New Laws Pertaining To Debt Relief
After the recent downturn in the economy, new laws pertaining to debt relief have been passed to protect the rights of homeowners and individuals with overwhelming debt. At Resnick Law, we help clients through the bankruptcy process and help them understand how changes in the law may impact their case.
Our attorneys will help you explore every option to get the debt relief you need. Contact us at 248.642.5400 or contact us online to discuss your goals and your situation with an experienced debt relief lawyer.
Recent Changes in Debt Relief Law
Debt relief and bankruptcy laws are constantly evolving to help meet the needs of individuals who are struggling with debt. Our attorneys stay up-to-date on the new laws in Michigan so we can help our clients find effective solutions to their debt problems. Some recent changes include:
- Loan modification instead of foreclosure: In 2014, the legislature passed regulations to assist homeowners trying to avoid foreclosure. These laws significantly changed the loan modification process, giving homeowners an additional 120 days to seek the debt relief they need. A lender cannot give Notice of Filing Foreclosure until the borrower is 120 days behind. That 120 days may be the time you need to become current on your mortgage, save money for moving, sell your home or apply for a loan modification so you can keep your home.
You may also qualify for a government backed refinance program like HARP (Home Affordable Refinance Program) or HAMP (Home Affordable Mortgage Program). We can help you understand how these changing laws will impact your loan modification application or help guide you through the foreclosure process.
Contact a Debt Relief Lawyer
Our attorneys help clients in the Detroit area and throughout southeast Michigan with loan modifications, tax debt relief and seek “Solutions Without Bankruptcy®.” Call us today at 248.642.5400 or contact us online to schedule an appoint to discuss your specific situation.