Unemployed homeowners facing foreclosure have been left out in the cold with the government’s foreclosure prevention program.  Since unemployment insurance benefits don’t provide enough income to cover most mortgage payments and many unemployed homeowners don’t qualify for mortgage modifications, many find themselves facing imminent foreclosure with absolutely no or very little negotiating leverage with mortgage [...]

According to an article at ABC News, the foreclosure crisis has just taken an ugly and violent turn as two mortgage loan agents claim that they were attacked, tortured and robbed by disgruntled homeowners facing foreclosure.
The article said:
“A California couple and three accomplices were charged in the case. They are accused of beating and torturing [...]

There’s an interesting article in the Huffington Post, which suggests a unique (well not so unique) solution to the foreclosure crisis.
The author said:
“Let’s have a federal bill that states that any bank that took a bailout loan and hasn’t paid it back yet isn’t permitted to foreclose on anybody’s primary residence. In addition, bonuses for [...]

According to an article in Reuters, the National Consumer Law Center (NCLC) just released a report finding that mortgage servicers have favored foreclosure over loan modification because it’s cheaper and even more profitable to the servicer.
The article said:
“Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces [...]

Bankruptcy is a perfectly valid right granted by the U.S. Constitution so you shouldn’t believe the untrue myths surrounding it!

Unfortunately, there are a whole lot of bankruptcy myths out there, many of which lead people to fear bankruptcy as the boogie man in the closet that will destroy their financial well-being.  Many times, exactly the [...]

Most debtors who file bankruptcy are in a tough spot when it comes to their cars.  Most of the time debtors who owe more on their cars than they’re worth and really don’t have room in their budget for a car payment still need a car to get to/from work.  So what is a debtor [...]

Student loans are almost impossible to discharge in bankruptcy, with exception of undue hardship as most graduates who have fallen upon hard times have eventually discovered.  But according to an article in Inside Higher Education, legislators are now moving to consider altering the bankruptcy code to change the way private student loans are treated [...]

According to an article in Reuters, the U.S. House of Representatives approved legislation last week that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business if passed by the Senate.  Under the bill H.R. 3221 –the Student Aid and Fiscal [...]

Many debtors considering bankruptcy often want to keep their car while discharging their unsecured debts such as a credit card.  But depending on how their car loan document was written they may not be able to keep their car without paying off both the car loan balance and the credit card balance.  How can this [...]

The December 1st deadline for securing the $8,000 tax credit for buying a new home (if you’re a first-time buyer) is quickly approaching.  But is this program just a government sponsored no-money down scheme that could increase the number of foreclosures in the long-term?
According to an article in the Star-Telegram, the tax credit has already [...]

A file segregation scam is where a debtor, usually someone who has recently filed bankruptcy, is offered a brand new credit identity in exchange for a fee–usually a very large fee.
How It Works
The scammer usually targets those who have filed bankruptcy or who have delinquent credit cards or loans in default on their credit report.  [...]

Credit delinquency rates are at all-time highs according to the American Bankers Association.
According to an article on Reuters, U.S. consumers are falling behind on loan payments at a faster rate than has ever been seen before.  The mounting number of job losses is seen as a major reason why delinquent payments hit an all time [...]