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March 2012 Archives

Judge orders BofA to pay for creditor harassment after bankruptcy filed

This blog has frequently discussed the idea that a creditor must stop collection activities when a person files for bankruptcy protection. Generally, creditors can only resume debt collection activities with permission of the court after a bankruptcy petition is filed, based upon specified rules that do not allow resumption of collection activities in all cases. One of the basic protections of a bankruptcy petition is that a bankruptcy case can serve to stop creditor harassment while the case is pending in the bankruptcy court.

Unlike discharged debt, forgiven credit card debt can lead to tax liability

In late February, this blog discussed a temporary tax waiver that Congress created in the wake of the economic meltdown. That waiver applies to home mortgage issues, such as short sales, loan modifications and foreclosures, and temporarily waives tax liability on the limited issues of debt forgiveness on a home mortgage. The limited waiver is expected to expire this year.

BofA says it will offer principle reductions to some underwater loans, P. 2

In the last post, this blog opened a discussion of underwater mortgages and potential write downs in the principle balance that Bank of America says that it plans to pursue. The new BofA policy is related to the recent settlement between the government and some of the nation's largest mortgage lenders that came in the wake of the housing market collapse that was tied to lending and foreclosure practices.

BofA says it will offer principle reductions to some underwater loans, P. 1

Giant home mortgage lender Bank of America says that the financial institution will aggressively reduce the principle balances of underwater mortgages in the wake of the financial meltdown and foreclosure crisis.

Many Americans struggling with medical debt

The Centers for Disease Control and Prevention says that one in five American households have difficulty paying medical bills. Of those families that struggle with medical, the CDC says that half of the families are unable to pay any of the medical debt. Not surprisingly, lower income families have the most difficulties in servicing medical debt, according that the research.

Information in credit report can greatly affect credit scores

Throughout the Great Recession and the subsequent potential economic recovery, the media has carried many stories suggesting that lenders have remained tight on credit. Often, an individual's credit score can be a factor in the terms of a loan.

Unsealed documents claim BofA committed fraud in HAMP loan modifications

News has been plentiful over the past few years on difficulties that homeowners have experienced in seeking loan modifications under the Home Affordable Modification Program. This blog has discussed issues that homeowners had due to so-called "dual tracking" problems among the nation's mortgage lenders during the modification process. Those stories highlighted issues where the banks seemed to have one department pursuing foreclosure proceedings, while a separate division was working on a HAMP modification.

President Obama discusses foreclosure relief for military families

The president held his first news conference of 2012 Tuesday. Among the topics President Obama addressed was the relief that servicemembers who were wrongly foreclosed upon may be entitled to during the nationwide foreclosure debacle over the past few years.

Americans may seek to save or relieve debt with this year's tax returns

Consumer confidence in the economy is a popular topic in the news, in any type of economic cycle. Since 2008, stories on consumer confidence have run through a roller coaster. As we move into March and many Americans are preparing their tax returns, a natural topic is what people intend to do with their tax return, that is, if they are expecting a return this year.

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