Latest on the Bankruptcy Blog

One of the things that many troubled lenders will have to do is write a financial hardship letter. It doesn’t matter if it is credit card negotiation, education debt, or a mortgage modification; the debt ‘appeals process,’ if you will, is often the same. The financial hardship letter is a common way to temporarily defer  … Read more

In a typical bankruptcy proceeding, an order is issued to stop all collection efforts and any foreclosure proceedings. Throughout the bankruptcy process, your mortgage lender will not be able to pursue foreclosure and must work with the bankruptcy court regarding your mortgage debt. However, if your bankruptcy case is dismissed, your house may not be  … Read more

As the economy continues to beat down on industries around the nation, one of the country’s oldest businesses is facing the decision to close its doors or file for bankruptcy. The United States Post Office has been diligently working to keep up with the changing times as an effort to stay profitable in the evolving  … Read more

The short sale market, only a year ago, was a dismal place. Even today, it remains a woefully deficient marketplace where buyers, sellers and banks are constantly confused and disillusioned by new rules, fraud and bogus selling practices. To put your home in the best possible light, here are some good selling practices to observe.  … Read more

Underwater mortgage owners were given a life raft earlier this year in the form of a Federal Assistance Program. The Emergency Homeowners’ Loan Program (EHLP) was extended to families at risk of foreclosure. The program is designed to help homeowners that have experienced a significant reduction in income due to involuntary unemployment or underemployment. The  … Read more

Before approaching your bank about a mortgage modification, you need to ask yourself several questions: 1.)   Is my financial health in trouble in the long or short term? 2.)   What can I do now to improve my financial standing/credit rating? Depending on how you answer, you may be looking at forbearance instead of a loan  … Read more

There are many reasons people fail to report or properly report their taxes. In many cases, we simply are unaware of the obligation we have to the federal government because we are in a place in life or work a job that doesn’t make clear for us our IRS debt obligation. It is easy to  … Read more

When it comes to getting out of debt, many people feel they can do it alone. Although this may be true for some people, others have a complex financial situation that may require more attention and planning. Finding the right debt relief solution can be a daunting task. With so many options available and companies  … Read more

Most people will tell you that right now, there has never been a better time to refinance. And, in most cases, refinancing is a fantastic idea. However, be sure you fully understand the conditions of your refinance-especially if you are doing it out of hardship. Interest and the principal over thirty years In the first  … Read more

If you are in debt and have missed one or more payments, you have probably been contacted by a creditor. Often, creditors can be intimidating and some go so far as to make threats to collect their money. What many people don’t know is that you have several rights as a consumer that protects you  … Read more