What is a Deed in Lieu of Foreclosure?
A “deed in lieu of foreclosure” is the legal transfer of ownership of real property to the primary mortgage holder. The deed in lieu of foreclosure, sometimes simply called “deed in lieu,” is an option to avoid foreclosure. A deed in lieu conveys the homeowner’s interest in the property back to the lender, usually in exchange for forgiveness […]
File Chapter 13 Bankruptcy to Delay Foreclosure
If you are behind on your mortgage payments, your mortgage company will take legal action to foreclose on your home. Many homeowners are willing to take whatever measures necessary to keep their homes, even for an indefinite time. Chapter 13 bankruptcy is often the only way to fend off a foreclosure in the event that […]
How Will Bankruptcy Affect My Credit Score?
Bankruptcy fixes many past and current financial problems. But before you file, it’s smart to ask: How will bankruptcy affect my credit score? What is my credit score? Your credit score is a numerical expression (between 300 and 850) based on the statistical analysis of your individual credit data. Your credit score is very important. […]
What is the Statement of Intention?
When a homeowner files for Chapter 7 bankruptcy protection, the very first page of the bankruptcy filing that the mortgage company turns to is the Statement of Intention. The Statement of Intention (or Statement of Intent) discloses the debtor’s intention toward secured property, like cars and homes. In the Statement of Intention, the debtor states […]
The Meeting of Creditors: Who Will Show Up?
About a month after you file for Chapter 7 or Chapter 13 bankruptcy, you will need to go to the Meeting of Creditors. Your attendance at this meeting is mandatory. But who else will show up? The Meeting of Creditors Also known as the Section 341 hearing, the Meeting of Creditors allows a court-appointed trustee […]
Top Ten Movies About the Economic Crisis
Understanding how the economy got to where it is today is no easy task. What follows are the top ten movies about the economic crisis. Elizabeth Warren, Harvard Law Professor and whip-smart economic wonk, succinctly summarized the frightening state of our economy following the Great Recession: Tens of millions of once-secure middle class families now […]