While these federal programs offer hope to cure mortgage issues, a person must first determine whether he or she will qualify for assistance under these federal programs. While a homeowner can ask their mortgage company for assistance in navigating these programs, they should also speak with an experienced Michigan attorney who practices in bankruptcy, debt relief and mortgage issues. The attorneys at Kronzek & Cronkright, PLLC are experienced Michigan attorneys who are available to provide legal advice and direction to individuals facing mortgage and debt crisis. Our services include advising clients about these federal programs and also renegotiating debts with creditors.

What are the “catches” to being able to qualify for these mortgage programs? Although there are no real catches, there are several qualifications that preclude people from obtaining the help they need to cure their mortgage issues. For example, let’s examine the Home Affordable Refinance Program (HARP). The goal of this program is to help a homeowner refinance to a more stable, affordable mortgage. This program is for people who are current on their mortgage but have been unable to obtain a traditional mortgage to refinance their homes because the value of their home has declined. If you meet the qualifications for this program, you will need to complete a loan application and loan refinance fees will apply. You can ask your current mortgage lender whether it participates in this program. In the event your current mortgage lender does not participate in HARP, you may contact other lenders that do participate in HARP.

The following are some qualifications for the Home Affordable Refinance Program (HARP). In order to qualify for refinancing under HARP, you must:

HARP may not help the many individuals who are seeking to refinance their current mortgage because they have missed mortgage payments or have recently incurred late fees and penalties for late payments. However, if you have been current on all of your mortgage payments for the past year, and/or you have a variable mortgage interest rate, and the market value of your house has depreciated below your first mortgage loan amount, and you have the ability to continue making mortgage payments, then you may consider this an option.

There are several other programs available to Michigan homeowners through Making Homes Affordable (MHA). In order to learn more about MHA and other mortgage programs and bankruptcy options that meet your debt situation, call the experienced consumer attorneys of Kronzek & Cronkright, PLLC at their main office in Lansing, MI: 517-886-1000.

Chapter 11 bankruptcy generally provides for reorganization of a business. In many cases, the business proposes a reorganization plan that keeps the business alive and allows for payment to creditors. There are debt relief attorneys involved in filing the Chapter 11 bankruptcy and creating the reorganization plan. A chapter 11 business bankruptcy has many similarities to a chapter 13 personal bankruptcy.

Individuals who are in financial hot water may choose to file for bankruptcy. They would usually do this under Chapter 7 or Chapter 13 of the United States Bankruptcy Code. However, it is best to consult with a lawyer who knows what type of bankruptcy would best fit each person’s situation. Also, even if a person does not want to go as far as filing for bankruptcy, there are other debt relief options available, such as debt consolidation and debt renegotiation. Contact a debt relief attorney today to set a meeting to learn about your options.

In the event this scenario sounds familiar to you or to someone you know, there is debt relief for mortgage issues. Choosing what is best for you may not be what is best for someone else. This is your decision, which must be based on your individual financial situation.

Many people who call or come to our office ask, “Should I file for bankruptcy?” They do not know what to do. Perhaps they have missed some mortgage payments and the Mortgage Company is calling them and sending letters demanding payment. Most people wonder if they will have to turn to foreclosure or ‘acceleration’ of their loan.

First, you should know that taking care of your debt is a process. Choosing the best form of relief from your debt (such as bankruptcy, debt settlement, or debt consolidation) should involve thinking about not only today, but of you and your family’s future. Although you have several debt relief options to choose from, bankruptcy may be the best remedy for you. The top attorneys of Kronzek & Cronkright, PLLC will determine whether you qualify for bankruptcy relief under the U.S. Bankruptcy Code’s Chapter 7, Chapter 11, or Chapter 13. Our experienced attorneys will represent you during the bankruptcy process.

The highly-skilled bankruptcy lawyers of Kronzek & Cronkright, PLLC can give the information you need to help you. Whether you choose bankruptcy or debt settlement, Kronzek & Cronkright, PLLC has attorneys who will work with you through a bankruptcy or negotiate on your behalf to settle debts. Call Kronzek & Cronkright, PLLC to begin your debt relief process.

The plaintiffs in this case are three couples who obtained home loan financing from Quicken Loans in 2007. They are alleging that Quicken Loans charged unearned fees in violation of the Real Estate Settlement Procedures Act. The plaintiffs were charged loan-discount fees, but their interest rates were not reduced. Quicken denies that the loan fees were illegal.

As experienced debt relief attorneys, we know how difficult it can be to go through the home-buying process. There are a lot of legalities and paperwork involved. We hope companies like Quicken Loans are not taking advantage of the complexities of the home loan process and charging home buyers extra, unearned fees. Many people are already struggling to fend off foreclosure or bankruptcy, and the addition of illegal fees into the loan could be enough to tip the scales towards pursuing those options.

