Ask the Attorney: Debt Management or Bankruptcy?News from Patch.com:
The short answer is: it depends.
What makes sense for one person may not make sense for another based on your financial situation. If the stars are lined up properly, a Chapter 7 bankruptcy is sometimes the perfect solution to your financial woes.
If you fit the profile for a Chapter 7 bankruptcy, the main drawback is the negative impact on your credit score; but let’s be honest here. If you are this close to filing bankruptcy, your credit is probably not that great to begin with. Sometimes the only way to rebuild [...] Continue Reading…
ResCap to Stop Funding $ 1.7 Billion in Home-Equity LoansNews from San Francisco Chronicle:
(Updates with excerpt from filing in fifth paragraph.)
May 15 (Bloomberg) — Residential Capital LLC, the bankrupt mortgage company indirectly owned by the U.S. government, won court approval to quit funding $ 1.7 billion in consumer home- equity lines of credit to conserve cash.
U.S. Bankruptcy Judge James Peck today approved the company’s request to tell customers it will no longer fund their so-called heloc loans. Peck ordered ResCap to provide consumers with information about their legal rights related to the loan contracts.
“I consider this to [...] Continue Reading…
ResCap to Stop Funding $ 1.7 Billion in Home Equity LoansNews from Bloomberg:
Residential Capital LLC, the bankrupt mortgage company indirectly owned by the U.S. government, won court approval to quit funding $ 1.7 billion in consumer home- equity lines of credit to conserve cash.
U.S. Bankruptcy Judge James Peck today approved the company’s request to tell customers it will no longer fund their so-called heloc loans. Peck ordered ResCap to provide consumers with information about their legal rights related to the loan contracts.
“I consider this to be a fairly important matter,” Peck said in court in Manhattan.
ResCap filed [...] Continue Reading…
Banks Not Immune to Housing-Related Failures: Corporate CanadaNews from Bloomberg:
Canada’s banks, ranked the soundest on the planet by the World Economic Forum, aren’t immune to collapses triggered by falling housing prices, according to the government official implementing new mortgage rules.
Previous failures of Canadian financial institutions were due to bad real estate lending and sharp falls in housing prices, and these can happen again, Vlasios Melessanakis, manager of policy development at the Office of the Superintendent of Financial Institutions, wrote in documents obtained by Bloomberg News under freedom-of-information law. The last failure in Canada was in 1996.
“Canada is not immune,” [...] Continue Reading…
Dealing with second and third mortgages on one propertyNews from NorthJersey.com:
Q. I have a second and third mortgage on my house. Can the lenders of my second and third mortgage foreclose on my house even if I make all my payments to my first mortgage lender in timely manner? Is there any way that I can short-sell my house?
Your letter reminds us of the go-go years of real estate, where property values were rising so fast that many homeowners took out several home equity lines of credit — and home equity lenders happily agreed to sit behind the primary, [...] Continue Reading…
A lien can hit your home-equity lineNews from MarketWatch:
Realty Q&A is a weekly column in which Lew Sichelman, a nationally syndicated columnist who has been covering the housing market for more than 40 years, responds to readers’ questions on real estate.
WASHINGTON (MarketWatch)—Question: I’ve read that home-equity lines of credit can be frozen if there is a new junior lien, such as a contractor’s lien, placed on the house. How can the lender find out about new liens placed against the house? Do lenders run periodic title searches? Do these get put on credit reports? —Larry
Answer: Lines of credit can [...] Continue Reading…
Tapping into Home EquityNews from minbcnews.com:Read more: Money, Finance, Finances, Financial Advice, Money Advice, Retirement Advice, Retirement Information, Investment Advice, Stocks, Stock Market, Stock Marke…………… continues on minbcnews.com
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Private Equity Funding Brazilian Home Builders: MortgagesNews from BusinessWeek:
Brazil’s homebuilders are turning to private-equity firms for financing as banks withdraw lending after cost overruns added to rising debt burdens.
Billionaire Sam Zell’s Equity International, Paladin Realty Partners LLC and Prosperitas are offering to fill a funding gap as Brazil’s President Dilma Rousseff tries to make good on [...] Continue Reading…
Mortgage Q&A: Formula can gauge home equityNews from Washington Times:
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Q. My wife and I are in the process of a divorce and she wants to remain in the home that we jointly own. We have a mortgage balance of about $ 342,000. I think we could sell the house for clos…………… continues on Washington Times
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Merkley’s “Rebuilding Equity Act” Bill Would Help Homeowners Refinance …News from LoanSafe:
(Source: Sen. Jeff Merkley) – Washington, DC- Today, Oregon’s Senator Jeff Merkley introduced the Rebuilding Equity Act, a bill that will lower costs for some homeowners seeking to refinance through the Home Affordable Refinance Program (HARP). Under this bill, if homeowners who are current on their mortgage seek to refinance into a 20-year loan term or shorter, Fannie Mae or Freddie Mac will cover the closing costs, a benefit averaging $ 3,000 per homeowner. In addition, families will benefit from substantially lower interest payments due to today’s [...] Continue Reading…
CP All, Eastern Water, Home Product: Thailand Equity PreviewNews from Bloomberg:
Shares of the following companies may have unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the close yesterday.
The SET Index (SET) rose 0.3 percent to 1,231.04.
CP All Pcl (CPALL) : Thailand’s biggest convenience store operator said net income in the first quarter jumped 32 percent to 2.76 billion baht ($ 89 million). CP All gained 3.4 percent to 38.5 baht.
Eastern Water Resources Development & Management Pcl (EASTW) : The country’s largest private water supplier said first- quarter net income rose 37 [...] Continue Reading…