Posts tagged default

DEFAULT !!! Escaping the Debt Trap and Avoiding Bankruptcy

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The true story of an ordinary middle-class married couple buried in over ,000 in credit card debt who face debt collection, learn to defend themselves in court without hiring a lawyer, and force a major bank’s collection attorney to dismiss its case against them. They avoid bankruptcy and they prevent collection. Every pleading (of both Plaintiff and Defendant) filed in this case is reproduced in its entirety – only the case number and names have been changed to protect the couple’s privacy. What these people learned about the banking system would change their lives forever. NEW, More >

What happens if I default on a 1st mortgage but not on a second?

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Here’s the story in a nutshell. I purchased a condo in 2005 on an ARM. Just out of a divorce, I decided to consolidate some debt with a home equity line of credit called a 125% loan. Bad move, since I didn’t first refi the ARM. Now, the housing market has slumped, my property value is down, I have negative equity, and I can’t refi. The ARM has gone up and is due to go up again in a couple months. My payment has doubled and I can’t afford it. What will happen if I default on the 1st mortgae but remain current on the second? In other words, what happens to the second mortgage, More >

Mortgage Loans – Mortgage Loan Tips for Borrowers Already in Default

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Who says owning a house is easy? Tell that to thousands of people who are on the verge of loosing their house because of a default mortgage. So many people have already lost their job and now they’re going to lose their house too. That would be too much for a person whose only fault is getting a mortgage at the wrong time. Well, good news for people like them, the bank is willing to adjust their interest rate or payment terms provided they go through the proper process. The process is called mortgage modification. It is offered to people whose payments are behind by a couple of months More >

Default: The Documentary Student Loans

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Standard: The student loan is a documentary feature-length documentary tells the stories of borrowers from different areas of the private student loan industry are concerned and their struggles to change the system. In 2005, private student loans for all consumer groups have been excluded from coverage. No matter when their loans were included, many borrowers are now able to repay the two landslide three or more times the original amount borrowed, without bankruptcy, no cap on fees and penalties, not the courts. The consequences are disastrous, with stories of borrowers in More >

Can a mortgage company file a 1099 when you are in default without a summary jugement?

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We are residents of Texas and the property in foreclosure is in Delaware. Second mortgage holder is threatening to file a 1099.

China Postpones Plan to Introduce Credit Default Swaps, FT Says

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China Postpones Plan to Introduce Credit Default Swaps, FT Says May 31 (Bloomberg) — China postponed a plan to introduce credit default swaps to its domestic market, the Financial Times said, without saying where it got the information.

Read more on Bloomberg

Can default of federal school loans keep you from getting a passport?

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I am in default on school loans, like not just a little bit. Not proud of it, trying to get straight. I am applying tomorrow for passport, getting married in Jamaica in August, HOPEFULLY. I am worried I will get denied b/c of school loans!!

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