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Ask the foreclosure attorney: Four things you need to know before applying for a mortgage loan modification

 If you are having trouble making your mortgage payments, you might be considering filing for a mortgage loan modification. While you don’t need a foreclosure attorney, you probably have questions.

There are four things a foreclosure attorney would likely tell you if you are considering a mortgage loan modification. If you have questions, we have answers. Read on:

Government mandates

Although the government’s Home Affordable Modification Program ended, its guidelines may still be used by some mortgage lenders. It is up to your mortgage lender to determine your eligibility for a loan modification of your mortgage note.

That’s why it’s a good idea to talk to a seasoned foreclosure attorney.

Extending your loan

One thing you can do if you are considering a mortgage loan modification is to ask your lender to extend the term of your loan, putting the delinquent balance on the end. It’s probably a good idea to look at the many modification calculators available on the Internet as well. You must show financial hardship; options are available!

Temporary modifications

Many homeowners in financial straits can get a temporary loan modification of three months. At the end of that term, you can be considered for a permanent loan modification by your mortgage lender.

Keep excellent records

If you are considering a mortgage loan modification, the best advice a foreclosure attorney could give is to keep excellent records. You might have to resubmit the same documents more than once, so keeping them all organized and together will save you headaches down the road. Also, sometimes lenders can lose or misplace your documents. Keeping track of it all is the best advice.

Mina Nami Khorrami LLC

If you or someone you know is considering mortgage loan modifications, consider an experienced foreclosure attorney from Mina Nami Khorrami LLC. Call us today. 

 

 

Could filing bankruptcy affect your job? Here are three things to know

When it comes to considering filing bankruptcy, you probably have a lot of things on your mind: How will it affect your finances, your life and maybe even your job?

Filing bankruptcy is not a decision that should ever be taken lightly, but luckily, when you do so, it’s unlikely to affect your employment.

Generally, if you are already employed, your employer cannot fire you because you file bankruptcy as the bankruptcy code (federal law) has anti-discrimination provisions protection your job, as well as other situations. The bankruptcy cannot be the sole reason for firing or demoting an employee.

There are exceptions, however. If you are looking for employment, private employers – as opposed to government employers – might not hire you if you file for bankruptcy, especially in certain industries such as financial fields.  

Telling your employer

For most people, your employer will not find out about your bankruptcy and you are not legally required to tell your employer when you are filing bankruptcy. However, it is public record, so anyone could technically look up your name and find the filing. And sometimes, you have to list creditors, so if you have a retirement loan, your employer could be notified.

But ordinarily, it can be kept private.

Losing your job

No one should ever lose their job simply for filing bankruptcy. Your employer also cannot legally change the terms of your employment: Your job title, your wages etc.

Employers rarely find out if someone has filed Chapter 7 bankruptcy, so you likely won’t need to worry.

Long term issues

If you have filed for bankruptcy in the past, you should not be required to disclose this to potential employers. However, for some jobs that require you to handle money or have a security clearance, it will likely come up during a background check – so be prepared. Moreover, most employers now look at credit reports of potential employees, so it is best to be honest and handle the matter thoughtfully.

Mina Nami Khorrami LLC

At Mina Nami Khorrami LLC, our legal experts are here to help you understand filing bankruptcy – every step of the way.

 

Bankruptcy debts: What is and isn’t discharged

If you are considering filing for bankruptcy, it can be a difficult time. It might be difficult for a lay person to understand what dischargeable bankruptcy debts are, so when you enter the process, you might not know what debts can – and cannot – be discharged.

Most people have a basic understanding that student loans and some taxes will stick with you even if you file bankruptcy, but there are other debts that can’t be discharged.

In general, there are a handful of debts that will stick with you until they are paid off and it’s best to know that before entering into the bankruptcy process. It’s a lot to sort through, and the experts at Mina Nami Khorrami LLC are here to help you understand bankruptcy debts. Read on:

In general, some taxes, student loans, child support and alimony, fraud and criminal restitution, condo and homeowner’s association dues will stick with you until paid after a bankruptcy filing. These bankruptcy debts cannot be discharged for a myriad of reasons.

