Trouble with mortgage approval?

Over the past several months our office has received a lot of calls from potential clients looking for help to clean up their credit in advance of getting approved or pre-approved for a mortgage. In fact, we’ve actually developed a few relationships with mortgage brokers who have begun to suggest us to some of their clients who cannot immediately be approved for a mortgage.

In our office, there are a number of techniques and tools we can utilize to assist with credit repair. Since everyone’s situation is very different, there is no hard and fast answer for everyone, and we prefer to do a sit down or phone consultation for about 15-20 minutes to get a good feel for your individual situation.

After/during this process, we can help go through your credit report and analyze your debts. Depending on whether your problem is a low credit score, a high debt to income ratio, or a combination of both we can probably help.

Again, our solutions vary for each and every situation. For some clients we can dispute items on a credit report, negotiate debts, set up payment plans and also negotiate the reversal of negative reports on credit.

Sometimes there’s an avenue to not only challenge the harmful items on a credit report, but to seek money damages for our clients as a result of these harmful items on their report if they were put there improperly, and not removed timely.

For other clients, we discuss the options of bankruptcy. For some consumers this serves as a “clean slate” approach that will often clear the decks on a lot of old, bad debt. This debt can be credit card debt, medical bills, or many other debts from the past.

Many of our clients are initially concerned with filing for a bankruptcy due to some of the negative stigma surrounding it. Others find it contradictory that a loan officer will tell someone to call us knowing that there’s a chance we will file bankruptcy. The truth of the matter is that most underwriters will be able to approve a mortgage within 18 months to 3 years from the discharge.

If you’re struggling to get a mortgage, and want to clean up your financial situation in anticipation of approval give us a call at (410) 885-6200 to schedule that free initial consultation.

Recovering Wage Garnishments through Bankruptcy

One of the major benefits to filing a bankruptcy petition in Maryland is the automatic stay. It can be helpful in stopping most collection actions against you, including wage garnishments that are not a result of child support or child support arrears, or recent income tax arrears. Not only do some of these garnishments stop immediately upon the filing of the bankruptcy petition, but we are also able to recover up to 90 days worth of garnishment withholdings that were taken prior to the filing of the petition.

In a recent case we handled, which was brought into our office due to the wage garnishment, we were able to not only stop the garnishment, but we eliminated roughly $20,000 in additional unsecured debt for the client, and received a refund from the garnishment that was roughly equivalent to the amount of the fee the client paid our office to handle the proceedings. It was basically a free bankruptcy filing, plus the added benefit of all of the discharged debt!

Should be be in a position where you’re dealing with a non-child support or recent income tax wage garnishment contact our office at 410-885-6200 to discuss your options with one of our Maryland bankruptcy attorneys.