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Foreclosure Prevention may be moving to bankruptcy court. 2009-01-08 15:01:58 The Wall Street Journal Reports that Citigroup, having taken billions of bailout dollars, may be ready to lead a 180-degree turnaround in lenders’ objections to letting bankruptcy
judges do mortgage “cram downs.” If these negotiations with the Senate come to pass as predicted, bankruptcy courts will be allowed to reduce both the principle and the [...] Read more:Foreclosure
Subprime Credit Cards: rules to be changed in favor of user 2008-12-30 11:36:43 When people get into trouble paying off their debts they often cannot get regular credit cards, which can be very inconvenient. In response to this, some banks set up special credit cards for those who have poor credit ratings. Sometimes these cards are “prepaid” in that you have to put money into the account before [...] Read more:Cards
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Subprime mortgages still available 2008-12-29 13:34:38 Everything has changed in the mortgage market. Everything. But it is not true that so-called sub-prime mortgages are no longer available
in any form.
While you can no longer get a no-down-payment loan or a “no doc” loan (often called “liar loans”); or any loan without adequate income, you can get a mortgage with an imperfect [...] Read more:Subprime
Lenders refuse to negotiate mortgages, waiting for rescue from Obama 2008-12-26 09:45:03 They will all deny it if asked, but my conversations with people who are trying to prevent foreclosure by negotiating new terms indicate that they are running into yet another obstacle: Lenders
are stalling. They are “losing” paper work, changing staff on cases, and finding other excuses not to negotiate.
The problem, we think, is that [...] Read more:Obama
New credit card rules 2008-12-22 12:14:36 There are several regulatory bodies involved, but it appears that new, more consumer-friendly rules will be applied to credit
card issuers. Unfortunately they will not take effect for more than a year. The most important ones are these:
1. Credit card companies will no longer be able to raise your interest rate on current balances unless [...]
Time to get serious about foreclosure prevention 2008-12-15 14:24:36 Sheila Bair, head of the FDIC, the organization that insures deposits and takes over failed banks, is unhappy with her administration’s response to the foreclosure problem:
“I’ve heard the stories of people who are suffering and can stay in their homes if there is just a small adjustment to their loans,” said Mrs. Bair, a Republican [...] Read more:prevention
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Foreclosure prevention stalled by administration bickering 2008-12-09 17:31:35 The Mortgage Bankers Association reports that one in ten American one-to-four-family homes are at least one-month delinquent on their mortgages, or in foreclosure. This number sets a new record for the MBA survey which has been around for more than 40 years.
Even prime rate loans are having trouble, with almost 6% delinquent or in foreclosure. [...] Read more:Foreclosure
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Debt Help Firms More Scam than Help, with One Exception. 2008-10-19 08:39:07 If you have read anything on this site about companies that tell you they can help you reduce your debts, help you get out of debt, or help you fix your credit, you know we are very skeptical of these claims. There is only one debt help organization we recommend based on our [...] Read more:Debt Help
Why foreclosure prevention plans aren’t working. 2008-10-06 08:01:39 Even before the current “bail-out” bill passed, the government enacted a program (which took effect October first) to encourage lenders to “cram down” balances on mortgages (rather than foreclosing) by offering to have the FHA insure the new balance. The “bail-out” bill contains a fairly general and unclear instruction to the government to encourage [...] Read more:plans
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Foreclosure Prevention: Time to do something that works. 2008-09-29 10:10:20 The news keeps getting worse. The mortgage delinquency rate is up to 6.6% of all mortgages (as of the end of August). The delinquency rate is an astounding 25% for sub-prime mortgages. Even “Alt-A” mortgages (something
between prime and sub-prime) have a delinquency rate of almost 11%; and 14.4% of so-called “option [...] Read more:Foreclosure
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