Practice Areas
LEGAL PRACTICES AREAS – what we are expert at
Although Good Stead Consulting can handle a variety of legal services, our primary areas of service are Mortgage Loan Modification, Foreclosure Defense, Debt Relief Services , Bankruptcy, and Litigation for distressed consumers in a modern and ever-changing landscape.
LOAN MODIFICATION PROGRAM
In 2009 Congress stepped in to help by passing a temporary program specifically designed to give struggling homeowners easier access to loan modifications, while ensuring that the lenders would be required to work cooperatively with homeowners through this process. Government Sponsored the Making Home Affordable (MHA) program, it offers modifications such as:
- Extending the terms of your loan
- Reducing the interest rate
- Changing your loan type to a fixed rate amount
- And more
With the Good Stead Consulting expertise, we take a strong stance against the mortgage companies and aggressively work to find a loan modification program that will save you money and protect your home.
We’ll help determine your qualifications and get the process started.
Mortgage Loan Modification involves agreeing with the holder of a residential mortgage to make a distressed consumer’s financial situation more tolerable. Mortgage Loan Modification programs are sponsored by law firms and entities that are not law firms. If an entity is not a law firm, it cannot collect a fee until the modification has been completed. This requirement does not apply to law firms like Good Stead Consulting. We believe it is better to work with a law firm since there are legal issues associated with modification. Performance or contingent programs also tend to be more expensive than programs that collect fees under some other method. Nonetheless, the only options in Massachusetts and California are contingent programs because of the applicable laws and regulations operative in those jurisdictions.
There are strict requirements and consumers for loan modification and consumers must have hardship as well as be able to make continuing payments once modification is completed. The availability of a modification will vary based upon a variety of factors including the particular facts and circumstances and the lender. Sometimes lenders will only grant a temporary modification which they may or may not make permanent.
We’ll help determine your qualifications and get the process started.
A loan modification is an adjustment to the terms of your mortgage loan agreement. The goal is to reduce your monthly payments to an affordable amount so that you don’t default on your loan and lose your home.
As soon as you apply for a loan modification with your lender, they’re required by law to freeze all foreclosure proceedings, usually for 30-days at a time. If your loan modification is approved, the foreclosure will be stopped permanently and you can move forward with your modified loan and payments. However, if your loan modification is declined, the foreclosure will proceed as normal, picking up right where it left off before it was stopped.
That’s why it’s important to stay diligent and work with our experts to explore other options while your loan modification application is pending. Not all homeowners qualify for a loan modification so you’ll want to have a back-up plan, just in case.
A word of caution about loan modifications and foreclosure, though; this is not a choice best made at the last minute. Unlike bankruptcy, a loan modification application is not an instant process. So, if your foreclosure sale is looming, just a few days away, a loan modification may not be your best option.
Depending on which type of bankruptcy you file for, you may be able to negotiate a loan modification for your mortgage at the same time. This would give you the opportunity to reduce or eliminate your unsecured debts, while focusing on making realistic payment plans for your priority debts, like house and car loans.
If keeping your home while eliminating your other debts seems like a solution you’d like to consider, please contact us for more information and your free consultation.
We specialize in:
– Extending the terms of your loan
– Lowering interest rates to make mortgage payments more affordable
– Changing your loan type to a fixed rate amount
With over 100 highly experienced mortgage professionals working full-time, we bring a wealth of experience in handling back-office needs for more than 5000 loan modifications. Our team evaluates individual cases and customizes suitable loan modification solutions such as forbearance, short sales, and deeds in lieu of foreclosure.
What we offer:
– Regular updates on your case
– Direct communication with your lender, eliminating the need for you to do so
– Seamless communication and highly transparent operations
– 100% data confidentiality and privacy
There is a light at the end of the tunnel, and you can find it at goodsteadco.com. Enjoy a better quality of life with our services.
If you are behind on your mortgage, we can help. Contact us today by filling out this small form, and one of our representatives will get back to you. Get a Quote Today — Reduce Interest Rates, Lower Your Monthly Payments, and Stop Collection Calls.
Good Stead Consulting is proud to be the most respected provider of debt settlement and credit solutions in the country. We are A+-rated and fully accredited with the Better Business Bureau.
Having difficulty making home loan payments? A loan modification solution from Good Stead Consulting can make your payments more affordable and help you avoid foreclosure. Visit goodsteadco.com for more information and to start your journey toward financial stability.
