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83 days ago
If you're one of the more than 1.5 million U.S. families that may face foreclosure this year, you need information you can trust and use -- now. That's why Nolo has built a website where you can read and browse the entirety of my book, The Foreclosure Survival Guide, for free. Don't waste time or money on dead-end solutions to your pending foreclosure. Take a look: http://www.nololawlibrary.com/foreclosure.
129 days ago
Nothing gets my blood boiling faster than when I see struggling homeowners pay thousands of dollars to hire someone to represent them in a mortgage modification negotiation. My advice is always the same: attempt to hook up with a non-profit HUD-approved housing counselor and dump the commercial service. I also suggest they demand their money back and consider reporting the service to their state's attorney general and the Federal Trade Commission since these services are increasingly illegal. From the time the foreclosure rates started skyrocketing, self-styled foreclosure-rescue operations landed on at-risk homeowners like locusts on wheat fields. When people still had equity in their homes, the operators of these scams would find ways to separate the mark from his or her home ownership -- supposedly as a temporary means of dealing with the foreclosure. It didn't take long for the home's equity to end up with the scammers and the homeowners to end up on the street. As home ...
168 days ago
A recent Harvard law school study indicates that healthcare costs are "behind" roughly 60% of bankruptcy filings. My personal experience gleaned from counseling close to 1,500 bankruptcy debtors since 2005 would suggest a much lower figure, at least under the commonly accepted definition of "behind," but I'm not from Harvard. To paraphrase the famous line from Wayne's World, "I'm not worthy." But aside from that, as with all such studies, statistics can be reported in any number of creative ways. For example, according to my experience, in a typical bankruptcy case the credit card debt load alone comes in around $30,000 whereas the actual medical debt is usually less than $1,000. Does this mean that my clients' medical debt is "behind" their bankruptcies? I wouldn't think so, but add a relatively small portion of the credit card debt that may be pushing their bankruptcies, and the word "behind" becomes somewhat more ...
190 days ago
In an earlier blog entry and Nolopedia article, I explain the basic requirements for refinancing a mortgage and having your payment reduced under the Obama administration's implementation of the Homeowner Affordability and Stability Plan. Now the government has put up a user-friendly website dedicated to helping you determine whether you are eligible to have your mortgage refinanced or your mortgage payment reduced under this new law In addition to eligibility determinations, the website helps you find a HUD-certified housing counselor and, in a resource section, provides calculators to help you determine your debt to income ratio and your likely payment if you qualify for the program. If you are wondering whether the Obama Administration's mortgage modification programs will help you out, this is definitely the website of choice.
191 days ago
In a brief article found on the Debt Law Network, the author notes: The FTC has found that some organizations that offer debt management plans (DMPs) have deceived and defrauded consumers, and recommends that consumers check their bills to make sure that the organization fulfills its promises. If you are paying through a DMP, contact your creditors and confirm that they have accepted the proposed plan before you send any payments to the organization handling your DMP. Once the creditors have accepted the DMP, it is important to: Make regular, timely payments. Always read your monthly statements promptly to make sure your creditors are getting paid according to your plan. Contact the organization responsible for your DMP if you will be unable to make a scheduled payment, or if you discover that creditors are not being paid. The article goes on to explain what can happen if you are late with a payment. What it doesn't say as clearly as it might, however, is that your plan ...
