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High Unemployment Rates Lead Consumers Searching For Debt Resolution Morgan Drexen Supports Attorneys In Reducing Debt

November 1, 2010 Featured News, Finance No Comments

Attorneys In Reducing Debt

High Unemployment Rates Lead Consumers Searching For Debt Resolution Morgan Drexen Supports Attorneys In Reducing Debt

After several months out of work Stephanie Silver had drained her 401(K) and her debt was rising.

Personal savings were not an option for Stephanie an Oregon resident; she started using her credit cards for everyday items. Stephanie’s husband was re located to a new state to work this was the start of their financial troubles.

The Silver’s debt was more than $20,000 and with no work in sight they took $15,000 out of their 401(K). Stephanie admits, “I will never get back to where I was with my 401(K). I now only have 1000 dollars in my account. I was accumulating that for 10 years.”

Stephanie like many Americans was concerned with entering any debt reduction program, however for her it was a great success. Stephanie engaged with the Howard-Nassiri Law Firm, who are tough on lenders. They helped Stephanie negotiate with creditors and free herself of the financial burden that surrounded her.

The Howard-Nassiri Law Firm uses the complex automation of Morgan Drexen and their integrated support services. Attorney at Law Vincent Howard admits, “The legal support services and automation provided by Morgan Drexen to my law firm is priceless.”

Stephanie considered bankruptcy, ”I hadn’t heard about this attorney based debt resolution program before. I decided to take a chance. I tried to work with my creditors to lower the balance on my cards but of course they would not help.”

This attorney based debt resolution program offers a safe platform with someone who understands the intricacies of financial law. Stephanie says, “It was great to have access to an attorney, the threatening calls stopped, the letters it all stopped. I had nothing but good experiences with them. Everyone I spoke to was helpful, respectful, and pleasant and as a matter of fact I have recommended them to friends of mine who are in similar situation.”

With new Federal regulation in place it is now safer than ever to reduce your debt using an attorney based debt resolution program.

Watch Out for Loan Modification Scams

September 25, 2010 Finance No Comments
bankruptcy-next-exit

For those struggling to make or those who have fallen behind on their mortgage payments, bankruptcy may provide a solution for homeowners that want to keep their homes.

The combination of the recession, high unemployment rates and the crash of the housing market has left many homeowners struggling to make their mortgage payments. However, as the saying goes, in difficult circumstances comes opportunity. Unfortunately, for many homeowners, those taking advantage of the opportunities presented by these difficult times are loan modification scammers.

For those struggling to make or those who have fallen behind on their mortgage payments, bankruptcy may provide a solution for homeowners that want to keep their homes.

Modification Scams

Not every company is in the business of helping you keep your home. Some, in fact, do not care if you keep your home or not, they just want your money. Some of the most common loan modification scams are:

Bait-and-Switch — a scammer will ask you to sign documents that you are told are for a loan modification that will “make your existing mortgage current.” Buried in the fine print of these documents, however, could be language transferring the title of your home over to the scammer.

Rent-to-Own — also known as a “lease-back,” in this scam you conditionally sign over the title to your house to the scammer with the “understanding” that you will stay in your home as a “renter,” and that you will be able to purchase your home back at a later date. Oftentimes, though, the scammer never intended to sell your home back to you and will even draft the contract in such a way that it is nearly, if not completely, impossible for you to reclaim your home. The scammer may even raise your rent to the point that you miss payments, giving them legal authority to evict you. After you are evicted, they can sell the home and keep any profits.

Fake Counseling Services — this fraud is based upon the word of a con man who tells you that he can negotiate with your lender on your behalf to save your home. However, there is a catch: you have to pay all the fees for this service up front. The scammer will likely ask that you not contact anyone, as they will do this for you — this should serve as a warning that the transaction is a scam. Another tipoff that you are dealing with a scammer is that you may be asked to pay your mortgage payment to the scammer directly and not your lender — do NOT do this.

Phony “Government” Programs — these bogus programs involve a scammer who offers to help you enroll in an allegedly government-approved loan modification program. The caveat being, of course, that you have to pay a high up-front fee to “qualify” for the program. These fake programs may be difficult to spot, even if you conduct due diligence since everything, including the scammer’s website, may seem official. Consult with your lender if you are contacted about one of these programs, as your lender will know if you qualify for any legitimate government programs or not.

