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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Recent Posts in Loans / Mortgages

  • Falling Oil Prices Linked to Rises in Texas Foreclosure Rates

    Posted By Allmand Law Firm, PLLC || 14-Jan-2016

    According to an article published by CNN money, plummeting oil prices may be related to problems with housing markets in Texas, Oklahoma, and North Dakota. While the national rate of foreclosure filings has dropped to a nine-year low, states heavily involved in the production of oil have not been as lucky. As oil prices have declines, foreclosure filings have increased in these three states. The ...
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  • Huge Spike in Home Repossessions During Lingering Foreclosure Crisis

    Posted By Allmand Law Firm, PLLC || 9-Nov-2015

    While the rate of new foreclosures may be returning to normal, the damage caused by the past decade’s housing disaster is still lingering. According to RealtyTrac, a foreclosure analytics and sales company, bank repossessions have jumped 66 percent over the rate from this same time last year – the largest rise the company has ever recorded. In the space of just three months, over ...
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  • When to Refinance Your Home

    Posted By admin || 2-Oct-2012

    Mortgage loan interest rates are again dropping to really appealing lows which may have you wondering if refinancing your home is a wise decision. The rule of thumb is that you should only refinance if you can lower your interest rate by at least two percentage points. As with all rules of thumb this is probably a good gauge to go by at a precursory glance but it doesn't really give you the entire ...
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  • Is Forbearance an Option if I Do Not Qualify for a Mortgage Modification?

    Posted By admin || 13-Sep-2012

    Don't Qualify for a Mortgage Modification? Mortgage modification may help you obtain a more affordable mortgage payment by adjusting loan terms. While the option seems obvious, especially if you're struggling to make mortgage payments and facing possible foreclosure, what happens if you are turned down for a modification? It's possible you may qualify for a special forbearance. What is ...
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  • Loan Modification: Dealing with Debt Obligations While Trying to Keep Up on the Mortgage

    Posted By admin || 9-Aug-2012

    If you're seeking to get a loan modification, one of the steps you'll have to take involves reviewing your debt obligations. Many borrowers get so caught up in what they owe on debt that it interferes with the ability to make mortgage payments. Some experience changes in income or job loss while others try to work out a budget to stick to that will help them make ongoing mortgage payments. While ...
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  • How to Sink or Swim in the Housing Market

    Posted By admin || 7-Aug-2012

    The housing market has had its rough patches throughout the years and some have even claimed that it has hit rock bottom. Though some speculate that the economy is recovering, many houses are still being reported as underwater. In this infographic, you'll get a glimpse into the status of the housing market and learn how many are struggling with their mortgages in the U.S.
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  • Loan Modification: 5 Steps That May Increase Chances for a Positive Outcome

    Posted By admin || 27-Jul-2012

    Loan modification is often the last hope for a homeowner looking to avoid foreclosure and save their home. Preparing for the process ahead of time by getting familiar with what to expect may help increase the chances of getting your mortgage modified. The following steps may give you a heads up on actions to perform that may help you keep your house: Contact a certified housing counselor. Housing ...
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  • Federal Help for Underwater Mortgages

    Posted By admin || 24-Jul-2012

    In real estate terms, an underwater home rarely means it's actually under water. Today a lot of homeowners are finding themselves underwater with their mortgage, meaning that they owe more on their current home loan than the home is currently worth. This can be a critical situation for people who want to sell their homes or are having a hard time meeting their monthly mortgage payments. The ...
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  • Refinancing May Now Be More Appealing to Homeowners

    Posted By admin || 18-May-2012

    The Wall Street Journal (WSJ) recently did a report about interest rates in the housing market. Many homeowners have been reluctant to get refinancing but new data suggests this may be a good time to look into the option. It looks as if more banks are giving incentives to those refinancing since mortgage rates have decreased. According to HSH Associates, a firm that keeps track of mortgage data, ...
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  • Could New Rules Mean The End Of Mortgage Modification Madness?

    Posted By admin || 20-May-2011

    The Treasury Department has just announced a set of new rules for the twenty largest servicers participating in any type of mortgage modification program including HAMP, the Home Affordable Foreclosure Alternatives Program, and even the private modification programs. Mortgage servicers must now offer a single point of contact for new mortgage modification candidates and for those already in the ...
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  • How Bankruptcy Impacts Your Mortgage Modification

    Posted By admin || 8-Feb-2011

    If you're considering bankruptcy and are in or trying to get a mortgage modification, there are a few things you need to know. If you file bankruptcy during a trial mortgage modification your mortgage may revert to its original terms. This is not to say that you can't reapply for the modification or work something out with the mortgage company while in bankruptcy. But you should be aware of this ...
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  • Homeowners Strung Along On Loan Modification Illusion?

    Posted By admin || 26-Jan-2011

    The Texas-based EMC Mortgage Corporation is facing a class-action lawsuit accusing them of deceptive practices, illegal fees and manipulation that ultimately forced homeonwers to lose their homes in foreclosure. The lawsuit filed on behalf of a Yakima homeowner, says the homeowner was strung along on a loan modification "illusion" that lasted four years, ultimately putting her face-to-face with ...
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  • Mortgage Modification Mistakes That Will Land You In Bankruptcy

    Posted By admin || 24-Jan-2011

    Homeowners facing rising housing costs, unemployment, underemployment and other financial issues are turning to mortgage modification to avoid foreclosure. But as many are discovering, modifying a mortgage can not only fail to stop foreclosure, it can often lead to bankruptcy. Let's take look at a few of the facts: One of the first things that homeowners are told when they seek a mortgage ...
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  • Post-Bankruptcy Survival: The Harsh Realities Of Too Much Debt

    Posted By admin || 21-Jan-2011

    While they don't represent the majority of bankruptcy debtors, they tend to get the most attention, debtors who are serial filers. They've filed bankruptcy once, twice or maybe even three times yet continue to fall into the same financial troubles. Well one of the biggest pitfalls of serial bankruptcy filers is that they don't understand or won't acknowledge the harsh realities to accumulating too ...
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  • H&R Block Will Not Offer Tax Refund Anticipation Loans

    Posted By admin || 17-Jan-2011

    H&R Block announced that it will not offer "tax refund anticipation" loans to its tax-preparation customers this year due to actions by federal regulators to stop H&R Block's banking partner from offering the high-interest loans. The inability to offer the tax refund anticipation loans could cost the company about $146 million and they have reported that they have no immediate strategy to ...
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  • Are You Sitting On A Second Mortgage Time Bomb?

    Posted By admin || 21-Nov-2010

    If you're a homeowner who is struggling with an underwater mortgage, facing foreclosure and have a second mortgage that won't be covered even if the home was sold, you may want to consider bankruptcy. Many homeowners are finding that when they are trying to resolve second mortgage issues outside of bankruptcy, they are facing a second mortgage time bomb. Below are a few signs that you may be ...
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  • Are You A Texas Homeowner With A "Pick-A-Pay" Loan?

