Ten Mistakes Financially Stable Consumers Make Which Can Lead to Bankruptcy
The common misconception of the debtor in bankruptcy is an individual who was reckless in borrowing, and irresponsible in paying back their debts. While mismanagement and over-extension are present as causes in some bankruptcy cases, even the most well-intentioned consumers who have built up their credit and amassed a tidy savings can still wind up […]
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 […]
AVOIDING THE PAYDAY LOAN/TITLE PAWN TRAP
Unfortunately, many lower income consumers lack any type of savings or reserve to address an unforeseen expense or temporary reduction in come. An auto repair of $400 can be an intimidating obstacle to someone who does not have any money set aside, or available credit from a credit card, with which to pay for the […]
COSIGNERS AND BANKRUPTCY: WHAT YOU AND YOUR BANKRUPTCY ATTORNEY NEED TO KNOW
As part of the bankruptcy consultation process, bankruptcy attorneys will want to review all of your creditor information. This will include any debts that you may want to keep, such as a house loan or car loan. A consumer will be required to sign a verification, under oath, that they have identified all of their […]
AUTOMOBILE TITLE PAWNS AND BANKRUPTCY
Title pawns have become an ever-growing percentage of consumer debt, as they are marketed as a short-term “quick fix” to a budget deficit. Presumably, these loans will allow the consumer to bridge the gap until payday, at which time the loan will be paid off and title returned. Unfortunately, this is rarely the case, and […]
Personal Internet Loans: Convenience vs. Consequences
Internet lending is very commonplace nowadays, as many mortgage and auto lenders may rely substantially on information submitted via the internet to process loan applications. This reduces the amount of face-to-face time which may be necessary to close the loan, ideally reducing the expenses for all involved. But while many lenders use the internet to […]
Loan Modifications and Short Sales: The Hidden Costs
Bankruptcy is often used as a method of foreclosure prevention, especially in Georgia where the foreclosure process is expedited compared to other states. However, over the last few years, more lenders have been willing to negotiate the terms of mortgage loans through loan modifications, in order to make it more affordable for the homeowners. In […]
Mortgage Loan Modification Update
Previous blogs have discussed the mortgage modification options that are available to distressed homeowners, and the steps necessary to successfully accomplish a mortgage loan modification. Unfortunately, there appeared to be little incentive for the mortgage companies to allow for permanent loan modifications. Lawsuits have been filed against Bank of America and Wells Fargo related to […]
Beware of mortgage loan modification scams!
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Do’s and Don’t’s in Dealing with a Collection Agency
Even the most vigilant, conscientious consumers may have to deal with a collection agency at some point. It could be because a bill was overlooked at some point. It may be because the consumer disputed the debt, and refused to pay the original creditor. Or, it could be because the consumer is a victim of […]