ORLANDO, Fla., Feb. 22, 2012 /PRNewswire/ – Developing the discipline to create an emergency fund “is mission critical to your financial security,” says Sergeant Debt, the larger-than-life fictional character introduced to consumers through the internet by nonprofit InCharge Debt Solutions.  The entertaining drill sergeant barks orders designed to get Americans financially healthy by developing “anti-debt shield weapons” like savings accounts in celebration of “Military Saves Week 2012.”

To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/sergeant-debt-drill-instructor-video-teaches-basics-of-financial-literacy-140032053.html

The national campaign to persuade, motivate and encourage families to save money every month is sponsored by Military Saves, part of America Saves and operated by the nonprofit Consumer Federation of America.  Military Saves Week 2012 is being celebrated from February 19-26.

“The emergency fund protects you from financial ambushes such as loss of income and unexpected bills,” explains Sergeant Debt.  “It should be 6-9 months of living expenses, just in case.”

The emergency fund-themed video is one in a series of online educational tools being released by InCharge to further its ongoing mission of improving financial literacy, helping consumers manage money effectively, and use credit responsibly.  InCharge has also introduced parodies of the immensely popular “Most Interesting Man in the World” commercial which, like Sergeant Debt, are designed to motivate Americans to shed their debt and get financially healthy, and can be viewed at InCharge.org.

Following the Sergeant’s advice can pay long-term dividends.  As he explains, his order to create an emergency fund “is so effective, that once you implement and maintain, you may never go into debt again.”

InCharge Debt Solutions, a 501(c)(3) nonprofit organization, provides bankruptcy counseling, credit counseling, and housing counseling services to consumers and servicemembers in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

For more information, contact InCharge Debt Solutions:

• For bankruptcy services, call 866-729-0049.
• For credit counseling, call 877-486-4924. 
• For housing counseling services, call 877-251-1882.
• For servicemembers, call 877-258-9549.
• or visit us online at www.InCharge.org.

About InCharge^® Debt Solutions

InCharge^® Debt Solutions is a 501(c)(3) non-profit organization specializing in personal finance education, housing counseling, bankruptcy services, and credit counseling. Founded in 1997, InCharge interacted with over 1.1 million consumers in 2011 alone.  InCharge is affiliated with InCharge® Education Foundation, Inc. (ICEF) which is dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America.  ICEF also provides financial literacy training to servicemembers and their families through MilitaryMoney.com.  InCharge is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA). 

Contact: Media Relations
InCharge^® Debt Solutions
(407) 532-5599
mediarelations@incharge.org

Article source: http://finance.yahoo.com/news/sergeant-debt-drill-instructor-video-205500566.html

ORLANDO, Fla., Feb. 22, 2012 /PRNewswire/ – Developing the discipline to create an emergency fund “is mission critical to your financial security,” says Sergeant Debt, the larger-than-life fictional character introduced to consumers through the internet by nonprofit InCharge Debt Solutions.  The entertaining drill sergeant barks orders designed to get Americans financially healthy by developing “anti-debt shield weapons” like savings accounts in celebration of “Military Saves Week 2012.”

To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/sergeant-debt-drill-instructor-video-teaches-basics-of-financial-literacy-140032053.html

The national campaign to persuade, motivate and encourage families to save money every month is sponsored by Military Saves, part of America Saves and operated by the nonprofit Consumer Federation of America.  Military Saves Week 2012 is being celebrated from February 19-26.

“The emergency fund protects you from financial ambushes such as loss of income and unexpected bills,” explains Sergeant Debt.  “It should be 6-9 months of living expenses, just in case.”

The emergency fund-themed video is one in a series of online educational tools being released by InCharge to further its ongoing mission of improving financial literacy, helping consumers manage money effectively, and use credit responsibly.  InCharge has also introduced parodies of the immensely popular “Most Interesting Man in the World” commercial which, like Sergeant Debt, are designed to motivate Americans to shed their debt and get financially healthy, and can be viewed at InCharge.org.

Following the Sergeant’s advice can pay long-term dividends.  As he explains, his order to create an emergency fund “is so effective, that once you implement and maintain, you may never go into debt again.”

