Herrin Law | Blog
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Delinquent on your home mortgage payments? You may be in luck. For borrowers whose loans are owned or guaranteed by Fannie Mae or Freddy Mac, the Federal Housing Finance Agency (or FHFA) will soon offer a Principal Reduction Modification Program to borrowers that meet certain eligibility requirements. The program was implemented with the goal to “maximize assistance for homeowners” and “minimize foreclosures.” (See Emergency Economic Stabilization Act of 2008). The modification will be available to “owner-occupant...

Introduction Under Chapter 13 bankruptcy, individuals with regular income are granted the opportunity to develop a repayment plan in order to satisfy all or part of the debts for which Creditors hold claims. A Chapter 13 repayment plan will allow a Debtor to make installments to Creditors over a period of three to five years to satisfy their debts. Some debts under this plan must be paid in full, while others may be paid only in...

There are many reasons why someone might choose to file for bankruptcy; however, two of the most prevalent reasons are (1) a debtor’s need for relief, and (2) a desire to preserve one’s assets. For some people, the reasons might be as sentimental as they are financial, such as trying to hold on to a home with a mortgage the debtor is struggling to pay. While on the other hand, for businesses, filing for bankruptcy...

As a bankruptcy lawyer I deal with people whose financial situations have sometimes gotten drastically out of control. It's seldom one terrible decision that bankrupts someone, though. More frequently, it's a gradual decline that takes place due to a lack of proper management of your finances. This is actually good news, because it means that recovering your finances, (or developing them to begin with) can be done by simply implementing some good practices and using freely available tools. The following...

Going through bankruptcy can be a trying experience.  It can be overwhelming and it’s not always clear what to do, or who you should turn to.  In another post we discuss bankruptcy mills and why they should be avoided.  Basically, there are bankruptcy attorneys who treat their clients as a paycheck, and try to churn through as many cases as possible.  On the other hand, there are many dedicated and competent bankruptcy attorneys who are...