A debtor in bankruptcy should follow some simple rules to protect against predatory home loan servicing. As I discussed in an earlier article, the bankrupt borrower provides an opportunity for a servicer to harvest a bumper crop of fees and charges. The debtor must be careful to keep watch on their home loan throughout the [...]
August 2007
In Part 1, I discussed perfected security interest, such as home mortgages and car titles. In Part 2, I discussed purchase money security interests (a.k.a. PMSI), such as store credit cards. Another very common type of secured debt is the Non-PMSI. A non-PMSI is a lien placed on the debtor’s property, as a result of [...]
Payday loans are being made by non-profit groups in an attempt to help people out. If you consider paying only 250% interest as help, you must be one of the people who had previously been paying over 500% interest to traditional payday lenders. In the New York Times article By JOHN LELAND, New York Times [...]
Many people facing foreclosure would simply rather give the property back to the bank or mortgage company rather than having them take the property by operation of law. It will look better on a credit report, the home-owner won’t have to go through the notices and humiliation of a public auction and there won’t be [...]
NPR really got some facts terribly wrong about bankruptcy and equity mortgage loans. Personal liability on equity lines can be discharged like any other debt, but that isn’t what was said on the call in show “Talk of the Nation” which aired on 8/20/07: The Aftermath of a Tumultuous Week on Wall Street . A [...]
Recently I needed to rent a car, and while I usually do so on line, I needed to call the rental car company because a discount coupon I had wasn’t working with the on line reservation page. After arranging for my car rental, I was asked to hold for a special offer. I was then [...]
