The Debt Buying Industry
Delinquent debt has given rise to an entire debt buying industry. When a debt becomes seriously delinquent, the bank holding the debt will write it off then sell it to a debt buyer, like Midland Funding, for a tiny fraction of the amount of the debt. In turn, that debt buyer might sell it to yet […]
Top 6 Reasons Loan Modifications Are Denied
When facing foreclosure, the best way to get your mortgage back on track is to obtain a modification. You will need to complete your lender’s loss mitigation package. Loss mitigation involves the submission of various financial documents and a Request for Mortgage Assistance (or RMA). The lender will make a cursory review of your application, then […]
Get a Mortgage Modification with Chapter 13
When you cannot afford to pay your mortgage, there are a few possible outcomes, including a short sale or foreclosure. If you want to keep your home, however, the best solution is usually mortgage modification. Mortgage modification involves changing the terms of your mortgage loan so that it becomes more affordable to you. Mortgage modification […]
Should I Worry About My Fiance’s Bankruptcy?
Marriage is much more than the spiritual union between two people. Marriage also joins two otherwise completely separate lives — socially, legally, and financially. A problem in one spouse’s life will affect both, and that includes any financial problems, too. You may be engaged to marry someone who just filed for bankruptcy, or someone who […]
Foreclosure Defense in Washington, D.C.
Lee Legal provides foreclosure defense in Washington, D.C. We defend homeowners and commercial property owners facing foreclosure in D.C. Superior Court. If you receive a Complaint for Judicial Foreclosure, there are deadlines to file papers with the court. Once you are served, you have only 20 days to file and serve an Answer to the Complaint. As soon […]
Student Loan Forgiveness Could Narrow the Racial Wealth Gap
The racial wage gap is wider today than in it was in 1979. And according to this recent Washington Post article, student debt is exacerbating the gap. Student loans make it more difficult for to save money and accumulate assets. Targeted student loan forgiveness could narrow the racial wealth gap. Education levels directly influence both economic opportunity and […]
Loss Mitigation Waterfall Should Continue Post-MHA
In July 2016 the Consumer Financial Protection Bureau (CFPB) released a report titled Guiding Principles for the Future of Loss Mitigation. The report lists several “lessons learned” from the financial crisis and makes recommendations to mortgage lenders and servicers for a post-MHA era. One specific suggestion is the permanent adoption of the loss mitigation “waterfall” model. The […]
Sometimes Being Right Isn’t Enough
You know you’re right. The other person knows you’re right. Every reasonable person with an objective perspective on the facts would agree: “You’re absolutely right!” Unfortunately, sometimes being right isn’t enough. Some people are really stubborn. Some people just don’t like to admit they’re wrong. Others don’t want to have to pay money if they think they can worm […]
Key Takeaways from Bank of America’s 2016 Survey of the Wealthy
Bank of America’s 2016 Insights on Wealth and Worth survey of the wealthy contains some very interesting findings. The survey studies the attitudes and behavior of wealthy and very wealthy adults in the United States. U.S. Trust, which operates as a division of Bank of America Private Wealth Management, has been surveying the perspective of the wealthy […]