Archive for August, 2008
Friday, August 29th, 2008
Bankruptcy is a situation where you have drowned in debts. When you file for bankruptcy, credit report companies will report it and such will have adverse effects on your credit score. If you have a history of bankruptcy, chances are, you will not be able to get mortgages or other types of secured and unsecured loans. Bankruptcy histories will appear in your credit report for at least ten (10) years. As such, you ought to do everything to avoid bankruptcy.
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Friday, August 29th, 2008
If you are overwhelmed by stacks of bills and cannot honestly cope with them, don’t despair. Have you ever considered the option of filing for bankruptcy?
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Friday, August 29th, 2008
A short sale, also called a distress sale, is when the homeowner’s property has been devalued below the mortgage leaving a shortage between the current market value of the property and the present mortgage on the property held by the lender. Homeowners owe the difference between the mortgage balance and the discounted amount as a result of the short sale, which is referred to as the debt shortage.A short sale would generally benefit the lender because the lender avoids the expenses and hassle of seizing a delinquent customer’s property. In addition, lenders realize that they could lose money if the borrower’s home is auctioned in a foreclosure proceeding.
To decide whether or not to do a short sale, lenders look at various factors. Those factors are:
- Whether the seller is deserving of a break.
- Whether it would be cheaper to simply repossess and sell.
- How many other properties the lender has in default.
- Whether there are cosigners on the mortgage who can be held responsible for the balance covered on the mortgage.
Even when borrowers engage in a legitimate short sale, there is no guarantee of success. It’s difficult to have an agreement where the interests of all parties are satisfied. One has to take into account the interests of the lender, homeowner, agent, buyer and investor who held the mortgage. Also, if the husband and wife were divorcing, then both would have to agree to have a short sale.With regard to managing a short sale, it’s important that sellers review loan documents with an attorney to make an informed decision.
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Thursday, August 28th, 2008
I have two more years to go on my consumer proposal and all my payments are up to date. I have no problem making payments and, in fact, have saved a little money. My only problem is I travel off and on in my job and having no credit card can be very inconvenient, troublesome and embarrassing. I received an application from a cc company (Capital One) who (somehow) must know of my financial situation because the application states I can receive a credit card even if I`m *bankrupt* or under *consumer proposal*. Is there any rule against my applying for this card while I still have two years left in my proposal? Thank you.
Posted from: Nova Scotia
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Thursday, August 28th, 2008
When debt takes everything you’ve got, sometimes the only option left is bankruptcy. It happens to many different people for many reasons and is a legitimate way to get out of financial trouble if you’re doing it for the right reasons. Bankruptcy is a process that can help people or businesses repay their debts under the protection of bankruptcy court or wipe out their debts completely. As soon as you file either type of bankruptcy, your creditors are no longer allowed to take action to collect debt from you without court approval.
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Thursday, August 28th, 2008
If you have filed a Bankruptcy and now need a loan then you may be nervous about getting approved. One of the hardest things to deal with is the aftermath of a bankruptcy because you are picking up the pieces and trying to have a fresh start. This can be a time for you to regroup your financial life. This bankruptcy will likely stay on your credit report for 7-10 years but if you work hard you can get your credit rating back to what it once was before.
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Thursday, August 28th, 2008
Banks warn passage of Credit Cardholders’ Bill of Rights Act will ultimately hurt consumers. Consumer advocates disagree, saying bill provides long-needed protection from fees and rate hikes.
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Thursday, August 28th, 2008
Bankruptcy is a complex topic, especially with the recent changes in bankruptcy law. There are different chapters you could file, and trying to wade through the mountain of legal paperwork required is something you should not attempt yourself. Get an understanding of chapter 13 bankruptcy in this article.
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Thursday, August 28th, 2008
If you are facing the possibility of bankruptcy, you need to find out what chapter is the best one for you to file. This depends on a wide variety of factors, which you need to evaluate to make sure you are not giving up more than you need to, as this article explains.
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Thursday, August 28th, 2008
Do I need to tell my employer if I file?
Does it become public knowledge if I file for bankruptcy?
Once discharged from a bankruptcy how long does it stay on my record ie how long does it affect my credit rating for applying for a mortage etc?
Once discharged do I have to tell future creditors I had previously filed?
Posted from: New Brunswick
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