    Posted By admin || 30-Oct-2010

    Texas Attorney General Greg Abbott along with seven other states (Arizona, Colorado, Florida, Illinois, Nevada, New Jersey and Washington) have entered into an agreement with Wells Fargo which will provide $5 million in relief to more than 200 Texas homeowners who had pick-a-pay (POA) adjustable rate mortgage loans which originated with Wachovia Corp and Golden West Corp but were eventually ...
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  • Do Not Ignore Your 2nd Mortgage During Or After Bankruptcy

    Posted By admin || 27-Oct-2010

    Many debtors filing bankruptcy have several mortgages attached to their home. In most cases they have both a 1st mortgage and a 2nd mortgage attached to their principal residence. We've talked before about how debtors are sometimes able to have their 2nd or even 3rd mortgage discharged as unsecured debt if the mortgages are worth more than the value of the home. But sometimes the 2nd and 3rd ...
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  • Federal Housing Administration Announces New Reverse Mortgage Option

    Posted By admin || 27-Sep-2010

    The Federal Housing Administration said that beginning Oct. 4 th, it will offer a new reverse mortgage option with drastically lower up-front fees than its standard version. The new saver option will allow the senior citizen homeowner to only borrow between 10 to 20 percent which is significantly less than the standard reverse mortgage. Here's how it would work: -- Dorothy, age 70, owns a home ...
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  • Should I Delay Filing Bankruptcy While Waiting For A Mortgage Modification?

    Posted By admin || 23-Sep-2010

    Filing Bankruptcy While Waiting For Loan Modification Many debtors whether they are working full-time, part-time or are unemployed, feel reluctant to file Chapter 13 bankruptcy or Chapter 7 bankruptcy because they believe that they are only a few days or weeks away from winning a mortgage loan modification. But when it comes to saving your home from foreclosure, you don't necessarily need to wait ...
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  • What Should You Do If You're Facing An ARM Reset On Your Mortgage

    Posted By admin || 15-Sep-2010

    Facing an ARM Reset on Your Mortgage? We've heard a lot about foreclosures due to unemployment leading the way in this recession; but toxic mortgages are still sinking many homeowners. Adjustable rate mortgages were popular during the housing boom because they allowed the debtor to pay only the interest or very little principal for a certain number of years. This way homeowners could afford the ...
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  • American Home Mortgage Servicing Exploiting Texas Homeowners?

    Posted By admin || 11-Sep-2010

    Texas Attorney General Greg Abbott has charged American Home Mortgage Servicing Inc. (AHMS) with using illegal debt collection tactics and improperly misleading homeowners facing foreclosure. According to state investigators, AHMS collections agents used aggressive and unlawful tactics to collect payments from Texas homeowners who had difficulty meeting their payment obligations. The defendant ...
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  • Federal Reserve Adopts New Rules To End Harmful Mortgage Loan Kickbacks

    Posted By admin || 28-Aug-2010

    The Federal Reserve has adopted new rules banning what is called "yield spread premiums," a practice which allowed mortgage brokers and lenders to earn extra profits every time a borrower was placed in a mortgage that had higher-than-market interest rates. What are yield spread premiums? Before the mortgage bubble, mortgage brokers were traditionally paid directly from the home buyer. But with ...
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  • IRS Moves To Discourage Big-Fee Refund Anticipation Loans

    Posted By admin || 25-Aug-2010

    The Internal Revenue Service recently announced that it will cease issuing debt indicator notices to tax preparers. Debt indicator notices inform tax preparers of any possible reasons a taxpayer's refund could be garnished. For example, taxpayers with outstanding student loans, child support or other debts could face a reduction in their tax refunds. Tax preparers use this debt indicator notice to ...
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  • Federal Investigations Lead To Tougher Lending Standards

    Posted By admin || 20-Aug-2010

    Now that the Great Recession is well into its second year, major players in the foreclosure crisis are coming under closer scrutiny by federal regulators trying to figure just how much financial blood mortgage servicers have on their hands. Americare, which operated as Premier Capital Lending, and Alacrity Lending Co. of Southlake were among the targets of a federal investigation, Operation ...
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  • HUD Publishes New Procedures Governing Senior Citizen Reverse Mortgage Counseling

    Posted By admin || 15-Aug-2010

    The U.S. Department of Housing and Urban Development (HUD) has recently published new procedures for counseling senior citizens applying for reverse mortgages. The new procedures are suppose to offer more guidance on exactly what must be covered during reverse mortgage counseling sessions and provide a new tool that will measure a prospective borrower's ability to meet obligations to support the ...
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  • How Mortgage Fraud Is Destroying Texas Communities

    Posted By admin || 12-Aug-2010

    Mortgage fraud essentially is the root of our current financial challenges as a state and as a country. Millions of Americans were convinced that the real estate bubble would be forever expanding and that if they didn't want to be left behind it was best for them to "get with the program." Unfortunately, in their efforts to get as many Americans with the real estate bubble program, many ...
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  • Lawmaker Pushes Bill To Protect Homeowners' Credit Score After Loan Modification

    Posted By admin || 5-Aug-2010

    U.S. Representative Jackie Speier has introduced a bill in Congress that if passed would help protect the credit scores of homeowners who receive permanent mortgage modifications. Currently, the credit scores of homeowners who receive permanent mortgage modifications can drop as much as 100 points. The drastic drop in these homeowners'' credit scores could prevent them from getting other loans and ...
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  • Why Legislators Should Restrict Interest Rates For Delinquent Borrowers

    Posted By admin || 5-Aug-2010

    Senators Charles Schumer and Tom Harkin have the right idea about what Americans need right now. The legislators have vowed to push both the Federal Reserve and Congress to provide more protection for credit card users who get hit with outrageous interest rates when they fall at least two months behind on their credit card payments. Credit card companies can still double or triple the interest ...
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  • Mortgage Modification Failures Outstrip Success

    Posted By admin || 3-Aug-2010

    According to recent report on the federal government's foreclosure-prevention effort, the number of homeowners leaving the program exceeds the number of homeowners receiving new loan modifications. More than 91,000 homeowners cancelled their government loan modifications in June, while just 38,728 received new modifications, according to data released Tuesday. Almost 530,000 of the nearly 1.3 ...
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  • Do You Qualify For A Mortgage Modification?

    Posted By admin || 28-Jul-2010

    Are you facing foreclosure and hoping to get a mortgage modification? If so, there are few things that you need to know. While the mortgage modification program has been promoted as the fix-it all of the foreclosure, the reality is that only a small number of homeowners have successfully been placed in long-term mortgage modifications. Many homeowners facing foreclosure find that even after months ...
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  • Walking Away From Your Mortgage During Bankruptcy

    Posted By admin || 18-Jul-2010

    More and more debtors are becoming tired of the hassles they face when trying to modify their mortgage and more of them are deciding to file bankruptcy and walk away. Below are a few things you should know before you walk away from your mortgage after filing bankruptcy: There are no free rides. Even if you file bankruptcy, you will not be able to remain in your home without paying the mortgage. If ...
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  • Drawbacks Of A Reverse Mortgage?

