What is the importance of the loss mitigation affidavit?
During the foreclosure process, you will receive multiple documents. It is important to pay attention to what you receive because these papers will provide you with a range of information about the foreclosure and where you are in the process. If you and your lender cannot agree on a loss mitigation option, you will receive […]
All about chapter 7 bankruptcy
Chapter 7 bankruptcy involves liquidation. That is the sale of an individual’s nonexempt property, where the court distributes proceeds among creditors. Here is more on this type of bankruptcy and how it compares to others. Alternatives There are many types of bankruptcy besides chapter 7 liquidation. Businesses wishing to avoid liquidation or stay in business […]
What debts can you discharge in bankruptcy?
Even though a Chapter 13 filing will lead to a repayment plan with the goal of repaying your debts, you may still discharge some debts in the process. Once you complete the repayment plan, the court will remove any dischargeable debts. But it is important to understand that you cannot discharge all debts in bankruptcy. […]
Is home loan modification a good idea when interest rates are high?
The main idea of modifying a home loan is to usually save money. It can help to reduce monthly payments and even shorten the loan term in some situations. But when interest rates are high, you may wonder if a modification would be a good idea. There are a few considerations to make about whether […]
Secured credit cards can contribute to your credit score after bankruptcy
After bankruptcy, most lenders will not give you a traditional credit card right away. You must rebuild your credit and prove to lenders that they can trust you as a borrower. Secured credit cards can help you build your credit again. Like traditional credit cards, secured credit cards help you build your credit score if […]
What is a Notice of Intent to Foreclose?
During the foreclosure process, you will receive various documents that allow you to know what is happening. The first document you will get is a Notice of Intent to Foreclose. This notice is your warning that the lender is going to file a foreclosure. It is essential to pay attention to it. The details The […]
How to improve your credit for greater loaning power
Applying for credit can help you make major purchases, such as a new car or a home, but is sometimes a daunting task, especially when your credit score is not as high as you would like. According to CNBC, securing credit and loans are now more difficult to secure for the average American, putting larger […]
How will Chapter 7 bankruptcy affect your interest rates?
When personal debts become too much to handle, one of the most common solutions for reprieve is to file for Chapter 7 bankruptcy. Doing so gives you time to liquidate assets and repay your creditors, but it can also have a negative impact on your interest rates going forward. While bankruptcy might be your only […]
3 poor credit habits that keep you in debt
Millions of Americans find themselves mired in credit card debt that can severely impact their credit scores and the opportunity to secure the ability to make major purchases, such as a vehicle or a home, in the future. The credit reporting company Experian notes that those with poor credit use nearly 80% of their available […]
How does financial difficulty affect mental health?
Having significant debt is a challenging situation, but can it actually affect mental health? In 2021, researchers conducted a study on the effects of financial difficulty on mental health. The National Library of Medicine published the results. How do financial difficulty and debt affect mental health? The study likened financial difficulties to natural disasters, such […]