification is a process created by lenders that allows the mortgage to be re-structured, thus providing a permanent solution for homeowners to be able to afford their mortgage payments and avoid foreclosure.
The loan modification process will attempt to reduce your mortgage rate resulting in lower monthly payments. That may include extending the length of the loan or on rare occasions, reducing the principal of the loan. In addition, past due payments (if any) may be added to the back-end of the loan. The whole process is intended for homeowners who want to stay in their home and not go into default or foreclosure.
Below is a list of some of the characteristics of someone who may have a good chance of qualifying for a loan modification:
- You can no longer pay your monthly mortgage because of a financial hardship (loss of job, pay reduction, other increases of debts)
- You have an Adjustable Rate Mortgage or high interest rates
- The home for which you are seeking to obtain a loan modification must be your primary residence.
- You are upside-down on your house (your mortgage is greater than the current value)
If this sounds like you, please contact us for a free consultation to see what your options are.
April 29th, 2009 | Tags: bradenton loan mods, sarasota loan mods | Category: Loan Mods | Leave a comment
Debt settlement in Florida is on the rise. We see it in the news everyday how the government is trying to find solutions to bring our country back out of the financial crisis. In the meantime, average Americans are struggling to find the solutions to their own household economies. The average person can’t depend on being bailed out.
Consumers are being bombarded now by television and print ads about settling their debts. Companies sometimes promise to eliminate your debts, stop harassing creditor calls, and other statements. These are not guarantees. Creditors have every right to legitimately collect on their debts. However, they are not supposed to be abusive in the process, like call you at work or in the middle of the night.
The world of banking and credit card company policy is changing rapidly in these tough times, and not necessarily in the favor of the consumer. In addition to broad changes, even states have different protections for their citizens. That’s why it’s a good idea to do your homework if you are going to use the services of a debt relief company. It also might be prudent to find a company that uses experienced attorneys to recommend your best options, and preferably an attorney in your own state.
You should be able to find a company that will provide a free consultation and point you in the direction of best alternatives. Ultimately, you are responsible for your financial future. Some of the options will include credit counseling, debt management, debt negotiation (aka, debt settlement) or bankruptcy. Only careful study of the laws governing each of these options will guide you down the right path for you.
Don’t be afraid to ask for help. Don’t feel bad that it may take you a few years to dig out of the financial hole you’re in. The important thing is to learn from the experience so it won’t happen again. Most people have some financial challenges in some point in their life. Even millionaires have lost the money game along the way. Most of all, do whatever it takes to start getting rid of your consumer debts and start earning interest instead of paying interest. There is a difference between good debt and bad debt. Good debt is when you use the bank’s money to create an asset or earn more interest than you are paying the bank; bad debt is when you borrow money to buy a depreciating “doo-dad” and pay the bank interest.
Contact the folks at Debt Settlement Florida if you have unsecured debts you need help with.
December 18th, 2008 | Tags: debt settlement florida | Category: Debt Negotiation Florida | Leave a comment
This is the story similar to many thousands of people around the USA looking for personal debt relief. It all started by becoming seriously ill and then having to deal wtih imposing medical bills that mounted afterwards. Even if you have medical coverage, it may not be sufficient. Hopefully, our new President (Obama just got elected) and his administration can work toward solutions that can avert total financial difficulties like this example.
This woman went into surgery after being ill for many months. She was not able to work the last few months leading up to the surgery and then it took about one year to recover from the surgery. The medical bills and follow-up medicine were overwhelming. The family could not meet their basic expenses on one salary, so the credit cards came out to make up the difference.
To avoid losing their home, they decided to use the assistance of Fresh Start Law Group to work themselves out of debt over a period of 36 months where a local attorney reviewed their case to recommend their best course of action. They were able to do the debt negotiation program because they were committed to following the program by responsibly saving a little each month. They are now happy to see the light at the end of the tunnel, instead of taking decades to pay off their debts at their current rate.
November 12th, 2008 | Tags: personal debt relief | Category: Debt Relief Case Studies | Leave a comment
