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Question about the making home affordable plan the government signed.?

I’ve been online and researched about the making home affordable program and I’ve found out there’s two parts to the program: one called the home affordable refinance and the other home affordable modification. The home affordable refinance requires the loans to be either fannie mae or freddie mac to qualify. The home affordable modification helps the others that do not have loans with fannie mae or freddic mac. I keep calling my mortgage company, Countrywide, becuase they posted online that they supposedly started to take applications for the goverment program. But everytime I call, they keep saying my loan is not a fannie mae or freddic mac loan; therefore, I do not qualify. I just want to know if there is anybody that does not have a fannie mae or freddic mac loan … Read entire article »

Filed under: Mortgage Refinancing

Tax question about Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness?

Could someone please explain line 10a? Line 10a. In the case of a title 11 case or insolvency (except when an election under section 108(b)(5) is made), the reduction in basis is limited to the aggregate of the basis of your property immediately after the discharge over the aggregate of your liabilities immediately after the discharge. (what does all that goop mean?) Also, what does it mean below by (other than qualified principal residence indebtedness) ? A nonbusiness debt (other than qualified principal residence indebtedness, such as a car loan or credit card debt) I had a Credit card cancel debt and two mortgages, one mortgage was a second mortgage on my main house, the other was a second mortgage on a rental. Any help with filling out this form is appreciated. … Read entire article »

Filed under: Insolvency

What do you think about Robert Reich idea of taking BP into Temporary Receivership?

He’s basically saying that the US government could take control over BP. http://robertreich.org/post/650145579/why-obama-should-put-bp-under-temporary-receivership … Read entire article »

Filed under: Insolvency

About Chapter 11 Bankruptcy

What is the difference between Chapter 7, Chapter 11, and Chapter 13 Bankruptcies? Watch this and our other videos to learn about this! … Read entire article »

Filed under: Insolvency

I am thinking about filing for bankruptcy soon?

About two years ago, me and my (then-expecting) wife bought our home for 220k. It is currently worth 120k. The market really hit us hard. The 2 year mark for the loan just passed and because of the crappy rate we got, our payments have gone up another 600 dollars. I stopped paying the HOA fees because I couldnt afford them anymore. They are going to begin garnish my wages for the HOA fees (Court order). I will no longer be able to afford my home.. I am super depressed about it, my life’s in shambles because of this. My neighborhood has For sale houses everywhere and Section 8 renters are ruining the nieghborhood with crime and drugs and their wrecklessness. I cannot allow my son to live in this … Read entire article »

Filed under: Bankruptcy Help

The Ugly Truth About The Housing Crisis Part 1

Mirrored With Permission. www.youtube.com Part 1 of 2 parts. The reasons to get out of real estate. articles.businessinsider.com … Read entire article »

Filed under: Bankruptcy Help

debt consolidation loans- what can I do about all my debt?

I have maxed out credit cards and they raised my apr due to a mistake in my payment and it was late, usually i’m on time or early with my payments and always pay the minimal. I’m trying so hard to get out of debt but with my apr raised, i feel like i’m drowning in debt. I have read some info on debt consolidation loans vs. other methods, which is best and what can i do? i probably have really bad credit right now due to the max’d out limits and the “penalty pricing” increase in my apr. I would like to find a way to consolidate debt to lower the rate and possibly lower the payments but i don’t want to get into a situation that will end … Read entire article »

Filed under: Debt Consolidation and Refinancing

Trying to be supportive BF: How can my GF find out about all her student loans, and a consolidation option?

My girlfriend just graduated and is stressing out about her loans. I don’t know much about the details of her loan situation, and she isn’t 100% positive about it either. She has a number of loans (let’s say 7) out: 2 Federal Stafford loans 2 Great Lakes Loans 3 Michigan Mi-Loans Now, looking at Sallie Mae’s loan consolidation application I don’t see an option for “Great Lakes” or “Mi-Loan”, only Stafford loans. So does that mean that a company such as Sally Mae can’t/won’t consolidate these “mi-loan” and “great lakes” loans? If not, how should she go about consolidating her loans? Also, on the “Great Lakes” website along with the two loans she has, there are two other loans for 2750 each that say, “Not yet disbursed”. Disbursed = payed … Read entire article »

Filed under: Student Loan Help

Is Debt Consolidation the Best Way to Go and If So How Should I Go About It?

Like I am in about $20,000 in debt and I was thinking about consolidating all of it into one monthly payment. If I do decide to do it, I really would like to know how everything will show up on my credit report after everything is said and done. … Read entire article »

Filed under: Debt Consolidation and Refinancing

How to go about personally refinancing a relative’s mortgage (in Ohio)?

A relative in Ohio missed a few payments on her house and narrowly missed a forced foreclosure auction. I’d like to bail her out somewhat by taking over her mortgage from the existing mortgage company. She would then be making payments to me instead of them, and I’d be a LOT more willing to forgive a missed payment or three. (Also her payments would be a lot less, even if I charged, say, 4% or 5% on the balance — and no, I’m NOT trying to get rich off her or gouge her!) It really sounds to me like a refinance process, where she would be refinancing her home, but through me instead of a traditional lender. (I have enough cash to pay off her existing mortgage and separate … Read entire article »

Filed under: Mortgage Refinancing

question about bankruptcy and debt consolidation?

Ok I am going through a seperation with my wife and we bought a vehicle together,but its under my name and i can’t afford it plus all my other bills put together by myself I am close to 30,000 in debt I would like to do a consolidation before bankruptcy but does anyone have an idea how low my debt consolidation payments would be? or should i file bankruptcy? … Read entire article »

Filed under: Debt Consolidation and Refinancing

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