Deep in Debt? Crucial Steps to
Winning Over Your Creditors
Proven Resource LLC
DEEP IN DEBT?
Critical Steps to Win Over
Whether a debt obligation is $1 000 or in
the millions, the overall advice for
handling debt negotiation remains the
same, according to David Soble:
communicate, consult with the
appropriate experts and proceed with
An attorney for 23 years, Soble has
worked both sides of the debtor-creditor
representing various multi-billion dollar
banks and national finance companies as
well as helping small business owners
Here are five critical pointers he says
have h l d his clients succeed in
h helped hi li t di
negotiating their debt.
1. Stay in touch with creditors.
Times are tough for everyone While it
may not feel good, keeping the lines of
communication open benefits both
parties. Banks and creditors want to
work out a payment arrangement.
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Ignoring and avoiding creditors gives
them no alternative but to escalate
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2. Contact a credit professional early in
For those who are uncomfortable with
negotiating contacting a professional
about a debt issue may be the answer.
Reach out to a non-profit credit or debt
counselor early in the process.
Procrastinating can make the situation
3. Consult with the right kind of attorney.
“Short sales”on properties are more
common these days, yet going through a
“short sale” does not automatically
relieve the obligation to the bank.
Mortgage obligations are written
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contracts, and real estate agents cannot
interpret or provide advice on the law.
Not ll tt i li in l t t
N t all attorneys specialize i real estate
or debt resolution either. Talking with the
proper professional can prevent costly
4. Never sign a blank document and
watch those page numbers
How many business owners have lost
thousands of dollars by signing blank
forms? Plenty. Don’t become one of
them. If a document has a blank page,
draw a large “X” across it and initial it to
prevent later insertions.
Another safeguard is to make sure the
document is properly numbered; if it has
7 pages, they should read "1 of 7," "2 of
7" and so on. It’s a protection against
fraudulent or doctored paperwork.
5. Be on the lookout for scam artists.
Avoid individuals who aren't properly
credentialed. That should be a top
priority Anyone involved with a real
estate transaction needs to be licensed --
- from federally regulated loan officers,
to state regulated real estate agents and
And even then, ensure that the
professional has the experience and
reputation necessary to help out in a
financial or legal crisis.
Learn more about Loan problems and
real estate problems :