FORECLOSURE DEFENSE
Owing the mortgage company the deficiency balance of the mortgage (the deficiency balance is the total remaining balance after the sale price of the home). Becoming ineligible for a government mortgage for at least 7 years, owing a large amount of taxes to the IRS, additionally, having to deal with the stress and embarrassment of it all. There are things that you can do to prevent your lender from initiating a foreclosure against you. Know your rights and protect your options! What should I expect if I’m facing foreclosure and what can I do about it? A foreclosure is a legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan. A foreclosure can usually be avoided—even if you already received a foreclosure notice. However, you must take action as soon as you can.
There are two main types of foreclosure: Judicial foreclosure, and non-judicial foreclosure. California is a non-judicial foreclosure state where a foreclosure sale usually occurs as a private sale, not preceded by any judicial action, and is also known as a “trustee sale.” A trustee sale bypasses the courts altogether, which means the matter is handled with significantly less time and expense than judicial foreclosure. Trustee fees are often less than attorney fees, and the entire process can often be completed within about 4 months after the notice of default is issued.
Three months after the date on which the Notice of Default was recorded a trustee may then give notice of sale. The sale notice must be served at least 20 days before the date set for the sale of the property. Thus, a trustee sale requires a total of 3 months (after the notice of default) plus 20 days (after the notice of sale). The foreclosure sale is to occur at a date, time, and place set by the trustee and as described in the Notice of Trustee Sale. The sale will be “cried” by the trustee or an authorized agent of the trustee. The term “trustee” appears on many mortgage loan and foreclosure documents, including the trustee’s deed issued to the successful bidder/buyer (either a third-party bidder or the lender).
The most important thing – take action now. You have nothing to lose and everything to gain.
DEBT RELIEF SERVICES
Debt relief services are commonly referred to as debt settlement, debt resolution, and debt negotiation. The objective is to resolve debts at less than full balance. When a consumer is enrolled in such a program, they first enroll specific unsecured debts. Every month, they make a payment to the program. The payment is made up of two parts, fees and savings. The fees are intended to cover the cost of participation and the savings are the funds that will be allocated to pay creditors to resolve debts. Funds set aside grow each month. When the balance reaches a critical level, the negotiation begins, one debt at a time. When there is an agreement with the creditor, funds are taken out of the set-aside account and paid the to creditor and the plan sponsor. Debts are addressed one at a time sequentially, and not simultaneously. After the first debt is resolved, the balance in the set-aside account goes down because of the payouts. As time moves on the account balance builds up, reaches critical mass and the process repeats itself until all enrolled debts have been resolved.
In our situation, the set-aside funds are normally held in our legal trust account. Until a debt is resolved, other than for the ongoing cost of a software subscription and banking fees, the firm cannot take any money from its account. Although there are other models available allowing for payment on a pay-as-you-go basis,
There are risks. Generally, until a debt is resolved a creditor can initiate a lawsuit or force arbitration. Even if that happens, it is still possible to resolve a debt at less than full balance. Credit ratings will be harmed. However, as debts are resolved over time credit ratings will gradually improve. Would you rather have debt issues and stellar credit or a poor credit score that will improve over time and eliminate issues of debt? To us, the answer seems obvious. The resolution of a debt at less than full balance could also result in the generation of a 1099 and could be characterized as income that should be reported on your tax return.
BANKRUPTCY
Personal bankruptcy can be a lifesaving financial solution for consumers who are “drowning” in debt. Credit cards, medical bills, mortgage payments, student loans, all of it, are dead weights. The more debt you have, the heavier those weights get. And the heavier they get, the deeper they pull you under.
Bankruptcy is the option of last resort. All other alternatives should be exhausted before filing for bankruptcy. As it relates to consumers, there are two types of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 is a complete liquidation and Chapter 13 is a reorganization under which a trustee is placed in charge and supervises a consumer’s financial affairs.
Good Stead Consulting handles most bankruptcy filings in Nevada. One or more of our affiliated lawyers may handle a bankruptcy in other states.
WHAT IS PERSONAL BANKRUPTCY?
Personal bankruptcy acts like your teammate in the water. It’s not a lifeguard; it can’t rush in and carry you to safety like some hero. But it can pull some of the weight off your shoulders for you. Then, combined with your efforts, the remaining weights can be lifted off your shoulders completely so you can surface and finally catch some air.
That’s what bankruptcy can do for you if your excessive debts are pulling you under. Not everyone qualifies for bankruptcy, and there are other solutions to consider, but bankruptcy is a realistic and constructive possibility, and it’s worth a closer look.
