Yes, while the program got off to a rough start, the Treasury Department now reports that HAMP has been running fairly steady over the past six months, with roughly equal numbers of trial modifications begun and permanent modifications granted. Originally, the program was expected to keep between 7 and 8 million homeowners out of foreclosure. [...]
Obama’s home affordable modification program or HAMP is being criticized from many groups of people as being useless. After all, millions of homeowners have been denied financial assistance through this federal initiative for the past few months and if reports are to be believed, just one in four applicants have been successful in getting a [...]
A few things that you will see immediately when you file are: Stop foreclosure on your home Prevent repossession of a car or other property Keep your utilities on Stop wage garnishment Stop Debt Collection harassment In addition, it will offer you a clean start with your finances. However, even with all of these benefits [...]
Have you already filed for bankruptcy, but this economy has caused you to nee to file again? If this is you, you may be wondering if you can file for bankruptcy again. Or you may be thinking about filing and are wondering if the economy goes south again or you end up with massive medical [...]
“Bankruptcy filings reflect the economy as a whole – and it’s clear we are not on a fast path towards recovery. Consumers are clearly struggling to pay off the debt they’ve accurued over the years, and are turning to bankruptcy as a last resort,” said The Warren Group CEO Timothy M. Warren Jr. The numbers [...]
Bankruptcy is one of the oldest methods used by consumers to get rid of unsecured loans allowing them to not have to pay any money on their debts. However, once a consumer files their credit score plummets and the consumers lose their credibility. Even the creditors are harmed since they lose money and become weaker. [...]
Everyone knows that the current economic recession has affected everyone. What you may not realize is how everyone has been affected. First Round of Impacts on consumers: 1) Reckless loan giving cause people to take on more loans than they could afford. 2) Some people took those loans and spent recklessly. 3) These people were [...]
Over this last year, the number of people filing for bankruptcy in the US rose by 9%. This is the first time that total number of people filing for unemployment has been greater than 2005. That year is when the bankruptcy laws were changed making it more difficult and expensive to file. This is a [...]
The purpose of a Chapter 13 Bankruptcy is to restructure the finances of the person filing in order to give as much money as possible to creditors while giving the filer some money to live. The court will determine your disposable income by first calculating your averaging your last six months of income, then they [...]
With 15 million people jobless and about one in four homeowners underwater on their mortgages, many people have learned that charging today on the belief that they can pay tomorrow is a dangerous trap. For the first time since the Depression, the economy has pushed people who never would have dreamed of bankruptcy to ask [...]