Mortgage Lender Tricks

Mysterious third-party companies are not the only ones taking the opportunity to trick borrowers; your lender may try to deceive you as well. (Please remember that most lenders are reputable, but there are a few that may try this.) Be on the lookout for these signs that your lender may be trying to trick you:

-Continually telling you to call back to discuss your issues, without ever actually talking to you about your issues

-The lender tells you one thing, then either does another or does not honor what was told to you

-The lender tells you miss a payment(s)

Always make your payments if you can. If you miss payments, your lender may foreclose on your home.

Tips for Avoiding Scams

Not all fraudulent mortgage-related schemes are easy to discover. However, you may be dealing with a scammer if you are:

-Asked to sign your deed over to the company

-”Advised” to stop paying your mortgage payment to your lender and told to send the payment to the new company

-Given a “guarantee” that the company can get your loan modified or that the company can stop foreclosure

-Asked for a fee before the company can begin to work on your behalf

-Offered participation in a government-approved loan modification

-Asked for your personal financial information over the phone or online

The Bankruptcy Option

If you are behind on your mortgage payments and facing foreclosure, there may be an alternative to seeking the help of a loan modification company. Working with an attorney to file bankruptcy could help halt foreclosure proceedings and allow you to keep your home.

Chapter 13 bankruptcy, also referred to as “wage earners’ bankruptcy,” allows a debtor to restructure his or her debts into a monthly payment to be made over a three to five year period, after which the remaining debt is discharged.

One of the benefits of Chapter 13 bankruptcy is that it allows homeowners that are facing foreclosure to halt or stop the proceedings. The debtor is then allowed to fold the missed or late mortgage payments into the Chapter 13 repayment plan, paying them over the course of several years instead of in one lump sum. However, it should be noted that the debtor needs to keep current on the payments throughout the bankruptcy repayment period or risk foreclosure of the home.

To discuss your situation and discover if bankruptcy is the right option for you, contact an experienced bankruptcy attorney.

Article provided by George R. Belche, Attorney at Law, LLC

Sports & Recreation

SportsMetriX System Linked to NCAA Tournament Upsets

6 Nov 2010

NCAA Basketball Tournament

The unprecedented number of upsets in last season’s NCAA tournament was no coincidence. SportsMetriX software was the one common link that helped Butler, Northern Iowa, Murray State, Baylor, and Cornell for preparing pregame reports for their opponents. Sienna and Montana …

Terminal at 4-years-old, Triumphant at 22, Ryan Dant to Watch His Hero Nolan Ryan and His Beloved Rangers Take on Giants in Game 3

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Ryan Dant wasn’t supposed to be a 22-year-old. Or an 18-year-old. Or even a 12-year-old. At three-and-a-half, the little boy who loved baseball and Nolan Ryan and his Texas Rangers in particular was told, along with his parents Mark and …

World-Class Snowboarding for the First Time in China

15 Oct 2010

Snowboarder-Shaun-White

The 2010/2011 snowboard season is starting with a big bang: The legendary snowboard contest Air & Style is coming to Beijing, People’s Republic of China, with the 6-star Swatch TTR World Snowboard Tour event “Oakley and Shaun White present Air …

Entertainment

Peter Gabriel, Sheryl Crow, Jimmy Cliff, and Jack Dorsey, Co-Founder of Twitter, Support Human Rights Organization Using Video to Expose Human Rights Abuses

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Nissan Whistleblower After being Jailed a 3rd Time Starts Stand-Up Comedy

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U.S. Department of Health and Human Services Announces Aggressive Tobacco Control Strategy and Proposed Graphic Warning Labels

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Smoking

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Terminal at 4-years-old, Triumphant at 22, Ryan Dant to Watch His Hero Nolan Ryan and His Beloved Rangers Take on Giants in Game 3

30 Oct 2010

Ryan Dant

Ryan Dant wasn’t supposed to be a 22-year-old. Or an 18-year-old. Or even a 12-year-old. At three-and-a-half, the little boy who loved baseball and Nolan Ryan and his Texas Rangers in particular was told, along …

BODY WORLDS’ Producer Sets Sights on Disease Prevention, Creates New Museum Exhibition Addressing American Health Issues

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Body World

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Featured News

Does Travel + TSA = Traveling Trauma?

