Financial 180 Group: About Us

Everywhere you look, the news is all about the economy; we are in a recession.The housing market is tumbling, prices are falling at an alarming rate. Certainly, it's a buyer's market. Foreclosures are at an all time high, people are walking away or selling at ridiculously low prices to avoid a foreclosure. Banks are sitting on an enormous number of REO's. Homeowners are looking for assistance to save their homes. Almost all geographical areas and price levels have been affected.

The mortgage industry has been partially at fault, almost anyone was given a loan, sometimes at 125% loan to value (ltv), often over-inflating the values of the market. Where it used to be easy to get a real estate loan, for almost anyone, it is now extremely difficult even for those with the desirable 700 fico scores and full documentation. Banks are now scrutinizing and turning away loans that make sense, then contributing to the decline.

Bankruptcy, which saw a decline in filings just 2-3 years ago, are back at alarmingly high rates. Bankruptcy can do more than just eliminate unsecured debt, it can also slow the foreclosure process.

Other victims of the economy is the business man, who relied on the spending power of the homeowner, travel and entertainment industry, and with gas prices at $4 per gallon of gas, almost everyone feels the crunch.

If you are lucky enough to have a low balance mortgage, keep low spending habits, pay your bills, have a large reserve, have a great job, etc. then these issues aren't of concern for you. The housing market will eventually return and prices will go up. But, if the value of your house is declining, and/or you have significant credit card debt, there are ways to survive these difficult times.

To determine if bankruptcy (BK) is an option, we must explore what the three different BK alternatives are. These alternatives are explained in generalities only as a guideline, and not to render legal advice.

The BK that allows you to discharge (much of, if not all) your unsecured debt. If you meet certain income guidelines, you will qualify to discharge your unsecured debt. You may protect equity in your home within limits. Each state has it's own limits often based upon your family status. A CH 7 stops a pending foreclosure, but offers no court resolution.

The BK that the courts prefer. It provides for a repayment plan for all or a portion of unsecured debt, generally over 3-5 years. It resolves a foreclosure by providing a means of repayment of past due mortgage payments. A CH 13 also provides for a pay back plan on credit cards, and both your income and home equities are greatly considered. However, there are limits to how much you can owe in secured and unsecured debt.

The BK that is used for business reorganizations and is very expensive. While anyone can file a CH 11, it is generally a business reorganization. As a CH 13, the assets are evaluated for the pay plans.

It is important to analyze all three types of BK to determine if any of them meets your needs. in any BK, your entire financial background and tax returns will be fully scrutinized. BK should only be used when all other options fail

If you own real estate, with equity, you can borrow against that equity. there are basically two different types of loans: conventional refinancing, which is based on your good credit and income; and hard money loan, which is based solely on the equity in your property.

If you are borrowing to pay off credit card debt, be sure to utilize the debt negotiation option to get large discounts on the debt.

Contrary to popular belief, almost everyone will negotiate. If approached properly and professionally, it is possible to obtain great discounts from creditors. Please note that creditors are trained to say NO to you since you are the borrower. When approached by a 3rd party, who is knowledgeable in BK and the governing laws, however, great deals can be obtained.

While banks do not usually engage in workouts, they often do what they can to convert over due loans to 'performing loans'. Each bank has special departments dedicated to this, however, customer service representatives are not always aware of them. There are two types of mortgage workouts: modification, where the terms of the loans are renegotiated: a lower interest rate, and/or the past due payments deferred to the end of the loan; and forbearance agreement, a basic repayment plan over a short term. either of these plans must include a good explanation of hardship and the resolution that ensures continued payment..

If you own a business, there may be money available based on the value of your assets,such as equipment, fixtures, inventory, and receivables.

The Fair Credit Reporting Act allows you to dispute incorrect entries or to report identity theft. The scoring on the credit report can affect your ability to borrow. There are four major components of the credit report:

There is no such thing as a new credit file (unless you are a victim of identity theft and you secure a new social security number directly from the Social Security Administration.

Obtaining a corp ID number does not replace a social security number.

Financial 180 Group is a full service turnaround company designed to analyze your financial picture. For individuals or businesses, Financial 180 Group can assist in any or all of the above options, and maximize results, at the lowest costs.

Rob Goldstein has been helping businesses and consumers with debt and credit for over 20 years. Co-author of two credit books, and accomplished speaker, Rob gets involved with every client situation, hands on.

Rob started Financial 180 Group before debt workouts became an industry. He operates under the unique theory, that a commission isn't earned until a satisfactory settlement is reached.

Rob is highly regarded for his insight into real estate investments and financial crisis resolution, as well as his knowledge of the court system involving real estate foreclosures and bankruptcy proceedings. Rob regularly conducts seminars concerning debt negotiation, credit reports, business workouts and turnarounds.