Orlando's bankruptcy rate fell for the first time in five years. But that good news, doesn't mean the bad news will stop coming. According to the Orlando Sentinel, experts say the household bankruptcy crisis is far from over. The reduction in the number of bankruptcy filings may come down to one simple … [Read more...]
Distressed Homeowners to Receive Refunds From Excessive Fees
July 20, 2011 By Leave a Comment
Hundreds of thousands of refund checks worth nearly $108 million are in the mail to homeowners. The Federal Trade Commission is mailing that money to people who were allegedly overcharged by Countrywide Home Loans, Inc. The FTC is trying to protect financially distressed homeowners by returning some … [Read more...]
Default Rates on Most Loans Dropping
July 19, 2011 By Leave a Comment
Default rates on first and second mortgages appear to be dropping. According to data released from S&P Indices and Experian, those rates decreased in June by a fraction of a percent. Auto loan defaults fell from 1.34% in May to 1.29% in June. Bank cards saw the biggest drop, falling from 5.93% to … [Read more...]
Bankruptcy Attorney: More Public Employees Experiencing Financial Hardship
June 9, 2011 By Leave a Comment
A prominent bankruptcy attorney believes the number of bankruptcies could increase– and this time for an unlikely place. Attorney Michael Greiner believes that public employees may be forced to file for bankruptcy at a higher rate because of financial pressures they’re experiencing from state and … [Read more...]
Tables Turned as Bank Gets Foreclosed
June 6, 2011 By Leave a Comment
Score one for homeowners. The tables turned on Bank of America after a Florida couple says the lender filed foreclosure papers against them. The problem? The couple had paid cash for their home. The case went to court and a judge in Collier County ordered Bank of America to pay the couple’s legal fees. … [Read more...]
Protestors Blast Bank of America Foreclosures
May 13, 2011 By Leave a Comment
Some protestors came out to Bank of America's annual meeting in Charlotte this week. Outside their headquarters several people held signs and shared their foreclosure stories, according to the Associated Press. Shareholders had the chance to confront Bank of America's CEO Brian Moynihan about mortgages … [Read more...]
Housing Market Softening, Homeowners Owe More Than Value
April 27, 2011 By Leave a Comment
The housing market is softening again in some major US cities, pushing some homeowners to consider personal bankruptcy as an escape. According to statistics, the housing market is now worse in some respects than it was a year ago. New home sales have dropped again and now nearly one out of four homeowners … [Read more...]
Foreclosures: Good Deal or Big Pain?
April 8, 2011 By Leave a Comment
There are currently 1.8 million homes in various states of mortgage delinquency according to CoreLogic. While the number of foreclosures may have slowed recently compared to the last three years, inventory is sitting at a nine months' supply. That means there are about 470,000 homes repossessed by lenders … [Read more...]
Not All Foreclosures Are Due to Economy
April 21, 2010 By Leave a Comment
It is easy in the current economy to assume that most consumer foreclosures on personal residences are due to the economy. Unemployment is high and even household where lay-offs have not hit are operating with less income due to reduced schedules and forced days off without pay. The reality is that … [Read more...]
Mortgage Companies Helping Families Walk From Mortgage Debt
March 22, 2010 By Leave a Comment
The foreclosure process can easily turn into an emotional drawn out procedure. Consumers who become delinquent on their home loans are faced with months of late notices, warnings, demands for payments, and eventually eviction. In the meantime the bank is paying staff to work the accounts while not receiving … [Read more...]