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Blog Posts in September, 2008

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  • What Is A Reverse Mortgage?

    Posted By admin || 30-Sep-2008

    Many seniors looking for ways to stretch their dollars and beat inflations consider a reverse mortgage. A reverse mortgage is a loan that allows senior citizens in Texas to liquidate the equity in their homes for cash without selling the home or incurring a monthly loan payment. What makes this type of loan especially beneficial to some seniors who may be cash strapped is that the loan does not ...
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  • Lawmakers Set To Make Decision On New Bailout Proposal

    Posted By admin || 29-Sep-2008

    Sunday night congressional leaders and the White House created a new bailout bill to present to Congress today. The bill will offer up to $700 billion dollars to Wall Street's failing institutions. The bill calls for the government, as a shareholder of a large number of mortgage securities, to "encourage" loan servicers to modify more troubled loans and for servicers of mortgages to do all they ...
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  • Jobless Rate At 7-Year High

    Posted By admin || 25-Sep-2008

    According to the U.S. Labor Department new unemployment benefits claims jumped last week to their highest levels in seven years. The departments report stated that new requests for jobless benefits for the week of Sept. 20th increased by 32,000, much higher than expectations. Experts claim that the elevated jobless rates are due mostly to the effects of the recent hurricanes. But even without the ...
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  • Foreclosures Slam Nearly Every Neighborhood In Dallas-Fort Worth

    Posted By admin || 25-Sep-2008

    According to an article in the Dallas Morning News nearly every Dallas-Fort Worth neighborhood has been hit by the foreclosure crisis. But the largest numbers of foreclosures seen in the first six months of this year were in ZIP codes 75115 - which includes most of DeSoto - and 75052, Grand Prairie. Many of these homes are located subdivisions where people who purchased homes cheaply now cannot ...
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  • Dallas Bankruptcy Attorney: $700 Billion Bailout May Be "Unpatriotic and Un-American"

    Posted By admin || 24-Sep-2008

    Bush, Paulson, Bernanke and Congress May Be Looking Out for Wall Street... But Who Is Looking Out for Herb and Harriet Homeowner? Dallas, TX - September 24, 2008 - Attorney Reed Allmand is fuming mad. "Unless this proposed $700 billion bailout contains language that helps people stay in their homes and avoid foreclosure, it must be considered an utter disaster and significant failure," says ...
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  • Bailout The Banksters? Bailout The Average Joe American!

    Posted By admin || 24-Sep-2008

    If there ever was a time when the average, hard-working American homeowner needed a little help, it's now. The economy is a complete and total mess. The financial markets are near collapse! Unemployment is at a 5-year high, and foreclosures are at record levels. But right now those that claim to represent the best interests of the average American working stiff, the small mom and pop shops and the ...
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  • Dallas-Fort Worth Foreclosures Skyrocket

    Posted By admin || 24-Sep-2008

    More than 42,000 Dallas-Fort Worth area homes have gone on the foreclosure auction block since January 2008, up more than 35% from 2007, according to the Dallas Morning News. This is a new record for Dallas-Fort Worth. But despite the rise in foreclosures, the market remains unstable with only 40% of the homes being sold after they go to auction. There seems to be an unusual surge of homes going ...
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  • HUD Special Forbearance Initiative

    Posted By admin || 24-Sep-2008

    The Housing and Urban Development (HUD) has a special forbearance initiative known as HUD Special Forbearance Initiative which permits lenders of Federal Housing Administration (FHA) insured mortgages to assist creditworthy homeowners who are behind in making mortgage payments because they are temporarily unemployed. To be eligible, the mortgage must be an FHA insured mortgage and the homeowner ...
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  • Foreclosure Rescue Scams

    Posted By admin || 24-Sep-2008

    In every disaster there are those who look for opportunities to take advantage of the vulnerable. Foreclosure brings out scammers looking for opportunities. When you are facing foreclosure and looking for help to avoid foreclosure, you need to be careful. There are many out there just waiting to pounce upon you and take advantage of your misfortune. They advertise themselves as foreclosure ...
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  • Challenging the Foreclosure Process

