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How should I ask my lender for a home loan modification?

If you are falling behind or fear you will fall behind on your mortgage payments, you may want to consider a home loan modification. This is where your lender changes the terms of your existing loan in some way that makes it easier for you to pay your payments. It can be a good option to prevent foreclosure and save your home if you have financial difficulties. According to NerdWallet, it is not always an easy task to get a loan modification. When approaching your

January 22, 2020 No Comments

The dangers of falling behind on Chapter 13 bankruptcy

When people in Maryland fall behind on their bills and become overwhelmed by debt, a Chapter 13 bankruptcy begins to look like an attractive option. One of the most appealing aspects of this is that people generally get to keep their assets. Instead of having them seized and sold, they may instead reorganize their debt until they catch up on payments. However, many people who file Chapter 13 find it difficult to keep up with even reorganized debt payments. So, what then? According to Bankrate,

January 6, 2020 No Comments

Myths about bankruptcy and divorce

For many married couples, finances are a huge area of disagreement. Especially around the holidays, differences in spending and saving habits may rise to the surface, causing this season of giving to become a season of tension. Thousands of people like you ultimately decide that divorce is the next natural step after money matters and life stressors make it impossible to remain financially and romantically stable as a couple. Before you take that step, make sure that you know a few of the common myths about

January 3, 2020 No Comments

What should I not do when filing for bankruptcy?

When you consider filing for bankruptcy in Maryland, there are certain things that you may do with your finance that may end up hurting your case. Before filing for bankruptcy, you should consult an excellent attorney who may take you through the process. However, even before you do that, there are some financial mistakes that you should avoid if you want the bankruptcy process to flow smoothly without any challenges. According to Alllaw, you should avoid transferring your assets or money to a family member with the hopes

December 22, 2019 No Comments

Credit card problems can surface unexpectedly

A lot of people believe that those who run into serious credit card debt are simply irresponsible or incapable of handling financial matters properly. However, this is unfair to many people who are buried in credit card debt, and there are a lot of reasons why this serious problem can arise. In many cases, people never saw these significant problems coming and they get to a point where they can never pay off the debt they owe. This can be extremely stressful, and regrettably, there

December 12, 2019 No Comments

How can you effectively reduce your credit card debts?

Using your credit card can have many advantages including taking away the need to carry around cash and helping you to build a healthy credit score when you pay debts on time. However, for you and others in Maryland, owning a credit card can be a bit of a two-edged sword. Especially if you are unaware of how to effectively manage your spending so you do not end up drowning in debt brought on by a small piece of plastic. One valuable rule of thumb

December 4, 2019 No Comments

What are some ways to prevent foreclosure?

Foreclosure is not uncommon in Maryland, but if you are facing it yourself, you may feel frightened and powerless. While there are many situations that may lead to financial instability and missed mortgage payments, there are also several actions you may take that could help you stay in your home. If you realize that you may not be able to continue making mortgage payments, taking a proactive stance may help you avoid the stress and pain of foreclosure. The USA.gov website provides several tips and

November 22, 2019 No Comments

Should you file Chapter 7 or Chapter 11 bankruptcy?

If your business is having trouble paying bills and making a profit, you may be considering bankruptcy in Rockville, Maryland. You may have heard of Chapter 7 and Chapter 11 bankruptcy but do not understand how these options differ. The differences are important because they can determine the future of your business. Chapter 7 bankruptcy means liquidating your business You may choose Chapter 7 bankruptcy if you believe there is no realistic hope of continuing to operate your business. In Chapter 7 bankruptcy, the court

November 21, 2019 No Comments

Are there different types of home loan modifications?

When you’re unable to keep up on mortgage payments, a home loan modification might be a good option for you. Loan modifications allow you to alter the terms of your loan so that it’s easier to make payments, which is beneficial to people facing financial hardships. There are actually a few different modification options available to eligible homeowners, as explained by Debt.org. Lowered interest rate Some homebuyers are privy to loans with high interest rates. If a person’s financial status changes, a high interest rate

November 11, 2019 No Comments

Can you avoid debt this holiday season and still use credit?

As the holiday season approaches, most Americans spend countless dollars on their loved ones. Between the gifts and holiday plans throughout Maryland, it is easy to rely on your credit card. Dependence on credit, however, can lead to serious credit card bills in the future. Credit does not have to be off-limit this holiday season. In fact, you can still use credit cards strategically to reap the benefits without stacking on more debt. Credit Karma suggests using credit card awards to minimize holiday debt and

October 21, 2019 No Comments