According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process.
The article said:
“The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions [...]

When a debtor purchases a product with credit, the creditor has a secured interest in the property. What that means is that anything you buy with credit, including furniture, vehicles, jewelry, electronics, computers, clothes and books can be treated as a secured item during bankruptcy.  For example if you purchased a $3,000 laptop using your [...]

According to an article in the Star-Telegram, the Congressional Oversight Panel which is responsible for making regular assessments of the $700 billion financial bailout of banks has reported that the foreclosure plan “Making Home Affordable” has failed to hit the mark.  The committee recommended that the Treasury Department either improve the program or adopt a [...]

Many people ask me about discharging student loans when they’re looking into filing for bankruptcy.  Typically, student loans aren’t discharged during bankruptcy proceedings.  It’s not impossible to accomplish if you can show that paying the student loan debt “will impose an undue hardship on you and your dependents”.  Bankruptcy judges use various tests to determine [...]

Bankruptcy is designed to protect individuals or businesses that are unable to meet their financial obligations–and provide protection to involved creditors as well.  While bankruptcy is a serious procedure and should only be considered if absolutely necessary, sometimes it is the best solution for those suffering severe financial hardship.  And, for some, it may be [...]

Foreclosures are up as the unemployment rate rises above 6% in Texas.  Not surprisingly, with these foreclosures comes a 4.7% decline in market value.
“The decline in demand and prices correlates more to the job losses now showing up in markets in Texas than because of excess inventory,” said Ted Wilson of Dallas housing analyst Residential [...]

According to an article in the Star-Telegram, the number of homeowners who were late making their mortgage payments shot up by 53 percent in the fourth quarter of 2008 from the same period in 2007.  The percentage of homeowners facing foreclosure was 4.58 at the end of 2008 compared to 2.99 percent in 2007 and [...]

According to an article in the Wall Street Journal, insurance companies are providing more than just insurance coverage during a medical crisis.  The article explains:  “Different from disease-management programs, which focus on patients with a chronic condition such as asthma or diabetes, the case-management services are for patients with costly and complex medical conditions such [...]

As many Texans suffer job losses or salary reductions, many are facing vehicle repossessions. Facing a repossession can be upsetting and disruptive under any circumstance; but especially if the vehicle is repossessed while your personal property is still in it.
The first thing car owners need to know is that creditors do not have the right [...]

Many credit card consumers are under the mistaken belief that as long as they pay “something” on their credit card debt every month (even if it’s lower than the minimum required payment), their creditor cannot take further action against them. That’s a MYTH. The truth is that each credit card has a minimum payment [...]

According to an article in the Star-Telegram, many desperate car owners facing financial problems and possible repossession are secretly destroying their vehicles and filing false insurance claims.
The article said:
…financially strapped car owners are torching, sinking or ditching their vehicles and then reporting them stolen to cash in on the insurance. SUVs have been found ablaze [...]

According to an article in the Star-Telegram, we may be heading for a car financing crisis with many car buyers unable to find financing for a new/used car or unable to pay off existing car loans and/or facing repossession.
The article said:
Some 3.25 percent of all indirect auto loans were at least 30 days overdue [...]