It should be helpful to consumers that the Supreme Court of the United States agreed to hear this case. As the economy slowly climbs out of recession, we need a fair and rational home loan industry.

If you are thinking of filing for bankruptcy, contact an Michigan Bankruptcy attorney today.

• Divorce
• Death of a spouse
• Medical bills
• Loss of employment

Many people experiencing divorce or spousal separation are faced with the fact that their family income has decreased, and in many cases, this is more than a 50% decrease. So, when your family income was $90,000 per year, the divorce/separation has reduced your family income to $35,000. Couples experiencing divorce/separation ask: “How can I possibly afford the same lifestyle my family had just months ago?”

Going through a divorce or separation, many people find themselves in a financial crisis. When once your family could afford the mortgage and family debt, a divorce may force you to face the fact that you cannot possibly pay the family bills without your spouse’s income.

If you are in this situation, you may have many specific questions, such as:

“What should I do? I am getting divorced/separated and without my husband/wife’s income, I cannot afford the mortgage and credit card payments.”

“My husband/wife has moved out and he or she refuses to make the mortgage or credit card payments. What do I do?”

“What do I do when my ex-husband/ex-wife does not continue paying the mortgage or credit cards as required in our Judgment of Divorce?”

“My husband/wife is living in the house while we are going through the divorce, but he or she has not paid the utility bills, nor the property tax, and not even the mortgage. What is going to happen to our house?”

First, you should know that debt relief options and divorce may impact each other. Next, you should know that without expert legal advice, this impact could critically affect your divorce and your debt relief.

Whether you choose to handle your family’s debt before or after (or even during) a divorce/separation, you should consult with an experienced attorney practicing in both family law and bankruptcy law. The skilled attorneys at Kronzek & Cronkright will expertly lead you through the impact of divorce or separation on your debt and identify a debt relief process that is best for you. We can also determine whether you qualify for bankruptcy relief under the U.S. Bankruptcy Code’s Chapter 7, Chapter 11, Chapter 12, or Chapter 13. Our attorneys will guide you through a debt relief bankruptcy process.

The expert attorneys of Kronzek & Cronkright, PLLC can you give the information you need to help you. Whether you have filed for divorce, or whether you have already divorced/separated, Kronzek and Cronkright, PLLC has expert bankruptcy attorneys and debt settlement negotiators. Call Kronzek & Cronkright, PLLC to begin your debt relief process.

During the past few years, Michigan has been hit hard by the downward economic spiral. Although the number of foreclosure filings has decreased since last year, the total number of foreclosures remains high. It has been reported that Michigan foreclosure filings occur at a rate of one out of every 324 homes. This means the possibility of having their home foreclosed on is still a looming reality for many Michigan families.

According to a recent article by Cami Reister of the Grand Rapids Press, Michigan “remains in the top 10 for highest number of filings and the highest foreclosure rates… [as] Michigan has the seventh highest foreclosure rate in the nation.” People within various cities and counties in Michigan are losing their homes every day. Some Michigan Bankruptcy Attorneys are working diligently to solve this problem and prevent hardworking citizens from losing their homes.

In the last few years, the Obama Administration has also tried to reduce the number of foreclosures with the Making Homes Affordable Act (MHA). The MHA gives homeowners an opportunity to avoid foreclosure by providing a plan to refinance and restructure their mortgage to a lower interest rate. The Making Homes Affordable Act also sets up a low payment rate for those who qualify, through the Home Affordable Modification Program. This program helps those who have lost their jobs or who are facing financial difficulty by assisting them with staying current on their mortgage payments.

There are other ways to decrease the number of foreclosures. A short sale is one example. However, short sales can cause bad credit, and it may be a few years before a person can buy another home. Simply trying to renegotiate a loan with the Bank is another example of a way to avoid foreclosure, but without a skilled bankruptcy attorney, a homeowner faces the possibility of paying a higher interest rate.

Foreclosure threatens your ability to receive a mortgage for another house. Foreclosure harms your credit rating. Fortunately, there are skilled attorneys practicing Bankruptcy law who can help homeowners, as these attorneys know how to use Chapter 13 of the Bankruptcy Code to stop foreclosures and protect your rights.

One can only hope that the economic downturn will soon pass and an economic rise will forever remain. Yet, until that day comes, Michigan residents should seek out aggressive bankruptcy attorneys who will fight to make sure that the number of foreclosures reaches an all-time low, and that the American dream of owning a home remains a reality.