Tis the Season, BEWARE
Most people associate the month of December with the holidays, a time of giving and compassion. Between Hanukkah, Christmas, and New Years Eve, people tend to be in good spirits. However, in the world of workouts and default, the first two weeks of December are a very dangerous time. Borrowers in default should be on high alert for aggressive actions from banks and other creditors. It would not be uncommon for banks to send foreclosure notices, levy bank accounts, or garnish wages in the first two weeks of December after weeks of them being relatively quiet. Your guard is down, it’s the end of the year, time to clean up old files, time to collect as much as possible before the holidays and before the year wraps up. Plus, many bankers and attorneys take the week between Christmas and New Years off. So there is a time based incentive for creditors to be more active in the beginning of the month.
What does that mean for you, the defaulted borrower? It means that if you are not prepared, that when you go Christmas shopping for your children you find that your personal accounts are frozen, or you wake up one day and find a foreclosure notice at your door, or you go to your small business only to be met there by the sheriff. With no plan, no resources, and no exit strategy, you will be forced into bankruptcy where your personal assets, including your home, are at stake.
For many of you, it is too late this year. You may have learned this lesson the hard way and are now at bankruptcy’s door steps. If you only had a plan and new how to shelter your assets you would have avoided this situation. You realize now that ignoring the bankers repeated calls and waiting for the economy to rebound was NOT a plan. Had you only called us, we could have helped. We could have arranged an agreement with the bank. We could have cooperated , protected your assets, and settled your debt for reasonable losses.
For our current clients; I am glad we are able to help you. I hope in 2011 we can help many more.