InCharge Debt Solutions, a 501(c)(3) nonprofit organization, provides bankruptcy counseling, credit counseling, and housing counseling services to consumers and servicemembers in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

For more information, contact InCharge Debt Solutions:

• For bankruptcy services, call 866-729-0049.
• For credit counseling, call 877-486-4924. 
• For housing counseling services, call 877-251-1882.
• For servicemembers, call 877-258-9549.
• or visit us online at www.InCharge.org.

About InCharge^®Debt Solutions

InCharge^® Debt Solutions is a 501(c)(3) non-profit organization specializing in personal finance education, housing counseling, bankruptcy services, and credit counseling. Founded in 1997, InCharge interacted with over 1.1 million consumers in 2011 alone.  InCharge is affiliated with InCharge® Education Foundation, Inc. (ICEF) which is dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America.  ICEF also provides financial literacy training to servicemembers and their families through MilitaryMoney.com.  InCharge is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA). 

Contact: Media Relations
InCharge^® Debt Solutions
(407) 532-5599
mediarelations@incharge.org

Article source: http://finance.yahoo.com/news/sergeant-debt-drill-instructor-video-205500566.html

Total assets at December 31, 2011 were $33.8 billion, compared with $31.4 billion at September 30, 2011 and $39.7 billion at December 31, 2010. The $5.9 billion decrease in total assets for the full year was attributable primarily to declines in the Bank’s advances ($6.7 billion), short-term liquidity portfolio ($2.1 billion) and long-term held-to-maturity securities portfolio ($2.1 billion), offset by the addition to the Bank’s long-term investment portfolio of $4.9 billion in U.S. agency and other highly rated debentures, all of which were purchased during the second half of 2011 and classified as available-for-sale. The $2.4 billion increase in total assets for the fourth quarter was attributable to increases in the Bank’s advances ($0.2 billion) and long-term available-for-sale securities portfolio ($2.9 billion), offset by declines in the Bank’s long-term held-to-maturity securities portfolio ($0.4 billion) and its short-term liquidity portfolio ($0.3 billion).

Advances totaled $18.8 billion at December 31, 2011, compared with $18.6 billion at September 30, 2011 and $25.5 billion at December 31, 2010. During the quarter and year ended December 31, 2011, advances to the Bank’s top five borrowers as of December 31, 2010 decreased by $0.1 billion and $5.7 billion, respectively. The full year amount included the maturity of $4.5 billion of advances to the Bank’s two largest borrowers as of December 31, 2010. In addition, during the first quarter of the year, $0.8 billion of maturing advances were repaid following the consolidation of several affiliated members’ charters into the charter of an affiliated out-of-district institution. Advances to the Bank’s other members decreased by $0.2 billion during the full year; during the fourth quarter, advances to these members increased by $0.3 billion.

Due to principal repayments on mortgage-backed securities (MBS), the Bank’s held-to-maturity securities portfolio declined from $6.9 billion at September 30, 2011 and $8.5 billion at December 31, 2010 to $6.4 billion at December 31, 2011. The Bank did not acquire any MBS during the year ended December 31, 2011.

The Bank’s operating results for the quarter and year ended December 31, 2011 included credit-related other-than-temporary impairment charges of $0.8 million and $6.1 million, respectively, on certain of its investments in non-agency (private-label) residential MBS (RMBS). The unpaid principal balance of the Bank’s non-agency RMBS holdings, all of which are classified as held-to-maturity, totaled $316.7 million at December 31, 2011, compared with $331.3 million at September 30, 2011 and $397.9 million at December 31, 2010.

The Bank’s retained earnings increased to $494.7 million at December 31, 2011, from $478.1 million at September 30, 2011 and $452.2 million at December 31, 2010. Accumulated other comprehensive loss attributable to the non-credit portion of other-than-temporary impairment losses on the Bank’s non-agency RMBS holdings declined from $52.6 million at September 30, 2011 and $63.3 million at December 31, 2010 to $51.4 million at December 31, 2011. Accumulated other comprehensive income (loss) attributable to net unrealized gains (losses) on the Bank’s available-for-sale securities portfolio totaled $5.2 million and ($6.1 million) as of December 31, 2011 and September 30, 2011, respectively.

