Bounce back from bankruptcy

Bounce Back From Bankruptcy: A Step-by-Step Guide to Getting Back on Your Financial Feet, Third Edition (Paperback) by Paula Langguth Ryan

Book Description
The ONLY thing standing between you and good credit after bankruptcy is not knowing what steps YOU should take next. Whether you are looking for immediate credit after bankruptcy or you never want to see another credit card as long as you live, this book will show you how to rebuild financially after bankruptcy.

Get details on how to buy a car after bankruptcy, including how and where to get an auto loan after bankruptcy without paying sky-high interest. Find the best credit card after bankruptcy, and determine whether a secured credit card or an unsecured credit card is your best choice. Discover how to get the best interest rates on a personal loan after bankruptcy, how to rent an apartment, buy a home, or even refinance after bankruptcy.

Unlike other books that teach you how to get new credit after bankruptcy so you're right back in debt again, this book provides you with the tools you need to break the chains that keep you locked in an endless cycle of debt. You CAN have a second chance, financially after bankruptcy. This book shows you how.

posted by News at 12:38 AM

Online bankruptcy

Attorney Fees On The Rise Due To New Bankruptcy Laws

Many individuals are seeking low-cost alternatives to high-priced bankruptcy attorneys.

Washington, DC (PRWEB) July 25, 2006 –- Those individuals seeking to file bankruptcy under the new bankruptcy laws that went into effect in October, 2005 are paying much higher fees to bankruptcy attorneys, who have raised their fees as much as 100 percent. "That's to account for the increased liability the new law imposes on them, which will mean more time verifying and filing client documents," said Jeanne Sahadi, a senior writer at CNN/MONEY.

Opponents of the new bankruptcy laws claim the laws fall hardest on low-income families, single mothers, minorities and the elderly. Many consumer groups are wondering how individuals that are already financially strapped are supposed to come up with the higher fees charged by bankruptcy attorneys. With bankruptcy attorney fees costing up to $2,500, many individuals are seeking low-cost alternatives to using a high-priced bankruptcy attorney.

"Many people think they need an attorney to file bankruptcy," said Dean Holt, a case coordinator at E-OnlineBankruptcy.com, a leading consumer bankruptcy service. "But in most cases, the entire bankruptcy process consists of completing the required forms, filing them with the bankruptcy court and attending a brief meeting with a bankruptcy trustee. No attorney is needed for this and no court hearing is required in most cases," says Holt.

A chapter 7 or 13 bankruptcy at E-OnlineBankruptcy.com can be prepared in as little as one day for only $129. “The number one question people ask is why our online bankruptcy service is so inexpensive,” said Holt. “The fact is, with our automated bankruptcy software the typical bankruptcy only takes about an hour or so to prepare. It’s not rocket science. There are those that want to make it seem like rocket science, but it’s not that difficult or time-consuming.”

According to Holt, “Bankruptcy is a federal program established by Congress to provide debt relief to people who need it. The program was not intended to cost hundreds or thousands of dollars in attorney fees. It simply makes no sense that those individuals who are unable to pay their current debts would have the ability to pay $800 to $2,500 in attorney fees to file bankruptcy.”

Bankruptcy attorneys contend that they are compelled to perform significantly more work to meet the requirements of the new bankruptcy laws. “One of the things that drive legal fees higher are new provisions that hold the attorney potentially liable if information on a client’s bankruptcy forms is not correct,” said one attorney.

Less than a year after the passage of the new bankruptcy laws there is already talk on Capitol Hill about enacting another bankruptcy reform bill to correct the problems with the current laws.

posted by News at 12:07 AM

7 mistakes to avoid prior to filing bankruptcy

Released on = December 10, 2005, 7:55 pm

Press Release Author = David M. Siegel & Associates

Industry = Internet & Online

Press Release Summary = The actions that you take prior to filing bankruptcy can
affect your ability to achieve a fresh start. There are seven critical mistakes
that are often made by individuals. If these mistakes are avoided, successful
results can be achieved when filing bankruptcy.

