Mortgage Debt Settlement

Many consumers who are buried under a mountain of credit card debt and who are facing financial hardship have been able to hammer out settlement negotiations with their lenders in recent years. Due in part to the recent economic crisis, many lenders are eager to accept settlements if they are convinced that full future payment is unlikely. However, the debt settlement practices and laws that apply to unsecured debt, such as credit cards, often do not apply with secured loans, such as those used for autos and home mortgages. Because these types of loans are based on collateral property, the lender will often opt to repossess the car or foreclose upon the home rather than working out a settlement. However, if you are a homeowner who is facing financial hardship, it is important to contact your lender and initiate discussions about possible solutions right away. Although a mortgage debt settlement is highly unlikely, your lender may be able to extend some other type of relief that can help you get back on your feet.

Fast Facts

  • Before depositing funds into the account provided by a debt settlement company, it is important to ascertain that the account is insured by the FDIC.

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  • Mortgage Debt Consolidation and Payoff

    Squeezed between high levels of unemployment and a weak economy on the one hand, and reduced (and in some case...
    • Site: debtsettlementlawyers.com
  • Negotiating Debt and Settlement

    Negotiating a reduction in pre-existing debt with a credit card company, a collection agency or other creditor...
    • Site: lawfirms.com
    • 3 of 4 user(s) found this useful
  • Louisiana Debt Collection Laws

    Debt is a growing problem for millions of Americans. Large percentages of individuals’ budgets are consumed wi...
    • Site: debtsettlementlawyers.com
    • 1 of 1 user(s) found this useful
  • Kansas Debt Collection Laws

    Any time a person owes someone a financial obligation, he/she is said to be in debt. Usually, citizens of Kans...
    • Site: debtsettlementlawyers.com
  • Nebraska Debt Collection Laws

    Harassment by debt collectors and agencies is against the law, in both federal and state jurisdictions, and no...
    • Site: debtsettlementlawyers.com

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