“We will take the necessary time to achieve a solution to your financial distress. Our firm will not accept you as a client unless we are confident of a positive result. We will put forth our best efforts to assure your financial stability.”
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Everyone faces times when money is tight. But sometimes financial circumstances take a turn beyond “money is tight” and into murkier territory. When people face a mountain of debt so high that they cannot expect to repay it within a reasonable timeframe, filing bankruptcy becomes an option. But what is filing for bankruptcy?
When you are facing financial difficulties, anything having to do with money can feel overwhelming. You may come home every day to face past due notices, credit card statements, and other bills you simply cannot pay. If those notices include late mortgage notices, you may feel even more stressed out. When you are trying to avoid foreclosure, the tax implications of any decisions you make are probably the last thing on your mind. The choices you make when trying to save your home do affect your taxes. You don’t want to end up with tax problems on top of your other financial issues. If you choose to save your home through a program such as a mortgage modification, it is important to keep in mind how that will affect your taxes.
Burdensome mortgage payments cause great stress to homeowners and wreak havoc on their finances. Some homeowners will pretend that nothing is happening, ignoring mortgage due notices and late payment warnings. Others will do almost anything to hang on to their homes, even if it means skipping payments on other bills. But skipping mortgage payments or ignoring other bills just makes the situation worse. Both result in late fees, added interest, and other penalties. Skipping payments does not address the root of the problem: a mortgage payment that is too high. Many homeowners are unaware that there are programs available to help retain their homes while making their payments more manageable. One option for homeowners with financial difficulties is mortgage modification.