Additional selected financial data as of and for the quarter and year ended December 31, 2011 is set forth below. Further discussion and analysis regarding the Bank’s results will be included in its Form 10-K for the year ended December 31, 2011 to be filed with the Securities and Exchange Commission.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank is a member-owned cooperative that supports housing and community development by providing competitively priced loans (known as advances) and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank’s website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

Article source: http://ca.finance.yahoo.com/news/federal-home-loan-bank-dallas-203444486.html

Total assets at December 31, 2011 were $33.8 billion, compared with $31.4 billion at September 30, 2011 and $39.7 billion at December 31, 2010. The $5.9 billion decrease in total assets for the full year was attributable primarily to declines in the Bank’s advances ($6.7 billion), short-term liquidity portfolio ($2.1 billion) and long-term held-to-maturity securities portfolio ($2.1 billion), offset by the addition to the Bank’s long-term investment portfolio of $4.9 billion in U.S. agency and other highly rated debentures, all of which were purchased during the second half of 2011 and classified as available-for-sale. The $2.4 billion increase in total assets for the fourth quarter was attributable to increases in the Bank’s advances ($0.2 billion) and long-term available-for-sale securities portfolio ($2.9 billion), offset by declines in the Bank’s long-term held-to-maturity securities portfolio ($0.4 billion) and its short-term liquidity portfolio ($0.3 billion).

Advances totaled $18.8 billion at December 31, 2011, compared with $18.6 billion at September 30, 2011 and $25.5 billion at December 31, 2010. During the quarter and year ended December 31, 2011, advances to the Bank’s top five borrowers as of December 31, 2010 decreased by $0.1 billion and $5.7 billion, respectively. The full year amount included the maturity of $4.5 billion of advances to the Bank’s two largest borrowers as of December 31, 2010. In addition, during the first quarter of the year, $0.8 billion of maturing advances were repaid following the consolidation of several affiliated members’ charters into the charter of an affiliated out-of-district institution. Advances to the Bank’s other members decreased by $0.2 billion during the full year; during the fourth quarter, advances to these members increased by $0.3 billion.

Due to principal repayments on mortgage-backed securities (MBS), the Bank’s held-to-maturity securities portfolio declined from $6.9 billion at September 30, 2011 and $8.5 billion at December 31, 2010 to $6.4 billion at December 31, 2011. The Bank did not acquire any MBS during the year ended December 31, 2011.

The Bank’s operating results for the quarter and year ended December 31, 2011 included credit-related other-than-temporary impairment charges of $0.8 million and $6.1 million, respectively, on certain of its investments in non-agency (private-label) residential MBS (RMBS). The unpaid principal balance of the Bank’s non-agency RMBS holdings, all of which are classified as held-to-maturity, totaled $316.7 million at December 31, 2011, compared with $331.3 million at September 30, 2011 and $397.9 million at December 31, 2010.

The Bank’s retained earnings increased to $494.7 million at December 31, 2011, from $478.1 million at September 30, 2011 and $452.2 million at December 31, 2010. Accumulated other comprehensive loss attributable to the non-credit portion of other-than-temporary impairment losses on the Bank’s non-agency RMBS holdings declined from $52.6 million at September 30, 2011 and $63.3 million at December 31, 2010 to $51.4 million at December 31, 2011. Accumulated other comprehensive income (loss) attributable to net unrealized gains (losses) on the Bank’s available-for-sale securities portfolio totaled $5.2 million and ($6.1 million) as of December 31, 2011 and September 30, 2011, respectively.

Additional selected financial data as of and for the quarter and year ended December 31, 2011 is set forth below. Further discussion and analysis regarding the Bank’s results will be included in its Form 10-K for the year ended December 31, 2011 to be filed with the Securities and Exchange Commission.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank is a member-owned cooperative that supports housing and community development by providing competitively priced loans (known as advances) and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank’s website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

Article source: http://ca.finance.yahoo.com/news/federal-home-loan-bank-dallas-203444486.html

Workshops run through next week on the topics of test-taking
anxiety, healthy sleeping habits, study habits, communication and
more. Therapy groups will continue to run throughout the semester
and there are limited spots in each group.