    Posted By admin || 24-Sep-2008

    You can successfully challenge the foreclosure by: Suing to Enjoin Foreclosure before It Occurs Suing to Set Aside a Foreclosure that Has Already Taken Place Filing for Bankruptcy In certain states, you can obtain an injunction by filing a complaint in a court. You will need an attorney to do this. The process is made more arduous by a requirement that you give five days' notice to the lender ...
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  • After Ike, Dallas Attorney Expects Higher Gas Prices to Spike Bankruptcy Filings; Hopes It Happens "Sooner Rather Than Later"

    Posted By admin || 23-Sep-2008

    Dallas, TX - September 16, 2008 - "Dallas may have been spared Hurricane Ike's storm surge and battering winds, but make no mistake, we are about to get pounded pretty hard," says Attorney Reed Allmand, partner in Allmand & Lee, based in Hurst, Texas. Just from Friday through Monday, in Dallas, gas prices have jumped 20 cents to $3.68 a gallon (according to AAA Texas), and further increases ...
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  • National Guard and Reservists Debt Relief Act of 2008

    Posted By admin || 23-Sep-2008

    National Guard and Reservists Debt Relief Act of 2008 is an Act to amend the Bankruptcy Abuse Prevention and Consumer Protection Act to exempt for a limited period, from the application of the means-test presumption of abuse under chapter 7, qualifying members of reserve components of the Armed Forces and members of the National Guard who, after September 11, 2001, are called to active duty or to ...
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  • The Credit Card Holders Bill of Rights Act of 2008

    Posted By admin || 23-Sep-2008

    Bill of Rights Act of 2008 The average American family now carries over $8,000 in credit card debt. That figure is likely to increase given the present state of the economy. In many cases, it is unfair practice of the credit card companies that have contributed to the debt of the average American family. Credit card companies have for long hit consumers with unfair fees, unwarranted interest rate ...
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  • Debtors File For Bankruptcy In Record Numbers

    Posted By admin || 22-Sep-2008

    Chapter 7 and Chapter 13 filings have shot up 18% in Texas according to El Paso Times. But it's not just Texas, all over the country many ordinary citizens are finding themselves too financially strapped to pay for the basics of life plus all of the debt they have accumulated in the past 10 years of financial prosperity. Nationwide nearly 1 million Americans have filed for bankruptcy in 2008 ...
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  • Bankruptcy Still A Powerful Remedy To Foreclosure

    Posted By admin || 22-Sep-2008

    An article in Business Week claims that that bankruptcy laws have backfired on mortgage companies because the new laws make it so much harder to file causing many people to allow their homes to fall into foreclosed before attempting to file bankruptcy. This article is only partly right. Yes, filing bankruptcy takes a lot more work since the new bankruptcy laws were passed in 2005. But filing ...
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  • Ignoring Credit Card Debt Can Lead To Wage/Bank Account Garnishment

    Posted By admin || 18-Sep-2008

    With millions of Americans facing job losses and mounting credit card debt, many are choosing to ignore calls and letters from debt collectors. Let's face it, when you're struggling to pay the basics...food and shelter who has any money or energy left for debts that you can't pay off any time soon. But be forewarned, if collectors see that your debt is languishing and you haven't made any payments ...
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  • Millions of Americans File Bankruptcy Due To Overwhelming Medical Bills

    Posted By admin || 18-Sep-2008

    Did you know that over 79 million Americans struggle to pay medical bills? That's shocking! I was surfing the net today and ran across an article with the headline from statesman.com, "79 Million Americans Struggling To Pay Medical Bills" . The story features a woman who reconnected with her high school sweetheart during middle age; but soon lost him to liver disease. She then went broke ...
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  • Bankruptcies Soar For Senior Citizens

    Posted By admin || 18-Sep-2008

    Even those born during the depression are finding this economy's downturn hard to bear. According to an article in the Associated Press the elderly are succumbing to bankruptcies as they face a rapidly rising cost of living. The AP says: "Older Americans are hit by a one-two punch of jobs and medical problems and the two are often intertwined," said Elizabeth Warren, a Harvard Law School professor ...
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