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. [...]
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 [...]
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 [...]
Many people believe that in order to get through the foreclosure crisis we have to let the market do its job. But will the market do its job or is the market the one that created the current crisis? Quick Simplified Breakdown In the beginning People lied on their applications Lenders approved too high of [...]
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 [...]
There are many examples of lengthy loan modification hardship letters on the internet. My guess is that many people copy them almost word for word and send them in as part of the required package. I suggest to you, don’t. Write something short and sweet but that explains your case and makes it personal. Things [...]
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 [...]
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 [...]
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 [...]
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 [...]
