Fannie Mae Introduces “Deed For Lease” Program
In a bid to avoid an overload of foreclosed houses in its inventory, Fannie Mae has introduced a new program that would give homeowners facing foreclosure the option of leasing their houses for one year. The program could keep thousands of families in their homes, but critics worry that the Government-backed lender, which has received billions of dollars in bail-out funds, could end up losing even more money. The “Deed For Lease” program would allow homeowners to transfer title to their homes back to Fannie Mae, in exchange for a one-year lease, with possible extensions after that lease term ends. The goal is to allow homeowners to remain in their homes, and for Fannie

What Happens To My Car In a Chapter 13 Bankruptcy?
When you file a Chapter 13 bankruptcy case, you must propose a plan to repay your creditors. Usually, your unsecured creditors (such as credit cards, personal loans, medical bills, and other debts for which no collateral is pledged) will be discharged without any payment. However, if you want to keep your secured assets, such as your home, vehicles, or other assets you are buying on credit, such as furniture, you must arrange to pay for those assets. You have three options regarding your vehicles in a Chapter 13 bankruptcy: Surrender the vehicle. If you cannot afford to pay for a vehicle, you can surrender it in your Chapter 13 Plan, and will be unde

What Happens To My Car When I File a Chapter 7 Bankruptcy?
When you file a Chapter 7 bankruptcy case, all creditor actions, including repossession of vehicles, is prohibited. In fact, if your vehicle has been repossessed shortly before the case is filed, it may be possible to force the creditor to return it. However, if you wish to keep your vehicle, you must bring the payments current quickly, or the court may allow the creditor to continue with repossession efforts. You have three options concerning your vehicle when you file a Chapter 7 case: Reaffirmation. If you reaffirm the debt on your vehicle, it means that you agree to continue making payments and that if you stop doing so, the creditor can repossess

Failure By Mortgage Companies To Modify Mortgages May Reawaken Bankruptcy Cramdown Legislation
According to an article in the Journal of the American Bankruptcy Institute, the failure by mortgage companies to pursue voluntary modifications of mortgages may renew the push to allow judges to modify mortgages within bankruptcy cases. Since the “Home Affordable Mortgage Program” (HAMP) went into effect in March 2009, only about 360,000 homeowners have seen their mortgage payments lowered by their mortgage companies. The goal set by the Obama administration was to have 500,000 mortgages modified by November 1st, and it is estimated that 2.7 million homeowners are eligible for modifications under the program. In June, HAMP officials began conducting rigorous reviews

Top 10 List of Consumer Complaints
According to the National Association of Attorneys General, the top three topics for consumer complaints to state attorney general offices are debt collection, auto sales, and home repair/construction. Complaints regarding credit cards tied for fourth place with complaints regarding goods and services provided over the internet. Complaints concerning predatory lending and mortgage practices were sixth, with complaints about telemarketers, automobile repair, automobile warranties, and telecom slamming rounding out the top 10. “With the recession and increased foreclosure rates, consumers need to be on high alert. Too many people are being swindled out of their hard-ear