1. You want to keep your house. As with all these points, hey, if you know how, by all means, DIY. Do you need to reaffirm your mortgage? Is there equity in your house that should be exempted? 2. You want to get rid of as much debt as possible. Which debts can you get…
(image from hikojune.xanga.com website) The means test was made law in 2005, at the behest of the creditor lobby to stop abusive bankruptcy filings, which were supposedly costing the average American family $400 per year.. An obtuse formula is used to weed out those who supposedly can afford to pay something to their…
Second mortgages were marketed as home equity loans, or home equity lines of credit, partly to conceal that they were liens on your house, just like the first mortgage. I can’t tell you how many times I would ask a client, How many mortgages on your home? To be told, just one, and we have…
(image from Dr. Mark Goulston web site) They are scams! Almost every debt settlement company is out to take advantage of people desperate to avoid bankruptcy. They make verbal promises that are NOT backed up in their written contracts, which always refuse to guarantee results. They take money out of your bank account every month,…
I love reading the Christian Finance blog, but have to vociferously disagree with part of a recent post there, the Home Financing part of which reads as follows: Enough can be determined by what the bank will loan us. Thus, we buy as much house as the bank is willing to lend us. According to…
(image from Wall Street Journal) Jessica Silver-Greenberg wrote about debt buyers at the end of last year, but the information is still timely. Companies like Portfolio Recovery Associates, which used many affidavits, like the one pictured, from a person who died before the date on the affidavit. Bad debts are sold in bundles of thousands…
