708-598-5999

Mortgage rates have been rising as rumors swirled that the Federal Reserve was considering a “taper” of asset purchases. This rise in mortgage interest rates scared off more than a few buyers and slowed the housing recovery.  However, with the Federal Reserve pledging last week to continue buying US Treasury securities and agency mortgage-backed securities, mortgage rates begin to fall again.  This may not be a good sign of the housing recovery; however, it is good for potential buyers who want … [Read more...]

With today’s economy, you could find yourself without an income quickly and without warning.  Having an emergency fund will help keep you from the brink of bankruptcy while you find another job.  However, finding ways to create and fund your emergency savings may be difficult if you are already struggling with debts or other financial issues.  Budget your savings just like any other bill - - if you schedule savings as a bill payment, you can make cuts in other areas to cover this expense as you … [Read more...]

Even though a federal bailout of Detroit has been ruled out, the Obama administration continues discussions with Detroit and Michigan leaders to make sure that federal resources in place continue to help support local priorities.  An official for the administration stated that the federal government is going to “continue to support the efforts under way in Detroit” and continue to be active in the city’s revitalization.  Attending for the administration will be the director of the National … [Read more...]

The gourmet grocery store, Fox & Obel, has filed for protection under Chapter 11 of the bankruptcy code.  It is unclear if the store will continue to operate in the future even though it remains open for now.  Ongoing problems such as failed health inspections, inability to make rent payments and increased competition may have led to the filing of the bankruptcy case.  According to the filing, there are over 100 creditors with debt between $1 million and $10 million.  The IRS is the largest … [Read more...]

Chances are that if you are not able to pay your bills at 50, you will not be able to make ends meet going forward.  Rather than ignoring the situation and making matters worse, you should take steps now to restructure your finances to make ends meet now and make your future a bit brighter.  You can negotiate to lower your interest rates, pay down debt and earn a little extra money by using the experience you have in your chosen field to freelance.  For more about how you can make ends meet … [Read more...]

Most people hate hearing the words “financial planning” as they assume that someone will be lecturing them about the merits of creating and sticking to a monthly household budget.  However, one of the most important elements of financial planning is asking yourself “what if” - - what if I lose my job, what if my spouse dies, etc.  By asking the “what if” questions, you may be able to avoid extremes like bankruptcy or foreclosure.  For helpful tips on how to begin your financial plan read, … [Read more...]

There is a new trend among Millennials in the real estate market.  Rather than buying a home, they are becoming what are referred to as “career renters.”  The number of career renters seems to be growing.  They are content to rent rather than taking the plunge into the real estate market.  Whether it is the convenience of renting (little maintenance, great amenities, etc.) or the desire to avoid mortgage debt, a growing number of young adults are delaying homeownership for the foreseeable … [Read more...]

Unfortunately, a lender is not required to accept a mortgage payment if you are behind on your payments.  Even if they have done so in the past, a mortgage company can refuse to accept any more payments until you pay the entire past due amount in full.  If you believe you are not behind, you may want to contact an attorney for assistance.  If you are behind, a bankruptcy filing could delay the foreclosure process or even help you to catch up the past due portion and resume payments.  For more … [Read more...]

In most cases, when you file a bankruptcy you must pay secured debt if you intend to retain the property.   A second mortgage is a secured debt; however, in some instances you may be able to wipe that debt out if the value of your home is less than the amount you owe on your first mortgage.  However, the recovering real estate market and rising home values are decreases the cases in which this is an option.  For more about this read, “Can Chapter 13 Help Me Get Rid of Second Mortgage?” … [Read more...]

A lawsuit filed in the Eastern District of Texas alleges that Ocwen Loan Servicing violated the Fair Credit Reporting Act and the Texas Debt Collection Act by continuing efforts to collect a debt that was discharged in a federal bankruptcy case.  The couple filed individual bankruptcy cases in 2008 and 2009.  Both listed the Ocwen debt as an unsecured claim in each of their bankruptcy cases.  Each debtor received and order of discharge terminating any rights Ocwen had against the debtors with … [Read more...]