Finding out that a potential client has ignored a legal or financial issue that could have been easily resolved if they had simply paid attention to correspondence from a lender or entrusted their issue to the appropriate professional is the worst thing that can happen. It’s true that this is sometimes easier said than done.
There was little that struggling business owners or consumers could have done to prepare them for their financial or legal challenges during what the Chairman of the Federal Reserve, Ben Bernanke, referred to as “the worst financial crisis in modern history.” People who are overwhelmed by legal or financial issues frequently find themselves in a state of depression or anxiety.
The following is a list of five expert recommendations that can help lift one out of the grip of “economic” and “legal” depression and raise one’s chances of successfully resolving a legal or financial issue: 1. Stop disregarding your messages. By law, creditors are required to send written notices to delinquent borrowers advising them of crucial legal rights and timeframes for exercising those rights.
These various rights and defenses may be forfeited if a deadline is missed. Recognize that responding initially to a complaint is much easier than reversing a judgment or reopening a legal proceeding. Take, for instance, a default on a mortgage; A borrower can have their mortgage modification request re-evaluated within certain federal and state time frames even after it has been denied at the underwriting level. If you miss that deadline, it will be nearly impossible to reapply to the lender. 2. Pick up the phone.
Although it might seem counterintuitive, in accordance with federal law (the Fair Debt Collection Practices Act), answer one collection call and tell the caller to stop cal