nj bankruptcy lawyer

Despite President Obama’s introduction of the “Making Home Affordable” Plan in 2009, very few homeowners with delinquent loans are finding themselves able to renegotiate their mortgages. The President’s Plan was intended to stabilize the housing market and keep homeowners in their homes, by preventing avoidable foreclosures. However, this relief is proving hard to come by, as permanent loan modifications remain infrequent.

Under the President’s program, homeowners would be entitled to loan modification after a) directly contacting their lender, and b) establishing, within a three month window, that they qualify for the program and are able to make their initial payments. In theory, this would rescue numerous homeowners from the precipice of foreclosure. However, this process has proven to be both a bureaucratic nightmare and an opportunity for lenders to stall.

Lenders are providing a myriad of justifications for denying requests for loan modifications, such as: declaring that necessary documents have not been submitted; stating that some borrowers’ earned too much money to qualify for the program; or, alternatively, earned insufficient income to make modified payments. Meanwhile, borrowers are left in a state of bureaucratic limbo, as they slip further into debt, and are left unsure of the next reasonable move. If you find yourself in such a position, and are in need of sound advice, it is time to reach out to a New Jersey Bankruptcy Lawyer.

It appears that mortgage company executives are not receiving sufficient motivation to modify loans, largely because the incentives from modifying delinquent loans are quite often less than the fees collected from the delinquency. Consequently, many lenders are pushing toward foreclosure, and the resulting fees, rather than reasonably considering loan modification. Mortgage company executives do not have your best interest at heart, and therefore rather than waiting and hoping for lenders to provide relief, it makes sense to retain the services of a responsible and creative New Jersey Bankruptcy Lawyer. Contact skilled New Jersey consumer law bankruptcy attorney, Robert Manchel, to learn more about what foreclosure resolution options may be available to you. Call (866) 503-5655 today.

Sources:http://www.washingtonpost.com/wp-dyn/content/article/2010/03/12/AR2010031202580.html?hpid=sec-business;http://www.nytimes.com/2009/07/30/business/30services.html?_r=3

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

To better understand how you can make the most out of your NJ bankruptcy options, the fifth post in our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series will address this issue. The experienced New Jersey bankruptcy attorneys here at the Law Offices of Robert Manchel can help you plan a strategic, ethical, organized plan of action to get your finances under control, wrangle your debts, stop creditors from harassing you, and protect your assets. Mr. Manchel has been working hard on behalf of New Jersey debtors since 1992, and he exclusively handles bankruptcy and foreclosure cases. Mr. Manchel has demonstrated success time and again for his clients, and he is happy to provide references and/or testimonials upon request. You can also call the offices at 1-866-503-5655 any time to discuss your circumstances and get a competent and no obligation consultation.

What can an attorney like Mr. Manchel do to improve your chances of good outcome? Here is a short list:

• Stop the garnishing of wages
• Get utilities turned back on
• End creditor harassment
• Reduce anxiety about money and about your future
• Develop a plausible and reasonable battle plan to get you and your family back to financial health
• Help get your New Jersey driver’s license back
• Get many of your most pressing debts excused or eliminated
• Eliminate certain debts because they have expired due to statue of limitations
• Protect key assets like your home, car, or boat
• Get certain pieces of property exempted, such as real estate
• Put you and your family on the road to financial rehabilitation by connecting you with competent counselors, financial planners and independent consumer debt organizations
• Rearrange child support obligations, thus reducing the amount of money you have to pay in the short term
• Eliminate income taxes and other taxes under certain special cases
• Learn the basics of debt management, budgeting, and prudent planning so you don’t wind up repeating mistakes of the past

Mr. Manchel works closely with all clients and provides easy accessibility. He believes passionately that informed, educated and respected clients do better in the long term, and he and his associates go the extra mile to provide information and strategies to ensure long term success.

Please read our next post to grasp how experience and knowledge will benefit you with your bankruptcy filing endeavors.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.