Press Release Body = FOR IMMEDIATE RELEASE
12/13/05


7 Mistakes To Avoid Prior To Filing Bankruptcy

The actions an individual takes leading up to filing bankruptcy can drastically
affect his ability to get a \"fresh start\". By avoiding these seven mistakes, one
can travel successfully through the bankruptcy process without losing a pound of
flesh.

David Siegel, a Chicago bankruptcy attorney and member of the American Bankruptcy
Institute, has guided his clients away from making these seven mistakes. Additional
consumer bankruptcy information is cited at www.bankruptcylawyerschicago.com.

1. THE CREDIT CARD RUN-UP MISTAKE:
Don\'t use your credit cards once you have made your decision to file bankruptcy.
Consumer debts incurred for luxury goods and services owed to a single creditor in
excess of $500.00 within 90 days of filing are presumed to be nondischargeable and
may be found to be due and owing.
Cash advances of more than $750.00 within 70 days of filing are presumed to be
nondischargeable and may be found to be due and owing. Don\'t jeopardize your \"fresh
start\" by running up your credit cards.


2. THE REPAY A FAMILY MEMBER MISTAKE:
With regard to repaying debts, you cannot treat your family member any better than
you would an ordinary creditor. In fact, a bankruptcy trustee can reclaim any
amount repaid to a family member within one year of filing bankruptcy.

3. THE LIQUIDATE YOUR RETIREMENT ACCOUNT MISTAKE:
Retirement accounts are generally protected. You can eliminate your debt and keep
whatever you have in an ERISA qualified account, free and clear. Many individuals
drain their retirement accounts in a futile attempt to pay down credit card debt.

4. THE TRANSFER PROPERTY OUT OF YOUR NAME MISTAKE:
A bankruptcy trustee can undo a transfer of property that previously belonged to
you. This can occur if the transfer was made within two years of the filing of the
bankruptcy with the intent to hinder, delay or defraud a creditor.

5. THE LINE OF CREDIT/SECOND MORTGAGE TO PAY DEBT MISTAKE:
Don’t take a loan against your real estate in an effort to reduce the equity. You
can often file bankruptcy and not lose this valuable asset. If you take out a
second mortgage to pay credit card debt, you may be putting your house at risk.

6. THE FAILURE TO APPEAR AT COURT PROCEEDINGS MISTAKE:
If there’s a collection case pending against you in state or federal court, don’t
assume that you can avoid the court process simply because you’ve decided to file
bankruptcy. Until your bankruptcy case is filed, a collection case continues.

7. THE FAILURE TO TELL YOUR ATTORNEY THE TRUTH, THE WHOLE TRUTH AND NOTHING BUT THE
TRUTH
MISTAKE:
An attorney can only provide advice based upon information provided by the client.
Failure to notify your attorney about your assets can lead to the loss of those
assets, denial of your bankruptcy case, fines, imprisonment or all of the above.


For More Information Contact:

David M. Siegel
davidmsiegel@hotmail.com
http://www.bankruptcylawyerschicago.com


Web Site = http://www.bankruptcylawyerschicago.com

Contact Details = Mr. David Siegel

posted by News at 12:38 PM

Non-attorney bankruptcy service

Bankruptcy Services of America Provides Alternative To High-Priced Bankruptcy Attorneys

Bankruptcy attorneys typically charge $800 to $2,500 to file bankruptcy. Bankruptcy Services of America, a nationwide bankruptcy service, charges just $195 for a complete Chapter 7 or 13 consumer bankruptcy.

Jacksonville, (PRWEB) July 21, 2006 -- Bankruptcy Services of America today announced that it has prepared over 28,000 chapter 7 and 13 bankruptcies for individual consumers since it commenced operations in February, 2003.

While bankruptcy attorneys typically charge fees ranging from $800 to $2,500 to file bankruptcy, a complete chapter 7 or 13 bankruptcy prepared by Bankruptcy Services of America costs just $195.

