The Washington Post recently reported that a Southern California debt collection firm has been shut down by the Federal Trade Commission for violating debtor harassment laws. What makes this story especially newsworthy is the outrageous accusations against the collection company, including threats against a family pet and digging up a corpse!

The FTC halted operations and froze the assets of a debt collection business that operated under a variety of names.  The company’s owners are charged with violating the Federal Trade Commission Act and Fair Debt Collection Practices Act. The FTC alleges that a collector for the company unlawfully threatened a woman who owed money on her daughter’s funeral bill. She

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The real estate bubble is one the primary culprits behind the rise in individual bankruptcy filings. Currently an astonishing 22.5% of home borrowers have home mortgage balances with negative equity. Many debtors therefore are looking for ways to reduce their monthly payments, if not get out of their home obligation entirely.

In an effort to avoid filing bankruptcy, nearly every home owner with a troubled mortgage has attempted a loan modification to some degree. Although most attempts usually fail, even on the rare occasions when the modification has been approved, the debtor often still feels the need to file bankruptcy.

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Should a seller go through the short sale process rather than letting their house be foreclosed on? 

Every client’s circumstances are different, but in almost all examples in which a potential seller is considering whether they should short sell their home or let it go through the foreclosure process, a short sale is typically the better option.

Short Sale

Mr. Jones owns a home with a mortgage balance of $200,000 and a current market value of $130,000. Mr. Jones elects to short sell his property. His Agent successfully obtains a buyer who offers a price of $104,000 (80% current market value).  A

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Planning for your retirement is recommended for all individuals, especially if you would like to continue living the standard of living that you currently have while you are still working. Aside from this, financial planning for retirement offers plenty of other benefits.

Retirement planning would allow you start saving money early on. This could, in turn, help you in maximizing your earnings, especially on your investments that earn compound interest.

Planning for your retirement can also give you the security and the peace of mind that you and your family would always be financially stable even if you come across unexpected situations. Full Post…