Lingering economic uncertainty has done more than destabilize our domestic and international financial markets. For Californians especially, who are among the hardest hit in the nation by the multi-faceted recession, as the household and living expenses mount, the security and structure of many families is threatened.
Both job seekers and employers are unsure about the future, leading to fewer hires and rising unemployment numbers. The housing market continues to stumble, and many Orange County homeowners are left watching helplessly as their savings disappear, their credit card debt increases and their credit scores tumble.
Many seeking advice from Orange County bankruptcy attorneys are being crushed by mounting debt, diminished income and plummeting home and commercial property values.
As many families struggle to stay afloat while considering their financial options, refinancing seems like a promising life-line. But according to a recent article in SF Gate, “lenders have been have been subjecting mortgage and refinance applicants to stricter and stricter criteria.”
In short, California homeowners, in their greatest time of need, are now facing a more challenging application process and lesser likelihood of refinancing approval.
The SF Gate article indicates that factor such as stricter income-verification standards and a more intense review of credit scores, paired with lender paranoia, restrictions on eligible income and inexperienced lenders can and do negatively impact a homeowner’s chances to secure a low-interest refinance.
Finding and understanding, experienced and knowledgeable Santa Ana bankruptcy attorney can assist you in determining a course of action and help you regain control of your life.
Our team members will help you navigate the distinctions between filing a Chapter 7 or Chapter 13 bankruptcy, helping you deciding whether or not it is in your best interest to keep your home and putting a stop to harassing phone calls from debt collectors.
The Shakoori Law Group, a law firm dedicated to bankruptcy, debt collection defense and consumer protection, can be reached at (877) 529-2188.