Credit card companies charge interest on the unpaid balance owed. The interest is charged every month, and, although the calculation seems simple enough, balances seem to grow at a much faster rate than what is expected. Take a credit card at 10% per annum interest and a $39 per year annual fee. When you first [...]
January 2009
To request a home mortgage loan modification from your mortgage holder you should gather financial documents to support your income, prepare a monthly budget, determine the type and duration of loan you require and submit your request to your mortgage servicer. Start with your most recent monthly loan statement. There you will find the name [...]
See David Leibowitz’ interview on Fox Business Network about Helping Homeowners Save Their Homes Act of 2009
Due to the tightening economy, credit card companies are looking more closely at the accounts they hold. Many are lowering available credit limits and/or closing accounts. If you haven’t used your credit card in a while, it is likely the creditor will close your account because credit card companies lose money on dormant accounts. Closing [...]
The Kansas City Star reported today that three researchers at the Federal Reserve Bank of New York, in a study, assert that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, known as BAPCPA, is the leading cause of the mortgage meltdown. They claim the legislation shifted the risk from credit card lenders to [...]
Mortgage Law Network Contributor David Leibowitz explains on Fox Business News today the help that will be available to stop home foreclosures in chapter 13 bankruptcy proceedings if the “Help for Homeowners Act” (S 61 and HR 200) is passed by Congress. The legislation is part of the economic stimulus package backers want to pass [...]
