Bankruptcy can provide the financial relief that many individuals are in need of. It's also a very viable option for those suffering the stress of a financial setback resulting from lost income, unemployment, divorce, illness, disability, aggressive creditors, and judgments, etc. Bankruptcy protection may involve either the cancellation of most debts (along with selling off of some of a debtor's assets) or a structured plan to pay down the debts that are owed. The decision to file bankruptcy can be a difficult one. No two cases are exactly alike and there are many factors a debtor should discuss with an experienced attorney when considering this option.
A loan modification may help you avoid foreclosure, reduce your interest rate, obtain a fixed rate loan, avoid bankruptcy, and reduce your monthly payments. Loan modifications are not for everyone, but under the right circumstances a loan modification may be just what is required for a homeowner to save their home. There are government and internal loan modification programs available that can provide relief for primary residences, second homes, and even investment properties. A loan modification may help you avoid foreclosure, reduce your interest rate, obtain a fixed rate loan, and reduce your monthly payments.
At Jennings & Associates, we have successfully negotiated a large number of complex loan modifications and have a support staff with extensive experience in the lending and banking industry. Contact us to see if a loan modification may be available and the right option for you.
Short-Sale Assistance and Negotiations
For many who have found themselves "upside-down" with negative equity in their homes, a short-sale may be a viable option if they are experiencing a hardship that necessitates the sale of their home. A hardship may result from a reduction in pay, reduction in work, military responsibilities, death of a co-borrower, divorce, and illness and medical hardships. To facilitate a short-sale, a homeowner sells their home to a third party buyer in an "arms length" transaction at the home's current value. Then the homeowner must negotiate with their bank to obtain a mortgage lien reduction to the agreed purchase price.
Homeowners currently making mortgage payments under the government's Home Affordable Modification Program ("HAMP") can qualify automatically for the government's Home Affordable Foreclosure Alternative ("HAFA") Short-Sale Program. However, if a homeowner does not qualify for the HAFA program, they can still facilitate a short-sale with their lender's internal short-sale program.
Approaching the bank's loss mitigation department, with their many experienced representatives, can be an intimidating experience. At Jennings & Associates, we have successfully negotiated many complex short-sale transactions and we also have many years of experience with the mortgage lending industry. Therefore, we can guide you through the process and protect your rights and financial interests along the way.
Foreclosure Counseling and Foreclosure Mediation
Losing a home can be one of the most traumatic experiences a person can go through and it is only amplified when children are involved. The stress of losing a job, having to find a new place to live, and possibly parting with many personal possessions along the way can make it seem like there is no hope. At Jennings & Associates we are sensitive to this situation and can help you protect your rights and guide you through the process. The State of Nevada has passed several laws that offer distressed homeowners protection if foreclosure appears likely. But, you need to act early in the process to preserve and protect your rights.
In 2009, the Nevada Legislature passed Assembly Bill 149 ("AB 149") which amended NRS §107 requiring banks, at the option of the home owner, to discuss alternatives prior to foreclosure. This option must be elected within 30 days of receiving a Notice of Default. In addition, Nevada also has laws governing the foreclosure process and possible deficiency judgments (See NRS §107 and NRS §40).
At Jennings & Associates we can represent you in foreclosure mediation and throughout the entire foreclosure process. Don't be intimidated by the bank. Know your rights and protect your financial assets.
Determining what type of business entity to form can have a substantial impact on your business and business operations down the road. Certain business entities can shield you from personal liability, risk, and exposure while others offer little protection. The most common business entities formed are:
Limited Liability Company ("LLC")
Some other factors to consider in deciding which entity to form are the ability to raise capital, the ability to transfer ownership, income tax considerations, and the ease of separation of ownership and dissolution. At Jennings & Associates, we can help you understand the advantages and disadvantages of each different business entity and can assist you in forming the right entity for your business operations.
One of the more frustrating aspects of owning and managing a business is when you provide products and/or services to customers and then are not paid for those products and/or services provided. Running and managing a business in today’s business climate is hard enough and a lack of payment only makes it more difficult. Many times payment issues can be resolved inexpensively with a simple written request in a representation letter. But, if necessary, seeking court ordered payment and collection can be a viable option as well. At Jennings & Associates, using the law on your side, we can help you in the collection those unpaid debts and receivables.
Bankruptcy Las Vegas, Business Organizations, Mortgage Law, Foreclosure Counseling and Foreclosure Mediation, Short-Sale Negotiations - We Can Help!