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Student Loan & Credit Card Modifications!
With the American economy in turmoil it seems that more and more Americans are facing struggling with an inability to pay off their unsecured debts including student loans for themselves or their children. While most people are aware of the potential benefits of seeking a loan modification for their home mortgage, most people do not realize that the same relief may be available for their Student Loans and credit cards. As Loss Mitigation Professionals it is OUR job to EDUCATE our clients!!!
Similar to property secured loan modifications, lenders are often willing to reduce a borrower’s monthly payment using a number of different methods including reducing their interest rate, lengthening the term of the loan, allowing for interest only payments for a predetermined period, and delaying payment of past due amount to the end of the term of the commercial loan. In the case of a student loan or an unsecured credit card, because it is a no recourse loan, the lender may be more willing to negotiate because there is no collateral security to repossess.
What About Temporary Payment Suspension? There may be times when even an affordable repayment plan is too much for a borrower. They may be temporarily unemployed or unable to deal with student loan payments for other reasons, such as active duty military service. The good news is that they can suspend their payments, at least for a while, in limited circumstances. The bad news is that in many cases, your interest will continue to accrue, and will be added to your principal when you begin repaying again. This is a common way that loan amounts can grow to unmanageable levels. Borrowers who need deferments and forbearances may be less able to pay back an even larger loan, and find themselves worse off at the end of a break in repayment than before.
PROPERTY TRUST GROUP will negotiate with your lender on the accrued interest so you are not stuck in a never ending loan.
The first category of suspensions, grace periods, automatically comes with most loan programs. Lenders will give a borrower a break so that they don’t have to start repaying right after graduation or withdrawal from a school.
The second category, deferments, are available if a borrower meet certain conditions, such as unemployment or economic hardship, and only if they are not yet in default on your loans. The Borrower will not be charged interest on subsidized loans during a deferment period.
Forbearances also allow you to suspend payments and are available even if you are in default, but you will be charged interest during forbearance. Student Loans & Bankruptcy: Student loans are not usually discharged in
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