Debt settlement a bad alternative to bankruptcy By Liz Weston NerdWallet.com, Aug 30, 2017 (a summary from South Bend Tribune) Many people believe that hiring a company to settle their debts is better on their credit, will cost them less in the long run and will generally be better than a bankruptcy. This is what […]
“This is What Happens to Student Loans When You Die”. The following is a summary of USA Today article. It is important that you know the type of student loan (federal or private), the guarantors of the student loan (parents, etc), and the law of the state where you live. This article cannot walk you […]
Once again the New York Times reports on Wells Fargo’s fraudulent account scandal. No, this is not the same one from 2016, this is a new one where the bank just “found” more than a million additional unauthorized accounts, raising the total to 3.5 million accounts. “Every time we get one of these announcements, the […]
The American Bankruptcy Institute ‘ABI’ released a report addressing the astronomically high failure rate of chapter 13 bankruptcy. The findings are not surprising for those of us who work in this world, but are shocking for the rest of the consumer community. It is likely that many bankruptcy judges have never had a successful chapter […]
CFPB REPORT WARNS THAT TAKING OUT A REVERSE MORTGAGE LOAN CAN BE AN EXPENSIVE WAY TO MAXIMIZE SOCIAL SECURITY BENEFITS Reprint from The Consumer Financial Protection Bureau (CFPB) (8/24/2017) CFPB issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security […]
CFPB – new report “Innovation Highlights: Emerging Student Loan Repayment Assistance Programs” Consumer Financial Protection Bureau “CFPB” released a new data finding that nearly half of student loan borrowers leave school owing at least $20,000 – double the number of borrowers a decade ago. The Bureau also found that more borrowers are taking out student […]
Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans. In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.
When Mortgage Lenders Monkey With Your Loan By Bill Purdy The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com. Spoiler Alert: As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges. Borrowers just trying to keep […]
From Bloomberg: Student Loan Giant Faces Trial over US Claim it Duped Borrowers. Lawsuits brought by Consumer Financial Protection Bureau and state attorneys general of Washington and Illinois allege that Navient mistreated hundreds of thousands of student debtors by taking shortcuts to minimize its own costs, while adding what the CFPB said was as much as $4 […]
Contempt bankruptcy court order ends in prison time: In re Kenny G. Enterprises 16-55007 (9th Cir 7/26/2017) Kenneth Gharib refused to comply with a bankruptcy court order to turn over $1,420,000 belonging to a chapter 7 estate. The judge imposed sanctions for the contempt: civil contempt sanctions of $1,420,000, $1,000 a day until he complied, […]
