workout Tag

28 Dec Mortgage Problems? Don’t wait until the last minute!

Your mortgage lender is foreclosing your home. What is your first step? Do you defend the foreclosure action? Do you file for bankruptcy? Do you look for a modification or workout of your mortgage? What questions do you need to ask?

All of these are valid steps in dealing with a mortgage default. Any number of reasons exist for why a mortgage lender decides to foreclose a home. You may have missed some payments or you may have failed to pay for the real estate tax bill when it came in or let the insurance lapse by mistake. The lender may have misapplied or lost your payment or improperly charged you fees that are not due. You may have valid defenses to the foreclosure or no defense at all. Whatever the reason, do not make the mistake of failing to get help.

Read More

16 Oct If You Are Sued, Don’t Just Call The Creditor – You Need To Take Action On The Suit.

This week I have talked to several people who have said that when they were sued they "called the creditor and worked it out so they didn't have to attend the hearing" but it turned out that a judgment was entered against them anyway. If you are sued by a creditor, you must understand that the neither the creditor nor the creditor's attorney is on your side. While it may be true that they will work with you on a payment plan, that doesn't necessarily mean that they stop the lawsuit. While they are "working it out", they may also be asking the court to place a judgment lien on you, which can be a lien on any real estate you own such as your house., and it can also be the basis for seizure of other personal property or bank accounts to satisfy the debts. In some states, the judgment can lead to garnishment of wages.
Read More