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December 2010 Archives

Understanding Your Credit Score And Credit Score Myths

The foreclosure crisis, the worst recession since the Great Depression and high unemployment has many Ohioans concerned about their credit status. Most Americans understand that the availability of credit and favorable interest rates is affected by an individual's credit score. However, many people adhere to common myths regarding credit.

Timing Is Important In Filing For Bankruptcy

Roughly 15 million Americans remain out of work. About a quarter of all Americans are underwater on their mortgage. The nation is trying to recover from the worst recession since the great depression. The United States government says that around 1.5 million individuals sought bankruptcy relief in the twelve-month period ending on September 30, 2010. That is a 14 percent increase over the previous year.

Bank of America's Loan Modification Practices Result in Lawsuit

On Friday, Bank of America was slapped with a lawsuit by two state attorneys general. They are accusing the mortgage-lending giant of fraudulently dealing with homeowners who requested loan modifications for their home mortgages.

Government Oversight Panel Reviews HAMP Program

The Congressional Oversight Panel released its fourth housing report regarding the Obama administration's Home Affordable Modification Program (HAMP). The report indicates that the Treasury Department has failed to properly analyze the program.

Bankruptcy Trustee Files Suit Against Former 'N Sync Member

The trustee in the Polaroid chapter 7 bankruptcy case has been poring over financial documents for some time. Polaroid filed for bankruptcy in 2008 after its former owner, Tom Petters, faced charges in an elaborate Ponzi scheme amounting to more than $3 billion. Petters was sentenced to 50 years in prison. The trustee in the chapter 7 bankruptcy is seeking to recover any funds it can on behalf of the bankruptcy estate.

Bankruptcy Filings Down In November

A recent report from the American Bankruptcy Institute says consumer bankruptcies fell to a nine month low last month. Filings in November dropped 13.3 percent from the rate seen in October. Overall however, the number of American consumers filing for bankruptcy relief remains high. Last month saw 2.2 percent higher bankruptcy cases than were filed in November 2009.

Three Accused of Bankruptcy Fraud in Foreclosure Scam

Three con-artists devised a foreclosure rescue scam that used the bankruptcy court as a cog in their fraud machine. The three men preyed on distressed homeowners and offered to halt home foreclosure proceedings for a fee. The fees usually amounted to $1,500 per month. The scam generated roughly $550,000 in fees during the course of the scam, according to federal prosecutors.

Federal Government Broadens Probe Into Foreclosures

The federal government is intensifying its probe into the banking industry's foreclosure practices. The Justice Department is involved. The Justice Department Trustee Program is stepping up its efforts to review Chapter 13 bankruptcy cases for improprieties in foreclosure proceedings that led to the Chapter 13 filing.

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35 East 7th Street,
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Cincinnati, Ohio 45202

Phone: 513-621-7902
Fax: 513-621-6402
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The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-621-7902
Fax: 513-621-6402
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