Monday, January 13, 2014

5 Reasons to Ignore Online Student Loan Debt Relief Advice

Everybody with student loan debt knows the feeling: nervous, overwhelming stress just thinking about the prospect of paying off student loan debt.

The stress keeps you awake at night, so you go online and search for solutions. Free help. Anything or anyone who can get you out of debt.

But the online answers you're seeking are not there. There is no free service that can aptly resolve your debt problems.

There are many debt counseling services. But are they legitimate and how do you know?

Work with debt counseling organizations that are approved by national debt counseling organizations:

  • The Better Business Bureau
  • HUD
  • National Foundation for Credit Counseling
  • Counsel on Accreditation

5 Reasons to Ignore Online Student Loan Debt Relief Advice

1. Average Student Loan Debt in 2013 is Increasing

If you're like the Class of June 2013, your average student loan debt bill is $35,200, according to CNN Money.

But if you're like some clients seen at Lanigan and Lanigan, P.L. you are trying to file bankruptcy or foreclosure to get rid of other debts just so that they'll have the funds to pay off student loan debt.

Student loan debt, like child support and taxes, cannot be eliminated through bankruptcy.

But some student loan debt is so high that clients come in saying "I just don't see how I will ever be able to pay the student loan debt off," Eric Lanigan, of Lanigan and Lanigan said.

"Then, people are listening to whatever a friend says about the student loan debt, instead of consulting with an attorney, they're going to free consultations where non-lawyers are telling them incorrect information.

"Student loan regulations are so complex that we've had to establish a complicated matrix plan for every person who comes to us with student loan debt. But it is a plan specific to the clients' loan.

"The options are dependent upon the type of loan, the amount, whether the loan is in default, the profession of the debt holder, the loan originator, the date the loan was taken, and so on."

2. Take Legal Advice to Handle Student Loan Debt

The complexities involved in student loans which are government-regulated, require a trained and skilled legal professional to accurately guide a debtor to the options and the relief--if it is possible--that is needed.

Eric Lanigan and Roddy Lanigan see clients struggling with student loan debt over $100,000 on average per person.

For debt at that level, the clients need to have a formal consultation with the Lanigans who walk the client through the student loan debt relief options available to them.

3. Student Loan Debt Options Vary by Individual

The options will vary for every individual. No student loan debt is the same because the individual has a different personal financial standing, loan origination date, amount of debt, profession and income.

When a person goes online in the middle of the night, awake because of the stress from student loan debt, don't look for the simple answers. Look for attorneys. Read about the options that they are explaining. Decide on a student loan debt relief attorney who has been handling student loan debt relief.

The one sure action for some peace of mind is to meet with an attorney in a formal consultation to look at YOUR loan and YOUR history and YOUR options.

4. Educate Yourself Before Meeting With an Attorney 

Visit the Lanigan&Lanigan YouTube channel where you can watch our series on student loan debt relief options. Then, when you're educated, call 407-740-7379 to schedule a formal consultation. Meeting with an attorney in a consultation gives you licensed, legal advice. You owe yourself an hour to get viable answers to what you can do to legally handle your student loan debt.

Student Loan Debt Relief Options May Include: 

  • Loan forgiveness
  • Loan consolidation
  • Loan renegotiation

5. When You Delay, Student Loan Debt Options Disappear

One thing is true for every student loan debtor: do not delay in getting answers. If you are in default, get to an attorney immediately to begin a repayment plan, a consolidation, or another option.

If you wait, your options for resolution will disappear. Handle the stress by learning about your student loan debt and what CAN be done to relieve the stress that is keeping you awake and stressed out.

Believing that student loan debt will have to be paid forever is a terrifying prospect. But what if it's NOT forever?  Your sweating palms, racing heart, constant anxiety can be relieved with a simple action: Consult with an experienced student loan debt relief lawyer. Have student loan debt analyzed and carefully reviewed for debt relief options.

Consult with Lanigan and Lanigan to find out your options from a reliable source. Call 407-740-7379.

Wednesday, January 8, 2014

Banks Withstand Penalties with Financial Success, Planning

The Wall Street Journal provides a daily look back on happenings in the financial world. Today it looked back on Jan. 8, 1962, when the SEC attacked Wall Street, accusing the American Stock Exchange of ignoring rules.

History Repeats Itself

The Wall Street Journal’s prediction on January 8, 1962 was that the Securities Exchange Commission findings would most certainly lead to an increase in regulation by the government over the nation’s stock exchange.

It stated there was a lack of self-regulation, that prior warnings failed to curtail questionable behavior and that the government would have to react to protect investors, the public.
In other words, what was present then, is present today: illegal trades, questionable practices, illicit meetings and discussions, consistent bad behavior by traders and businesses, remain today.

Regulators have other ways of improving ethics at banks by holding individuals accountable. But facts in the government’s Madoff situation suggest efforts to hold executives responsible goes only so far.

