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 [...]
As of February 2011, 27 percent of homes owe more on their mortgage than their homes are actually worth! Home values are still dropping and pushing even more families underwater. As such, it’s no secret that millions of homeowners around the country are struggling to keep up with their mortgage payments and applying for loan [...]
Filing for bankruptcy can be a long and painful process and as such you will want to make sure you have a good lawyer. Here’s a few tips to help you find one: Google Bankruptcy Attorney Reviews in your area Remove attorneys with bad reviews and seek out one’s with good client reviews. Sometimes they [...]
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 [...]
Since, around six months ago when the Federal Housing Administration announced a new initiative to help “underwater” borrowers, nearly two dozen lenders have agreed to take part in the new loan modification program. The program, Short Refi, requires lenders to write off at least 10 percent of the principal balance, and investors, who, if they [...]
First, you should see if there are any options other than filing bankruptcy. After all, bankruptcy might not be the best option for you. If you still come to the conclusion that bankruptcy is the best option, you will need to decide whether to file Chapter 7 or Chapter 13. Chapter 7 Bankruptcy Chapter 7 [...]
Your creditors will try and convince you that you have no power when it comes to settling your debts. They are wrong. While they will not negotiate with you, they will negotiate with a lawyer over a period of time. If you’ve grown tired of late-night collection calls from angry creditors and would like to [...]