    Posted By admin || 14-Jul-2010

    Many seniors looking for ways to stretch their dollars, fix debt problems, avoid bankruptcy and enjoy their golden years often consider reverse mortgages which they don't need to repay until after they move or pass away. But while the benefits of taking out a reverse mortgage include getting immediate access to home equity without the immediate need to repay it, there are a few disadvantages of ...
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  • Bank of America Accused Of Dropping Previously Approved Mortgage Modifications

    Posted By admin || 10-Jul-2010

    A large group of protestors gathered outside a Bank of America office accusing the company of engaging in unfair business practices after allegedly discontinuing previously approved mortgage modifications that were owned by a company they purchased. Protesters claim that loan modifications they agreed on previously with different companies were not accepted by Bank of America when their mortgages ...
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  • Mortgage Lenders Become More Aggressive About Deficiencies

    Posted By admin || 6-Jul-2010

    During the real estate boom, most mortgage lenders did not bother to pursue borrowers who lost their homes to foreclosure and whose home did not sale for more than the mortgage. Most borrowers who did not have income or assets usually got away from a deficiency related lawsuit. But that has changed since the foreclosure crisis. Mortgage lenders are now desperate to pursue almost anyone to get even ...
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  • How To Increase Your Chances Of Getting A Mortgage Modification

    Posted By admin || 3-Jul-2010

    Many homeowners facing foreclosure are finding it difficult to convince mortgage lenders to modify their mortgage so that they can save their home from foreclosure. Below are a few tips on how homeowners can increase their chances of winning a home mortgage modification and avoid foreclosure: Do not submit an incomplete mortgage modification application if you plan to have a serious chance of ...
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  • Texas Needs Harsher Penalties For Sloppy Bankers

    Posted By admin || 23-Jun-2010

    It has become so common that it barely shocks even the most sensitive of us, a homeowner has spent months negotiating and waiting on a home modification only to discover that their home has be sold at foreclosure. This is the type of disconnect that is impacting thousands of homeowners in Texas and especially in the Dallas-Fort Worth area. They end up in foreclosure because of a job loss, toxic ...
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  • When Chapter 11 Bankruptcy May Be Better For Investment Property Owners

    Posted By admin || 18-Jun-2010

    While many individual debtors opt for Chapter 11 bankruptcy only when they have exceeded the debt limits imposed on Chapter 13 bankruptcy debtors, there are situations when filing Chapter 11 bankruptcy may be beneficial even if the debtor is well within the debt limits of Chapter 13 bankruptcy. Below are a few reasons why a debtor may want to choose Chapter 11 bankruptcy over Chapter 13 bankruptcy ...
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  • Will Dallas Loan Program Help Stem The Tide Of Job Losses And Corporate Bankruptcy?

    Posted By admin || 17-Jun-2010

    The Dallas City Council has approved a $1 million loan program that is designed to assist small businesses in southern and western Dallas get capital for growth. The program, which will provide $1 million from the city's public/private partnership fund to the Southern Dallas Development Corporation was approved unanimously with only one dissenting voice. But will this program go far in stemming ...
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  • Preventing Bank Levies After Filing Bankruptcy

    Posted By admin || 9-Jun-2010

    When debtors file for bankruptcy without the help of an attorney they often run into troubles such as post-bankruptcy filing bank levies. One of the mistakes that pro se bankruptcy filers make when submitting their bankruptcy paperwork is forgetting to notify all of the parties involved in collecting their debt payments. For example, before filing for bankruptcy, many debtors have active lawsuits ...
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  • Chapter 13 Bankruptcy's Secured Debt Ceiling Determined By Collateral's Value

    Posted By admin || 5-Jun-2010

    In the Chapter 13 bankruptcy case of Brammer, William H. Jr. and Heili K.; In re, the bankruptcy court ruled against a bankruptcy trustee who wanted to have the debtors' case dismissed because their secured debt was above Chapter 13 bankruptcy's debt ceiling. The details of the bankruptcy case: The Chapter 13 debtors disclosed no unse­cured debt and secured debt of $219,647 secured by collater­al ...
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  • Foreclosures Impact Dallas County Home Values

    Posted By admin || 26-May-2010

    Eighty percent of the approximately 360,000 residential properties reappraised this year will show decreases or no change in value, according to the Dallas Central Appraisal District. This is the second year in a row that the majority of homes in Dallas County have either decreased in value or remained stagnate. Last year 55 percent of the residential properties reappraised decreased in value, ...
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  • Homeowner Association Foreclosures Becoming More Common In Texas

    Posted By admin || 25-May-2010

    The number of foreclosures filed by homeowner associations (HOAs) and home equity lenders has risen dramatically this year. Already 350 Dallas-Fort Worth area homes are facing foreclosure sale in May because the owners owe money to homeowners associations or home equity lenders. "Especially from the homeowners associations, we have seen significant increases in postings," said Roddy, whose firm ...
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  • Why Mortgage Servicers Have Little Incentive To Modify Toxic Mortgages

    Posted By admin || 25-May-2010

    This month the Treasury Department will begin paying mortgage servicers $1,500 for approving the sale of homes for less than the balance of the mortgage, also known as a short sale. Also, if the mortgage servicer modifies a mortgage under the HAMP program, they will receive $1,000, plus additional money over the course of three years if they homeowner doesn't fall into foreclosure during that time ...
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  • Tackling Mortgage Debt And Bankruptcy

    Posted By admin || 21-May-2010

    Now that many Americans are desperately struggling with debt, there has been a brand new crop of debt and wealth "gurus" who are imparting advice that may not be the best thing for many Americans struggling with debt troubles and considering bankruptcy. One of the most often repeated pieces of advice for homeowners is the suggestion that a home mortgage should be paid off as soon as possible. ...
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  • HAMP Is Failing - Time To Give Bankruptcy Courts More Power

    Posted By admin || 20-May-2010

    The HAMP foreclosure prevention program is suppose to help four million homeowners facing foreclosure; but the program is far from reaching its goal. The second wave of foreclosures is already upon us and the HAMP foreclosure prevention program is failing to make major progress in convincing lenders to modify toxic mortgages. The Treasury reported recently that as of March, nearly 228,000 troubled ...
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  • Failure To Follow Proper Bankruptcy Procedures Can Be Costly

    Posted By admin || 19-May-2010

    In the Chapter 13 bankruptcy case of Wilson, David M. and Jamie M.; In re, the bankruptcy court denied the debtors' objection to a creditor's proof of claim and the bankruptcy plan was not confirmed. The details of the bankruptcy case: The Chapter 13 debtors said that there were two claims secured by their home. Although the debtors' schedules identified neither debt as being contingent, ...
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  • A Cautionary Tale For Potential Real Estate Buyers

    Posted By admin || 19-May-2010

    In the bankruptcy case of O'Brien, Patrick S. and Denise L.; In re (Jensen v. O'Brien) , a land buyer may lose his investment because of failing to practice due diligence before buying the land. The details of the bankruptcy case: The plaintiff agreed to buy real estate that the debtors listed for sale on the Web site craigslist. The court described the transaction as being unorthodox. It was ...
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  • Bankruptcy Court Rules House Worth Only What Buyers Will Pay

