SOLUTIONS FOR YOUR FINANCIAL PROBLEMS
If you’re a victim of the mortgage meltdown, credit crisis, or general economy, and in danger of losing your house, you face an uncertain future. In today’s crazy economy, if you’re like most Americans, you are probably concerned about any or all of the following:
- High Foreclosure rates and the declining value of real estate;
- Falling stock and money markets;
- High Unemployment; downsizing, rightsizing, layoffs;
- The Rising cost of oil and gas;
- Precarious state of retirement funds and prospect of lack of Social Security;
- Life savings being wiped out by falling stock and real estate value;
- Spiraling cost of Higher Education; and
Even if you have a good stable income, lack of time to enjoy, relax or spend time with your Family, even if you have the money to do it.
If you’re in foreclosure, the economic conditions you’ve been reading about have become all too real. The nightmare on Wall Street has come to your house. Your head is swimming in questions like: How can I pay my bills? How can I afford to keep my house? If my lender forecloses and I lose my house, where will I go? What will I do? Do I have to file Bankruptcy? I never thought I’d be in this position. I thought I had done everything right. This is crazy. Will I be able to rent a house? What will my briends think? What do I tell my family? What will I tell my kids? What will their friends think? Bankruptcy!? I never thought it would come to that. Isn’t there something else I can do?
At Global Debt Resolutions, LLC we have the answers to all those questions. Our team of legal, real estate, and credit experts know the pain and stress you’re going through. We will show you all your questions can be answered with a combination of effective financial strategies.
- Keep your house
- Pay off your debt
- Do a loan modification with your lender to reduce principle, interest rates, monthly loan payments, change terms of the loan;
- Repair your Credit and Get Financially Back on Track
Our goal is to get your life back on track, for the good of your family, the good of the economy, and the strength of America. Because at Global Debt Resolutions, we believe that the strength of America starts with the home and a stable family environment. Home ownership has always been the primary objective of the American Dream. We’ll show you how to get back on track through strategies such as
- Loan Modifications
- Credit Repair
- Global Debt Resolution
If we can’t negotiate a modification of your loan, we’ll help you to file Bankruptcy.
HOW BANKRUPTCY WORKS
It takes about about 110 days for a foreclosure to occur after the Notice of Default is recorded. Usually it takes at least 6 months or more for a lender to complete a foreclosure. While your house is in foreclosure, your payments keep accruing with interest and penalties. Additionally, there are to be additional foreclosure and trustees fees and costs. If you want to keep your home, filing a bankruptcy can help you in several ways. First, a Chapter 7 petition would allow you to discharge any unsecured debts and possibly allow you to make up or cure the arrearage in a short amount of time while the Chapter 7 case is open. That’s not usually practical because if you’re having financial trouble its going to be a reach to come up with that amount of cash in a short amount of time.
Chapter 13, however, allows you to make up the delinquent payments over time, usually 3-5 years. This works if you have regular income and can afford to make the ongoing payments plus whatever amount it would take to cure the deficiency over time. In some circumstances, Chapter 13 may also allow you to “strip off” a totally unsecured junior lien on your house. For example, if your house was now worth $200,000; it had a 1st Note and Deed of Trust in the amount of 210,000.00 and a second in the amount of $100,000, you could get rid of the 2nd deed of trust in its entirety, because there is no equity to protect its interest. [Note: A new bill has been introduced in Congress that may allow you to strip off a lien in a Chapter 7. President Elect Obama has previously indicated that he would sign such a bill.]
For more information on how Bankruptcy works, visit: sactobankruptcy.com or call us (916) 447-6640.
ACT NOW IF YOU WANT TO SAVE YOUR HOUSE
Usually people wait too long to seek help from a profession resolution expert or seek the advice of attorney and file bankruptcy. It makes you liable for increased fees and costs in connection with curing the default on the secured debts and makes it harder to keep your house if that’s what you want to do.
At the same time, the longer you wait to get help or file, the more stress you have on your family, and a growing fear and uncertainty about life and the future in general. Doing Debt Resolution or Filing Bankruptcy allows you to get your finances back under control by getting rid of debt that you can’t afford to pay, or, in a Global Debt Settlement or Chapter 13, by allowing you to pay back what you in a controlled manner, without harassment from your creditors. You get the breathing room you and your family need to recover your piece of mind. Either way, the debt Settlement or Bankruptcy allows you to take control back of your life.
