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Paying Back Money to Friends or Family

When an individual falls behind on credit card, loan, or mortgage payments, he or she may still continue to make payments to a friend, or a family member for debts owed to them.
The court views this payment as a preferential payment, meaning that the debtor chose to pay one particular creditor, while not paying the […]

Do’s and Don’t’s When You Have Fallen Behind on Your Mortgage

If you have fallen behind on your mortgage because of income issues or illness there are certain things you need to know.
Once you have some money available to put toward your mortgage it may be tempting to make several partial payments toward the arrears (the back monthly payments that should have been made, but were […]

Delinquent Accounts

When you become late (“delinquent”) on payments, the creditor will usually start calling you. There are various departments within banks and credit card companies whose job it is to make you pay them. As your debt becomes more delinquent the frequency of calls will increase and you may encounter strong-arm tactics designed to scare you […]

Suing an Original Creditor for Collection Harassment

The worst collection offenses are usually committed by third party debt collectors, often referred to as collection agencies. When a debt collector breaks the law he can be sued under the Fair Debt Collection Practices Act (FDCPA), a federal law passed by congress in 1977 to eliminate abusive collection practices by debt collectors and to […]

Should You Use an Attorney to Get a Loan Mod?

Is an attorney going to be more successful than a homeowner in obtaining a good loan modification? That really depends. Any firm that quotes you a low flat fee and gives you a guarantee that they can definitely obtain of a good loan mod for should be looked on with great suspicion.
In 2009 this […]

Loan Modification, Foreclosure, and Equity Loss

There are few feelings so awful as being notified of a pending foreclosure. For many homeowners this is a final blow, and may come after working for months trying to get their loan modified. However, even when a foreclosure sale has been scheduled, there are often still actions that can be taken to save your […]

Justin Bieber—Financial Folk Hero, or Industry Shill?

Justin Bieber, teen idol with a following of 48 million Facebook fans, and a Twitter army 30 million strong, has entered into a partnership with BillMyParents to promote a new debit card called the SpendSmart prepaid card, ostensibly to teach teens good spending and saving habits.
In a brief 58-second video called Real Talk, Bieber discusses […]

Documenting Collection Harassment

It is illegal for a mortgage servicer, a creditor, or a debt collector to threaten or harass you. It is illegal for them to discuss your debt with friends or family members. It is illegal for them to attempt to collect debts that are not owed.
When any of these actions (and certain others) are taken, […]

Are you Suffering Alone in Your Attempt to Get a Loan Modification?

You have just sent bank statements, pay stubs, a completed loan modification packet, and several other documents to your loan servicer, Entitlement Bankcorp, in the hope of getting a loan modification. You have sent everything requested and have been told that the loan servicer will get back to you in a few weeks with an […]

Debt Options

When debt load becomes overwhelming, when facing foreclosure, or a mortgage that is upside down, when the IRS or state is knocking at the door for past-due taxes–there are still options, and help is available.
Bankruptcy may be one of your options. Depending on the Chapter you file, 7 or 13, you may be able to […]

The Questionable Benefits of a Short Sale

A short sale is the sale of real estate to a purchaser for less than the full amount owed. This option is widely advised by real estate brokers and may appear to be an attractive option to a homeowner whose house is underwater or who has fallen behind on the mortgage and is concerned about […]