What Senior Citizens Need To Know About Reverse Mortgages

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 [...]

By |2018-11-09T22:34:07-06:00March 3rd, 2010|Debt Collectors, Economy, Loans / Mortgages, Managing Your Finances|Comments Off on What Senior Citizens Need To Know About Reverse Mortgages

How Car Title Loans Can Wreck Your Financial Health

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.  [...]

By |2018-11-16T18:57:01-06:00March 1st, 2010|Car Loans / Title Loans, Debt Collectors, Loans / Mortgages|Comments Off on How Car Title Loans Can Wreck Your Financial Health

Federal Trade Commission Takes Steps To Protect Homeowners

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 [...]

By |2018-11-08T21:30:12-06:00March 1st, 2010|Economy, Foreclosures, Loans / Mortgages|Comments Off on Federal Trade Commission Takes Steps To Protect Homeowners

Be Cautious When Using Alternative Financing, It Could Land You In Financial Trouble

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 [...]

By |2018-11-08T17:22:03-06:00February 26th, 2010|Credit and Bankruptcy, Economy, Loans / Mortgages|Comments Off on Be Cautious When Using Alternative Financing, It Could Land You In Financial Trouble

Many Debtors Following Disturbing Trend

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 [...]

By |2018-11-16T19:45:01-06:00February 24th, 2010|Foreclosures, Loans / Mortgages, Managing Your Finances|Comments Off on Many Debtors Following Disturbing Trend

FHA Loans Threaten Another Wave Of Foreclosures

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 [...]

By |2018-11-19T20:17:07-06:00February 22nd, 2010|Economy, Foreclosures, Loans / Mortgages|Comments Off on FHA Loans Threaten Another Wave Of Foreclosures

Three Reasons Why You Should Not Refinance Your Home To Pay Off Credit Card Debt

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 [...]

By |2018-11-09T17:19:18-06:00February 19th, 2010|Loans / Mortgages, Managing Your Finances|Comments Off on Three Reasons Why You Should Not Refinance Your Home To Pay Off Credit Card Debt

Can I Discharge My Home Equity Loan in Bankruptcy and Keep My Home?

Can a Home Equity Line Be Discharged in Bankruptcy? A home equity line of credit (HELOC) is different than a home equity loan. Many hear the term “home equity” and erroneously believe that one is another term for the other. A home equity loan is a fixed loan for a specific and unchanging amount of [...]

By |2019-03-05T23:28:44-06:00February 5th, 2010|Chapter 7 Bankruptcy, Loans / Mortgages|Comments Off on Can I Discharge My Home Equity Loan in Bankruptcy and Keep My Home?

Five Accused Of Mortgage Fraud In Texas

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 [...]

By |2018-11-13T22:36:51-06:00February 4th, 2010|Loans / Mortgages|Comments Off on Five Accused Of Mortgage Fraud In Texas

Have Subprime Lenders Shifted To FHA Programs?

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 [...]

By |2018-11-12T19:22:28-06:00February 1st, 2010|Economy, Loans / Mortgages|Comments Off on Have Subprime Lenders Shifted To FHA Programs?
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