Some of the therapy groups include Shattering Stereotypes,
Understanding Relationships: for Men, It’s a Virus not a Judgment:
HSV2 for Women and many more.

All workshops and therapy groups are free for all Sac State
students and for more information, including a full list of groups
offered, please visit http://www.csus.edu/psysrv/Services/GroupsWorkshops/groupsworkshops.html.

Russell Preston can be reached at anews@statehornet.com.

© 2012 The State Hornet. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article source: http://www.statehornet.com/news/counseling-services-hosts-several-group-workshops-for-students/article_1fb5e3ce-5d0b-11e1-a317-0019bb30f31a.html

Workshops run through next week on the topics of test-taking
anxiety, healthy sleeping habits, study habits, communication and
more. Therapy groups will continue to run throughout the semester
and there are limited spots in each group.

Some of the therapy groups include Shattering Stereotypes,
Understanding Relationships: for Men, It’s a Virus not a Judgment:
HSV2 for Women and many more.

All workshops and therapy groups are free for all Sac State
students and for more information, including a full list of groups
offered, please visit http://www.csus.edu/psysrv/Services/GroupsWorkshops/groupsworkshops.html.

Russell Preston can be reached at anews@statehornet.com.

© 2012 The State Hornet. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article source: http://www.statehornet.com/news/counseling-services-hosts-several-group-workshops-for-students/article_1fb5e3ce-5d0b-11e1-a317-0019bb30f31a.html

MINNEAPOLIS (WCCO) — A new survey by Bankrate.com shows a slight silver lining when it comes to our financial health, but reveals some problems, too.

A poll of more than 1,000 Americans shows that 54 percent have more savings than credit card debt, but one in four Americans have more credit card debt than emergency savings. The study says 16 percent have neither credit card debt nor emergency savings.

The results also showed that parents are the most likely to have more credit card debt than emergency savings. And overall, the survey reveals many Americans are living on the edge without a safety net, with 40% of people admitted they are one emergency away from financial crisis.

Rashad Butler, an assistant manager at a Minneapolis Jazz Club, is among them after a painful detour in debt while trying to make it as an artist.

“I had no safety net, no foundation, so what I have now is all I have,” said Butler, who says he is undergoing debt counseling. “I am really trying to avoid bankruptcy, just out of pride I’d say.”

Bankrate.com says those likely to have neither credit card debt nor emergency savings are households with income of less than $30,000 per year, those with a high school education or less and the unemployed.

Households with income of $75,000 or more per year, college graduates and retirees are the most likely to have more in emergency savings than credit card debt.

Savings is a slow trend, although on the uptick, according to John Hoffman. He founded Consumer Credit of Minnesota, a non-profit rescuing people out of credit crisis.

“First thing I would say is sit down and do a budget. Take a sincere look at the money you have coming in, and then second part, look at your pattern of spending,” said Hoffman.

Hoffman says the bottom line comes down to living within your means. Hoffman tells his consumer credit clients to put 5 percent to 9 percent of their take home pay into a savings account, and also advises credit card customers to pay the same amount each month, and more than the minimum payment.

Last, Hoffman says keep a journal of your spending.

“If I am using this credit card to get miles, OK fine, but if I am using it to live above where I am at, then I am not so OK with that,” he said.

Bankrate.com recommends stockpiling six months’ worth of emergency savings. Read more about their survey here.

Article source: http://minnesota.cbslocal.com/2012/02/21/survey-shows-americans-struggle-between-debt-savings/

MINNEAPOLIS (WCCO) — A new survey by Bankrate.com shows a slight silver lining when it comes to our financial health, but reveals some problems, too.

A poll of more than 1,000 Americans shows that 54 percent have more savings than credit card debt, but one in four Americans have more credit card debt than emergency savings. The study says 16 percent have neither credit card debt nor emergency savings.

