OVERLOOKED CAUSES OF FINANCIAL DISTRESS
Our website at Leiden & Leiden has previously described the most common causes of financial distress which may lead to bankruptcy. Among those causes are divorce/separation, unemployment/underemployment, health issues and mismanagement. However, there are other, less common causes of financial distress that we have noticed in our consultations with CSRA residents which can trigger a […]
What Can I Expect When my Mortgage Forbearance Ends?
In March of 2020, the World Health Organization declared that Covid – 19 had officially become an international pandemic. Life as we knew it, both personally and economically, changed. While the extent of the financial effects varied, almost all consumers experienced some type of economic change. Based on the lessons learned during the “Great Recession” […]
Covid Update – Why Consumer Bankruptcy Filings Have Decreased Since March 2020
Decrease in Bankruptcy Filings In the five months since “Covid” and the “Coronavirus” have become household words, the American economy experienced more turbulence than at any time since the Great Recession. Business bankruptcies for small, medium, and even multinational corporations have spiked considerably since March 2020. Many of these businesses, especially in the retail industry, […]
Dealing with the Post Mortgage Moratorium Shock
In response to the coronavirus threat, many local and state governments enacted restrictions which prevented some businesses/industries from operating entirely, while other businesses could still operate at a reduced workload. Realizing that many homeowners would have little or no income with which to make their mortgage payments, many mortgage lenders offered their borrowers a moratorium […]
Mortgage Fraud During & After COVID-19
One of the biggest concerns facing our economy during the pandemic is homeowners’ ability to manage their mortgage payments with reduced, or no income. In the previous recession over a decade ago, many American consumers struggled with the same problem. At that time, the federal government, as well as private lenders, instituted multiple programs which […]
Hundreds of Wells Fargo Customers Lose Homes After “Computer Glitch”
Wells Fargo admits that a “computer glitch” caused the improper foreclosure of hundreds of home loans between April 2010 and October 2015. But keep in mind that there were probably thousands of improper foreclosures that were averted by bankruptcy filings, so the actual amount of loans affected by this glitch was probably much higher. Click […]
Finance & Credit Trends to Avoid in 2018
At the beginning of the most recent century, both lenders and borrowers had developed many bad habits from a toxic combination of unrealistic optimism and immediate gratification. These bad habits led to a dramatic increase in bankruptcy for both individuals and corporations alike. In the years that followed, consumer lending became less available, and with […]
2015 Foreclosure Trends in Georgia
In the wake of additional financial regulation and agency enforcement of settlement agreements, mortgage companies have to be very careful to make sure that there documents are in order before commencing a foreclosure proceeding. This is especially true if the loan has been assigned or transferred to another mortgage company or servicer. Sometimes a loan […]
A Consumer’s Post-Foreclosure Liabilities
There are various reasons that may cause a homeowner to default on their home loan. Divorce, separation or unemployment may deprive a consumer of the income necessary to service the home loan, which will eventually lead to the foreclosure of the residence. In some cases the homeowner may try unsuccessfully to save the house through […]
What Consumers Need to Know About Their Post-foreclosure Liabilities
Check out this article about the aftermath that consumers are facing after foreclosure: http://www.msn.com/en-us/money/news/americans-face-post-foreclosure-hell-as-wages-garnished-assets-seized/ar-BB9dmPO