Generally, the kind of bankruptcy debts that can be discharged include but is not limited to: credit card bills, medical bills, cell phone bills, personal loans, utilities, leases, and some secured debts such as mortgages and auto loans if you do not want to keep the property.

Many people have confusion and when they call our experts we try to explain the general process up front. And the rules are NOT the same for a private citizen vs. a corporation, so that is important to note as well.

For example, generally a corporation files Chapter 11 and an individual files Chapter 13. Chapter 7 is for both corporations AND consumers, however, there might be ways for a business to take advantage of a Chapter 13 filing.

Our legal experts want you to understand the consequences of filing for bankruptcy and what bankruptcy debts you will be relieved of from the beginning of the process. There are many deadlines and other issues, so you will need proper legal representation should you need to file bankruptcy.

Just like most major decisions, you need to plan for bankruptcy. Don’t try to do it alone.

Mina Nami Khorrami LLC

The legal experts at Mina Nami Khorrami LLC are here to help you understand bankruptcy debts and the bankruptcy process.

 

Get your house in order: Financial resolutions for 2018

It’s a new year and that means many people are setting goals and resolutions for 2018, hoping to start fresh. One of the best things you can do is to make some financial resolutions for 2018.

Talking about money – saving it, spending it, budgeting it – isn’t always an easy conversation. But setting financial resolutions should be an annual goal for every household. Whether you struggle to pay your bills or live a comfortable life, you should always keep track of your money and set goals annually.

Financial resolutions are one of the best things you can do to maintain or improve your situation so here are our best tips. Read on:

Save, save, save

Yes, we know this one isn’t easy – or popular. But setting financial resolutions should always include a goal for savings. We think you should aim to save 20% of your net income. So, what is net income? It’s the money that you have left after all deductions are removed from your pay, like taxes, contributions and garnishments. A part of your deductions should be a contribution to your retirement. We recommend saving for retirement as early as possible.

It can be difficult to adjust your lifestyle to save more, but it will pay off. And don’t beat yourself up if life happens and you can’t save as much one month. Just restart saving next month.

Monitor your credit reports

Make sure you are in good standing with the different credit report agencies and monitor the activity, making sure there’s no fraud.

Pay your bills immediately

This is a good habit to start in 2018 if you do not already do this. Right after you get paid, make sure all your bills are paid before you buy any extras. Stick to your budget and really drill down on the difference between “wants” and “needs.” Need help with budgeting? Try an app for your smartphone.

Pay off debt

Make 2018 the year you work to trim your debt – aggressively. When setting financial resolutions, paying off debt should be on your list annually. The quicker you get out of debt, the better your financial outlook will be. Bonus? You can save more for retirement!

Spend less

Yes, we know this one isn’t fun. But spending less can really pay off in the long run by allowing you to save more, pay off your debt faster and set aggressive financial goals that will benefit you in the years to come.

Consider a “no spend” month where all you buy are necessities like food, gas and paying your mortgage. Skip the trip to Target and go for a brisk walk instead. Make a list and stick to it at Costco.

Mina Nami Khorrami LLC

The legal experts at Mina Nami Khorrami LLC wish you and your family a happy, healthy and financially sound 2018!

 

 

 

Four things every homeowner needs to know about foreclosure

Buying a home is a happy time: You begin to dream about the new memories to come, parties you will host and changes you can make to personalize your space. You probably aren’t thinking, however, about foreclosure.

But if you own a home, you should educate yourself about foreclosure. Life happens, things change and circumstances can lead anyone onto this path and what you don’t know can end up costing you.

So, what does every homeowner need to know about foreclosure? We’re sharing four things the legal experts at Mina Nami Khorrami LLC think every homeowner needs to know. Generally speaking, the context of foreclosure defense – from a legal standpoint – is that unless there is a violation of mortgage laws, if someone is behind in paying their mortgage, a good attorney will provide a defense in a foreclosure action.

Their representation, in general, is to help you keep your home.

That’s why it is helpful to have a working knowledge of the process, as a homeowner, so you know what a bank can and cannot do. Knowing how to do a loan modification, assuming you qualify, can make a difference, for example.

Read on:

Timing

The first thing to understand about foreclosure is timing. Once you receive a summons, you have 28 days to file a response or you give up your right to defend yourself against the action. So, you’ll need to move quickly.