The results also showed that parents are the most likely to have more credit card debt than emergency savings. And overall, the survey reveals many Americans are living on the edge without a safety net, with 40% of people admitted they are one emergency away from financial crisis.

Rashad Butler, an assistant manager at a Minneapolis Jazz Club, is among them after a painful detour in debt while trying to make it as an artist.

“I had no safety net, no foundation, so what I have now is all I have,” said Butler, who says he is undergoing debt counseling. “I am really trying to avoid bankruptcy, just out of pride I’d say.”

Bankrate.com says those likely to have neither credit card debt nor emergency savings are households with income of less than $30,000 per year, those with a high school education or less and the unemployed.

Households with income of $75,000 or more per year, college graduates and retirees are the most likely to have more in emergency savings than credit card debt.

Savings is a slow trend, although on the uptick, according to John Hoffman. He founded Consumer Credit of Minnesota, a non-profit rescuing people out of credit crisis.

“First thing I would say is sit down and do a budget. Take a sincere look at the money you have coming in, and then second part, look at your pattern of spending,” said Hoffman.

Hoffman says the bottom line comes down to living within your means. Hoffman tells his consumer credit clients to put 5 percent to 9 percent of their take home pay into a savings account, and also advises credit card customers to pay the same amount each month, and more than the minimum payment.

Last, Hoffman says keep a journal of your spending.

“If I am using this credit card to get miles, OK fine, but if I am using it to live above where I am at, then I am not so OK with that,” he said.

Bankrate.com recommends stockpiling six months’ worth of emergency savings. Read more about their survey here.

Article source: http://minnesota.cbslocal.com/2012/02/21/survey-shows-americans-struggle-between-debt-savings/

COSTA MESA, Calif., Feb. 22, 2012 /PRNewswire-iReach/ – Financial Relief Law Center (FRLC), a firm focused on bankruptcy, foreclosure relief and client-centered legal counseling, is implementing a new “LIEN ELIMINATION AND MORTGAGE RATE REDUCTION” service that combines several processes that are designed to meet the needs of our clientele who are facing foreclosure, uncontrollable debt, and outstanding mortgage payments. 

(Photo: http://photos.prnewswire.com/prnh/20120222/CG56042)

Many homeowners are seeking help because they are unable to afford their mortgage and have incurred delinquencies. Often these homeowners are also unable to continue paying on a second mortgage or Home Equity Line of Credit (HELOC) and may also be facing foreclosure. FRLC’s Loan Workout and Lien Elimination service is a combination of the protection of a Chapter 13 Bankruptcy and the savings of a Loan Workout. When a homeowner files for Chapter 13 bankruptcy, the property is protected by an automatic stay that prevents the lender from foreclosing on the property and allows the homeowner to keep the property safe while the mortgage past due amounts are repaid over time.  Additionally, if there is no equity in the property to cover the second mortgage, that homeowner may be eligible to remove or “strip” an unsecured second mortgage. That means that at the end of the bankruptcy, a second mortgage would be fully eliminated. The combined effect of the Loan Workout and Lien Elimination is that homeowners can save thousands of dollars each month, freeing up cash flow and creating future home equity. 

The Loan Workout and Lien Elimination plan does not however end with only removing a second mortgage.  Homeowners in need of payment relief on a first mortgage can also protect their property from foreclosure and remove a second mortgage and credit card debt, then take advantage of the Loan Workout element of this service, which is essential to obtaining an affordable payment.  Once in an active chapter 13 bankruptcy, homeowners may also be eligible for a loan modification with the lender. While there are many options available when modifying a loan, the most important factor is protecting the home within the Chapter 13 Bankruptcy. This provides the necessary time to evaluate the loan and determine the best options available with little risk.

If the homeowner is not ultimately eligible for a modification, the home is still protected during the duration of the bankruptcy. Under FRLC‘s new service, any individual eligible for a loan modification is represented at bankruptcy court to approve the lender-approved loan modification so that the home is saved from foreclosure, the second mortgage and credit card debt is eliminated, but also so that the homeowner is approved for new first mortgage terms that reduce existing monthly payments.

