First and second mortgages are very different creatures. A first mortgage has priority over any other mortgages. When a lender issues a second mortgage, it recognizes there is some degree of increased risk that should trouble develop, the first mortgagor can foreclose...
Month: March 2015
A question of risk, pt. 1
When you take out a second mortgage on your home, your creditor performs some calculations. They assess the value of your home, your income, your other debts and the overall real estate market within your area. They do this to determine their exposure to the risk of...
Has it become too expensive to obtain bankruptcy relief?
The "reform" of the bankruptcy act in 2005 is now looking more like it was less of a reform and more of a return to a creation of virtual poor houses, where debtors who have a low enough income are rendered insolvent to such a degree that they are unable to file for a...
Why do you need an attorney to file for bankruptcy protection?
Well, you don't. Federal law, which governs bankruptcy, permits individuals to file bankruptcy on their own, without an attorney. The question you have to ask yourself whether you feel confident with dealing with the process, from completing the necessary paperwork to...
Questions before you file bankruptcy
The choice to file a bankruptcy is never easy. You have to consider multiple factors before you file to determine if bankruptcy is the correct solution to your financial woes. If you are feeling buried under the weight of your debts, bankruptcy may present the best...
Student loan delinquencies rise in 2014
Student loans continue to be a problem, both for borrowers and for the economy as a whole. A recent report from the Federal Reserve indicates that while most types of credit are seeing mostly on-time payments, student loans have seen an increasing number of...
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