My Loan Modification Was Denied. Now What?
If your loan modification was denied, you may still have options. If you intend to keep your home and are willing to put in the extra work, then you may still be able to obtain a modification. Here’s what to do if your mortgage modification was denied. Read the Denial Letter Understand fully why your loan […]
How Your Credit Score is Calculated
Your credit score is calculated using the “FICO Five” factors: payment history, credit balances, length of history, credit mix, and new credit. Instead of having a single credit score, however, you actually have three. Each of the the three major credit bureaus (Experian, Equifax and TransUnion) compile their own separate credit scores. Yet every credit […]
Is There a Statute of Limitations on Student Loans?
A statute of limitations sets the maximum time after you default on a debt within which the creditor can sue you. Statutes of limitations protect defendants from plaintiffs who do not pursue legal actions with reasonable diligence. The Department of Education recently found that more than 40% of borrowers have stopped making payments on their federal […]
Five Ways Debt Can Wreck Your Marriage
Maintaining a good relationship with your spouse requires work. Hard work. Remaining emotionally connected to your spouse while coordinating the logistics of your daily lives involves true commitment, selflessness, and sacrifice. Debt should not come between you and your spouse. Here are five ways debt can wreck your marriage. 1. Keeping Secrets According to a recent survey, as […]
What To Do When You Get Sued
You cannot prevent a plaintiff from suing you. The case may have no merit, and the plaintiff may even be guilty of abuse of process. But you cannot avoid litigation if the plaintiff names you as a defendant. Here’s what to do when you get sued. Don’t Freak Out Maybe you were expecting a lawsuit. […]
Where do I mail my Chapter 13 Plan payment in DC, MD and VA?
Once your Chapter 13 bankruptcy has been filed, you will make your Chapter 13 Plan payments directly to the trustee for several months. Your first Plan payment must be made no later than 30 days from the date that your case is filed. Once your Plan has been confirmed, usually three to five months later, […]
Will Foreclosure Affect My Spouse’s Credit?
When facing foreclosure, wanting to protect your spouse is a natural instinct. Whether your foreclosure will affect your spouse depends upon whether the mortgage loan was a joint debt. Going through a foreclosure is never easy. But a foreclosure is even more stressful when it affects loved ones, especially a spouse. Love makes you ask yourself the question: […]
What Does It Mean When a Debt is Charged Off?
Many people experience a feeling of relief when they see on their credit reports that an old debt has been marked as “Charged Off.” Some think that these debts have been forgiven because a creditor has charged off the debt. But what exactly does it mean when a debt is charged off? You Still Owe […]