Although the Credit Card Accountability, Responsibility and Disclosure Act, known as the CARD Act, was passed in 2009, and most of it took effect last year, a recent survey found that only half of all U.S. credit card holders are aware of the consumer rights and...
Month: March 2011
Orlando’s post-foreclosure crisis home vacancy rate tops nation
After the real estate market collapse, cities across the nation have suffered through foreclosure blight and a real estate market that just won't seem to rebound. Those who own a home are typically either living with an underwater mortgage or desperately searching for...
Reuters disputes OCC’s claim that few wrongful foreclosures happen
In a February hearing before the Senate Banking Committee, U.S. Comptroller of the Currency (OCC) John Walsh testified that a OCC probe into alleged misdeeds by banks during "Foreclosure-Gate" found that very few wrongful foreclosures have taken place. The OCC is...
Should you take on more credit card debt to pay your tax bill?
It's about that time again -- federal taxes are due on April 18th this year. Unfortunately, if you're like many people who struggle with debt, you may find that instead of getting a big refund that you could use to pay down your credit card debt, you owe the IRS...
Unmanageable debt could hurt you more than Chapter 13 bankruptcy
In a recent letter to the Your Debt Adviser column in the Columbia Daily Tribune, a woman writes that she's trapped in unmanageable debt -- six months behind on her credit card bills. She has been considering filing for Chapter 7 or Chapter 13 bankruptcy, but she is...
FTC cracks down on scamming loan modification companies in Florida
The Federal Trade Commission is cracking down on fraudulent loan modification companies who promise to help struggling homeowners stay out of foreclosure. As a part of that effort, the FTC has charged a national debt settlement company with illegal practices and is...
Florida judge orders debt collector to stop Facebook harassment
In an effort to collect $362 in unpaid debt on a car loan, collection agency Mark One Financial LLC contacted a Florida woman six to 10 times every day by phone, texted her, contacted her neighbor, and couriered a collection letter to her workplace. It also contacted...
AARP sues HUD for wrongful foreclosures on FHA reverse mortgages
The AARP Foundation has filed suit against the U.S. Department of Housing and Urban Development on behalf of seniors who took out reverse mortgages guaranteed by the FHA (a division of HUD) and then, according to the complaint, lost their homes to wrongful...
HSBC’s recent disclosure fails to illuminate foreclosure issues
HSBC Mortgage Services' 2010 annual report was recently made public. The report stated that HSBC is no longer processing home foreclosures, having suspended them in December. At least two cases, however, are still making their way through Florida courts,...
HAMP loan modifications on Republican budget chopping block
In 2009, after the real estate market collapse left millions of American homeowners at risk for foreclosure, the Obama administration announced its Home Affordable Modification Program (HAMP) with great fanfare. Its goal was to help 3 to 4 million troubled homeowners...