Creditors typically garnish an account to collect a debt after obtaining a judgment. If a creditor files a non-wage garnishment affidavit upon a bank that holds your money, the bank can be forced to pay that creditor what ever money is on deposit in your account, up to the amount of the judgment. There amount [...]
Andy Miofsky, Illinois Bankruptcy Attorney
Top 10 secrets banks do not want you to know.
Here are seven easy steps to pay off high interest rate credit cards. In fact these tips show you how to eliminate high interest accounts entirely and how to perform simple regular maintenance adjustments to keep your credit accounts within reasonable limits. 1. Fingerprint your credit cards. On a simple word document or piece of [...]
Adjustable Rate ARM: This loan features a lower rate at the beginning of the loan with periodic adjustments, typically 6 months or one year, based on the moving London Interbank Offered Rate LIBOR. Many ARM loans contained artificially low teaser rates that kicked in addition to the LIBOR reset rate. Fixed Rate: The most common [...]
Here is a list of the top 10 types of documents you should keep for tax purposes. Proof of income can be established by a W-2 form or a 1099. Bank account statements and credit card statements show a history of account transactions. Invoices and payment receipts and canceled checks show how much is owed [...]
The 2007 FBI Mortgage Fraud report explains how an unscrupulous real estate developer commits mortgage fraud with a seller in a builder bailout scheme. Say the developer built a house that normally sells for $200,000. In a declining market, the builder fears a fair market sale will not cover the bridge loan for construction costs. [...]