"Many people think they need an attorney to file bankruptcy", said Dean Holt, a case coordinator with Bankruptcy Services of America. "In most cases, however, the entire bankruptcy process consists of completing the Official Bankruptcy Forms, filing them with the bankruptcy court and attending a brief meeting with a bankruptcy trustee. No attorney is needed for this and no court hearing is required in most cases", says Holt.

Bankruptcy Services of America is a non-attorney bankruptcy service that is staffed by non-attorney bankruptcy preparers. "Our top bankruptcy preparers have over 24 years experience preparing bankruptcy forms and were formerly employed by bankruptcy attorneys and trustees", says Holt.

Those individuals seeking to file bankruptcy under the new bankruptcy laws that took effect on October 17, 2005 are paying much higher fees to bankruptcy attorneys, who have raised their fees as much as 100%. "That's to account for the increased liability the new law imposes on them, which will mean more time verifying and filing client documents", said Jeanne Sahadi, a senior writer at CNN/MONEY.

Many individuals are having their bankruptcy forms prepared by non-attorney "bankruptcy petition preparers", whose fees and services are regulated by the Bankruptcy Code and by local court rules and decisions in each jurisdiction.

For more information about Bankruptcy Services of America, visit the company's website at www.bkservicesofamerica.com.

posted by News at 12:35 PM

Obtaining a credit card after bankruptcy

A recent discharged bankrupt will face certain difficulities when applying for credit card services. A recommended option to take is to apply for a secured credit card.

This is a type of card that requires you to deposit a certain sum into a savings account. The card limit will depend on the amount of money that secures the card. The credit card will function like any other credit card and only you know it's secured.

The use of a secured credit card is also a quick way to rebuild good and healthy credit.

Here are some examples of 2 secured credit cards :

Union Plus Secured Credit Card
The card is granted to approved members who make a deposit in an interest-bearing savings account. After 18 months of on-time payments, members are eligible to be reviewed for the regular Union Plus Credit Card.
Benefits include:
* The Secured Credit Card gets reported to the credit bureau as a regular credit card, so other creditors who review your credit will see that you were issued a major credit card - meaning you can build or repair your credit report

* Deposit anywhere between $250 and $5,000 in an interest-bearing Secured Credit Card savings account, then charge against this line of credit every month
* No application fees

* A competitive fixed Annual Percentage Rate (APR)

* A low annual fee

* Eligibility to be considered for the regular Union Plus Credit Card after 18 months of on-time payments


Wells Fargo Secured Credit Card

To establish your credit limit, you must make a deposit of $300-$5,000 (in $100 increments) to a “collateral account.”
Your collateral account determines the limit that you may charge up to, and is held as a deposit. You still need to make monthly payments toward any balance you accrue, as with any other credit card.

After 12 months, you may be eligible to graduate to an unsecured Credit Card, and get back the money you deposited in your collateral account.

Content keywords : Secured Credit Card After Bankruptcy Discharge Bankrupt

posted by News at 9:47 AM

Bankruptcy auto loan

The Complete Idiot's Guide to Surviving Bankruptcy by Carol Costa and James R. Beaman (Paperback - Oct 19, 2001)

Excerpt - Page 6:
"... You After you've listed and totaled the household expenses, take a separate sheet of paper to list all the mortgages, auto loans, medical bills, credit card companies, banks, and finance companies where you have open accounts. You can set up a simple ..."

Excerpt - Page 24:
"... tax refund coming to you at the end of the year, that refund can be confiscated and applied to your loan amount. A student loan can be deferred. You can go ... poor credit history are often charged high interest rates on auto loans. Unless they have substantial collateral, they can't even get personal loans. If you have a loan with a high ..."

Excerpt - Page 40:
"... it D by circumstances beyond their control. If a creditor holds a secured liability against you (a mortgage or an auto loan, for example), the court can still discharge the debt. You will not Dollar Signs have to pay the creditor, but ..."

