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 high interest mortgages by creating barriers to HARP (Home Affordable Refinance Program) refinancing.
New guidelines by the Federal Housing Finance Agency will expedite short sales and help some homeowners and banks avoid foreclosure. According to the FHFA, the guidelines:
Many people filing bankruptcy in Dallas are facing many of the same issues. Death, divorce, loss of job, reduction in income, increase in the size of the family, decrease in the size of the family, medical bills, ridiculous interest rates...they all contribute to the ultimate decision of having to seek protection under the Bankruptcy Code.
Bankruptcy may be the answer you have been looking for in 2011. If you are overwhelmed by credit card debt, unsecured lines of credit, medical bills, or are facing repossession of your vehicle or foreclosure of your home then it is definitely time to find out what your options are at the beginning of 2012. Most of the time, when you get the debt relief that you have long needed you are able to find that many areas of your life improve.
Ever since the real estate bubble burst in 2006, the U.S. has been in the midst of a foreclosure crisis. In December 2008, the Case-Schiller Home Price Index recorded its most significant drop in its history and the market still has not recovered.
Finding the right bankruptcy attorney to file your case is an important process. You have to feel comfortable with your lawyer because it is critical that you make full disclosure of all of your assets, liabilities and financial transactions over the past few years in order for your representative to best assist you.
Many people have had to turn to relief under the Bankruptcy Code in Collin County, Texas. Chapter 7 Bankruptcy is often the chapter of bankruptcy that many debtors choose if they pass the Means Test. Chapter 7 is often the most appropriate chapter if the debtor is current on the homestead, current on the cars, and has unsecured debt that is unaffordable.
Congress changed the bankruptcy laws in 2005 about six months after George W. Bush signed them into law. For all bankruptcies filed after October 17, 2005, every debtor has to complete a Means Test analysis to determine what their "disposable income" is on a monthly basis to repay back to their unsecured creditors over a 60 month time period in a Chapter 13 bankruptcy.
North Texans have had a real struggle in many cases in keeping up with their mortgage payments after the recession resulted in thousands of lost jobs. Many Texans were forced to file for unemployment with Texas Workforce Commission. Sometimes that just wasn't enough to juggle all of the bills, and keep up on the mortgage.
Many people in Collin County are having to seek their debt relief options due to the recent recession and awful employment rates. Often people who previously had a mid to high paying job were forced to take a pay cut or were even laid off. If they were previously able to service their debt repayment plan, they may no longer have the ability to do so with their reduction in income.