Posts Tagged loan modification
Feldman Law Center – How Common is Bankruptcy?
Bankruptcy can be a dirty word, and an even dirtier experience. If you are facing a dangerous financial situation where bankruptcy seems like an option, you could be dealing with quite a bit of fear. Part of what leads people to make bad decisions is thinking they are the first and only people to go through difficult financial situations. However, when it comes to bankruptcy, many people have faced these unfortunate circumstances. Loan modification attorneys work with people everyday who are considering bankruptcy as an option, thinking that bankruptcy will help them keep their homes.
Most recently, former pro bowl quarterback of the Cleveland Browns Bernie Kosar declared bankruptcy. After donating millions to charity, lending tens of millions of dollars to friends and family and going through a messy divorce, Kosar finally had to succumb to the financial pressures. Kosar has been a successful businessman, a skilled athlete and more. Yet, in the midst of his success, financial troubles haunted him. Many people make a great deal of money over their lives, yet they still face difficult financial situations. Kosar still has to watch over his daughter, try to keep a roof over their heads and figure out the next steps in his life. Declaring bankruptcy can impact someone in ways they never though of, and Kosar is going through those challenges. Getting a loan is difficult, getting a reasonable interest rate is impossible, and it can even impact your career.
If you are facing foreclosure, you may think that a bankruptcy is the way you should go. Bankruptcy professionals tout the benefits of declaring bankruptcy; however, bankruptcy has various negative impacts on your credit history, your finances and your life. Declaring bankruptcy will stay on your credit report for years, up to a decade in fact. That means that every loan, credit card and line of credit you ever get will be impacted by your bankruptcy.
Bankruptcy is also sold as an option to avoid foreclosure. However, there are much better options to not only stave off foreclosure, but keep your credit in a much better place. A California loan modification could be an alternative to bankruptcy that keeps your credit rating from falling through the floor and your interest rates from going through the roof.
California loan modification attorneys work hard to discover what your options are. Rather than living in a home you think you can’t afford, a loan modification attorney can help you stay in that home for decades and give your family the future (and present) they deserve. Your hard work to buy the home should not have to be ruined by a bad economy or a subprime mortgage loan. With a skilled California home loan modification attorney working with you, the chance to stay in your home and build a better tomorrow is a reality.
Bankruptcy might seem like an option to avoid foreclosure, but all it does is further bury you in a financial hole. A loan modification could be the way you avoid foreclosure and get out of your financial nightmare once and for all.
Feldman Law Center – Five Steps to a Loan Modification
If you check the stock market on Monday, people will be saying the market is up and everything is looking better financially. If you check the market on Tuesday, all economists will be in complete agreement that the world is going to end in 48 hours. What does this mean for you? No one, not even the “experts,” have any clue where the economy is going or how long it will take for the country to climb out of this “Great Recession.”
Real estate has been a nightmare for many people as well. One minute the housing markets look great, and yet with unemployment at a 25 year high and climbing, no one has any idea what the future will bring. This affects available homes, available credit, interest rates and more. There is very little sure footing in today’s market, but with a loan modification, you could be closer to security than many other people.
Five Steps
Here are five steps you can take to get a loan modification:
1. Do your homework – Read as much as you can about loan modifications. While at work, while watching the ball game, while you are eating lunch – read and learn about loan modifications. This will only enhance your understanding of the industry and give you a sense of what a loan modification can do for you.
2. Get your ducks in a row – It is important to have your financial paperwork in order to get the loan modification that is going to work for you. That means tax returns, pay stubs, bank slips and more, all from the last few years. A bank is going to want to see your financial history, as well as your current financial situation in order to make a decision.
3. Talk to your spouse – You cannot get a loan modification without having the assistance and agreement of your spouse. While your financial situation may be dire, you must work together in order to make this happen.
4. Find a loan modification company – You can always attempt to get a loan modification on your own, but having a highly qualified loan modification attorney working with you might be the necessary help you need. Knowing how to fill the application out, how to file the paperwork, how to organize the communication between your side and the lender and much more can all be helped by a loan modification attorney. You wouldn’t go to court without an attorney, so do not try getting a loan modification without an attorney.
5. Calm yourself – It is important to be patient and understanding with yourself and your situation while trying to get a loan modification. It can be very easy to overreact and lose your calm. In fact, more marriages end because of financial troubles than for any other reason. So, giving yourself, your spouse and everyone else around you some slack will keep your relationships and your life in a good place.
Contact a loan modification attorney today, and begin the process of staying in your home.