Credit and Debt Blog

(Miryam from Florida) im married my husband has a mtg that behind im only on the deed not on the note. can this ruin my creditm if he get foreclosed? should i take my name off the deed?does the bank report it to the credit beruau or the court? thanks

[Read more →]

With all of the mortgage delinquencies that are occurring, many lenders have been quick to foreclose on properties as an attempt to stem their losses. However, there are also social problems that are causing lenders to allow homeowners in default to stay in their homes until they sell. This is what is happening:

[Read more →]

Hundreds of mortgage professionals have been arrested within the past week, with most arrests occurring Wednesday, June 18. According to the FBI, there may be as many as 1,400 additional investigations, which could lead to many more arrests for fraud.

[Read more →]

Former Major League Baseball star Jose Canseco is walking away from his mortgage. His $2.5 million Encino mansion has been foreclosed after Canseco stopped making monthly mortgage payments.

[Read more →]

In a proposed bill co-sponsored by Senator Johnny Isakson of Georgia, Tennessee Senator Lamar Alexander wants Congress to provide tax credits of up to $15,000 over three years to those who buy new and foreclosed homes. Alexander pointed to a similar strategy used in the 1970′s to stimulate demand for home purchases.

[Read more →]

A foreclosure rescue operation was sued in Broward County Circuit Court on allegations of fraud. National Foreclosure Management Inc., which also does business as American Home Rescue Inc. was charged with violating Florida’s deceptive and unfair trade laws. About 80 homeowners were affected, representing approximately $1.7 million in equity. Most of these homeowners had substantial [...]

[Read more →]

Holders of adjustable rate mortgages (ARMs) that are facing a reset (dramatic increase) in their rates and monthly payments should consider refinancing with a fixed rate mortgage loan. Actions by the Fed to cut short-term interest rates should hold mortgage rates low for the next several months.

[Read more →]

In a rare move, the City of Cleveland filed a lawsuit in Cuyahoga County Common Pleas Court, suing 21 banks over the foreclosure crisis. As some consumer advocates applaud the move, we know that it is too little too late.

[Read more →]

On December 6, President Bush revealed a plan to help some borrowers with ARMs avoid a rate hike for 5 years. The plan is designed to help homeowners build equity and have time to improve their credit so that they can refinance to a mortgage loan with better terms. The purpose is to prevent a [...]

[Read more →]

We anticipate a coming recession in 2008. As such, our counselors are planning for increased requests for assistance from financially distressed consumers. Leading economists now put the recession risk as high as 50% in 2008. This is more than twice previous estimates. Here is why.

[Read more →]