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January 2013 Archives

Consumers to be better protected under new mortgage rules

Earlier this month, the Consumer Financial Protection Bureau (CFPB) enacted new rules aimed at protecting homeowners from lender abuse, unanticipated fees and inadequate service by mortgage servicing companies. Under the newly finalized rules, these companies will aid homeowners in good standing, those seeking loan modifications and those attempting to avoid foreclosures in a variety of ways.

Former homeowners plagued by "zombie" debt

When homeowners are placed in a position where they must give up their residence, the loss can be profound. However, receiving final foreclosure papers can also be a relief for many individuals who have become exhausted by the process of fighting for their homes. In many instances, foreclosure is like divorce. It can be terribly painful, but it can also serve as an opportunity for taking the next step in one's life in a fresh and positive way. Once the burdens of mortgage payments are relieved, one can often breathe easy enough to envision the next step to be taken.

What will your financial life look like after bankruptcy?

Tens of thousands of Americans file for bankruptcy each month in an effort to regain solid financial footing in the long-run. January, with its fresh start symbolism, may be an excellent time for some individuals to file. However, many people are hesitant to file because they have not been properly informed about frequently asked questions related to life after bankruptcy.

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