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Are you feeling frustrated after your bank denied your home modification loan application? Many people find themselves in this challenging situation, wondering why a lender turned down their request for financial relief. In this blog, we’ll explore the common reasons banks reject these applications and offer some guidance on what you can do next. Whether you’re dealing with financial hardships or simply trying to improve your living conditions, understanding the factors behind these decisions is the first step toward finding a solution. Why do banks

Having a car repossessed due to missed loan payments can make a troubling situation feel impossible to overcome. If a lender repossesses a vehicle, is there any point in still filing bankruptcy? Oftentimes, yes, and quickly if one hopes to get the car back. Many repossessed vehicles are sold at auction for less than the balance of the loan. A creditor will likely file a lawsuit to collect the deficiency, so the borrower will still be on the hook for what is owed. If the

Not all debt is bad. In fact, some debt increases your net worth or has future value – like taking out a mortgage. But even if your debt isn’t necessarily the bad kind, it still doesn’t feel good to live with. The average American household has $134,643 in debt, and it’s taking a toll on their mental health. Unfortunately, most people don’t learn how to manage their debt until they are buried in it, which comes at a heavy emotional cost. Recognizing the emotional effects

The first half of 2020 has brought a one-two punch to many small business owners in Maryland, along with many other American families and businesses throughout the region and nationwide. First, the COVID-19 virus pandemic, which was defined as such in early March, brought many businesses to a slowdown or standstill, and some have not adapted or recovered well. Then came times of civil unrest in late May and early June. Many commercial properties suddenly needed to implement increased security measures, and some were broken

People are often reluctant to file for bankruptcy because they are concerned about the impact it will have on their credit score. However, you are already taking a hit to your credit if you’ve fallen behind on your bills. Avoiding available debt relief options may only prolong the inevitable and result in further damage to your credit. Make no mistake. A bankruptcy filing will hurt your credit score. However, once you’ve addressed your current debt situation, you can begin taking steps to rebuild your credit.

When you’re struggling with debt, creditor harassment can only make things worse. Fortunately, when you file for bankruptcy protection, a provision called the “automatic stay” kicks in. The automatic stay effectively ends any actions taken against you by creditors and bill collectors. Here are four ways the automatic stay can benefit you. 1. Keeping the lights on You shouldn’t have to worry about your utility company shutting off your electricity, water, or gas. However, if you fall behind on your payments, power companies can take

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

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

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