HOW DOES IT WORK?
Bankruptcy begins when you file a petition with the United States Bankruptcy Court. With that petition, you’re essentially asking the court to help you get legal relief from your debts. You’re either asking them to ‘reorganize’ your debts or ‘eliminate’ your debts. Reorganizing your debts means that you would negotiate lower interest rates or loan amounts you’re your lenders. Eliminating your debts, on the other hand, would entail just that; the courts would eradicate qualifying debts.
Once they receive your petition, the court immediately orders your creditors to freeze all penalties and to cease any legal action against you for past-due payments or overdue debts. This order stays in effect while the Court reviews and processes your petition. This usually takes anywhere from 4-6 months, sometimes longer, for more complicated filings.
If the bankruptcy is approved, your qualifying debts will be reorganized or discharged, depending on which type of bankruptcy you petitioned for.
3 MOST COMMON FORMS OF PERSONAL BANKRUPTCY
The three most common forms of personal bankruptcy are chapter 7, chapter 13, and medical. Here, we’ll summarize all three.
Chapter 13
Individuals with a reliable source of income can file for Chapter 13 bankruptcy. Chapter 13 bankruptcy is a team effort between you, the Court, and your creditors. The goal is to come up with a realistic payment plan to pay off your creditors.
Payment plans typically last anywhere from three to five years and are based on:
- Your income,
- The amount of debt you owe, and
- How much your unsecured creditors would have received if you had filed for bankruptcy under Chapter 7?
To qualify for Chapter 13, you have to meet several basic requirements. Overall, you have to prove that you can create a realistic payment plan and sustain an income steady and high enough to complete the payments. Understanding the complex paperwork, deadlines, and legalities, though, can get complicated, so we urge you to discuss it with our dedicated bankruptcy team.
While Chapter 13 does have some strict eligibility requirements, it also comes with several advantages. For example, chapter 13 usually allows you to repay your secured debts, even if you’re behind on the payments, without having the property that secures the debt repossessed or foreclosed on. In other words, you may get to keep your car or house. You may even be able to lump your past due payments in with your payment plan and pay them off over a period of years. The point is, that there are options.
With most types of bankruptcy, there are exceptions, too. Debts that can’t be wiped out may include;
- Child support
- Most taxes, federal and state
- Spousal support, and
- Student loans
Chapter 7
Both individuals and businesses are allowed to file for bankruptcy under Chapter 7. With a Chapter 7 proceeding, some of your property may be seized and sold to pay off some or all of your debts. However, as a general rule, most unsecured debts (debts that are not secured by collateral, like credit cards) will be wiped out completely.
Certain types of properties cannot be sold to pay off your debts. Many people who file for Chapter 7 bankruptcy are pleased to discover that they’re able to keep more of their property than they expected.
Just like Chapter 13, chapter 7 has its own set of basic eligibility requirements. One important requirement is that a petitioner cannot make enough money, minus certain expenses, to be able to fund a Chapter 13 plan. In other words, chapter 13 is usually preferred by the courts and creditors because it allows the creditors to collect more of the debt they’re owed.
Several debts cannot be wiped out in a Chapter 7 bankruptcy. These are identical to the Chapter 13 exclusions and include:
- Child support
• Most taxes, federal and state
• Spousal support, and
• Student loans
Many consumers struggle to differentiate between Chapter 7 and Chapter 13 bankruptcies. The lines aren’t always clear and it can genuinely be a challenge to figure out how to get started or what to file and when. Our bankruptcy experts can help take the guesswork and stress out of the bankruptcy process. We can help you file the correct paperwork, re-negotiate debts on your behalf, and work to get the most fitting bankruptcy discharge for your financial situation.
Medical Bankruptcy
There isn’t a separate form of bankruptcy established just for medical debts.
Medical bills are typically unsecured; meaning you don’t put up any collateral before you can see a doctor or check into the hospital. Unsecured debts are usually some of the first to be eliminated or reorganized during a bankruptcy proceeding. That means you can file for bankruptcy even if your only troubling debt is outstanding or outrageous medical bills.
You can be assured that you’re not alone. Millions of Americans have filed for Chapter 13 or Chapter 7 bankruptcy solely to eliminate medical expenses that quickly got out of control because of today’s rising healthcare costs.
As with any consumer considering bankruptcy, please contact our office and speak to an experienced attorney who can help you understand your options and choose the right path for you.