Borrowers sometimes find themselves in over their heads. Many people feel that filing for bankruptcy is the only way out of avoiding foreclosure. While bankruptcy is one option, it is not the only option available to you for relief. Before you decide to file look over all your options to determine which best fits your needs. Bankruptcy should be a last solution as it causes the most damage in the long run.

One way to avoid foreclosure or default is to use a workout program. Debt workout programs are agreements between a troubled borrower and a lender. Below you will find several types of workouts. If you have any questions regarding workout options please call us at 770-LAW-FIRM to schedule a no charge consultation.

Types of Workouts:

Some possible workouts include:

• Temporary reduction in your interest rate (APR)
• Temporary forbearance – reducing or skipping a few payments
• Adding missed payments to your loan balance (so you catch up on them later)
• Extending the term of your loan
• Set up a repayment schedule

When to Ask About Workouts:

You should contact your lender as soon as you see trouble on the horizon. By being proactive, you keep more options open.

How to Get a Workout:

To set up a workout program, call your lender. They need to approve the program and agree on all the details.

If all this intimidates you please call us at Barrister Law. We can help work with your lenders to arrange agreeable payment options that can relieve the stress you are under.