Excerpt - Page 50:
"... which the exact monetary liabil- this proposed change to the bankruptcy laws would ensure that some ... failed to make on a loan or other liability. The value ... bankruptcy . For example, an auto loan has a balance of $8,000, but the vehicle has ..."

Excerpt - Page 101:
"... party has the same rights and liabilities that existed prior to the bankruptcy. The debtor is obligated to pay the loan, and the creditor can sue or foreclose on the property ... dry with no recourse if you default on the loan. Autos and Other Assets Many debtors reaffirm on their auto loans because they have no other means of transportation and must ..."

posted by News at 9:14 AM

State Of Bar Texas Bankruptcy Law Section

Mission statement from the State Of Bar Texas Bankruptcy Law Section (http://www.texasbar.com) :

The goal of the Bankruptcy Law Section is provide an opportunity for all practitioners of bankruptcy law licensed in Texas to meet and exchange information and ideas on a regular basis, including practitioners in both the consumer and business bankruptcy arenas, for those who represent creditors and debtors, and those who live in any geographic region. The Bankruptcy Section shall endeavor to have the membership of the Council reflect this broad diversity of its members. The Section shall also provide an opportunity for lawyers newly practicing Bankruptcy law to attain those skills, experience and relationships which will assist them to enhance the practice of Bankruptcy law in the State of Texas.

posted by News at 8:42 AM

Bankruptcy car loan

Chapter 13 Bankruptcy: Repay Your Debts by Robin Leonard (Paperback - Jun 4, 2005)

Excerpt - Page 2:
"... debt is secured if you stand to lose specific property if you don't make your payments to the creditor. Home loans and car loans are the most common examples of secured debts. But a debt might also be secured if a creditor has ...""

Excerpt - Page 3:
"... 7 There are many reasons why people choose Chapter 13 bankruptcy ... behind on your mortgage or car loan, and want to make up the missed payments over time ..."

Excerpt - Page 28:
"... EXAMPLE: Your original loan was for $13,000 plus $7,000 in interest (for $20,000 total). ... note that here. EXAMPLE: If the market value of your car is $5,000 but you still owe $6,000 on your car loan, enter $1,000 in this column ..."

Excerpt - Page 79 :
"For example, you could cure a default on a car loan if your car note has 40 monthly payments left on it and you are proposing a standard 36-month Chapter ..."

Content keyword : Bankruptcy Car Loan Payment Debts

posted by News at 8:04 AM

Bankruptcy financing kentucky redemption

New Kentucky bankruptcy law provides homestead exemption.

A change in Kentucky's bankruptcy law could help some of the state's poor, unemployed and disabled save their homes if their debts cause them to file for bankruptcy. Legislation passed in the recent session of the Kentucky General Assembly will let debtors protect more of their property, including the value in their homes, when they file for Chapter 7 bankruptcy. The new law allows debtors to follow federal bankruptcy taw in determining how much of their assets can be protected from creditors. Kentucky had opted out of the federal law years ago and had imposed its own, lower exemptions. When the change goes into effect June 20, it will let bankrupt debtors protect up to $18,450 of equity. The new exemption is not a lot compared to the value of most homes, but it could make the difference for some Kentuckians who risk losing their homes under existing law. To read full article, sign up for free at allbusiness.com.

Content keywords : Law Bankruptcy Financing Kentucky Redemption Property

posted by News at 7:39 AM

Bankruptcy student loan

Student loans in bankruptcy: An article from: Hoosier Banker [HTML] (Digital)

Under the US Bankruptcy Code, a discharge in bankruptcy does not discharge an individual debtor from any debts for an educational loan made, insured or guaranteed by a government unit, or made under a program funded in whole or in part by a governmental unit or nonprofit institution or for an obligation to repay funds received as an educational benefit, scholarship, or stipend, unless excepting the debt from discharge will impose an undue hardship on the debtor and the debtor's dependents. Cases demonstrate that student loans can be discharged in whole or in part.

