After a long and tedious road with HAMP Loans, people that are accepted into the program can finally start seeing the light at the end of the tunnel, a successful loan modification for their precious homes. The Treasury Department finally was able to report that on average the same number of homeowners that were approved [...]
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 [...]
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 [...]
Not only has the foreclosure crisis been a problem in damaging the economy but so has the loan modifications. The Home Affordable Modification Program (HAMP) was supposed to help millions of people who were struggling to pay their mortgage. Below are some proposed changes to help the plagued HAMP program: Prohibit banks from initiating foreclosure [...]
People not eligible to file a Chapter 7 bankruptcy may be eligible for Chapter 13. The key lies in protecting non-exempt assets. For people opting to file bankruptcy under Chapter 13, they need to know that the procedure is a great deal more complex than a Chapter 7. Chapter 13 takes into account a detailed [...]
If you are having financial difficulties and fear that foreclosure of your home might be imminent, think long and hard about your options for debt relief, including the possibility of filing for bankruptcy. After all, bankruptcy can be a way that you get to keep your home because it could allow you to get rid [...]
Is the economy getting better or are is it still stagnant? This is a question on many peoples minds. While the White House says the economy is getting better some very prominent economists are comparing the current economic situation to the financial crisis of the 1970’s. During this time, the price of gold tripled, mirroring [...]
Under Obama’s loan modification plan the lender agrees to change the terms of your loan so that you can afford to make the monthly payments. Once accepted in to the program struggling homeowners will not have to worry about losing their homes because foreclosure is no longer an option. There are many requirements homeowners have [...]
Normally, one would have to pay taxes anytime a past debt is forgiven in an amount that is over $600. However, there is a special exemption that exists that keeps people from paying taxes when the debt forgiven is related to losing their home. There are several common misconceptions that are good for everyone to [...]
Bankruptcy is not an end all solution. If you are thinking about filing for bankruptcy you should consider all options before you file that may be better for you. Such options are: Loan Modifications, Debt Management Plans, and Debt Consolidation. The goal of loan modifications is to change your mortgage loan payments to a monthly [...]
