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How to manage debt with a debt management plan

If you feel overwhelmed by debt, you are not alone. Many Americans struggle with debt. In times of economic uncertainty, people rely more on their credit cards or borrow money to make ends meet, improve their opportunities or access education. If the debt becomes overwhelming, however, many Americans do not know how to regain control of their finances. They do not realize that a debt management plan will help them pay off the debt. Why do people need a debt management plan? In the U.S.,

September 6, 2023 No Comments

Foreclosure prevention options

In the first quarter of 2022, the Maryland Department of Housing and Community Development reported an increase in foreclosures over the previous quarter of 32.8%. This is bad news for homeowners, especially if they are struggling to make ends meet. If you get notice of an impending foreclosure, you can find ways to stop it. Foreclosure prevention may involve taking some serious steps, but you have options to help you keep your home. Mediation Mediation involves you and your lender coming together with a neutral

August 31, 2023 No Comments

Does bankruptcy stop the foreclosure process?

The prospect of losing a home due to financial difficulties is a distressing reality for many homeowners. In January 2023, nearly 32,000 U.S. properties had foreclosure filings, according to real estate data company ATTOM. Individuals facing foreclosure often wonder whether bankruptcy can put a pause on the foreclosure process. Chapter 7 Bankruptcy Filing for bankruptcy can help people alleviate their financial burdens. Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” involves the sale of debtors’ non-exempt assets to settle their outstanding debts. Once the courts

August 21, 2023 No Comments

How to prepare yourself for a home loan modification

The thought of losing your home due to financial difficulties can be daunting. A home loan modification might be the solution to your problem. Home loan modifications can help you reduce your monthly mortgage payments, making them more manageable. The Federal Housing Administration reported that over 675,000 people across America did a home loan modification in 2022. However, securing a modification is not always an easy task and requires thoughtful preparation. Understanding the home loan modification process and knowing how to prepare can make a

August 2, 2023 No Comments

Home loan modification scams to watch for

If your mortgage payments have become to be more than you can handle financially, you consider doing a home loan modification. In a modification, the bank works with you to modify the terms of your existing loan, typically by extending how long you have to repay the loan or reducing your interest rate, which then reduces your monthly payment amount. However, navigating the world of home loan modifications can be a complex task. It is a process fraught with numerous potential pitfalls, including the risk

July 25, 2023 No Comments

Why working with a debt settlement company is risky

Many people living in Maryland feel uneasy due to mounting debt, and if you include yourself among them, you may be looking for a way to help dig yourself out and get back on your feet. Be wary, though, of signing on to work with a debt settlement company, because sometimes, these businesses promise more than they provide. Per the Consumer Financial Protection Bureau, a debt settlement company is a business that tells you it is going to save you money by helping you pay

July 5, 2023 No Comments

Reclaiming your life through bankruptcy filing

Financial problems can occur to anyone, at any point in life. It can be overwhelming, lead to sleepless nights and take away your peace of mind. If you find yourself struggling with insurmountable debt, you might be considering filing for bankruptcy. Bankruptcy can be a powerful tool that helps you regain control of your financial life. In fact, according to the United States Bankruptcy Court, over 7,000 Maryland residents filed for bankruptcy in 2022 and helped improve their finances. Finding a fresh start Bankruptcy can

June 29, 2023 No Comments

4 FAQs about home loan modifications

For many homeowners in Maryland, managing mortgage payments can sometimes be a struggle, particularly during financial hardships. In such cases, a home loan modification can provide a viable solution. You may have several questions about how home loan modifications work in Maryland. Check out some of the most frequently asked questions to help you understand the process better. 1. What is a home loan modification? A home loan modification is a change made to the terms of your existing mortgage by your lender. This may

June 22, 2023 No Comments

How to rapidly reduce your credit card debt: 3 tips

If you and your family struggle with credit card debt, you are not alone. Millions of Americans overspend on credit, according to Bank of America, but you need not struggle by carrying burdensome payments month to month. Paying down your credit card debt requires reviewing your spending habits and following a few tips that could have a significant impact on reducing card balances. 1. Use snowball payments You may find that the snowball method of paying off more than one credit card may help you

June 5, 2023 No Comments

Understanding the Chapter 7 bankruptcy process

The Chapter 7 bankruptcy process offers individuals a fresh financial start by discharging eligible debts. To navigate this process successfully, you need a clear understanding of the key steps involved. Prepare and file the bankruptcy petition The first step in the process is preparing and filing the bankruptcy petition with the bankruptcy court. The petition requires detailed information about your financial situation, assets, liabilities, income, expenses and other relevant details. Ensure accuracy and completeness when compiling this information. Activate the automatic stay Once filed, the

May 19, 2023 No Comments