Category Archives: News
New $100 Bill
The United States Treasury Department has just unveiled the new $100 bill design to curtail counterfeit. “This note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” Geithner said at the unveiling ceremony. The new bill featuring a security thread decades in development: the microprinted mobile image that has inspired all the [...]
Foreclosure Down or No
Foreclosures in the month of January was 15% compared to the same month last year. But it is predicted that this number is going to dramatically increase as a surge of cash-strapped homeowners who have fallen behind were on their way. More than 315,000 homeowner received a foreclosure notice in January. That is less in [...]
Foreclosure Liability
Depending on the state that you reside in, you could be in for a rude awaking if your home was foreclosed upon. For what you asked? Well if your home sold for less than what was owed on your mortgage than you could be liable for the difference. This is known as a deficiency judgment [...]
States Filing For Bankruptcy
With individual bankruptcy filing at record place, it is not too surprising that companies and now state government are following suit. There is a thought floating around that 46 out of 50 states in American could file for bankruptcy. If that turns out to be true then we might be in for a long ride [...]
2009 Bankruptcy Filing
Bankruptcy filing in 2009 jump 32%. There were more than 1.4 million filings in 2009. The largest number since 2005. Experts believe that 2010 may see even more. There were 116,000 filing in December alone. The filings reflect the severity of the one of the worst recessions since World War II. In fact, states that [...]
IRS Fines California Governor
The IRS has filed a $79,064 federal tax lien against California governor Arnold Schwarzenegger. The lien was filed in May 11, 2009. The lien was filed in the Los Angeles County recorder’s office so it basically places a lien on all his property within the Los Angeles County, including his Brentwood home. The lien was [...]
Judge Wipes Out Home Debt
A Judge wiped out a $525,000 mortgage that a Long Island couple owed to a California bank. The Bank had received $814.2 million in federal bailout but had a record of being coldblooded in foreclosing in people who owed it money. The Judge called the banks actions “harsh, repugnant, shocking and repulsive. So the Judge [...]
Congressional Action
The Senate Judiciary Committee has announced a November 19th markup of S.1624; the bill: · Amends federal bankruptcy law to cite circumstances under which a medically distressed debtor may elect to exempt from the property of the estate in bankruptcy up to $250,000 of the debtor’s aggregate interest in specified real or personal property that [...]
Individual Bankurptcy Filing Surge
The state of Massachusett has seen a spike of 35% in Chapter 7 filings in the last nine months. There were 11,872 Chapter 7 filings from January through September compared to 8,777 filing during the same period a year earlier. This year’s bankruptcy-filing totals are the state’s highest since 2005, when federally mandated changed to [...]
Foreclosure Avoid Fixes Fail to Work
“Foreclosure prevention programs” that rely on voluntary loan modifications are failing to reach most Americans and are often backfiring when they do, according to the NACBA. The failure of these prevention program is putting great pressure on Congress and President Obama to allow court-supervised loan modifications. Credit Suisse is projecting that over 8 million foreclosures [...]