There is over $740 billion in student loans out there, and with jobs hard to come by, repaying can be tough, or, impossible, even if you have to file bankruptcy.
as shown in a Wall Street Journal story by Mary Pilon, even doctors are having trouble repaying student loans.
Many people took out loans believing that [...]
Author Archives: Kurt O'Keefe
Student Loan Problems, Bankruptcy Rarely Helps
HAMP Failing
Due to not getting the mortgage companies to voluntarily reduce the principal balances, HAMP is failing, as noted in an excellent story in The Huffington Post.
Reducing principal balance is, to agree to lower the total amount owed on a house.
What happened is, the mortgage companies took their foot off the gas last year [...]
HAMP Failing
Due to not getting the mortgage companies to voluntarily reduce the principal balances, HAMP is failing, as noted in an excellent story in The Huffington Post.
Reducing principal balance is, to agree to lower the total amount owed on a house.
What happened is, the mortgage companies took their foot off the gas last year [...]
What Do You Mean, I Owe Too Much To File Chapter 13?
Now, you can owe up to $1,010,650 of secured debt, and still be able to file Chapter 13, depending on how much unsecured debt you owe.
So, if your house is worth $900,000, and you owe $900,000 on it, that is $900,000 of secured debt, zero unsecured debt, you can file Chapter 13, depending on the [...]
I Am A Failure If I File Bankruptcy
No, you are not.
Bankruptcy is, and should be, a last resort.
The giant banks and mortgage companies that, with their politician friends, brought about the worldwide financial crisis, did not file bankruptcy themselves because the politicians they bought bailed them out.
They should be criminally prosecuted, but, the politicians are in charge of that, so, guess what?
Big [...]
Stop Paying Credit Cards?
Fox News has a guest, Bill Bartman, who advises that you STOP paying your credit cards, in some situations.
Bartman interview on Fox News
His first point is, the big national credit card companies all sell their bad debts.
This is true, he says after 6 months of no payments, but I cannot verify that, the agreements are [...]
Foreclosure Crisis Continuing
American homeowners now $745 billion underwater on their mortgages
according to First American CoreLogic.
Over 2.8 million homes foreclosed in 2009, millions of homes lost.
The trend? Bound to get even worse. Record high default rate now, as over 13.1% of homeowners are behind on their mortgage payments.
Why? More ARMs (Adjustable Rate Mortgages) resetting this year and next, [...]
Foreclosures And Bankruptcy
Mortgage delinquencies, people behind at least 3 months on their mortgage payment, continued to climb according to Fannie Mae.
The Calculated Risk blog reports the results, with a graph that points to nothing but trouble for homeowners, the mortgage delinquency rate having more than doubled over last year, and still going up.
More delinquencies, means more foreclosures, [...]
How Is The Government Mortgage Modification Program Working?
How are the government encouraged mortgage modifications going? Are mortgage modifications working? What effect is the HAMP program having on foreclosures?
Not so good.
Paperwork problems?
As I hear all the time, only one third of homeowners trying to get HAMP relief have sent back the paperwork to get a mortgage modification.
Of course, what my clients tell me [...]
Judicial Mortgage Modification Lives! Nope, Voted Down Again
The House Rules Committee just minutes ago agreed to allow the bankruptcy modification amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!
1. Phone toll free at: 877.354.4958
2. Put in your zip code
3. When you reach the receptionist:
State your name
Say that you [...]
