Mar 15, 2020 | Frequently Asked Questions, Frequently Asked Questions About Foreclosure, Frequently Asked Questions About Mortgage Payments
People rarely start out intending to miss a mortgage payment, but events happen and people are often unable to make all their monthly payments. If you have missed a mortgage payment, it is critical that you act quickly. Missing a payment can be the beginning of losing your home to foreclosure. If you miss a payment, seek immediate legal assistance in arranging a repayment plan with your mortgage company. You may qualify for a forbearance or mortgage modification that puts missed payments at the end of your loan. Get prompt experienced assistance. Read our Foreclosure Process article
Mar 15, 2020 | Frequently Asked Questions About Debt Consolidation
In our many years of experience, we’ve found that there are two types of credit consolidators: bad and really bad. These companies are essentially collection agencies for your creditors. They make empty promises to people facing overwhelming debt obligations, often promising to settle their debts for pennies on the dollar. They then collect monthly payments from struggling Connecticut residents who can ill afford to lose them to plans that offer no true solutions, led on by false promises and mirage solutions.
Read more about What Options are available to get rid of Debt
Mar 15, 2020 | Frequently Asked Questions About Debt Collection, Frequently Asked Questions Other
YES. Stopping automatic deductions to creditors as part of an overall plan, provides you a chance to re-gain control of your personal finances.
When increasing debt is significantly affecting your emotional health and financial well-being, automatic payments on your loans/debt may no longer be beneficial or even feasible. Automatic payments can promptly lead to decreased assets, bounced checks and other excessive charges that actually prevent a solid approach to financial solutions, and make your life feel completely out of your control. It takes experienced overall strategic financial planning to achieve permanent success. Automatic payments can accelerate the downward spiral of your finances in a hurry.
Read more about Stopping Automatic Deductions
Mar 15, 2020 | Frequently Asked Questions About Student Loans
Student loans are typically much more difficult to discharge in bankruptcy than other types of debts, such as medical bills or credit card balances. However, many people struggling with student debt are still able to find relief through bankruptcy by eliminating other debts, thereby making their educational loan payments more manageable.In addition, while student debts are rarely eligible for discharge during Chapter 7 “liquidation” bankruptcy, educational loans are treated similarly to other debts during Chapter 13 bankruptcy, which is also known as debt reorganization.
During Chapter 13 bankruptcy, a person’s debts are restructured and a payment plan is created that allows the borrower to pay off the highest priority debts over a period of a few years. For some people struggling with student loans and other debts, reorganization offers a way to catch up on missed payments and get back on track, while also protecting against foreclosure and other collection actions.
Read more about the Options available for Student Loan Debt
Mar 14, 2020 | Frequently Asked Questions, Frequently Asked Questions About Mortgage Modification
The simple answer is YES. New holders of your mortgage are legally bound by the terms and conditions of a properly modified permanent modification.
To read more about the impact of Mortgage Modification on your loan, click here.
Mar 14, 2020 | Frequently Asked Questions About Foreclosure
A loan modification is a change to a loan contract agreed to by both the lender and the borrower. The lender agrees to modify an existing loan in a time of documentable hardship. The ultimate goal is to make the loan affordable for the long term. Loan modifications often come in the form of rate reductions, fixed interest rates and a rewriting of the loan to accommodate missed payments. Loan modifications are generally given to borrowers when they are behind on payments and have documentable hardships, such as loss of employment, illness or death in the family.
Loan modifications often result in tens of thousands of dollars in additional costs to homeowners. Banks provide loan modifications to benefit themselves, not homeowners. Don’t sign one without legal advice. Read about other options for Foreclosure