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Airport Security Body Scan

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GM’s IPO is hot, and China’s Automaker, SAIC, wants a piece of the action

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GM Headquarter

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Consumers Don’t Feel Their Financial Interests Are Being Well Protected and Are Dissatisfied With Many Areas in Financial Services

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A new survey on regulatory reform by TNS, the world’s leading custom research firm, finds that only 46% of American consumers feel  their financial interests are being appropriately protected by laws and regulations.  For consumers who are over-indebted this is …

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Business

GM’s IPO is hot, and China’s Automaker, SAIC, wants a piece of the action

12 Nov 2010

GM Headquarter

SAIC Motor Corp, China’s largest automaker, is a joint-venture partner with General Motors in China. The Chinese company wants a 1% stake in GM share and is willing to pay between $500 Million to $ 1 Billion for the GM’s …

Based on 16 Million Barcode Scans by Smartphone Users, ShopSavvy Reveals the Hottest Gifts for the 2010 Holiday Season

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shopsavvy

In the first 10 days of the holiday shopping season, ShopSavvy users performed 16 million product scans with ShopSavvy’s built-in barcode reader, with nearly a third of the smartphone app’s 6.5 million users scanning at least one item from Nov. …

Nissan Whistleblower After being Jailed a 3rd Time Starts Stand-Up Comedy

8 Nov 2010

Sharyn Bovat

Sharyn Bovat, the middle Tennessee relocation consultant assigned to manage the move of Nissan board member Carlos Tavares was arrested and taken to jail on July 7th, 2010 by the Franklin police in Williamson County (case # gsc-3714); the details …

Finance

Consumers Don’t Feel Their Financial Interests Are Being Well Protected and Are Dissatisfied With Many Areas in Financial Services

11 Nov 2010

Financial freedom

A new survey on regulatory reform by TNS, the world’s leading custom research firm, finds that only 46% of American consumers feel  their financial interests are being appropriately protected by laws and regulations.  For consumers who are over-indebted this is …

High Unemployment Rates Lead Consumers Searching For Debt Resolution Morgan Drexen Supports Attorneys In Reducing Debt

1 Nov 2010

Attorneys In Reducing Debt

After several months out of work Stephanie Silver had drained her 401(K) and her debt was rising. Personal savings were not an option for Stephanie an Oregon resident; she started using her credit cards for everyday items. Stephanie’s husband was …

Identity Theft 911 Recommends Identity Theft Services Shopping Tips From The Consumer Federation

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Technology

Peter Gabriel, Sheryl Crow, Jimmy Cliff, and Jack Dorsey, Co-Founder of Twitter, Support Human Rights Organization Using Video to Expose Human Rights Abuses

11 Nov 2010

Human Rights Abuse

Music legend and human rights activist Peter Gabriel will host the 6th Annual Focus for Change benefit dinner and concert for WITNESS, the international human rights organization, on Thursday, December 2nd at Roseland Ballroom in …

Based on 16 Million Barcode Scans by Smartphone Users, ShopSavvy Reveals the Hottest Gifts for the 2010 Holiday Season

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shopsavvy

In the first 10 days of the holiday shopping season, ShopSavvy users performed 16 million product scans with ShopSavvy’s built-in barcode reader, with nearly a third of the smartphone app’s 6.5 million users scanning at …

Creative Channel Services’ Study Suggests Set-Top Box Is Preferred Upgrade Solution

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Internet TV

The Internet is most likely to debut in the American living room via a set-top box that is streaming rented content, says a nationwide survey of 3,600-plus consumer electronics retail sales associates conducted by Creative …

Travel

Does Travel + TSA = Traveling Trauma?

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Airport Security Body Scan

Immediately prior to one of the heaviest travel days of the year, there are a multitude of people crying ‘Foul’ on the increased Travel Security Administration security (TSA) measures.  The overall response has said the …

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YAKIMA-car-rack

With Americans downsizing to smaller cars and hybrids, Thanksgiving travelers face new challenges on where to put luggage, family and gear. Yakima (www.yakima.com), known for vehicle racks for boats, bikes, camping, winter sports gear, trailers …

Branson’s Ozark Mountain Christmas Begins Nov. 1

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OZARK MOUNTAIN CHRISTMAS

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