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 [...]
In 2009 we saw many corporate bankruptcies move swiftly, with the company filing bankruptcy and emerging form the bankruptcy process in only a few months. But what exactly are the bankruptcy tools being used by companies such as CIT Group, Gm and others? Let's take a look at two frequently used strategies in Chapter 11 [...]
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 [...]
Is this real or just more "hot air"? The Treasury Department claims that is ready to send in the police if mortgage servicers don't shape up and help stop more foreclosures. Well not exactly the POLICE, more like the financial police. The Treasury Department announced that they might send in financial "SWAT" teams to police [...]
Couples filing bankruptcy and going through a divorce need to carefully weigh their bankruptcy decisions. Here are a few questions you should ask yourself and your potential bankruptcy attorney before you proceed: Should We File Bankruptcy Together or Separately? While some divorcing couples get along fine and may be able to go through a bankruptcy [...]
Brown's Chicken & Pasta Inc. a chain of chicken restaurants that made national headlines in 1993 when seven employees at one of its stores were murdered has filed for Chapter 11 bankruptcy protection. The bankruptcy filing came two months after a judge ordered the restaurant chain to pay more than $800,000 to a former vice [...]
Pilgrim's Pride, which emerged from bankruptcy this week has scolded American banks who received bailouts, saying that not one bank offered the poultry company credit after its bankruptcy. A fact, says Pilgrim's Pride, that forced it into the arms of foreign lenders. A bankruptcy judge approved a deal in which JBS of Brazil invested $800 [...]
Run all three of your credit reports. Go to www.annualcreditreport.com now and get your credit reports for free. Many debtors do not realize the extent of their debt troubles until they actually run their credit report. Please take a careful look and challenge any inaccurate information. If information is inaccurate the credit bureaus are obligated [...]
Britain and France announced that they will levy a one-time tax on large bonuses paid by bailed-out banks, while US banks who benefited from taxpayer bailouts are set to dole out bonuses that are even larger than bonuses during 2008. I guess it's been a good year-for the banks. Wall Street banks are on track [...]
President Barack Obama is proposing a stimulus program that's designed to combat the high unemployment rate plaguing the nation. But will the new stimulus program help the average American avoid foreclosure and bankruptcy? Obama proposed new spending for highway and bridge construction, for small-business tax cuts and for retrofitting millions of homes to make them [...]