This digital document is an article from Hoosier Banker, most recently published by Indiana Bankers Association on February 28, 2000. The length of the article is 1308 words.

Citation Details
Title: Student loans in bankruptcy
Author: Anonymous
Publication: Hoosier Banker (News)
Date: February 28, 2000
Publisher: Indiana Bankers Association
Volume: 84 Issue: 2 Page: 17-18

Distributed by ProQuest Information and Learning

Book content keywords : Bankruptcy student loan, bankruptcy discharge, debt, scholarship

posted by News at 7:02 AM

Mortgage after bankruptcy - life after debt

Life After Debt: The Complete Credit Restoration Kit by Bob Hammond (Paperback - Sep 1992)

Are you tired of being turned down for credit because of negative info in your files? Now you can learn the secrets used by pros to erase bad credit from your files and start over. This complete guide was written to meet the needs of everyone, including women, minorities, divorced people, military families and those considering bankruptcy.

Content keyword list : Debt, Credit, Mortgage after bankruptcy

posted by News at 6:35 AM

Bankruptcy credit card review

Has widespread use of credit cards contributed to the increase in personal bankruptcy?: An article from: Regional Review - Federal Reserve Bank of Boston [HTML] (Digital)
by Joanna Stavins

Book Description
Credit card delinquencies and personal bankruptcy rates increased during the mid 1990s, despite the strength of the US economy. At a time when per capita income was rising, household borrowing grew at an even faster pace. Some blame credit card default rates on lenders, arguing that lenient standards have allowed customers to borrow more than they can repay; Others blame borrowers for spending beyond their means.

This digital document is an article from Regional Review - Federal Reserve Bank of Boston, most recently published by Federal Reserve Bank of Boston on March 31, 2001. The length of the article is 1858 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Has widespread use of credit cards contributed to the increase in personal bankruptcy?
Author: Joanna Stavins
Publication: Regional Review - Federal Reserve Bank of Boston (Feature)
Date: March 31, 2001
Publisher: Federal Reserve Bank of Boston
Volume: 10/11 Issue: 4/1 Page: 4-7

Distributed by ProQuest Information and Learning

Book content keywords : Bankruptcy credit card, Credit cards, Review, Personal Bankruptcy

posted by News at 6:09 AM

How to start a bankruptcy forms processing service

How to Start a Bankruptcy Forms Processing Service by Victoria Ring (Paperback - Sep 2004)

Review from Amazon.com
A solid guide with everything the reader needs to know, November 13, 2004
Reviewer: Midwest Book Review (Oregon, WI USA) -
Author and paralegal Victoria Ring (one of the first paralegals in the country to set up an internet-based service dedicated to aiding bankruptcy attorneys), How To Start A Bankruptcy Forms Processing Service is a solid guide packed with everything the reader needs to know about improving one's skill as a bankruptcy paralegal or bankruptcy forms processor, and get a freelance bankruptcy forms processing business off the ground. Chapters address the beginning steps of setting up a business from ground zero, including structuring one's client base and selecting the right office supplies, to the nuts and bolts of performing one's jobs, assessing one's clients (for example, recognizing when a debtor could be hiding assets), marketing chapter 13 services to bankruptcy attorneys, managing one's business, tips, tricks, techniques, and insights, and much more. An absolute "must-have" for anyone seeking to organize, promote, or improve the service of their own bankruptcy forms business.

posted by News at 5:47 AM

The new bankruptcy law and you

J.K. Lasser's The New Bankruptcy Law and You (J.K. Lassers) by Nathalie Martin and Stewart Paley (Paperback - Oct 13, 2005)

A comprehensive guide to the new bankruptcy law—and what it means for you

Sweeping changes to U.S. bankruptcy law—the first major changes to the law in twenty- seven years—are occurring right now. If you're unfamiliar with the new bankruptcy law and how it could affect you, this book will quickly get you up to speed. While J.K. Lasser's The New Bankruptcy Law and You thoroughly covers this latest reform, along with its options and alternatives, it also answers must-know bankruptcy questions, such as: how do you decide whether bankruptcy is the right path to take, and if it is, when should you file? Other topics discussed include:

