Is One Choice Better Than Another Regarding Foreclosure, Deed in Lieu of Foreclosure, or Short Sale?

September 12, 2011 No comments yet

Deed in lieu of foreclosure: one voluntarily gives their home to the lender in exchange for cancellation of their loan Short Sale: where the lender allows the homeowner to sell their home for less than what is owned Foreclosure: where the lender takes the home through a court proceeding Is one choice better for your […]

8 Tips on Avoiding Bankruptcy

August 5, 2011 No comments yet

1. Pay off existing debt: If you cut out non-essentials such as cable, landline phone service and other subscriptions, you can free up some money. Another way is to sell assets such as furniture, electronics and other items on free websites such as Craigslist and eBay to earn some extra cash. 2. Get another job. […]

Tips To Avoid Bankruptcy

July 13, 2011 No comments yet

Try not to go further into debt by re-evaluating your budget. Pay off existing debt. With your new budget, try to live below your means. Think to yourself, do I NEED this? Get another job if you find that you cannot live below your means. Keep your medical insurance, if you get sick this will […]

Private Loan Modifications Better Than HAMP Program?

July 12, 2011 No comments yet

In some cases, yes. HAMP has been underperforming compared the overestimated numbers that the government hoped it would complete. HAMP launched in March 2009 with the promise of 3 million modifications. Through May, servicers started roughly 731,000 permanent loan modifications and have been averaging between 25,000 and 30,000 per month this year. Wellsfargo claims they […]

Joint Accounts and Bankruptcy

July 11, 2011 No comments yet

What happens when someone files for bankruptcy and they have a joint account with you? First, this can happen for several reasons: You’ve put your child on the account You share an account with your spouse or significant other They are managing an account for an elderly mother or father In the bankruptcy petition that […]

Bank of America, Wells Fargo, JP Morgan Chase, Ocwen Loans Are Being Told to Get Their Act Straight

June 20, 2011 No comments yet

The Treasure has sent notices to Bank of America, Wells Faro, JP Morgan Chase, and Ocwen Loans Serving informing them they need substantial improvements in the way they process mortgages. Specifically they need to address how they identify, contract, evaluate, and assist mortgage borrowers. If they do not, then the government has said that they […]

A Few Basic Ways One Can Eliminate Debt

June 14, 2011 No comments yet

The current economic situation has led to many creditors defaulting on their credit cards and loans out of necessity. Below are a few ways one can work on eliminating debt during this time. Bankruptcy will erase all debts and leave you free to start new. There have been new laws enacted in 2005, so be […]

Rebuilding Your Credit After Bankruptcy

June 13, 2011 No comments yet

1. Stop feeling like you are a failure! The number of state residents filing for Chapter 7 bankruptcy in Massachusetts rose by 8.5 percent in 2010, as more than 17,000 filed for protection during the year. In this economy, any little set back could easily cause a person to need to file bankruptcy. Some of […]

Some Signs that You Should File for Bankruptcy

June 6, 2011 No comments yet

No one really wants to file bankruptcy. However, if you have any of the following signs, you should seriously consider filing. • Being involved in a foreclosure or car repossession. After, the foreclosure is complete you will still be responsible for any of the loan not covered. • You cannot pay your bills now or […]

Bankruptcy and Your Credit Score

May 18, 2011 No comments yet

As a result of current difficult economic times, many people have been forced to consider bankruptcy. While bankruptcy has been a helpful and necessary process for many people, some are hesitant to take that step out of fear or a misunderstanding of how bankruptcy works. One common question for people is: How will bankruptcy affect […]

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