You work hard for your family. You got the Michigan house you wanted, that the realtor or the builder and mortgage broker and everyone said you could afford.
You had no thought of filing bankruptcy.
Bankruptcy should be, and is, a last resort.
Maybe your financial advisor even suggested getting a bigger house.
Don’t you want an even nicer Michigan house to raise your kids in?
After all, the value only goes up, you cannot lose!
And the radio and TV ads, letters, emails, phone solicitations: get that equity out of your house, use it now!
“Interest rates have never been lower!”
“No money down! We will give you a second mortgage at closing for that!”
“We give you the payment YOU want, interest only, whatever.”
“125 % loan to value, we will lend you more than your house is worth!”
Bankruptcy was not in the equation, no lose, homes always rise in value, hell, you can borrow even more money later!
If you were even told you were signing an adustable rate mortgage, you were assured you could re-finance in one or two years, into a low fixed rate, or another adjustable.
Hey, interest rates only go down or stay the same.
Bigger Michigan house, more furniture to fill it up.
Maybe add a deck in the back.
You never expected a loss of income, or that mortgage payment going up, so that you could not pay the bills even though you want to do that, you do NOT want to file bankruptcy.
And you are not going to drive that same old car to that nice new house in your nice new neighborhood. And your wife needs a new car, too.
Sorry, that trade-in is worth less than you still owe on it, but, don’t worry!
We will take it off your hands, put you behind the wheel of this new Michigan made beauty, and just roll over that debt into the new loan.
Like the MasterCard commercial said, having a bad day? Go shopping!
“For everything else, there’s MasterCard.”
And the bill of goods they were selling worked.
For a while.
The the impossible happened, home prices went down, then the house of cards the Wall Street bankers had created collapsed, no re-financing now.
On top of that, your pay, or hours, or both, were cut, or you had to take a lower paying job. Or you lost that second job you took to make all the payments for all the stuff everyone said you could need, and could afford.
And now the government is taking your tax money to bail out the bad guys, and those same bad guys will not work with you on your mortgage, which you want to pay.
Work with you? Quite likely, you cannot find someone to even talk to you.
What do you need?
An attorney who will listen to you and fight for your rights.
And, money back guarantee, if you are not completely satisfied with my representation on your Chapter 7 or Chapter 13 case, I will refund all my attorney fees.
(I may be a debt relief agency, depending on the interpretation of the latest bankruptcy laws passed by Congress.)
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