When considering a mortgage modification or credit negotiations, having a financial hardship letter can help you demonstrate your need for assistance. A financial hardship letter is a formal document. It states, in so many words, your intention to be the best possible borrower given extraordinary circumstances. You want to emphasize that you could not avoid  … Read more

As more Americans struggle to find their way out from under a debt burden, options begin to fade and desperation sets in. Unfortunately, this leaves way for many scam artists to make their move on unsuspecting borrowers. Scam artists are good at what they do and they are always evolving new tricks to make their  … Read more

One of the things that many troubled lenders will have to do is write a financial hardship letter. It doesn’t matter if it is credit card negotiation, education debt, or a mortgage modification; the debt ‘appeals process,’ if you will, is often the same. The financial hardship letter is a common way to temporarily defer  … Read more

If you are in debt and have missed one or more payments, you have probably been contacted by a creditor. Often, creditors can be intimidating and some go so far as to make threats to collect their money. What many people don’t know is that you have several rights as a consumer that protects you  … Read more

Whether you have fallen behind on a few bills or in a serious debt negotiation, you need to know your rights. There are laws written to protect you from debt collectors. You are certainly under enough pressure with bills, why should you have to deal with incessant phone calls and empty threats from debt collectors?  … Read more

Avoid companies making big promises to settle your debt at all costs. Typically they are looking for a quick buck, and are really only in the business of filing debt paperwork and then consolidating debt—neither of which will put you on the right direction in and of themselves. After all is said and done, you  … Read more

Bankruptcy is a final option when settling old debts. It should only be employed after every other option has been exhausted—including credit card negotiations. Bankruptcy can remain on your credit report for ten full years. This means you may have to wait years before most lenders will consider you for a new line of credit.  … Read more

The short answer: it depends. The problem comes from the fact that “debt forgiveness” is often not well defined, which can leave room for companies to offer different types of services under its name. If you are drowning in debt, planning to negotiate with creditors or considered filing for bankruptcy, there are a few things  … Read more

As consumer debt rises, many people are considering all options to find relief from their debts. There has been much publicity over, what is being called, the “Obama Credit Card Debt Relief Program”.  The problem with this program is, simply, that it does not exist. The Obama Credit Card Debt Relief Program is not a  … Read more

As you well know, 2008 was a terrible year for debtors of all sizes. If you are faced with a foreclosure, short sale, or just a loan modification, the associated stress and strain can be unbearable. It may help to remember that many banks and lenders were insolvent too. Here are some ideas on how  … Read more