There are numerous ways to get out of debt. The first is obvious: find a way to make minimum payments until the problem is resolved. Unfortunately, in today’s economic climate, the credit card companies charge so much in interest, that it takes years to pay off even a modest amount of principal. You can always [...]
January 2010
Got an iPhone or iPod Touch? Want to get the most recent information and videos on bankruptcy, credit, debt, and mortgages including foreclosure issues as they are posted, but don’t want to surf the web to get it? Now you can get the Bankruptcy Law Network iPhone App. The download and daily updates are entirely [...]
When you file a bankruptcy case, you might want to keep your mortgages intact. You have the choice of reaffirming a mortgage or not. If you reaffirm, the mortgage remains a lien on your property and you remain personally liable for the debt. The contract is unchanged. Sometimes, your lawyer will recommend that you not [...]
2.8 million properties foreclosed in 2009. And the trend? Bound to get even worse. Record high default rate now, as over 13% of homeowners are behind on their mortgage payments. American homeowners now $745 billion underwater on their mortgages, according to First American CoreLogic. Sounds low to me. Why? Interest only mortgages, which are not [...]
A recent ABI article promotes the use of anti-consumer attorney litigation to prevent homeowners from being able to obtain representation in foreclosure cases by threatening consumer attorneys with possible litigation for “deepening insolvency”.
When you sell your home for a price that is less than the total debt secured against the property it is often referred to as a “Short Sale”. Due to falling home prices and booby-trap loans, a short sale is becoming one of the few alternatives to foreclosure. Does it help a hard pressed homeowner [...]
