A mortgage is a loan that millions of people utilize to get on the property ladder. Generally, a deal is worked out along with repayments after considering the person’s income and savings. However, life can be unpredictable and your financial position may not always...
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Year: 2022
How does a loan modification differ from refinancing?
You’re in a bit of a financial bind, but you have equity in your home. Does it make more sense to refinance your home or ask for a loan modification? The answer depends largely on the variables that apply to your unique situation and your needs. Here’s what you need...
How could your spouse hide assets?
Do you suspect that your spouse is planning to hide assets during your divorce? You know that they’re unhappy that the divorce is happening and that they don’t want to split all of the financial and physical assets with you properly. They would like to keep as much as...
Can Chapter 7 bankruptcy prevent foreclosure?
There are few things as frustrating as being unable to make ends meet. If you’ve been struggling and received a notice that your home may be foreclosed on, now is the time to take quick action. By using a tool like Chapter 7 bankruptcy, you may be able to avoid...
What debts can you discharge in a New York bankruptcy?
The goal when you file for bankruptcy is to halt aggressive collection activity that threatens your financial stability or to get rid of some of your debt. The discharge that you receive at the end of the bankruptcy process absolves you of the obligation to repay...
Will foreclosure be more likely in a recession?
There's been talk lately that the United States could be in for a recession over the next year. Things are fluid and always changing, but there's the potential that there could be another economic downturn. Whether or not it will be as bad as the one in 2007/2008...
Will bankruptcy stop foreclosure?
You're facing foreclosure simply because you lost your job and you can't afford to make the mortgage payments. You're in the process of looking for another job, but your lender has had enough of the missed payments and has informed you that they're going to start the...
Debt collectors must follow the rules
You’ve gotten yourself into some financial trouble and the debts are starting to pile up. The cost of living has become too much, and you’ve also had some unexpected medical expenses to deal with. A little breathing room would go a long way, just until you come up...
2 ways your lender could hurt their own foreclosure case
You likely invest a significant percentage of your take-home pay in your mortgage every month, in addition to whatever repairs or improvements you have made. If you were to lose your home, you would lose much of your personal wealth, not just your current place to...
How bankruptcy can pause your foreclosure
The foreclosure process can take months to get through, and that's not even counting the months of missed payments before the lender initiates foreclosure in the first place. This gives you some time to consider all the options that you have. However, you may know...