Horror stories in the media over the past months and years have spotlighted individuals who were approved for a temporary or “trial” payment plan and made all of the required payments, only to have the bank foreclose on them anyway. The Loan Workout and Lien Elimination at FRLC avoids this by combining the bankruptcy to protect the homeowner. For any homeowner with approval for a trial modification they can afford, FRLC initiates the bankruptcy with a stay injunction that prevents the Lender from later denying the trial modification and foreclosing on the property. In these cases, a confirmed Chapter 13 binds all parties and guarantees the loan modification accepted is fully honored by the Lender to avoid heartbreak later.

For Homeowners who either do not have a second mortgage or who know they can only afford to keep the property if a loan modification is approved, FRLC also offers a combination of Chapter 7 Bankruptcy and Loan Workout services together called Debt Elimination after Modification.  This approach first offers a loan modification to address the inability to continue to maintain the mortgage payments, and then if successfully modified, FRLC subsequently represents the homeowner within a Chapter 7 Bankruptcy. Like the Chapter 13 Bankruptcy, Chapter 7 will remove and eliminate all of an individual’s unsecured debt, potentially placing thousands of dollars in credit card bills back into the debtor’s pocket each month.  This savings from the bankruptcy is often over and above the payment savings a homeowner could potentially receive on a loan modification. 

Despite the fears and stigmas many homeowners have about the topic, filing for bankruptcy protects most of an individual’s assets, including 401k, automobiles, and also offers thousands of dollars in exemptions for jewelry, tools, annuities, and other “wild card” possessions during the bankruptcy process.  ”Any time bankruptcy is filed, the foreclosure process is automatically delayed and other collection activities such as creditor calls and harassment cease immediately,” said, Mark Alonso Lead Attorney and CEO of Financial Relief Law Center. “So while bankruptcy in general has negative stigma attached in popular culture, it is often the best tool available, giving time to determine the best course of action moving forward and legal protection that saves individuals thousands of dollars yearly and ultimately saves homes from foreclosure.”  

About Financial Relief Law Center

Financial Relief Law Center (FRLC) is a legal corporation providing specialty financial services that is committed to the success of our cases. Utilizing Net Present Value software, which is similar to the analysis lenders will perform in order to determine loan modification eligibility, our process includes initial due diligence with mortgage lenders to determine potential options prior to submitting a modification request.  Our staff is highly trained and experienced in bankruptcy, foreclosure defense, loan modification programs, short sales, property records evaluations, and debt settlements and our attorneys have an impeccable record with the state bar. FRLC provides quality legal representation to eligible homeowners and has the knowledge, experience and advocacy skills to help homeowners navigate the bankruptcy and loss mitigation processes so they can achieve their goals. For more information please visit www.lawcenter.com.  

Media Contact: Mark Alonso Financial Relief Law Center, 1-(866)-504-3752, malonso@lawcenter.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://finance.yahoo.com/news/financial-relief-law-center-launches-080000409.html

COSTA MESA, Calif., Feb. 22, 2012 /PRNewswire-iReach/ – Financial Relief Law Center (FRLC), a firm focused on bankruptcy, foreclosure relief and client-centered legal counseling, is implementing a new “LIEN ELIMINATION AND MORTGAGE RATE REDUCTION” service that combines several processes that are designed to meet the needs of our clientele who are facing foreclosure, uncontrollable debt, and outstanding mortgage payments. 

(Photo: http://photos.prnewswire.com/prnh/20120222/CG56042)

Many homeowners are seeking help because they are unable to afford their mortgage and have incurred delinquencies. Often these homeowners are also unable to continue paying on a second mortgage or Home Equity Line of Credit (HELOC) and may also be facing foreclosure. FRLC’s Loan Workout and Lien Elimination service is a combination of the protection of a Chapter 13 Bankruptcy and the savings of a Loan Workout. When a homeowner files for Chapter 13 bankruptcy, the property is protected by an automatic stay that prevents the lender from foreclosing on the property and allows the homeowner to keep the property safe while the mortgage past due amounts are repaid over time.  Additionally, if there is no equity in the property to cover the second mortgage, that homeowner may be eligible to remove or “strip” an unsecured second mortgage. That means that at the end of the bankruptcy, a second mortgage would be fully eliminated. The combined effect of the Loan Workout and Lien Elimination is that homeowners can save thousands of dollars each month, freeing up cash flow and creating future home equity. 

