Filing Personal Bankruptcy Help

Probably the biggest question I hear is “Richard, I have tried to talk to my mortgage company, or my credit card company, and all I get is a run-around. How can I get them to talk to me, in order to lower my payments?” I hear this again and again. So I thought I would address this issue in this article. Very quickly, why am I qualified to talk about reducing your mortgage payments and slashing your credit card debts? I am the developer of the Mortgage Relief Formula, the home study course that teaches you how to lower your payments without getting a new loan, how to sell your house if you owe more than the house is worth, the nine day house sale method that works in any market, and how to cut credit card debts without bankruptcy.

How to get mortgage relief? Can I get Get Cash Out From The Refinance? No, since the lender is taking a loss as they reduce the amount you owe them, they will not allow the homeowner to get any money at closing. Will I have to Pay Back The Difference? Most lenders will normally release the home owner of the full balance in writing. Especially if they know you don’t have any significant assets. And typically the IRS will require that you pay taxes on the forgiven amount but in 2007, they no longer consider the forgiven debt as taxable income on primary residences. Please consult with your tax advisor for more details on The Mortgage Relief Debt Act.

How Long Will The Process Take? It depends on your specific lender, but normally you are looking on about 30 – 45 days. The key is to make sure you give the lender everything they need in a timely fashion and continuous follow up with your lender on a daily basis. What Will I Need To Qualify? Once you lenders give you the go ahead to start the Short Refinance procedure, then it’s just a matter of getting qualified for an FHA Loan.

So this initial “this is the best we can do” from the credit card companies is just a start. If you know how, you can do a lot better. Now let’s address the mortgage companies. They have another problem. They are losing money and yet they have to staff up to handle the huge number of loan workout requests and short sales and so forth. The fact is that you have people there who can handle 100 cases who have 1,000. So they will not pay attention to you unless you are very good at making your case, and you have a complete file with all the papers they want.

I’m not saying that you can’t get somewhere just by calling. But you will get the standard loan workout terms, which usually call for you making a good faith payment on any delinquent balance and paying back the rest of your late payments over time. But what if you want an interest rate reduction, or other change in your loan terms? What if you owe more than your house is worth? There are things you can do here, but you have to be prepared to go to higher levels at the mortgage lender. You have to know what they are looking for in terms of paperwork and documentation.

Learn more about Obama Mortgage Relief Plan Qualifications.

Related posts:

1. How To Get Mortgage Relief: How to Get Rid of Your Mortgage and Build Wealth Faster
2. How To Get Mortgage Relief: Bad Credit Mortgage?
3. Mortgage Relief Formula: What To Do If You Owe More Than Your House Is Worth
4. Mortgage Relief Act 2010: National Debt Relief and You
5. Making Home Affordable Refinance: Home Mortgage Refinance Explained
6. Mortgage Relief Act 2010: The Real Score About Debt Relief Grants From the Government
7. Mortgage Relief Program: Federal Government Mortgage Incentives
8. Mortgage Relief Program: Mortgage Rates in US Stimulus
9. Mortgage Debt Relief: Get Some Debt Relief With Mortgage Debt Consolidation
10. Making Home Affordable Refinance: Should You Walk Away From Your Mortgage?