Help

Help is available. Many homeowners facing foreclosure can do a loan modification. Many lenders offer this, so it pays to know it’s an option.

Walking away

If you cannot keep your home – or you don’t want to – you may be able to walk away.  A mortgage company does have the right to pursue the foreclosure deficiency judgment (even though they usually won’t).

Other options

If you know you can’t afford to keep your home, you do have options other than walking away. You can try a short sale. A short sale is when a buyer offers less than what’s owed on the mortgage and negotiates with the lender. The homeowner isn’t held responsible.

Filing for bankruptcy is also an option: Either when you want to keep your home or walk away.

Mina Nami Khorrami LLC knows foreclosure

If you or someone you love is facing foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Call us today at 614-857-9590!

Three Reasons to Hire a Bankruptcy Attorney

When most people come to the Mina Nami Khorrami LLC, they are in dire straits. Bankruptcy is their last resort. They’ve tried everything else. So, when they sit in our office, we want them to know these three reasons to hire a bankruptcy attorney.

While bankruptcy can be a scary time, there are positives that can come of it. One of the best things you can do is hire a bankruptcy attorney to help you through the process. It is a complex and involved process and you should not do it alone. When you hire a bankruptcy attorney, you are hiring an expert who can help you navigate the court system and move through the process with a little less worry and stress.

Here are three reasons to hire a bankruptcy attorney. Read on:

We know the law

A bankruptcy attorney knows the laws; every complex bit and loophole. We know how to file your case so it won’t get dismissed. And, we help you navigate all the complex requirements, meet every deadline and follow the process.

We protect your interests

When you hire a bankruptcy attorney, you hire a true advocate. We will be in your corner, making sure to provide comfort during this stressful time, while making sure to protect your interests. We are knowledgeable. We know the consequences. We will be there for YOU.

We know what is expected

Chances are, you’ve never filed for bankruptcy before or it has been a long time since you filed. We have. We know all the requirements and deadlines you’ll face and will make sure they are all met. We know how important it is to have proper guidance when you are facing bankruptcy and we’ll be at the meetings and hearings with you so you know what to expect.

Mina Nami Khorrami LLC

Like any area of law, bankruptcy is complex, with its own set of rules and procedures to follow. Hiring a bankruptcy attorney will protect your rights and make sure you aren’t put at a disadvantage.

 

Filing a new Chapter 13 case after dismissal of a previous Chapter 13

If you file a Chapter 13 case that is dismissed, can you file another Chapter 13 case afterward to save your house? In re Bieniek, Case no. 16-62113 (Bankr. N.D. Ohio, November 22, 2016) the Bankruptcy Court said yes, under some circumstances. In that case the homeowners filed a Chapter 13 case in 2007. They successfully completed their Chapter 13 plan in 2012 and received a discharge. Subsequently, the husband lost his job and the homeowners fell behind on the mortgage payments. The husband found another job and they filed another Chapter 13 case in 2014 to save their house, but then the husband lost his new job in August of 2016 and their Chapter 13 case was dismissed. Once again the homeowners fell behind on their mortgage payments.

After the dismissal, the husband found another job, and the homeowners filed a third Chapter 13 case on October 12, 2016. The mortgage creditor objected to the homeowners’ third Chapter 13 bankruptcy case, arguing that it was filed in bad faith and the foreclosure on the house should proceed. The homeowners argued that their circumstances had changed and that they had filed their third Chapter 13 case in good faith and would be able to make their plan payments and complete their plan. The Court agreed, finding that the homeowners were now both employed and their income was greater than it was when they successfully completed their first Chapter 13 plan in 2012. Thus, the homeowners were allowed to proceed with their third Chapter 13 case and the foreclosure on their home was stopped.

This result was based on the facts of this particular case and may not apply in all cases. However, under some circumstances, it is possible to successfully file a Chapter 13 to stop a foreclosure after dismissal of a previous Chapter 13 case. If you are considering a Chapter 13 bankruptcy as an option, contact Columbus, Ohio lawyer, Mina Nami Khorrami, for a free initial consultation to discuss your case in more detail.