    Posted By admin || 18-May-2010

    In the bankruptcy case of Lewis, Kevin L. and Kathy A.; In re (Lewis v. State Street Bank) , the bankruptcy court ruled that the value of a home was only what buyers were willing to pay for it despite what an appraiser may claim. The details of the bankruptcy case: The Chapter 13 bankruptcy debtors said their home was worth $85,000. They owed $69,534 on the first deed of trust, $16,981 on a second ...
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  • Commercial Real Estate Developers Chose Bankruptcy To Thwart Foreclosure

    Posted By admin || 18-May-2010

    David Bagwell, a Colleyville luxury home developer has placed the partnerships that own three of his subdivisions into Chapter 7 bankruptcy so that he can avoid foreclosure on the undeveloped land. The group of creditors who hold the debt for the partnerships called Old Grove Ltd, Broughton Ltd. and Broadland Ltd., demanded payment from Bagwell, forcing him to file bankruptcy or face foreclosure. ...
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  • Bankruptcy Court Overrules Objection To Reaffirmation Agreement

    Posted By admin || 17-May-2010

    In the Chapter 7 bankruptcy case of Boliaux, Edward F.; In re, the bankruptcy court overruled an objection to a reaffirmation agreement saying that the objection, which was based on the hardship presumption, was moot because the presumption had expired. The details of the bankruptcy case: The Chapter 7 debtor reaffirmed a debt owed to American Chartered Bank. The debt was secured by a mortgage on ...
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  • New Health Care Reform Bill May Hold Some Surprises For Student Loan Debtors

    Posted By admin || 8-May-2010

    In a bill that is suppose to address the current health care issues facing the country there are a few surprises for debtors struggling under the weight of student loans. As of July 2010, all new federal student loans will be issued directly from the U.S. Department of Education, cutting out banks as middle-men. This doesn't mean that private bank loans will disappear totally; but they may simply ...
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  • Can I Discharge My Second Mortgage In Chapter 13 Bankruptcy?

    Posted By admin || 5-May-2010

    While in most cases filing for Chapter 7 bankruptcy will not impact your mortgage, Chapter 13 bankruptcy in another matter. When a debtor files for Chapter 13 bankruptcy and has a second mortgage he/she just may be able to win a bankruptcy discharge for the second mortgage on their home if it is considered unsecured debt. When is a second mortgage considered unsecured debt? If a bankruptcy debtor ...
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  • Bank Of America May Forgive Part Of Your Mortgage

    Posted By admin || 3-May-2010

    Bank of America Corp. has announced that it may forgive a part of the mortgage balance for borrowers who are facing foreclosure The bank, the largest mortgage servicer in the country, said Wednesday that it will forgive up to 30 percent of some customers' total mortgage balance. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their ...
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  • HAMP Rules Take On A New Twist For Bankruptcy Filers

    Posted By admin || 2-May-2010

    The government has just announced new guidelines for the HAMP foreclosure prevention program. Borrowers who are being evaluated for HAMP suitability will not face a foreclosure sale during that evaluation period. However, they may still receive eviction notices and letters regarding their pending foreclosure. Borrowers who in an active bankruptcy case may still be able to apply for and participate ...
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  • HAMP Foreclosure Prevention Program May Lower You Credit Score

    Posted By admin || 1-May-2010

    Many homeowners facing foreclosure who sign up for the HAMP foreclosure prevention program are often faced with a lower credit score afterwards. And in many cases the credit score can drop as much as 100 points especially for homeowners who had not become delinquent on their mortgage despite financial difficulties. To enroll in the Obama administration's $75 billion "Making Home Affordable" ...
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  • Mortgage Modification Offers Now A Measure Of Progress?

    Posted By admin || 1-May-2010

    In a report issued by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the Obama administration is measuring the performance of the foreclosure prevention program by a questionable standard. At the program's launch in February 2009, Obama officials said it would help 3 million to 4 million homeowners. But with only 170,000 borrowers completing the program so far, ...
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  • How Can I Keep My Car In Bankruptcy?

    Posted By admin || 1-May-2010

    In most parts of the country having a car can mean the difference between being able to keep your job or becoming unemployed. That's why it is important that debtors considering bankruptcy understand the options available to them if they want to keep their car after filing for bankruptcy. If a debtor with a car loan files Chapter 7 bankruptcy there are few options available to them: The debtor can ...
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  • A Supreme Court Victory For Student Loan Debtors

    Posted By admin || 30-Apr-2010

    A Student Loan debtor who received a bankruptcy discharge on their student loans won the battle to keep his student loan bankruptcy discharge. The Supreme Court ruled that although an "undue hardship" hearing should have been held but was not held, the debtor should not be punished by taking away the bankruptcy discharge of his student loans. The details of the case: Espinosa took out student ...
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  • Is The Newest Foreclosure Prevention Program Just Another Failure Waiting To Happen?

    Posted By admin || 28-Apr-2010

    Starting April 5, 2010, homeowners facing foreclosure will have an additional program to access that is designed to prevent foreclosure. Then newest foreclosure prevention program designed by the Obama administration, homeowners facing foreclosure will be encouraged to sell their home their home for less than what they owe on the mortgage (short sale). Under the new program, the servicing bank, as ...
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  • Large Mortgage Payments Alone Do Not Indicate Bad Faith Bankruptcy

    Posted By admin || 27-Apr-2010

    In the Chapter 13 bankruptcy case of Wick, Dana L.; In re, the bankruptcy court confirmed the debtors' Chapter 13 bankruptcy plan over the bankruptcy trustee's objection. Bankruptcy case details: The debtor and her husband purchased a home in February 2006. At the time, they had not sold their existing home. The real estate market began its fall after the debtors bought their new home. At the same ...
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  • Strange Case Where Bankruptcy Can Help a Prisoner Remove Years from his Sentence

    Posted By admin || 25-Mar-2010

    Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims. Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been scamming people through his mortgage company, Pacific Coast Mortgage, for several years. He was originally arrestede in July and charged with 147 counts of some ...
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  • Celebrity Bankruptcy: Nicholas Cage Update

    Posted By admin || 25-Mar-2010

    Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006. Could Nicholas Cage have saved his home ...
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  • Job Losses Lead To A Sluggish Housing Market

    Posted By admin || 19-Mar-2010

    Home sales were down in January, another sign that the housing market may not be recovering as quickly as many had hoped. Sales of previously owned homes fell by 7.2 percent bringing the number of homes sold to its lowest level since summer. "Most of the improvement that we've seen in housing over the past year has been tied to some sort of stimulus program," said Wells Fargo economist Mark ...
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  • Four Reasons Why Foreclosures May Skyrocket

    Posted By admin || 18-Mar-2010

    Re-defaults on loan modifications. Many homeowners who attempted to avoid foreclosure by signing up for a 3 month trial in the HAMP program may end up falling into default again. Presently, the number of defaults in the HAMP program has exceeded 60 percent and many analysts expect that number to rise. Upside-down mortgages. One of the biggest causes of foreclosure now is the large number of ...
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  • Dallas-Forth Foreclosures Continue To Rise

