Your current mortgage servicer may offer forbearance, which allows you to delay or temporarily halt monthly payments. Some plans, however, may increase your interest rate or require a balloon payment when the term expires. As reported by USA Today, approximately 2.2...
Year: 2021
Does forbearance work the same for everyone?
Circumstances that make life hard can impact your finances. You may suffer a prolonged illness, a severe injury, damage to your property due to a storm, or the loss of a job. These situations may hamper you from making your mortgage payments. To prevent your bank...
Are you eligible for a Chapter 13 bankruptcy?
You might disregard bankruptcy for what it is — a useful, and sometimes necessary, tool for debt consolidation. Maybe it represents a failure of money management to you. The reality is that life throws everyone curveballs and sometimes bankruptcy is to the tool to get...
Understanding the Chapter 7 means test
Choosing to file for personal bankruptcy in Maryland is never an easy decision. Yet almost as difficult of a choice is what chapter of bankruptcy you should file under. You can opt for a Chapter 7 (which allows for the discharge of certain debts) or a Chapter 13...
How may a balance transfer affect my credit card debt?
You may have received an offer for a new credit card that provides an incentive for a balance transfer, such as a low or zero-percent interest rate. While it may not immediately reduce your outstanding credit card balances, it may help you manage your monthly payments...
Are you facing debt collector harassment?
When you struggle with debt, you also struggle with debt collectors. Some may approach their collecting in a reasonable way. After all, the Fair Debt Collection Practices Act (FDCPA) prevents debt collectors from abusing their power. Unfortunately, it still happens....
What do you know about mortgage loss mitigation programs?
Despite your efforts to adjust your budget, earn extra income and sell belongings, you still cannot catch up with your mortgage payments. Could you qualify for a loss mitigation program? The Federal Housing Finance Agency explores several programs that help homeowners...
Do you know these mental strategies for overcoming debt?
As part of your quest to get out of debt, you want to reframe your relationship with money. What mental tricks should you use to get out of financial quicksand and stay out? U.S. News & World Report offers suggestions that you may find useful. See how these tips...
What are viable options for preventing foreclosure?
Lately, you struggle to keep up with payments on your home in Maryland. Life threw several financial curve balls at you recently, and you fear your lender may foreclose on your home. The U.S. Department of Housing and Urban Development offers tips to avoid...
Qualifying for a mortgage following a Chapter 7 bankruptcy
A Chapter 7 case remains a popular option among those seeking personal bankruptcy protection due to the benefit it offers of having certain debts discharged. Indeed, according to information shared by the American Bankruptcy Institute, a vast majority of bankruptcies...