Loan
Modification Programs Helps Avoid Foreclosure
When faced with a difficult
circumstance, it's common for people to downplay the situation - hope that
things will get better.
It's easier to avoid a problem than to admit there
is one.
This is certainly true with people who are facing foreclosure.
Its hard to admit even to yourself that there is trouble.
Confronting
it head-on with a Loan Modifications saves valuable credit and your
property.
We
get you back on track, lower your payments and you stay in your home!
When the mortgage payment is a problem, we can
work with your lender with a loan modification. This saves
your property and your credit. Contact us by calling 201-679-5700 or
1-800-251-0746; or click here to e-mail
us and discuss your options.

Can a Creditor reach your IRA?
Assets in qualified retirement plans such as 401(k) plans, defined benefit pension plans, and profit sharing plans, are specifically protected from the claims of creditors by the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and a 1992 decision of the Supreme Court of the United States, Patterson v.
Shumate.
Question To what extent are
annuity-contract balances protected?
Answer: The benefits, rights, privileges,
powers and options which under any annuity contract are due the annuitant,
are not subject to execution, garnishment, attachment, sequestration or
other legal process nor may the creditor compel the annuitant to exercise
any such rights, etc. Creditors may not interfere with or terminate the
contract, except for amounts paid into the contract (plus interest) to
defraud creditors
General Debtor Protections
for Retirement Assets
|
|
Federal
|
State Law
Attachment/Garnishment
|
|
Qualified retirement plans
(pension,profit-sharing,
section 401(k))
|
Generally complete
|
Generally complete
|
|
Rollover IRAs
|
Generally complete
|
Generally complete
|
|
Traditional and Roth IRAs
|
$1 million
|
Generally complete
|
|
SEP and SIMPLE IRAs
|
Generally complete
|
Probably none
|
Note: Absolute statements of protection are
problematic. For example, qualified plan assets and IRAs are subject to
attachment for qualified domestic relations orders and federal tax liens
both in and out of bankruptcy. Additionally, owner-only plans may be
attachable outside of bankruptcy. State law protections vary from state to
state.