Student Loans are Holding Back Home Ownership
America’s student-loan debt grows by $2,726 every second. Total student loan debt in the United States has topped $1.3 trillion, second only to mortgage debt. Nearly one-third (30%) of Americans know someone who has delayed the purchase of a home because of student loan debt. And more than half of those expect that delay to last longer […]
D.C. Small Claims Increase is a Big Win for Creditors
Effective immediately, the jurisdictional limit of D.C.’s Small Claims Court has increased from $5,000 to $10,000. By contrast, Virginia’s small claims (General District Court) limit is $25,000, and Maryland’s small claims (District Court) limit is $30,000. The D.C. small claims increase took effect pursuant to the District of Columbia Judicial Financial Transparency Act of 2016. Make no […]
Bankruptcy in the Bible
Deuteronomy defines bankruptcy in the Bible. But the Bible also frequently mentions lending, fair pay, creditors, interest payments, and money in general. Let’s start out with one of Jesus’ most important messages before we take a look at the Old Testament. The Golden Rule You may know of the so-called Golden Rule from the Sermon on […]
Top 9 Financial Fears of Americans
An early 2016 study by insurance and investing behemoth Northwestern Mutual revealed some interesting insights into several issues impacting people’s long-term financial security. Here are the top 9 financial fears in America. The 9 Biggest Financial Fears for Americans Number One and Number Two on the list of biggest financial fears are really just the same thing: […]
Does Foreclosure Show Up on a Background Check?
Running a personal background check can tell a potential employer or landlord a lot about you. Today’s background checks include more than just your criminal record. Background checks also reveal prior addresses, previous employers, and your credit history. But does foreclosure show up on a background check? Foreclosure Will Appear on Your Background Check To […]
Tuition is Dischargeable in Bankruptcy
Section 523 of the Bankruptcy Code provides that student loans are not dischargeable in bankruptcy. But unpaid tuition is not a student loan. While it is extremely difficult to discharge student loans in bankruptcy, unpaid tuition is dischargeable in bankruptcy. 11 U.S.C. 523(a)(8) provides that, absent undue hardship, a debtor cannot discharge student loans. The […]
Credit Monitoring Services are a Waste of Money
Many companies (like LifeLock, Identity Guard, and IdentityForce) offer to monitor your credit report and alert you if something suspicious happens. These companies charge a monthly fee, between $9.99 and $29.99 per month. All three credit bureaus also offer credit monitoring services for various monthly fees. In theory, these service are a good idea. In reality, however, credit monitoring services […]
Will Partial Payments Delay Foreclosure?
If you have missed mortgage payments, you may wonder: Will partial payments delay foreclosure? In most cases, unfortunately, the answer is No. If your mortgage company actually accepts your payment, they will not apply it to your most recent bill. To stop or delay a foreclosure, you must get the bank to agree (in writing) […]
Fannie Mae, Ginnie Mae and Freddie Mac: What Do They Do?
Fannie Mae, Ginnie Mae and Freddie Mac are government-sponsored enterprises (GSEs). The U.S. Congress created these corporations to reduce cost and increase availability of credit to targeted borrowing sectors. GSEs enhance the flow of money between private lenders and investors. Home buyers, farmers, students — and hedge fund managers — are the major beneficiaries of GSEs. Fannie Mae […]