NEED LOAN MODIFICATION HELP? avoid doing that if at all pos- sible. The penalty is 10 percent on your withdrawal from your 401(k). Whatever you take out will be added to your income tax bracket. It is recommended that you attempt other options before doing so, such as reviewing your budget and cutting all extra expenses possible, working with your credit card companies to negotiate lower interest rates or applying for hardship assistance, or working with a debt counselor. 0: I've already been through foreclosure and my redemption period is going to expire soon. What do I do now? A: If you are not otherwise able to afford your home and cannot redeem the property, you need to look for alternative housing. Check www.craigslist.com or the Michigan Housing locator at www.Michigan.gov. If you need financial assistance, JHA may be able to help depending on your specific circumstances. Q: I expected my home to be an asset for retirement and it is now worth less than the mort- gage on the home. What should I consider? A: Your house, like any other asset, can fluctuate in value depending on supply and demand. With the current eco- nomic conditions, most horn- eowners are finding themselves with a house that is "under water;" in other words, they owe more than it is worth. If you are unable to afford making your payments, there are many options available to try to get the pay- ment to an affordable level. Check with a U.S. Housing and Urban Development-approved lender or a participating lender through the Hope for Homeowners in order to see if you qualify for any of the new Federal Housing Administration programs, includ- ing a reverse mortgage. It is sug- gested that you consult with a financial planner to determine what options and suggestions he/she can offer with regard to retirement savings. Please share your thoughts online: thejewishnews.com/community. Go to Local News. Paid S3.500 for a loan modification and still cannot complete the application. Paid $0.00 for a successful loan modification through the Jewish Housing Association. 1-800-458-0404 Do you really need any more information than that? Jewish Housing Association has a team of professional mortgage loan counselors to assist free of charge and in a confidential manner. You may submit your application by phone or meet with us in person to ensure your privacy. MA 44\ Jewish Housing Association 27777 Franklin Road, Suite 1700 Southfield, MI 48075 1.800.458.0404 www.jhamd.org Jewish Federation of Metropolitan Detroit Jewish Housing Association of Metropolitan Detroit WE'RE PART OF THE TEAM A Michigan non profit organization 1555690 ESTATE & FINANCIAL PLANNING NEGLIGENCE & PERSONAL INJURY FELONIES & MISDEMEANORS FAMILY LAW • ... • ... . Divorce Property Division Spousal Support Child Custody Child Support Business Valuations & more Gerd- Cavellier 11oWard Hertz • Brown .4 &- Bradley Schram MEDICAL & DENTAL PRACTICE. TAX LAW FAMILY. MATTERS. ERISAIPENSION BENEFITS When you're in the midst of a divorce, the convergence of the law, family, children, finances, and business valuations can be overwhelming. Hertz Schram PC is regarded as one of the top rated divorce law firms in Michigan. The attorneys in our Family Law Practice Group have the expertise, experience, toughness and compassion to help you when you need help the most ow TAM - WHISTLEBI OWER CLAIMS REAL ESTATE ENTERTAINMENT LAW EMPLOYMENT LAW PROFESSONAL LICENS .NG You need and deserve the best legal counsel available. We will deliver cost effective results. OtVIL R For a courtesy consultation, contact: COMMERCIAL LITIGATION Gerald Cavellier (248) 335-5000 jcavallier@hertzschram.com EDUCATION & SCHOOL LAVA,: BUS NESS S. CORPORATF LAW MERGERS & ACQUISITIONS PROPERTY TAX APPEALS Howard Hertz (248) 335-5000 hhertz@hertzschram.com Learn more at www.hertzschram.com . BANKING 8 FINANCE SECURMES LITIGATION TRUST & ESTATE ADMINISTRATION TITLE LITIGAT ON GROUP HERTZ SCHRAM PC 1760 S. TELEGRAPH • BLOOMFIELD HILLS, MI 48302 A FULL SERVICE LAW FIRM FOR YOUR PERSONAL AND BUSINESS NEEDS. 1 549660 December 3 • 2009 15