Generally speaking, debt isn't passed on; it dies with the person who borrowed money. If your father dies and leaves behind a condo that is $50,000 underwater, for instance, you might not be able to keep the condo, but you won't inherit the debt. Be that as it may,...
Month: March 2012
Loan tricks may lead student debt holders to declare bankruptcy
Signing up for repayment plans they cannot afford is a primary reason some student loan holders later turn to bankruptcy for relief. Some disappointed college grads are discovering that, even after struggling for years to pay off high student loan debts, they are not...
Homeowners have one less loan modification scam to fear
Overly stressed homeowners facing foreclosure may find they are easy prey to scam companies that offer false loan modification schemes like a recent one that was halted by the Federal Trade Commission (FTC) in a U.S. District Court. In that operation, desperate...
Another Florida theater faces closing curtain due to debt
A Florida bank filed a lawsuit claiming a local theater company has failed to pay on two notes. The lawsuit is a foreclosure claim against the business. The lawsuit is the result of the theater company's supposed failure to pay approximately $6 million dollars of debt...
At-risk homeowners use lenders’ own weapons against them
During the 2000s, many lenders engaged in shoddy underwriting and used legal shortcuts to get homeowners out of their homes. The "big guys" like Wells Fargo, J.P. Morgan Chase and Bank of America have all been accused of submitting court documents that made it look...
Medical bills can cost people money and points from credit score
Getting credit in today's economy can be hard because lenders are not willing to take as much of a risk as they were in the past. Having a good credit score is a requirement in order to not only take advantage of good interest rates but also to get a loan at all. One...
Think debts are forgotten? IRS might not think so.
It's the time of year that most adults dread: tax season. Collecting all of the necessary paperwork and information and finalizing the filing process can be stressful. But according to USA Today, some taxpayers are facing even more stress during this tax season. The...
Homeowners express anger and approval of Florida foreclosure bill
Angry homeowners in Florida made their voices heard recently after a Senate panel cleared a bill that would shorten the time required to process foreclosures. The homeowners are distressed over what seems to be a diminishing of their rights. Opponents especially...