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A Loan Modification

A Loan Modification to Get Rid of Unsecured Debt?

In the land of home loans, a loan modification is a process by which individuals or a financial attorney (or other consultant) working on their behalf focuses not on refinancing the debt, but on restructuring the loan itself. Rather than refinancing, in which a new loan is taken out in order to pay off the initial mortgage, a loan modification allows borrowers to restructure their payments, reduce the amount of interest that they are paying and to make other permanent changes to their mortgage without undergoing the process of getting approved for a new loan and paying a new round of closing costs.

A loan modification model is beneficial to those who are trying to get rid of unsecured debt as well - and that's why there are non-profit debt consolidation companies that are ready and willing to work with consumers who are looking for the chance to take control of their finances. Rather than letting your debt control you (or just keep you up at night with thoughts about how you will be able to pay your bills on time), you'll find that it is possible to focus on changing the way that you use credit.

By partnering with a debt consolidation company that lets you work with someone who will learn about your debt, help you to identify what you can afford to spend and then work with your creditors to reduce the amount that you owe, you'll find that you are able to change your financial situation. When you work with a non-profit company that will negotiate with your creditors to reduce the amount of your monthly payments, reduce the rate of interest that you are charged, reduce the amount that you owe and bring your accounts current, you'll find that it's possible to restructure your payments.

When you change your payment structure, it's like getting a loan modification that helps you to get rid of your unsecured debt. Rather than swapping the debt you have for a new unsecured loan, you will be paying off the same creditors - just with the help of a credit counseling company. Rather than borrowing more, you will simply be able to reduce the amount that you owe - and to know that you've established a schedule for completely paying off your debt while learning new habits that will ensure that once you are debt free, you are able to stay that way. Knowing that you are working with a professional who regularly arranges these situations - someone who knows whom to talk with a creditor's office and what to say to work out a better arrangement - will ensure that you are able to benefit from the situation. Rather than trying to get rid of your unsecured debt with something of a loan modification on your own, having that experience gives you a tremendous advantage. Not only will you be better able to work out the right arrangement, but also you will be able to access the tools that you need to stay in control of your finances.

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Do You Know the Answers to These Important Retirement Questions?

• Are you retired or thinking about retiring?
• Do you have enough money to comfortably live throughout your retirement years?
• Would you like FREE face to face advice or retirement consulting from a trusted local financial advisor?
• Are you looking for help to achieve your long-term financial goals?
• Would you like to learn more about Annuities, 401's, Life Insurance and Long Term Care?

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Analysis of the Economics of Early Social Security Withdrawal

Robert J. Phillips
Chief Retirement Consultant

Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.

Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.

The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution

FREE Social Security Calculator:

We developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.

To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.

The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.