Debt settlement can be a harrowing process. Debt collectors aren’t known to be the most honest people, and they are trained to exploit your emotions and pressure you into paying as much as they can wring out of you. Keep your calm, develop a plan and you can prevail over debt collectors. Build up your  … Read more

The BPO, or Broker Price Option, is when the bank appraises your house through a hired third party. An integral part of the short sale process is getting your bank to accept a lower price for your house that consistent with other short sale prices in the neighborhood. Your bank will likely come back at  … Read more

The RCP—Reasonable Collection Potential—is the golden number for your offer in compromise because it more or less says that you are an ideal Offer In Compromise candidate. The reasonable collection potential is roughly estimated as your solvent or liquid assets plus what income you can expect to generate in the next four to five years.  … Read more

Right now, because of persistent mortgage and housing troubles nationwide, it seems as if the mortgage modification process has only gotten harder. It has and it hasn’t. You need to know yourself as a borrower and as an income earner, if you are need a mortgage modification like forbearance or a loan modification. Don’t be  … Read more

The short sale market, only a year ago, was a dismal place. Even today, it remains a woefully deficient marketplace where buyers, sellers and banks are constantly confused and disillusioned by new rules, fraud and bogus selling practices. To put your home in the best possible light, here are some good selling practices to observe.  … Read more

Before approaching your bank about a mortgage modification, you need to ask yourself several questions: 1.)   Is my financial health in trouble in the long or short term? 2.)   What can I do now to improve my financial standing/credit rating? Depending on how you answer, you may be looking at forbearance instead of a loan  … Read more

There are many reasons people fail to report or properly report their taxes. In many cases, we simply are unaware of the obligation we have to the federal government because we are in a place in life or work a job that doesn’t make clear for us our IRS debt obligation. It is easy to  … Read more

Most people will tell you that right now, there has never been a better time to refinance. And, in most cases, refinancing is a fantastic idea. However, be sure you fully understand the conditions of your refinance-especially if you are doing it out of hardship. Interest and the principal over thirty years In the first  … Read more

Loan modifications can be gruesome for both banks and borrowers; the bank doesn’t know how much your home cost and you are sick of paying for a property that is worth half of what it was a year ago. When filing and reviewing your mortgage loan modification, be realistic but assertive. Don’t accept what you  … Read more

For debt exceeding $25,000, the IRS isn’t legally bound to agree to streamlined settlement plan. Instead, you will need to present the IRS with your own plan to pay back outstanding debt. Refer to the guidelines for a guaranteed and streamlined agreement for clues as to what the IRS will accept, and then hire a  … Read more