Address: Options/Services
Phone:
616 604-6642
Fax:
269 962-2053
Email:
brigle@appraisaloffice.biz
271 Viking Dr
Battle Creek, MI
49017
Foreclosure Prevention Institute, LLC and our team of attorneys at Aces Debt Solutions have been helping hundreds of Americans in Michigan and across the nation save their homes from foreclosure through a powerful strategy called a forensic loan modification; and to also get out of debt through a program called Debt Settlement -- all to allow individuals and families to have financial freedom and peace of mind.
As we strive to assist homeowners and adults to achieve financial freedom and peace, one must realize that most Americans do not have the time or knowledge it requires to manage debt negotiations or the forensic loan modification process successfully. Many people also are surprised and do not understand why a long time customer of a credit card company or lender will not be sympathetic to their hardship and give them a break. No, it is nothing personal, but simply a matter of banks and their business which is to make money. You have heard the saying: "Time is money."
President Obama and the Government thinks it is easy to get a debt settlement or a loan modification, but it isn't. The lenders and banks do not have the manpower needed to handle all of the inquiries due to this economic recession and furthermore do not always have the authority to make changes due to investors demands when notes were written. Debt settlements and loan modifications have many variables and in order to successfully negotiate a settlement with your creditors/collectors/lenders it requires a well thought out plan of phone calls and settlement proposals over time. It does not happen overnight and requires a great deal of persistence.
Debt and Forensic Loan Modification negotiations require the unpublished knowledge of the policies and procedures of hundreds of companies and investors regarding how settlements or modifications are handled. A tactic that works with one company or bank could have the reverse effect and cause another company or bank to become more aggressive. Also, every person's financial situation regarding debt to income ratios, home equity, time frames, and hardships etc. is different and unique. With that said, the banks and companies have to follow federal and state guidelines as well to attempt to be nondiscrimantory, as they try to fit people into various programs using credit scores, debt to income ratios, payment history and the like. For one reason or another you may or may not qualify for a debt resolution.
Since 2006, Foreclosure Prevention Institute, LLC and Aces Credit have been offering loss mitigation and debt negotiation services to Americans looking to resolve their debt situation in the quickest amount of time for the least amount of money. Since then we have negotiated and settled over hundreds of accounts. In doing so we have continued to develop and refine the process and programs that we consider to be the very best and most powerful strategies used in the real estate, mortgage, and credit industries.
It begins with our philosophy, which is one of "full disclosure.” That means we are telling perspective clients the whole story up front, both the benefits and the potential downsides regarding debt settlement and forensic loan modifications making every effort to set the proper expectation upfront.
We welcome the opportunity to learn more about your situation and together we can determine if any of our programs will be able to help you resolve your current financial crisis and get you back on the road to financial freedom.
Click below to contact us or call 800 826-1929
Debt Negotiations
1. Debt Validation - Check if the statue of limitations in your state has passed and confirm that the debt is truly yours.
2. Try settling debt with the collection agency or lawyers involved. Begin with getting the collection agency's physical address, name of agency, name of person your talking to, phone and fax line, and who they are representing.
3. If you are fairly current with the debt, you may want to start making payments. In a true hardship, the credit card company may be willing to lower the interest rate or waive interest and fees to allow you time to catch up in payments. If the credit card company is unwilling to negotiate, you can still keep paying what you are able to afford until you are able to accelerate payments to catch up. However, you could be throwing away money since you are paying mostly if not all in interest since the principal is never touched.
4. Get any negotiated terms in writing before you ever open your checkbook.
5. Keep good records with copies of payments (checks made), date made, and all correspondence.
6. Always keep a log every single time you speak to the collection agency (when, what & who).
7. Follow-up phone conversations with written correspondence (send it registered).
8. Try to negotiate just the principal owed. Often times, if you settle on monthly payments over a set period of time, the interest and fees can be waived. If you miss a payment, then the interest and fees can be reinstated and more agressively pursued.
9. Time is on your side. The older the debt, the more likely the original creditor will write the debt off as a loss and may then sell or assign the debt to a collection agency. This may take upwards of two years or more. If a collection agency is willing to settle the debt, you may want to wait for a second or third settlement offer before you agree and accept the terms offered.
10. If taken to court, you still have a chance to negotiate with the credit agency in front of a judge or magistrate. Your offer needs to be reasonable and something you know you can pay on a timely and monthly basis. Explain your hardship. The judge usually cannot change the interest rate and original terms of the debt, but by showing your willingness to acknowledge the debt and willingness to pay puts you in a better light in front of the judge. Note: Just as in a foreclosure, one can ask the collection agency to show proof of the orginal documents to ensure actual assignment of the debt. This could delay proceedings for a month or two. Ask for discovery.
11. If a threat of garnishment occurs, again one can appear in front of a judge and discuss hardship, payment history, and what you are willing or able to do to settle this debt as in 9 above.
12. At a certain time in your negotiations, you may want to use a threat of bankruptcy as a last best offer in settling your debt with a credit agency. If they don't compromise, they may get nothing. However, with the new bankruptcy laws it is more difficult to escape debt since the court may order you into debt consolidation for a 5 year time period. Filing bankruptcy should be your last resort.
13. Lastly, do credit repair. Be sure to save all settlement papers forever. Sometimes, the unpaid balances are sold again or reappear and so you will need to show that these debts had previously been settled and satisfied.
14. If you need assistance or help with settling your debt or credit repair, call Foreclosure Prevention Institute 1 800 826-1929.
Disclaimer: Foreclosure Prevention Institute does not give legal advice. The above information is from research or experience. Foreclosure Prevention Institute does refer clients and people to attorneys for legal advice and assistance. If you have any legal questions, you should consult your own attorney.