Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Congress may soon vote on H.R. 3609, which is titled the Emergency Ownership and Mortgage Equity Protection Act. The idea is to provide bankruptcy judges the authority to modify mortgage loans to help families afford the payments.
The bill proposes allowing distressed homeowners to include their mortgage in a Chapter 13 bankruptcy filing. There are some other important proposed changes also. (more…)
Tired of getting those pre-approved card offers? You may have found that you can opt out of these offers by calling 888-5-OPT-OUT. This works across all 3 main credit bureaus.
Some mortgage brokers say that this has another unintended affect. They claim that it can give you a couple of extra points on your credit score–points that could get you into a lower interest mortgage. (more…)
Home Equity Conversion Mortgages (HECM), also called reverse mortgages, are one of the hottest products available to the increasing number of baby boomers entering retirement. In order to assess whether a reverse mortgage is right for you, you should understand the costs and benefits associated with a reverse mortgage.
First, consider the benefits of a reverse mortgage. If you are house rich and money poor, you may feel the pressure of upkeep on your home while paying ordinary living expenses. You have a good net worth, but you cannot tap into it. (more…)