The Loan Workout and Lien Elimination plan does not however end with only removing a second mortgage.  Homeowners in need of payment relief on a first mortgage can also protect their property from foreclosure and remove a second mortgage and credit card debt, then take advantage of the Loan Workout element of this service, which is essential to obtaining an affordable payment.  Once in an active chapter 13 bankruptcy, homeowners may also be eligible for a loan modification with the lender. While there are many options available when modifying a loan, the most important factor is protecting the home within the Chapter 13 Bankruptcy. This provides the necessary time to evaluate the loan and determine the best options available with little risk.

If the homeowner is not ultimately eligible for a modification, the home is still protected during the duration of the bankruptcy. Under FRLC‘s new service, any individual eligible for a loan modification is represented at bankruptcy court to approve the lender-approved loan modification so that the home is saved from foreclosure, the second mortgage and credit card debt is eliminated, but also so that the homeowner is approved for new first mortgage terms that reduce existing monthly payments.

Horror stories in the media over the past months and years have spotlighted individuals who were approved for a temporary or “trial” payment plan and made all of the required payments, only to have the bank foreclose on them anyway. The Loan Workout and Lien Elimination at FRLC avoids this by combining the bankruptcy to protect the homeowner. For any homeowner with approval for a trial modification they can afford, FRLC initiates the bankruptcy with a stay injunction that prevents the Lender from later denying the trial modification and foreclosing on the property. In these cases, a confirmed Chapter 13 binds all parties and guarantees the loan modification accepted is fully honored by the Lender to avoid heartbreak later.

For Homeowners who either do not have a second mortgage or who know they can only afford to keep the property if a loan modification is approved, FRLC also offers a combination of Chapter 7 Bankruptcy and Loan Workout services together called Debt Elimination after Modification.  This approach first offers a loan modification to address the inability to continue to maintain the mortgage payments, and then if successfully modified, FRLC subsequently represents the homeowner within a Chapter 7 Bankruptcy. Like the Chapter 13 Bankruptcy, Chapter 7 will remove and eliminate all of an individual’s unsecured debt, potentially placing thousands of dollars in credit card bills back into the debtor’s pocket each month.  This savings from the bankruptcy is often over and above the payment savings a homeowner could potentially receive on a loan modification. 

Despite the fears and stigmas many homeowners have about the topic, filing for bankruptcy protects most of an individual’s assets, including 401k, automobiles, and also offers thousands of dollars in exemptions for jewelry, tools, annuities, and other “wild card” possessions during the bankruptcy process.  ”Any time bankruptcy is filed, the foreclosure process is automatically delayed and other collection activities such as creditor calls and harassment cease immediately,” said, Mark Alonso Lead Attorney and CEO of Financial Relief Law Center. “So while bankruptcy in general has negative stigma attached in popular culture, it is often the best tool available, giving time to determine the best course of action moving forward and legal protection that saves individuals thousands of dollars yearly and ultimately saves homes from foreclosure.”  

About Financial Relief Law Center

Financial Relief Law Center (FRLC) is a legal corporation providing specialty financial services that is committed to the success of our cases. Utilizing Net Present Value software, which is similar to the analysis lenders will perform in order to determine loan modification eligibility, our process includes initial due diligence with mortgage lenders to determine potential options prior to submitting a modification request.  Our staff is highly trained and experienced in bankruptcy, foreclosure defense, loan modification programs, short sales, property records evaluations, and debt settlements and our attorneys have an impeccable record with the state bar. FRLC provides quality legal representation to eligible homeowners and has the knowledge, experience and advocacy skills to help homeowners navigate the bankruptcy and loss mitigation processes so they can achieve their goals. For more information please visit www.lawcenter.com.  

Media Contact: Mark Alonso Financial Relief Law Center, 1-(866)-504-3752, malonso@lawcenter.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://finance.yahoo.com/news/financial-relief-law-center-launches-080000409.html