consumer and finances

It's time to open your junk mail!!!

2011-11-02T12:23:00.000-07:00

Federal Government will be reviewing foreclosures initiated by several banks, including Chase, Citi Bank, Wells Fargo, HSBC and a few others, from January 1, 2009 and December 31, 2010. Between 11/01/2011 and 12/31/2011, homeowners, whose homes were in a foreclosure process during 2009 and 2010, will receive letter and forms from the Federal Government. If you would like the Federal Government to review your loan you will have to fill out the required paperwork and mail it in by April of 2012. Even if you house was sold or auctioned off, or your loan settled, you will still qualify for this program!
Check out:
http://www.chicagotribune.com/business/breaking/chi-regulators-offer-foreclosure-reviews-to-borrowers-20111101,0,5471035.story

More on student loans, can I repay them?

2011-10-28T07:30:00.000-07:00

Is it really college education really worth it? This is the question being asked by many high school graduates, along with, how will I be able to repay the student loan?
The new Obama initiative, might make it a little easier to make up your mind:

http://www.usatoday.com/money/perfi/college/story/2011-10-26/college-student-loan-relief/50942832/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

Are student loans dischargeable in bankruptcy?

2011-10-20T08:42:00.000-07:00

This year along, the debt on the student loans has gone out of control. With unemployment on the rise, what are the chances that these kids will repay these student loans in the next 10 years?????
Read this article
http://www.usatoday.com/money/perfi/college/story/2011-10-19/student-loan-debt/50818676/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

So, to answer the question of whether or not the student loans are dischargeable, I will simply say "They are not." Although, that is not completely accurate, it answers correctly the 99% of the questions. However, there is that 1% percent of cases, where student loans might become dischargeable and believe me, you do not want to be in that 1%. To discharge student loans in bankruptcy, one has to show that he or she is suffering such great financial hardship, which will not change at any foreseen time.

So much for loan modification help, most of the money goes unspent.

2011-10-07T08:53:00.001-07:00

http://www.usatoday.com/money/economy/housing/story/2011-10-06/foreclosure-aid-program/50680758/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

President Obama stated on Tuesday that "No one has an inherit right to make a profit." What happened to capitalism?

2011-10-06T07:48:00.000-07:00

http://cnsnews.com/news/article/obama-banks-dont-have-inherent-right-certain-amount-profit

Home foreclosed, but the Debt remains. Can the bank take more than your home?

2011-10-05T08:27:00.000-07:00

http://www.jdsupra.com/post/documentViewer.aspx?fid=7f8a1591-8dc0-419a-897d-282df870281e

Reflection of our economy: the Diaper sales are down, really?

2011-10-05T08:26:00.001-07:00

http://online.wsj.com/article/SB10001424052970203791904576609254230522240.html?mod=e2tw

Bank of America to shut down its lending division

2011-10-05T08:25:00.001-07:00

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/10/04/financial/f122046D07.DTL&feed=rss.news&utm_source=twitterfeed&utm_medium=twitter

2011-10-05T08:19:00.000-07:00

http://www.businessinsider.com/heres-why-so-few-homeowners-have-been-helped-by-the-home-affordable-refinance-program-2011-10?utm_source=twitterfeed&utm_medium=twitter

US sues most major banks over bad mortgages

2011-09-06T10:09:00.000-07:00

US or Federal Housing Finance Agency, sued major banks, including Bank of America, Citigroup Inc, etc. over packing bad mortgages into securities and selling them to the US government. This comes after US gave a huge bail out, only several years ago, to those same Banks, to get them out of the trouble of bad mortgages. Seems ironic, isn't? Now, that the Bank industry is suffering, as one of the worst industries in the world, the US government decides to get their money back. What will the Bank's do????
Read more at http://www.chicagotribune.com/business/breaking/chi-report-us-to-sue-12-large-banks-over-mortgage-portfolios-20110901,0,5699337.story

US Foreclosure rate drops, Illinois foreclosures still in the top 10

2011-08-31T07:57:00.000-07:00

US foreclosure filings dropped 35 percent last month, lowest in almost four years. But this does not mean that the real estate market has recovered. The foreclosure decline began when the attorney general started investigating a practice called " robo-signing, " in which bank's employees signed affidavits without any knowledge of the cases at hand. Therefore, bank put the foreclosures on hold, attempting to come up with new affidavits. However, as soon as these affidavits are available, it is possible that the foreclosure rates will go back up.

