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What do you know about mortgage loss mitigation programs?

Despite your efforts to adjust your budget, earn extra income and sell belongings, you still cannot catch up with your mortgage payments. Could you qualify for a loss mitigation program? The Federal Housing Finance Agency explores several programs that help homeowners experience financial relief. Explore your options and see if any sound like a good fit for your situation. Forbearance plan With a forbearance plan, you either temporarily eliminate your mortgage payments or make smaller payments for a predetermined period. In the meantime, you have

February 14, 2021 No Comments

Do you know these mental strategies for overcoming debt?

As part of your quest to get out of debt, you want to reframe your relationship with money. What mental tricks should you use to get out of financial quicksand and stay out? U.S. News & World Report offers suggestions that you may find useful. See how these tips may help you overcome credit card debt. Use cash When you use your credit or debit card for purchases, you do not see the money draining from your account. With cash, you watch your stash shrink

January 26, 2021 No Comments

What are viable options for preventing foreclosure?

Lately, you struggle to keep up with payments on your home in Maryland. Life threw several financial curve balls at you recently, and you fear your lender may foreclose on your home. The U.S. Department of Housing and Urban Development offers tips to avoid foreclosure. Rather than wait for worrying phone calls and letters, get proactive about your financial situation. Do not ignore notices in the mail If you receive notices in the mail from your lender, open them rather than set them aside. Lenders

January 12, 2021 No Comments

Qualifying for a mortgage following a Chapter 7 bankruptcy

A Chapter 7 case remains a popular option among those seeking personal bankruptcy protection due to the benefit it offers of having certain debts discharged. Indeed, according to information shared by the American Bankruptcy Institute, a vast majority of bankruptcies filed in Maryland in 2019 were Chapter 7 cases. Yet for all of the benefits that a Chapter 7 bankruptcy offers to those struggling with debt, one also cannot overlook the impact that it has on their current (and future) financial situation. A bankruptcy affects

January 5, 2021 No Comments

What is the debt avalanche method?

If you are facing insurmountable amounts of credit card debt, the first thing that you need is a plan. Having a solid financial plan in place for dealing with your debt will help you get it under control so you can move forward into a stable financial future. One popular method for paying off credit card debt is the avalanche method. According to Experian, the avalanche method is where you start paying off the debt with the highest interest rate first. How does it work?

December 23, 2020 No Comments

How does a business qualify for a Subchapter V bankruptcy?

The Small Business Reorganization Act created Subchapter V, which allows smaller companies to file for bankruptcy without liquidating their assets. Your business may file a petition if you reasonably anticipate remaining open while reorganizing your liabilities. Similar to a Chapter 11, you may need to prepare an outline that details how you intend to restructure your commercial debts through a court-approved plan. The court assigns a trustee to oversee your case and you may continue operations during the process, as noted by the American Bar

December 21, 2020 No Comments

What is the debt snowball method?

There are a multitude of “clever” tips and tricks to get out of debt fast, but the reality is that getting out of credit card debt is much more like a marathon than a sprint. Whatever method you choose to deal with your debt, you will be managing the situation for some time. One of the more popular methods for paying off debt is the “debt snowball.” According to Forbes Magazine, with the debt snowball method the debtor tries to pay off the credit card

December 4, 2020 No Comments

Could I be responsible for my partner’s debt?

Whether you are facing a divorce, learn of a partner’s spending habits or are considering how marrying someone with credit card debt may affect your finances, you want to know how Maryland considers debt for couples. As the State Law Library explains, generally, you are able to avoid responsibility for your partner’s debt, but understanding how Maryland considers property for partners and spouses can help you avoid a stressful situation. Joint and individual property In short, you are most likely not responsible for your partner’s

November 16, 2020 No Comments

How can you eliminate your credit card debt?

If you are like many Americans, you have higher credit card debt than you would like. On average, credit card holders have $15,000 in debt, according to the Huffington Post. When it comes to any amount of credit card debt, people want to know how to pay it off. How long will it take you to eliminate your credit card debts? Frankly, it depends on your circumstances. Pay off cards in payments When you make payments towards your credit cards, there are a couple of

November 10, 2020 No Comments

How can you modify your home loan?

Facing financial hardships can force you to stretch your money. If you have a high mortgage, financial issues could mean the difference between staying in your home or foreclosing on it. Forbes provides ways to create a manageable home loan. Extend the length of your loan To lengthen your loan’s term can make it more affordable for you on a month by month basis. When you spread your payments out over a longer length of time, the monthly payment becomes smaller. One thing to remember

October 27, 2020 No Comments