1. How People Got in Trouble With their Loans.
Bankruptcy, however, may not be the only option available to you. And although it pains me to say this as a Bankruptcy Lawyer, its not necessary the best or first solution you should seek. The problem with adjustable rate mortgages that were made on stated income and little or no money down is that they were financial ticking timebombs, waiting to go off. As a Bankruptcy Lawyer, I can’t tell you how many people got in on these loans because they were told, “Don’t worry about the adjustable rate, when your house goes up in value in a couple of years, we’ll just refinance you into a fixed rate conventional loan.” It was one of the great lies of all time, right up there with “I’m from the government and I’m here to help.” When the cost of gas, food and everything else went up, and the loan rates started adjusting, the financial ship officially hit the iceberg and started sinking.
2. Why Mortgage Modification May Be the Best Solution
The problem with the approach of the mortgage lending industry is that it didn’t consider what was in the best interests of the customer at the present time, or the long term consequences to the consumer. It only considered making a commission for the broker, and making a commission down the road when the borrower refinanced, but not the long term financial impact on the consumer under the actual terms of the loan or considering the history of the real estate market. When Hurricane Katrina hit, gas prices started going up, and the real estate market started going down, the financial sunami hit. Not only were borrowers unable to refinance their houses because they had no equity, there were no buyers because the houses were worth less than what was owed. So the brokers who acted out of greed really screwed everyone in the long run, because now the real estate industry has been devastated by the inability to sell existing homes or inventory. Everyone connected in the Real Estate and Financial Services industry is hurting because its hard to give away property. In fact, builders are being hammered and are filing Chapter 11 because they are competing against the banks selling their own REOs. Its simply crazy. The good news however, is that the bank really doesn’t wan’t your house. If they foreclose on your house, they’ll never be able to sell it for the value of the loan, and as the property owner, they’ll have to pay all the ongoing maintenance costs such as taxes, insurance, upkeep until they can unload it at a loss.
3. The Right Solution For You
Instead of filing bankruptcy, your other option, and possibly a better solution to your problem is to a do a loan modification with your lender, the Great Bargain Mortgage Company. Often times the best solution for everyone is to come to an agreement to keep you in the house and keep paying on the loan. A loan modification keeps you in the house and off the REO market and gets the bank what they really want: the monthly payments. It’s a good deal for the banks because they avoid the cost of foreclosing on the house, which includes trustee’s fees and attorney’s fees. It also keeps it off their books as a non-performing asset, which means that they can lend more money to other borrowers because they don’t have to increase their reserve for bad loans. Our team of experts will negotiate a loan modification with your lender to keep you in your house with affordable payments.
We review the circumstances under which you got into the loan in the first place to determine whether your rights may have been violated under the Truth in Lending Act, RESPA, the Real Estate Settlement Procedures Act, Reg Z, and other State and Federal Law. We’ll make a comprehensive review of your financial status to determine where you are now. The goal is to convince the lender that they should voluntarily renegotiate the loan in order to avoid foreclosure, a lawsuit, and to do what’s in their best interest, as well as yours. The goal of a loan modification is to reduce payments, principle balance, interest, and defer or forgive past due payments.
We can’t guarantee success, because not all lenders are willing to work with you, and some are more hardheaded than others. But given the recent moratorium or postponement of foreclosure sales by banks like Chase, the climate is changing and you now have a great opportunity to stay in your house at a price you can afford.GLOBAL DEBT SETTLEMENT
While doing a loan modification with your lender it may not solve all your financial problems based on your income, expenses, and other monthly payments on your credit cards or medical bills. As part of resolving your financial situation, we will negotiate with your unsecured creditors to pay them what you can afford, not what they want you to pay them. Under the Fair Debt Collection Practice Act, once they are notified that you are represented by an attorney, they are required to stop calling you. One of the major reasons why people file bankruptcy is that they don’t want to put up with the obnoxious and abusive debt collectors calling them at anytime of the day or night.CREDIT REPAIR
As part of the financial package, our credit repair experts will advise you on what you can do to clean up your credit and to keep your credit clean while you are going through the process.