    Posted By admin || 8-Mar-2010

    Foreclosures in the Dallas-Fort Worth area rose again by 18 percent compared to last month's foreclosure filings. But compared to last year's foreclosure filings in the same month, the foreclosures increased by a whopping 37 percent. Many analysts believe that many foreclosures that were on hold at the end of 2009 are now being released causing the most recent rise in foreclosures. Also, many ...
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  • What Senior Citizens Need To Know About Reverse Mortgages

    Posted By admin || 3-Mar-2010

    Reverse mortgages have become a very popular method for seniors to get cash out of their home during this recession. But what do senior citizens need to know about reverse mortgages before they commit? While reverse mortgages are a "no recourse" loan, the heirs of the debtor may still lose the property (to foreclosure) if the loan is not repaid after the debtor's death or move. Reverse mortgages ...
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  • Debtor Loses In Fight Over Missing Mortgage Documents

    Posted By admin || 3-Mar-2010

    In the bankruptcy case DiMare, Donna M.; In re (DiMare v. Ameriquest Mortgage Co., et al.) , the debtor filed Chapter 13 bankruptcy and sued their original mortgage lender under the Truth In Lending Act. The bankruptcy court sided with the lender and issued a summary judgment in the lender's favor. The details of the bankruptcy case and lawsuit: On Feb. 20, 2004, the debtor refinanced the mortgage ...
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  • How Bankruptcy Can Help Reduce Foreclosure Rate

    Posted By admin || 2-Mar-2010

    About one in every 10 Texas homeowners are delinquent on their mortgage and facing a possible foreclosure. Currently, the percentage of Texas homeowners who are delinquent and facing a possible future foreclosure is 10.3 percent, only slightly less than the national average of 10.44 percent. Last year, a record 61,000 homeowners in Texas lost their home to foreclosure and that number is feared to ...
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  • How Car Title Loans Can Wreck Your Financial Health

    Posted By admin || 1-Mar-2010

    When debtors take out a car title loan it's usually because they feel that they have run out of options. A car title loan allows them fast access to money for 30 days; but unfortunately at a high price. Car title loans have interest rates that can climb as high as 25 percent per month. Car title lenders will loan the debtor a small amount of cash in exchange for a promise that if they don't repay ...
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  • Federal Trade Commission Takes Steps To Protect Homeowners

    Posted By admin || 1-Mar-2010

    The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called "foreclosure prevention" companies from charging up-front fees for their services. "Homeowners facing foreclosure or struggling to make mortgage payments shouldn't have to contend with fraud­ulent companies that don't provide what they promise," FTC Chairman Jon Leibowitz said. "The proposed rule would ...
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  • Be Cautious When Using Alternative Financing, It Could Land You In Financial Trouble

    Posted By admin || 26-Feb-2010

    Despite a push to increase small-business lending, it is still very difficult for small companies to get traditional loans from banks. That fact has many small businesses looking to less traditional means to finance their business ventures; however this trend could land some start-ups in financial straits. A recent survey by the National Small Business Association found that a third of firms can't ...
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  • Many Debtors Following Disturbing Trend

    Posted By admin || 24-Feb-2010

    A study released by TransUnion has revealed that a new "payment hierarchy" has emerged with debtors becoming more current on their credit cards while allowing their mortgage become delinquent. "Conventional wisdom has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages," said Sean Reardon, a TransUnion consultant ...
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  • FHA Loans Threaten Another Wave Of Foreclosures

    Posted By admin || 22-Feb-2010

    Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing ...
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  • Three Reasons Why You Should Not Refinance Your Home To Pay Off Credit Card Debt

    Posted By admin || 19-Feb-2010

    Using your home as an ATM to pay off your credit card debt could be a huge mistake. When you take the equity out of your home to repay credit card debt, you are in effect turning an unsecured loan (credit card debt) into a secured loan (home equity loan). Remember, a debt collector pursuing you for payment of credit card debt cannot attach your assets without a filing a lawsuit against you and ...
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  • Can I Discharge My Home Equity Loan In Bankruptcy And Keep My Home?

    Posted By admin || 5-Feb-2010

    Home Equity Loans and Bankruptcy During the boom, many homeowners took out home equity lines of credit (HELOC) and are now struggling to repay those loans plus their mortgage. Can a debtor discharge their HELOC in Chapter 7 bankruptcy and keep their home? The short answer is no. A debtor can discharge the home equity loan in Chapter 7 bankruptcy but they cannot discharge it AND keep their home. ...
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  • Five Accused Of Mortgage Fraud In Texas

    Posted By admin || 4-Feb-2010

    A Tarrant County grand jury indicted five people, including a home builder, for allegedly engaging in mortgage fraud involving loans worth $13 million. Chekeelah Phelps, 45, of Mansfield; Clayton Bennett, 66, of DeSoto; Munzer Kawasmi, 30, of Arlington; Deborah Fernie, 48, of Keller; and Kelvin Kidd, 50, of Mansfield are all charged with hatching an elaborate scheme that mostly involved falsified ...
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  • Have Subprime Lenders Shifted To FHA Programs?

    Posted By admin || 1-Feb-2010

    The Federal Housing Authority (FHA) announced that it has served subpoenas on 15 mortgage companies with suspiciously high default rates and foreclosures for loans backed by the FHA. On Tuesday, Department of Housing and Urban Development's inspector general, Kenneth Donohue, said he wanted to determine why defaults are so elevated among the 15 companies being probed and whether any have committed ...
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  • Payday Lenders: New Disguise-Same 'Old Wolf

    Posted By admin || 27-Jan-2010

    Check Into Cash seems to be tweaking it's payday lending business in a way that would allow it to charge higher interest rates and offer longer term loans, a move that could help it get around existing payday lending regulations. Could other payday lenders follow Check Into Cash's lead? Blogger W. Bolton, summed it up nicely... Why the change? Could it be because the state's new law is supposed to ...
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  • Three Things You Must Consider Before You Take Out That Loan

    Posted By admin || 27-Jan-2010

    Many debtors attempting to resolve their debt problems without the help of bankruptcy consider personal loans. They figure if they take out a personal they can use that money to cover their expenses and debts and avoid bankruptcy until they "get on their feet." While in theory it seems to be possible to avoid bankruptcy by taking out a personal loan and using that to survive until you can get ...
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  • Credit Card Inactivity Fees Coming Your Way?

    Posted By admin || 26-Jan-2010

    Since the passage of the Credit Card Act, many credit card lenders have been dreaming up new ways of getting more money out your pockets. One of the newest tricks on the block is the infamous "inactivity fee." Inactivity fees were at one point commonplace for credit cards; but eventually fell out of fashion. But at least with some credit cards, the inactivity fee could make it comeback. How does ...
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  • How Do I Catch Up On My Mortgage In Bankruptcy?

