Data from the Federal Reserve Bank shows some promising figures regarding American debt: Household debt fell $74 billion in the third quarter of 2012 and mortgage debt fell $120 billion. In fact, mortgage debt is at its lowest level since 2006 and foreclosure numbers...
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Month: November 2012
Hostess bankruptcy: From Chapter 11 to Chapter 7?
On Behalf of Pelley Law Office LLP | Nov 19, 2012 | Chapter 11 Bankruptcy
Crowds of people are hitting grocery stores. Instead of buying preparations for Thanksgiving meals, however, they are buying Twinkies. Last week, Hostess declared that it would need to liquidate and could not continue its Chapter 13 bankruptcy plan.Of course, that...
How are states spending mortgage foreclosure settlement funds?
On Behalf of Pelley Law Office LLP | Nov 14, 2012 | Foreclosure
When the national mortgage-foreclosure settlement against the biggest mortgage companies yielded $135 million for Texas, housing advocates and distressed homeowners were glad to hear that the state would have money to help it prevent future foreclosures. The agreement...
HARP refinancing: Freddie Mac erected barriers
On Behalf of Pelley Law Office LLP | Nov 9, 2012 | Foreclosure
According to new information recently disclosed by Freddie Mac officials, the mortgage company intentionally made it harder for Americans to refinance high interest mortgages because of its bottom line. In other words, they intentionally kept Americans locked in their...
More seniors in debt, filing for bankruptcy
On Behalf of Pelley Law Office LLP | Nov 2, 2012 | Bankruptcy
In the past few years, there have been many reports showing that the economy is as hard on senior citizens as anyone else. In 2010, for example, the number of Chapter 7 and Chapter 13 bankruptcies filed was at the highest it has been since 2005, which is the year that...