How Banks Survive

Wells Fargo, the largest home lender was responsible for a fifth of U.S. mortgages in 2013 and profited from lowered rates from the Federal Reserve which aided refinancing. But as rates increased, applications slowed and cut into origination loans.

Nonetheless the bank had a record fourth quarter after cutting expenses.

A bank the size of JP Morgan can absorb a loss of $1.7 billion for its alleged role federal prosecutors found that JP Morgan had for  failing to report Bernard Madoff’s suspicious activities to the authorities.

JP Morgan which was responsible fore survived because of its financial plans:
  1. Wall Street analysts estimate JP Morgan will earn as much as $23 billion in profit this year, more than any other lender.
  2. JP Morgan makes $25 billion in revenue per quarter and has record capital
  3. JP Morgan’s shareholders and clients remain loyal
  4. JP Morgan has steadily set aside reserves over the last few years to finance future legal payouts
  5. JP Morgan said that it might have to set aside an extra $400 million for the Madoff settlement
The action describes how the chief risk officer of JPMorgan’s investment bank – who is still at JP Morgan -- allowed the bank to increase its financial exposure to a Madoff entity in 2007 to $250 million.

The risk officer had spoken with Madoff and approved the increase even though it was clear that Madoff would not answer more probing questions about his firm, according to the Wall Street Journal. 

The risk officer, John Hogan, still works at JPMorgan as chairman of risk.

Bank of America has paid out over $24 billion with more to ahead. Some analysts estimate that the bank has paid at least 10 times the acquisition costs to settle such issues. There are many such cases still pending.

JP Morgan Chase, Bank of America, Wells Fargo, Citibank, Aurora, HSBC, MetLife Bank, PNC, Sovereign, U.S. Bank, Goldman Sachs, Morgan Stanley and SunTrust will be under the microscope of the SEC, investors, clients and in particular homeowners and former homeowners affected by the debt created by the mortgage crisis fiscal irresponsibility. 

If you're trying to understand how the settlements will affect you or if you get paperwork in the mail about settlements from any of the above banks from property you own, or owned, call 407-740-7379 to meet with Eric Lanigan or Roddy Lanigan of Lanigan and Lanigan, P.L., in Winter Park, Florida. 

Wednesday, January 1, 2014

Florida Law Firm Deciphers the Maze of Student Loan Debt Options

Lanigan & Lanigan, P.L., helps erase confusion, frustration with student loan debt relief.
Thursday, January 2, 2013 -- Winter Park, Florida – Set a meeting with Lanigan and Lanigan to identify a plan of attack to eliminate, reduce, or have a student loan debt forgiven in the new year. 

Attorneys Eric Lanigan leads an educational website video series on student loan debt relief to clearly explain what options are available with the viable outcomes.

“Everything begins with the type of loan a person holds,” Eric Lanigan said. “If you don’t know whether it’s federal or private that’s fine. But if you know that you’re in default and you’re not doing anything to change that, you have a serious problem.

Default Eliminates Options

“The longer that you wait, the fewer options you will have. Get into an attorney’s office and determine a plan of action before the possibilities disappear.”

Visit the Lanigan and Lanigan YouTube channel holds the video series which includes the following topics:
  1. What CAN Be Done With Student Loan Debt
  2. How to Get an Affordable Student Loan Payment
  3. Student Loan Forgiveness
Law firm Lanigan and Lanigan, P.L., a business and civil, real estate, and financial legal practice offers the online video series to educate those who are struggling to manage, handle or pay student loan debt.

High student loan debt is a common factor in bankruptcy and foreclosure cases, an issue noted regularly by the Lanigans since cases started rolling in regularly since 2007.

Lanigan and Lanigan created processes for demystifying student loan debt relief. Loan repayment, forgiveness, deferment or other options begins with loan payment status. Have payments been made on time and the type of loan determine options.

Eric Lanigan researched student loan debt regulations and the options for clients asking to reduce student loan payments to be proportionate to income. Clients came to the Lanigan and Lanigan offices because they believed that student loan debt could be forgiven or folded into bankruptcy. One thing was clear.

Your options and possible forms of relief disappear with default,” Eric Lanigan said. “If you’ve gone into default, you’ll have different and fewer options,” Lanigan said. 

“But that doesn’t mean that you won’t be able to decrease the amount of overall debt.”
Eric and Roddy Lanigan use their experience negotiating lower mortgage loans for homeowners to negotiate with student loan lenders.

“We discovered that lenders would rather provide financial relief to a homeowner, and to receive some revenue, than not negotiate and lose an entire loan to foreclosure."

Lanigan explained that student loan lenders differ greatly from mortgage loan lenders, but negotiating and finding debtor loan options takes investigation and careful documentation.

There are many options available to debtors if the loan has not gone into default. But not every debtor qualifies. Confused? Call 407-740-7379 to consult with Eric Lanigan and Roddy Lanigan of Lanigan and Lanigan in Winter Park, Florida.