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How long may I have to avoid foreclosure in Maryland?

Maryland’s foreclosure process requires lenders to follow a sequence of mailings and legal filings. As noted by the Maryland Department of Labor, a Notice of Intent to Foreclose is the first certified letter that you may receive. The Notice of Intent acts as a warning. It informs you that your lender intends to file a foreclosure action after 45 days from the date of the NOI. You may also receive a “Loss Mitigation Application” with the notice. After filling out the included application, you may

May 17, 2022 No Comments

Interest rate hikes may impact your credit card debt

Credit card debt is notoriously difficult to pay off because of high-interest rates. With the Federal Reserve set to increase rates, it is about to get more difficult for many consumers. How are interest rate hikes likely to impact credit card debt? Federal Reserve benchmark rate The Federal Reserve is in charge of making adjustments intended to encourage spending when inflation is low and slow spending when inflation is high. It accomplishes this by either raising or lowering the Federal Reserve benchmark rate, which is

May 6, 2022 No Comments

Is a mortgage modification or refinance right for you?

Your home is a source of pride and may also act as your biggest investment. When you face financial hardship, making that monthly mortgage payment may become a high hurdle to clear. Is a change to your mortgage payment a viable option? There are a couple of avenues homeowners may want to consider for payment relief. A mortgage modification may provide you with the help you need to get your finances back under control. Discover how this or other mortgage options may provide some relief.

May 4, 2022 No Comments

Can debt collectors contact you through social media?

Social media has exploded in popularity over the past few years. In fact, according to the University of Maine, roughly 4.48 billion people worldwide currently use social media to connect with friends, relatives and even strangers. In 2015, that number was slightly under 2.1 billion. As you may suspect, debt collectors have long sought to capitalize on social media usage. That is, they have wanted to contact social media users about unpaid debts. While this is generally permissible, there are some meaningful rules about what

April 15, 2022 No Comments

What is special about Chapter 13 bankruptcy?

When you think of bankruptcy, you may have visions of losing everything you own. Media depictions often involve people forced to sell homes, cars, jewelry and other valuables to pay outstanding debts. However, this is not the case, especially if you file for Chapter 13 bankruptcy. The purpose of bankruptcy is to satisfy debts and get yourself on a stronger financial footing. Wiping away the debt that bogs you down through a Chapter 13 restructuring plan may prove a better option in the long and

April 1, 2022 No Comments

Looking at data on Chapter 7 bankruptcy filings

If you are thinking about filing for Chapter 7 bankruptcy, you probably have many different questions. Aside from legal issues related to bankruptcy, you could feel hesitant because you think that people will look down on you for filing a bankruptcy petition, or you could worry about how bankruptcy might affect you years down the road. It is important to understand that many people file for bankruptcy each year. Reviewing statistics on Chapter 7 bankruptcy can help shed light on the prevalence of these cases

March 31, 2022 No Comments

How business owners may prepare for Chapter 11 bankruptcy

Business owners unable to meet their debts may restructure their liabilities with a Chapter 11 bankruptcy. Unlike Chapter 7, which includes liquidation, Chapter 11 allows debtors to keep their existing assets. By filing for a reorganization through Chapter 11, businesses could become financially viable again. The United States Bankruptcy Code provides petitioners with 120 days to create a reorganization plan. The affected creditors form a committee and vote on the plan’s approval. Until the creditors approve the reorganization plan, a business exists as a “debtor

March 19, 2022 No Comments

How can you avoid home foreclosure?

Owning a home is the dream of so many people throughout the U.S. That is why a foreclosure is such a worrisome topic, especially if you face financial issues. With a foreclosure, the lender assumes ownership of a property when the borrower can no longer make payments on their mortgage. Fortunately, there are quite a few ways to avoid foreclosure and retain ownership of the home, depending on the circumstances. Here are a few points to keep in mind. Talk with the lender In many

March 10, 2022 No Comments

What good habits can you form to avoid debt?

Credit card debt serves as one of the most common forms of debt in the country, with many people suffering from it at all ages and walks of life. Getting out of this debt can set your life in a better direction. However, the most important thing is knowing what to do to keep from falling back into it later. Handling your payments Consumer Credit discusses how to potentially avoid credit card debt. It all boils down to your habits and how you handle your

February 25, 2022 No Comments

What is debt collector misrepresentation?

When facing mountains of debt that you cannot overcome, the last thing in the world you want to deal with on top of that is the hounding of a debt collector. Unfortunately, debt collectors are not always known for their kind methods of handling debtors, either. In addition to classic harassment tactics, debt collectors may also implement misinformation and miscommunication in order to get what they want. Thus, it is something for you to keep an eye out for. Manipulation of information The Consumer Financial

February 12, 2022 No Comments