    Posted By admin || 25-Jan-2010

    Most debtor/homeowners facing foreclosure and considering bankruptcy are significantly delinquent on their mortgage payments. But whether you're 1 month behind on your mortgage payment or 6 months behind, Chapter 13 bankruptcy can help you catch up with your payments and return your mortgage to good standing. Here's how it works: When you file bankruptcy you will include your mortgage lender's ...
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  • Good People, Bad Loans and Foreclosure

    Posted By admin || 25-Jan-2010

    When the foreclosure crisis first began, there was a lot of finger pointing mostly at the supposedly "irresponsible" homeowners who "bought too much house" in a quest to keep up with the Joneses. We were even treated to televised rants about how "good people" shouldn't be forced to pay for their bad neighbors' financial decisions by saving them from foreclosure. Now that was back in 2008. Since ...
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  • Retail Credit Card Issuers Charge Customers For Statements

    Posted By admin || 21-Jan-2010

    Don't do online banking? You could be charged $1 to receive your credit card statement via mail. Over 90 retailers who issue store credit cards Dallas-based Alliance Data Systems have decided to charge customers $1 per statement if they receive their credit card bill via mail. Retailers such as Ann Taylor, Victoria's Secret and Bealls department store are amongst those retailers implementing the ...
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  • The Credit Card Act and Rebate Cards

    Posted By admin || 21-Jan-2010

    Years ago rebates were offered as checks; but now most consumers receive rebates via cards that can be burdened with a variety of fees and can be difficult to redeem. And while the Credit Card Act covers both gift cards and prepaid cards, rebate cards will not be covered by the new law. The Credit Card Act, which was passed last spring, established new standards not only for credit cards but also ...
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  • Credit Card Act and Future Bankruptcies

    Posted By admin || 21-Jan-2010

    Citigroup's Chief Financial Officer John Gerspach announced this week that the Credit Card Act which was signed into law last year, will reduce his company's net pretax profit by $400 million to $600 million in 2010. Does Mr. Gerspach really believe that the average American has sympathy? For years credit card debt has been sending millions of Americans into bankruptcy and now we're suppose to ...
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  • FHA Rules To Change As Foreclosure Crisis Worsens

    Posted By admin || 21-Jan-2010

    The Federal Housing Administration (FHA) has been hit pretty hard by the foreclosure crisis. The agency, which insures 30 percent of new loans in the U.S. against default, has suffered heavy losses due to a high rate of foreclosures. More than 18 percent of FHA loans are at least delinquent by 30 days. That's more than the national average of 14 percent. The foreclosure crisis has even caused the ...
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  • Three Reasons Why You Shouldn't Get A Home Equity Loan To Avoid Bankruptcy

    Posted By admin || 19-Jan-2010

    When it comes to money troubles, friends and family are full of advice. One of the worse pieces of advice given to debtors considering bankruptcy is to get a home equity loan. That could be a big mistake. Here a few reasons why getting a home equity loan to avoid bankruptcy might not be the right move for you: Typically, you can't use debt to get out of debt. Anyone who has filed bankruptcy can ...
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  • Foreclosure, Home Appraisal And Bankruptcy

    Posted By admin || 19-Jan-2010

    Could your neighbor's foreclosure affect your ability to resell you home even though you are not personally facing foreclosure? Maybe. Many homeowners are finding that the large amounts of foreclosures in their neighborhood are having an indirect affect on their ability to resell their home at a profitable price or to break even. When a mortgage lender has a home appraisal done, the value of that ...
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  • New Requirements For Credit Card Disclosures

    Posted By admin || 14-Jan-2010

    The first phase of the Credit Card Accountability Responsibility and Disclosure Act (aka Credit Card Act) goes into effect February 22, 2010. The new law will require certain disclosures to all credit card consumers. The following disclosures must be present on every monthly statement sent to credit card borrowers: The total number of months it will take for the consumer to pay off their credit ...
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  • Seven Things You Need To Know About Creditor Lawsuits

    Posted By admin || 12-Jan-2010

    Filing a lawsuit against a debtor is not a creditor's first choice. A lawsuit usually comes after many months and sometimes years of chasing after a non-paying debtor. Creditors know that even if they file a lawsuit, it can be quickly neutralized with bankruptcy. When a debtor fails to respond to a creditor lawsuit, the creditor will win a "default judgment" which will give them the power to take ...
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  • Three Reasons Why A Cap On Credit Card Interest Rates And Fees Is Good For America

    Posted By admin || 6-Jan-2010

    The CARD Act of 2009, limiting many abusive practices of the credit card industry, goes into effect in February. However, as we have previously reported, the credit card industry is slithering around many of the new law and is still finding out more sneaky ways of ripping off American debtors. Even in the months before the law is implemented, many credit card companies have already introduced new ...
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  • Credit Card Lenders "Pick-A-Rate" Plans No Good For Borrowers

    Posted By admin || 29-Dec-2009

    In an effort to make up for the loss of profits expected when the Credit Card Act becomes effective, many credit card lenders are placing borrowers in "pick-a-rate" programs that gives the lenders a lot more flexibly to hit borrowers with interest rates way above their expectations. In a report released by the Center for Responsible Lending, it was discovered that many credit card lenders were ...
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  • Late Fees Shoot Upwards Ahead Of Credit Card Act

    Posted By admin || 28-Dec-2009

    In preparation for the impact of the Credit Card Act, all eight of the top credit card issuers have imposed larger late fees, even for borrowers with small balances. While credit card issuers claim that they impose late fees on a sliding scale with smaller balances taking less of a hit, that couldn't be farther from the truth. Yes, credit card companies are using a sliding scale to determine the ...
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  • Mortgage Modification Workers Have No Previous Banking Experience

    Posted By admin || 19-Nov-2009

    Has it been 3 weeks, 6 months or a year since you first applied for mortgage modification so that you could avoid foreclosure ? Has your mortgage servicer lost important documents? Have they left you on hold for 30 minutes-an hour or "accidentally" dropped the line? What about the quality of information you receive about avoiding foreclosure? Is it correct? Timely? If not, it could be because the ...
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  • Home Buyer Tax Credits Approved!

    Posted By admin || 12-Nov-2009

    According to an article in the Star-Telegram, the home buyer tax credits have been approved and are expected to be signed into law by President Obama. For first-time home buyers (or anyone who has not owned a home in the past 3 years), legislators extended a tax credit of up to $8,000 which was originally scheduled to expire at the end of the month and added another tax credit of up to $6500 for ...
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  • Watch Out For Cross Collateral Clauses On Credit Union Loans

    Posted By admin || 20-Sep-2009

    Many debtors considering bankruptcy often want to keep their car while discharging their unsecured debts such as a credit card. But depending on how their car loan document was written they may not be able to keep their car without paying off both the car loan balance and the credit card balance. How can this be? Well, if a debtor has taken out a car loan from a credit union the loan document will ...
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  • The Subprime Resurrection

    Posted By admin || 18-Sep-2009

    Subprime brokers now in the loan modification business, consumers duped by promise of security for homes. Most of us have seen at least one infomercial on TV that has tempted us to pick up the phone an order a product. We are tempted by the hope that the product will make our lives easier or better. Eventually, one of the local TV stations will run a program and tell us that the product is a deal ...
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  • Legislators Consider Mortgage Modification During Bankruptcy Again

    Posted By admin || 16-Sep-2009

    Legislators are promising to revive legislation that would allow homeowners to modify their mortgages during bankruptcy. President Obama's voluntary foreclosure prevention program has failed to deliver and many homeowners and legislators are ready to get more aggressive with mortgage lenders. Last year it seemed almost certain that legislation would pass allowing homeowners to modify their toxic ...
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  • Mortgage Modification in Chapter 13 Bankruptcy