Countrywide refunds money

2011-08-30T11:19:00.000-07:00

If you are one of the lucky few who had a mortgage with Countrywide Home Loans, Inc between January 1, 2005 and July 1, 2008, you will be happy to know that pursuant to a recent FTC settlement, you will be a receiving a check in the mail. Countrywide is mailing 450,177 refund checks worth almost $108 million dollars to homeowners who were allegedly overcharged certain illegal fees.

Avoiding Foreclosure

2011-04-17T14:20:00.001-07:00

If you, among many others, failed to make monthly mortgage payments and are now facing a possibility of being kicked out of your home, there are still many things you can do to keep your house. LOAN MODIFICATION: although a very difficult and time consumming process, filing for a loan modification can definetely improve your chances for staying in your home. if you are approved for a loan modification, the bank will dismiss the foreclosure proceedure against you in Court and give you a second chance at making it work. BANKRUPTCY: Chapter 13 can help you keep your home, even after a judgment of foreclosure has been entered against you in court. Chapter 13 is a difficult legal process and should be done with an assistance of a knowledgeable bankruptcy attorney. SHORT SALE: will not help you keep your home, but will steer you away from foreclosure. I am short on time, but will attempt to describe each one in detail soon. Good luck

Bankruptcy, Meeting of Creditors

2010-10-06T14:57:00.000-07:00

To all those debtors out there, would you like to know what to say and what not to say at your Section 341 meeting of creditors???? If you are like most of my clients, you are somewhat nervous about what will happen at your meeting of creditors and would like to know exactly what you will be asked and what you should be answering. One word of advise, TELL THE TRUTH ABOUT EVERYTHING. You have no idea what lying can do, no idea. My mother always told me that lies always result in more lies and we all know that mothers are almost always right. I was witnessing a debtor trying to get out of lying to the trustee today and it was not a pretty picture. So, tell the truth and keep it short.

THE NEWS ON FORECLOSURE

2010-10-06T14:45:00.000-07:00

A client the other day told me that she had heard on the news that banks will no longer pursue foreclosures. She also wanted to know what did that mean in her case, would she continue to live in her house without paying the mortgage and would the bank take her house? To be honest, I cannot, myself, comprehend the completely foreclosure crises to its fullest, but I will try to explain the most recent news on the foreclosure to the best of my legal ability. In some states, including Illinois, it has come to the attention of the judges, attorneys, and banks, that during the foreclosure process, which begins with the homeowners failing to pay their monthly mortgage payments, some banks failed to comply with all of the required steps of the foreclosure laws, while others simply forged documents. Among these banks are Chase, Bank of America, and several, unnamed others. Due to this latest development, the Banks decided to put some of their foreclosure cases on hold. Now, this is the punch line, we have no idea which cases. So, I guess for most homeowners in trouble, this is simply a waiting game of seeing whether or not their case will be the one to be put on hold.

Lost your job, you might get a break on your mortgage payments

2010-04-22T09:14:00.001-07:00

Bank of America recently announced that they have come up with a new program, to help unemployed home owners. The program has not been approved as of yet, but might be approved some time soon. If you are unemployed and are collecting unemployment, Bank of American will allow you, with their permission, of course, to stop paying your mortgage for 9 months. What will happen after 9 months is obviously up to you, but the 9 months can help home owners find a new job, put some money aside, or simply sell their existing home.

Behind on your mortgage?

2010-02-16T11:31:00.000-08:00

You are not alone. 7.2 million loans are reported delinquent as of last year, 2009. If you are one of many who would like to save their home, consider working with banks for a loan modification solution. If that does not work, Chapter 13 bankruptcy can help you save your home and reinstate your loan.

Effectiveness of Loan Modification

2010-02-16T11:24:00.000-08:00

White House requested the Dept. of Treasury to submit a report regarding the aspect of Loan Modification that are unclear to most, including the White House. Although, there are numerous requirements that a homeowner is suppose to submit to the bank with their loan modification application, the idea of how a home owner is suppose to come up with these requirements is unknown, even to the banks. What is a net present value of your home? What does that suppose to mean??????????????????? Why is your application denied? Even the bank does not know, that is why they do not tell you when denying your application, as to the reasoning behind their denial. In any event, it would be interesting to see what the Treasury reports, they have until February 18, 2010 to come up with a response.