The Mortgage Bankers Association released data today indicating that over 12% of homeowners are experiencing mortgage delinquency. That statistic translates to 1 in every 8 homeowners are one payment (or more payments) behind on their mortgage loan. Since the incoming executive administration, the government and banks have made efforts to stave off foreclosures, [...]

Recently a conversation on personal finance led to the statement, one has to be “rich” to be financially literate. Well, that statement couldn’t be further from the truth. An awareness of financial literacy allows one to determine their financial means and ability to navigate their personal finances to not only meet financial [...]

The decision to file for bankruptcy is a tough one for the homeowner, but a choice millions of Americans are making each day as a result of the collapse of the housing market. While contemplating bankruptcy, the major concern of the homeowner is what happens to the home after filing. However, depending on the choice [...]

Today’s real estate market has experienced a plethora of foreclosures and bankruptcies due to several instabilities within the US real estate market. As home values continue to fall and real estate sales slow down, many homeowners are finding themselves owing more than their homes are worth in the declining market. This is often referred to [...]

I recently read an article bashing loan modification companies. The report read that loan modification companies were taking advantage of consumers by completing a financial event that any homeowner could complete and charging extraneous fees for doing so. However, the loan modification process is not as simple a process as it is being [...]

Americans are considering bankruptcy at a nearly unprecedented rate. In addition, there is a growing consideration of a “hardship withdrawal” of 401k retirement accounts in a last effort to access cash necessary to meet financial obligations and possibly avoid a personal bankruptcy. However, the penalties and taxes charged for prematurely tapping of these pension funds [...]

In the banking industry, the credit report / credit profile is often referred to as the “character report.” The credit/character report does not determine if a person has “good” or “bad” credit, as much as it helps illustrate a financial picture of a person’s consistency to uphold to their financial responsibility. The credit [...]

I spoke with someone recently that complained that he made approx $6,000/month and his bills were only $4500/month, yet he had no savings and couldn’t understand where his money had gone at the end of each month. I told him he needed to set a bag or box by his door and in his [...]

Wednesday, the US senate passed a bill that would make it easier for “risky” credit homeowners to refinance into a lower interest rate mortgage, insured by the government. The measure to allow bankruptcy judge to rewrite the mortgage terms on a primary home for bankruptcy filers failed on a [...]

Today, there approximately 640 million credit cards in use, creating a $1.5 trillion habit…I mean industry. The average American carries about $8,000 in credit card debt. And in a time when the nation is suffering its worst economic environment since the depression, the banks are expected to collect over $20 billion in “over the [...]