    Posted By admin || 29-Aug-2009

    In the Chapter 13 bankruptcy case of (Smith, David B. and Susan L.; In re) the bankruptcy court denied a motion to approve/disapprove an agreement to modify a residential mortgage. The bankruptcy case details: "The Chapter 13 debtors asked the bank­ruptcy court to approve a modification of their home mortgage. The lender agreed to reduce the mortgage payments for three years and to add the ...
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  • Car Title Loans Put You at Financial Risk

    Posted By admin || 29-Aug-2009

    Car title loans are marketed by creditors as a savior for the little guy; but these high interest loans are much like payday loans in that they can carry a triple-digit annual interest rate and are very difficult to repay in full when you're already struggling financially. Let's take close look at car title loans and how they work. Car title loans typically have an annual interest rate of 300% or ...
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  • Altered Mortgage Document Ruled Invalid by Bankruptcy Court

    Posted By admin || 26-Aug-2009

    In the bankruptcy case of Kurak, Debra A.; In re (Agin, Trustee, v. South Point Inc.), a mortgage was ruled invalid by the bankruptcy court because it was materially altered prior to the filing. The details of the bankruptcy case: "The Chapter 7 debtor scheduled an interest in real property that was subject to a lien for which she had no contractual liability. The lienholder filed a motion ...
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  • Unemployment Continues to Rise as Businesses Avoid Hiring

    Posted By admin || 22-Aug-2009

    According to an article in the Dallas Morning News, only about 7 percent of small businesses added to their workforces in the second quarter of this year, while 24 percent implemented job losses. The article said: "Small-business owners who have cut jobs over the past year are in no hurry to start hiring again just because the recession is tapering off. From a Dallas advertising firm to a North ...
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  • Positively Impact Your Credit Score

    Posted By admin || 20-Aug-2009

    Your credit score is calculated by factors that are often counterintuitive. One of the largest problems people face when trying to improve their credit is that they are ill informed. You heard your friend so and so say that this could help your credit, or your other friend said that could help your credit. Well don't fret any longer, because a recent article on Yahoo Finance presented " 7 Ways to ...
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  • State Specific Bankruptcy Issues, Property Exemptions, Unemployment

    Posted By admin || 19-Aug-2009

    Consumers still covered with high unemployment stats can protect property The latest Gross Domestic Product report indicates that the recession will end this spring, and at the latest by the end of the year. Some analysts are evening predicting some growth in the last quarter of this year. The not-so-silver lining though is that job growth will still continue to lag behind. Many corporate ...
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  • Undisclosed Fees and Charges Lands Mortgage Servicer in Trouble

    Posted By admin || 17-Aug-2009

    In the bankruptcy case of (Moffitt, Donald E. and Phyllis J.; In re (Mof¬fitt v. America's Servicing Co.)), the bankruptcy court allowed the debtor to file a claim against a mortgage servicer because of undisclosed fees and charges. The details of the bankruptcy case: In this Chapter 13 bankruptcy case the debtor's bankruptcy plan included measures to repay back mortgage payments over the life of ...
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  • Job Losses Don't Need to Equal Foreclosure

    Posted By admin || 29-Jul-2009

    When a homeowner suffers a job loss, the most immediate fear is foreclosure. It's natural to believe that foreclosure is imminent after a job loss; but a job loss doesn't need to equal foreclosure. There are a few things a homeowner can do to avoid foreclosure after a job loss: #1 - Contact you lender immediately after a job loss. Be honest with them and explain the situation to them and make it ...
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  • Tread Cautiously with "Affordable Mortgages"

    Posted By admin || 23-Jun-2009

    As the foreclosure crisis continues many potential buyers searching for foreclosure deals are once again eyeing "affordable" mortgages. But it's important that future homeowners move cautiously because it is often these types of loans that are the most vulnerable to foreclosure. One of the pitfalls of "affordable" mortgages which often include low (or no) down payments, adjustable rate loans and ...
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  • Mortgage Aid Program May Expand, But Is It Enough?

    Posted By admin || 14-May-2009

    According to an article in the Star-Telegram, the government is expected to expand its mortgage aid program this week by offering "new" ways that help homeowners stop foreclosure. The "new" methods that the government may encourage homeowners to use in order to avoid foreclosure? Short sales and "giving back" the home to the lender. The article said: One way would be to encourage a "short sale," ...
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  • Dallas-Fort Worth Rental Rates Remain Steady, For Now

    Posted By admin || 24-Apr-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth is one of only two metropolitan areas where average apartment rents have not declined in the first quarter of 2009. The article said: Average rents in the D-FW area and Denver were unchanged from a year ago in the study of 31 U.S. apartment markets. "Rents and occupancy continue to go down, but there was not big drop this ...
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  • Is Your Mortgage Company Ignoring You?

    Posted By admin || 23-Apr-2009

    If not, you may be one of the lucky ones. There's an interesting article at CNN which reveals that many homeowners facing foreclosure are getting the run around from mortgage lenders when they try to modify their loans (just like we suspected). The article said: Megan Cavallari looks up from her stack of hundreds of faxes and documents, proof of her efforts to try to save her home from ...
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  • Drop In Home Prices Leave Many Homeowners Holding The Bag

    Posted By admin || 1-Apr-2009

    According to an article in the Dallas Morning News, pre-owned home prices in the Dallas-Fort Worth area have dropped 5 percent in 2009. Nationwide pre-owned home prices have dropped 19 percent. This is leaving many Dallas-Fort Worth homeowners owing more on their homes than they are worth and sometimes even facing foreclosure because of resetting ARMs and/or job losses. Many homeowners are facing ...
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  • HOPE For Homeowners Not So Hopeful

    Posted By admin || 1-Apr-2009

    There's an interesting article at CNN about the abysmal failure of the HOPE for Homeowners, foreclosure prevention plan passed last summer. The article said: In the five months since it has been in effect, HOPE has helped exactly one homeowner to avoid foreclosure. It only helped one homeowner avoid foreclosure? You've got to be kidding me. When I read this I thought that I was misreading it or ...
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  • U.S. Home Prices Continue To Plunge

    Posted By admin || 25-Mar-2009

    According to an article in the Dallas Morning News, a government report noted that U.S. home prices fell 6.3 percent in January from the same month in 2008. Such a significant drop in home prices is negatively affecting homeowners here in Texas, especially those facing foreclosure. Homeowners facing foreclosure are finding it nearly impossible to sell their homes, not just because there are fewer ...
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  • First-Time Home Buyer Program Suspended

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, a state program for first-time home buyers was suspended because it was no longer able to offer below-market interest rates. The program has helped 9,600 first-time home buyers since 2005. The Texas Department of Housing and Community Affairs is hoping to restructure the program and launch it in April making it easier for first-time home buyers to make ...
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  • Making Home Affordable Program Kicks Off Today

    Posted By admin || 5-Mar-2009

    According to an article in the Dallas Morning News, the Obama administration kicked off the new "Making Home Affordable" initiative today. The program is designed to help 9 million homeowners avoid foreclosure The article said: The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay ...
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  • Victimized Homeowners Finally Get Payback

