Merchant Cash Advance
Merchant Cash Advance Defense Attorney in Massachusetts
Has your small business used a merchant cash advance to make ends meet, but now you are being harassed by the lender or a third party collector for the debt? You have your options to defend yourself and protect both your business and your personal finances. Come to The Law Office of Glenn F. Russell, Jr. and talk to our debt relief lawyers in Massachusetts. We focus our practice on various forms of debt relief and bankruptcy cases.
Call (888) 400-9318 or contact our law firm to learn more about your legal options.
What is a Merchant Cash Advance?
Lenders who offer merchant cash advances are selling loans of a specific type. A merchant cash advance does not use interest, which can make it look desirable. Instead, your business is forwarded a certain amount of money and the lender will gradually collect that amount plus a set additional margin, like 15%, 25%, and so on. The collections are made each day and taken directly from any credit card and debit card transactions your business makes that day. Due to the rapidity of the payback schedule, merchant cash advances can become overwhelming before you know it.
Failing to meet a daily payback expectation could result in:
- Defaulting on the agreement
- Negative impact on credit score
- Legal action taken by lender, such as a lawsuit
- Financial penalties described in merchant cash advance contract
Additionally, it is not uncommon for a lender offering a merchant cash advance to demand a personal guarantee from the loan recipient. A personal guarantee is essentially some sort of collateral on the line that comes from your own finances or property. For example, you might need to put part of your own savings or your automobile up as a personal guarantee. Failing to meet your obligations under a merchant cash advance contract that included a personal guarantee will cause the lender to target you, your finances, and your property personally when seeking the debt, on top of already “going after” your business.
Debt Relief When You Need It the Most
Merchant cash advances can lead to lender and debt collection agency harassment that no one deserves. If you are getting phone calls at all hours about repayments for a merchant cash advance, then take the first step in finding debt relief now by calling (888) 400-9318. Our Massachusetts merchant cash advance relief lawyer is here to guide you and your business to a brighter, more-financially-stable future, just as we have done for so many others in your community.
Read more on our blog:
We’re not afraid of competition; we stand up to it boldly. Call our office today to discuss your legal options and to let us create a strategy for securing your consumer debt relief.
- Drowning in debt?
- Feeling stressed because of your finances?
- Being harassed by creditors?
The Law Office of Glenn F. Russell, Jr. is here to help you with all these issues and so much more before they become a major issue.
"Attorney Russell has been God-send to us!"
- Attorney Russell has been God-send to us! He took our cases and turned them around! Best lawyer we've ever had!- Earl F.
Do I really need a foreclosure lawyer?Absolutely. Should you need foreclosure defense counsel, only an experienced attorney can determine which course of action is best for you. Whereas predatory scam artists try to prey on your financial vulnerability, a skilled foreclosure defense attorney genuinely can look out for the best interest of you and your family. Legal advice must be practical and efficient in order to be effective, so if you need strong legal guidance, trust that The Law Office of Glenn F. Russell, Jr. can offer the counsel needed to successfully navigate the complicated legalities of foreclosure or bankruptcy.
Third parties are offering to help my foreclosure process. How do I know who to trust?
Perhaps one of the greatest obstacles individuals encounter during the foreclosure process is learning who to trust and who to avoid. Due to the nature of the foreclosure process, descriptions of any homes being foreclosed may be published and accessible as public information. It is a sad truth that there are fraudulent companies that prey on public lists of foreclosing homes and attempt to take advantage of a people's financial vulnerability.
You may be contacted by mortgage brokers, mortgage negotiators, or mortgage holders. You may also be contacted by a Massachusetts bankruptcy attorney or a private financier who offers to help you sort out your finances. These parties may be dependable sources of legal and helpful advice during your foreclosure.
Unfortunately, there are frauds and scam artists who will try to take your home or your money without providing any sort of service. A general word of advice we give to clients to follow is: If a deal sounds too good to be true, it probably is. Avoid scams with the help of a qualified attorney from our firm!
What happens at a foreclosure sale?
It doesn't happen all the time, but if you have exhausted all of your legal alternatives and feel as though a foreclosure or short sale is the last resort, you need to know what to expect.
No foreclosure sale is exactly the same, but for the most part, the foreclosure sale process typically involves the following:
- Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date.
- A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice.
- The foreclosure sale will be conducted by a licensed auctioneer. The auctioneer will read various legal notices, descriptions, and documents pertaining to the property.
- The auctioneer will take bids on the property, take deposit checks, and accept the highest bid to close the foreclosure property sale.
- Parties - including the mortgagor, the purchaser, and the auctioneer - will draft a foreclosure deed, which must be recorded and filed at the Registry of Deeds.
- A grace period - typically 30 days - will be given to allow the purchaser to line up financing.
- A closing will take place, and the new owner will formally take title to the foreclosed property.
All monies paid by the new purchaser will go toward paying real estate taxes, owed mortgages, and payments to creditors or other debts owed on the property. If no one at the foreclosure sale is able to bid a high enough amount to cover the debt of the property, then the balanced owed - called a deficiency - would then be the liability of the old owner.