Freeze Your Credit, Don’t Lock It
A new law — the Economic Growth, Regulatory Relief, and Consumer Protection Act — takes effect on September 21, 2018. The law requires the big three credit bureaus to offer free fraud alerts and credit freezes. Equifax, Experian, and TransUnion will set up webpages for those services. You also have the ability to lock your […]
Top 7 Reasons People Declare Bankruptcy
People don’t declare bankruptcy for the fun of it. Bankruptcy results from a financial hardship from which a person cannot recover within a reasonable amount of time. Lots of circumstances can lead to personal bankruptcy. Here are the top 7 reasons people declare bankruptcy. Job loss Unemployment benefits simply do not cover living expenses. Losing […]
How to Prevent Foreclosure If You Lose Your Job
Foreclosures in the United States have dropped to an 11-year low while unemployment has found a 44-year low. How the average American fares, however, does not reflect the circumstances of any particular individual. Statistics simply don’t make a difference when you’re trying to keep your home. Here’s how to prevent foreclosure if you lose your job. […]
Do Not Defend Yourself in a Debt Collection Lawsuit
If a creditor sues you, you have a choice: hire a lawyer or attempt to litigate yourself. Be warned, however: your chances of winning significantly diminish if you try to defend yourself in a debt collection lawsuit. Pro se litigants lose (and lose big) more often than litigants with a lawyer When a litigant defends […]
Repay Your Student Loans in Chapter 13 Bankruptcy
If you file Chapter 13 bankruptcy and choose not to repay your student loans, you could end up in a worse condition than before you filed. To be sure, you can defer repayment of your student loans during the entire duration of your bankruptcy case. But interest will continue to accrue on any unpaid balances, […]
Are All of Your Creditors Listed on Your Credit Report?
The credit bureaus have gotten pretty good about instantaneously obtaining and promptly reporting your personal financial information. The credit bureaus are big, savvy, and flush with cash. But are all of the creditors you owe listed on your credit report? Maybe not. These are some of the most common types of bills and creditors that […]
Questions for Your Mortgage Company If You’re Facing Foreclosure
If you’re facing foreclosure, stay in contact with your mortgage company. Do not ignore them when they call, and do not ignore their correspondence. Instead, reach out to your lender to determine your options. You will have questions for your mortgage company if you’re facing foreclosure. 4 Questions to Ask Your Mortgage Company If You’re […]
What is Foreclosure Loss Mitigation?
Foreclosure loss mitigation is the process that mortgage lenders use to work with homebuyers who are behind on their mortgages. You may be able to modify your mortgage, obtain approval of a short sale, or otherwise more efficiently surrender the property to your lender. Loss mitigation in Virginia and Maryland is very different from loss […]
DC Region Leads Nation in Complaints About Debt Collection
The Washington, D.C. region again outpaces the nation in complaints about debt collection in 2018, according to the latest Complaint Snapshot report from the Consumer Financial Protection Bureau, or CFPB. Washington, D.C. ranks first in the nation in debt collection complaints per capita, while Maryland ranks third and Virginia ranks eighth. The D.C. area has […]