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Posts Tagged ‘default’

New Foreclosure Developments

In Uncategorized on March 5, 2011 at 10:54 am

Two million homeowners are in foreclosure nationwide. Another two million home loans are severely distressed.

The state attorney generals have presented a list of demands to mortgage lenders that prohibit foreclosure during pending loan modification. That would be a major change from the way lenders now conduct business. Usually I see modifications and foreclosures pending on the same loan with homeowners hopelessly confused.

Another demand would require a permanent loan modification once the borrower made three payments on the loan. An independent review panel would check loan modifications that were denied.

Bankruptcy Filings Up Nearly 14%

In Uncategorized on November 18, 2010 at 8:46 am

New bankruptcy cases increased 13.8% over the last year. This continues a trend that started several years ago. Since 2006, new bankruptcy case filings have increased. Expect the case filings to rise during the next year.

Its not difficult to understand why this is happening. High unemployment, foreclosure and credit card payment defaults also continue to go up. People need protection from creditors because their income doesn’t keep up with expenses.

Do You Need Help Saving Your Home?

In Uncategorized on August 30, 2010 at 12:54 pm

If you are behind on your mortgage payments, and cannot get current, Chapter 13 bankruptcy may be a good way to save your home. In Chapter 13 bankruptcy, you pay all or a portion of your debts over time through a repayment plan. Chapter 13 bankruptcy lets you pay off a mortgage “arrearage” (late, unpaid payments) over the length of the repayment plan — usually three or five years, depending on your income and the time it will take you to meet all the plan’s requirements.

New Report Paints Mixed Picture of Consumer Debt

In Uncategorized on August 23, 2010 at 9:29 am

The Federal Reserve Bank issued a report that paints a mixed picture about consumer debt. People are no longer spending like they used to. Overall debt is dropping. That’s the good news. But people are having a difficult time getting rid of the debt they have. In the U.S, the average debt per person is $49,000. Foreclosures and delinquent payments are on the rise. Many people had to file bankruptcy to deal with their debts. Consumer bankruptcies jumped in the last quarter by 34%.

Added to high unemployment and a slowing recovery, the outlook for consumers is not encouraging. Expect expect to see even more bankruptcies for the remainder of the year.