    Posted By admin || 9-Feb-2009

    On the good news front, The Federal Trade Commission has refunded nearly $28 million to 86,000 homeowners who had mortgage loans serviced by EMC Mortgage Corp. The payout was part of a settlement of charges that EMC and Bear Stearns misrepresented to homeowners the amounts actually owed, charged unauthorized fees and engaged in unlawful and abusive collection practices. Many homeowners who ...
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  • New Rules May Stifle Lobbyist Efforts To Influence Bail Out

    Posted By admin || 28-Jan-2009

    According to an article in the Star-Telegram, Treasury Secretary Timothy Geithner, announced new rules that limit lobbyist influence on the proposed $700 billion financial rescue program for an economy that is facing scores of bankruptcies and foreclosures. The article said: Obama administration officials said they go farther than the lobbying rules imposed by the Bush administration and are ...
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  • Big Bankers Preventing Homeowners From Foreclosure Help

    Posted By admin || 27-Jan-2009

    There's a very revealing article in The Star-Telegram that exposes efforts by banks and mortgage companies to prevent very important bankruptcy legislation from being approved and implemented. We've talked about the need of homeowners facing foreclosure to be able to modify their mortgages in bankruptcy and many taxpayers and government officials (including President Obama) have voiced their ...
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  • Congressional Leaders to Allow Mortgage Modification In Chapter 13 Bankruptcy

    Posted By admin || 17-Dec-2008

    New Ban on Modifying Residential Home Mortgages in Chapter 13 Bankruptcy Representative Linda Sánchez introduced House Bill 3707 that would eliminate a ban on modifying residential home mortgages in Chapter 13 bankruptcy. Currently, the law for Chapter 13 bankruptcy allows modification of nearly any type of loan with the exception of a residential home mortgage. Under the proposed bill, homeowners ...
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  • Uncle Sam May Be The Only Game In Town If You Want A Mortgage

    Posted By admin || 8-Dec-2008

    Looking for a mortgage? But finding the credit market so tight that even if your score is nearly perfect the terms and conditions are almost impossible to meet? Well Uncle Sam, who has now increased its share of the mortgage market to around 90 percent, up from 55 percent last year, may be the only game in town. And the Treasury Department is now considering a new plan that would push mortgage ...
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  • Buyers Remorse? Cancel That Mortgage!

    Posted By admin || 8-Dec-2008

    Did you sign mortgage papers on what you suspect to be a toxic loan? In other words, bad for your bottom-line! Well the law states that you have three days to cancel a mortgage after signing the papers. If you signed a mortgage and the papers had certain problems you may be able to cancel the mortgage even after three years. Problems that might justify the cancellation of a mortgage include: An ...
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  • Bank of America Cuts Mortgage Payments

    Posted By admin || 23-Oct-2008

    According to Money.com in December 2008, Bank of America will begin implementing the most aggressive foreclosure prevention effort ever created by any U.S. bank. To help save as many as 400,000 troubled borrowers from foreclosure, Bank of America will cut monthly housing payments to no more than 34% of gross income. There are no prepayment penalties or modification fees for borrowers in the ...
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  • Texas Property Tax Loans Come At High Price

    Posted By admin || 15-Oct-2008

    Texas Property Tax Loans and the Texas Tax Code The Texas tax code allows residents who own real estate property to take out a loan from third party lenders to pay their past due property taxes. Many may think this is an easy way to avoid the penalties associated with delinquent taxes such as liens against the property; but property tax loans come at a high price. When taking out a property tax ...
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  • It's Getting Tougher To Get A Car Loan In Dallas-Fort Worth

    Posted By admin || 10-Oct-2008

    According to the Dallas Morning News Wall Street's bad luck seems to have infected the car sales and loan industry in Dallas-Fort Worth area. Sales continue to slide, dropping as much as 35% in several car dealerships in the Dallas-Fort-Worth community. With the availability of car loans becoming more limited, many dealerships are finding buyers scarce and reluctant. Most people can't afford to ...
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  • North Texas Housing Market Close To Bottom

    Posted By admin || 8-Oct-2008

    As North Texas builders aggressively sell as many of the homes on the ground as they can existing-home sales rose 2 percent in September from a year ago. At the same time, builders have battled slower sales by reducing the number of new homes they put on the market, bringing the supply closer in line with demand. Builders started 5,551 homes in the third quarter, down 34.5 percent from the third ...
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  • Countrywide Agrees To Modify Texas Mortgages

    Posted By admin || 6-Oct-2008

    Today Countrywide Financial agreed to modify home loans in Texas and 10 other states as part of the largest predatory lending lawsuit settlement in history. Countrywide will: provide $8.4 billion in direct loan relief waive late fees totaling $79 million waive prepayment penalties of $56 million suspend foreclosures on delinquent borrowers with the riskiest loans create a $150 million foreclosure ...
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  • Fannie Mae And Freddie Mac Ban Binding Mandatory Arbitration

    Posted By admin || 1-Oct-2008

    Fannie Mae and Freddie Mac buy billions of dollars worth of mortgages and have their own rules and regulations; but they both refuse to buy any loans containing binding mandatory arbitration clauses. Freddie Mac stopped purchasing loans with mandatory arbitration clauses August 2004 and Fannie Mae followed their example on October 31, 2004. "Freddie Mac believes that all homeowners should be able ...
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  • Homeowners Hands Often Tied By Binding Mandatory Arbitration Clauses

    Posted By admin || 1-Oct-2008

    Many homeowners don't realize it, but often their loan agreements include binding mandatory arbitration clauses. These clauses require that any dispute a homeowner may have with a lender be settled through arbitration and prevents the homeowner from taking any claims to court. What This Means For You If you're a homeowner who has been the victim of predatory lending practices often found in the ...
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  • Tighter Lending Standards Drive Texans To Peer-To-Peer Lending

    Posted By admin || 1-Oct-2008

    Peer-to-peer lending, allows individuals looking for credit to bypass traditional lending institutions and create listings online detailing how much money they need to borrow, the purpose of the loan and how much interest they are willing to pay. Also known as person-to-person lending, this source of credit is becoming increasingly common as more people find it difficult to meet the new stringent ...
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  • Help For Texans Trying To Decipher Loan Contracts

    Posted By admin || 1-Oct-2008

    How many of us have been through wanting to take out a loan; but just were unable to translate the legalese to simple layman's English? What eventually happens? We sign away on the dotted line without truly understanding what we are agreeing to. Well help is here for Texans. The Office of Consumer Credit Commissioner offers plain language loan contract modules to the public at ...
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  • Reverse Mortgages On The Rise Amongst Seniors

    Posted By admin || 1-Oct-2008

    According to the U.S. Department of Housing and Urban Development, the number of reverse mortgage loans is projected to exceed a record 110,000 this year. Nationally lenders originated 76,351 government-insured reverse loans in 2007, according to the National Reverse Mortgage Lenders Association. But that's just a small portion of the market. The National Council on Aging estimates that 13.2 ...
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