* The new law versus the old law
* The basics of bankruptcy law that apply to all bankruptcies
* Preparing to file for bankruptcy
* The liquidation option: Chapter 7
* The payment plan option: Chapter 13
* The basics of debtor-creditor law
* Preparing for a bright financial future
* And much more

With over twenty years of experience as bankruptcy attorneys, and a dozen years of experience educating people about money, authors Nathalie Martin and Stewart Paley can help you successfully navigate the world of bankruptcy and show you how to put yourself in a position where you'll never have to think about it again.

Filled with in-depth insights and expert advice, J.K. Lasser's The New Bankruptcy Law and You can help you make more informed financial decisions when dealing with complicated bankruptcy issues.

posted by News at 5:20 AM

Bankruptcy home loans - how to buy a home

How to Buy a Home When You Can't Afford It by Robert Irwin (Paperback - Jun 24, 2002)

Excerpt - page 2: "... I've seen people in all sorts of financial condition buy homes. I've seen people in bankruptcy purchase property. I've seen people with absolutely no money and ..."

Think you can't afford to buy a home? Think again!

If you are thinking about buying your first home in today's real estate market, it's easy to feel discouraged. It may seem as if you needed to save up for your down payment since kindergarten and never pay a bill late in your life. Nothing could be further from the truth! Best-selling real estate author Robert Irwin can show you how to make your dream of home ownership a reality regardless of your financial situation. Loaded with information and advice about everything from low down payment and no down payment mortgages to finding the right agent, Robert Irwin leads you down the path to home ownership one step at a time.

* Cash poor? How about coming up with as little as 10, 5, or 0 percent down!
* High prices? Discover how persistence, patience, and a little hard work can really pay off!
* Worried about big monthly mortgage payments? Between adjustable rate mortgages (ARMs) and huge tax breaks, a mortgage is a lot more affordable than you think.
* Credit concerns? Irwin gives you the inside scoop on credit scores and what you can do to improve yours.
* Where and what to buy? Learn how to identify the best neighborhood for your money and compare different housing options.
* Looking for new construction? Find out how you can save up to 30 percent if you build it yourself!

Irwin doesn't stop there, How to Buy a Home When You Can't Afford It is packed with advice about affordable government housing programs, tips on cutting closing costs, how to evaluate fixer-uppers, and so much more. So stop making excuses and start making your dream a reality today!

Book content keywords : Buy a home, Bankruptcy home loans, Mortgage payments

posted by News at 4:51 AM

Personal bankruptcy laws for dummies

Personal Bankruptcy Laws For Dummies (For Dummies (Business & Personal Finance)) by James P. Caher and John M. Caher (Paperback - Jan 4, 2006)

Book Description
With tips on understanding and surviving the new bankruptcy laws If you're considering bankruptcy, you need straightforward answers and reliable advice. This handy guide covers it all so you can get your finances in line and your life back on track. This updated new edition covers everything you need to know about the new bankruptcy law and includes even better resources. Don't get desperate get out of debt instead! Discover how to Weigh the consequences of bankruptcy Manage your spending Find professional help you can trust Decide on the right type of bankruptcy Pass the means test Keep more of your stuff.

posted by News at 4:18 AM

Mortgage after bankruptcy

Is mortgage possible after bankruptcy? Brian I. Sacks gives the answer in his book "Yes, You Can Get a Mortgage: Even If You've Had a Bankruptcy, Foreclosure, or Other Credit Issue"

A step-by-step guide with everything you need to know to purchase a home with very little money down and low interest rates--even if you have had a bankruptcy, foreclosure, or other credit issues.

You will discover:
- How lenders view your credit report and what to do to improve it.
- 6 steps you need to bake before you look for a home.
- How the IRS will help you with your monthly mortgage payments.
- What credit scores are and how to improve your score.
- How to document your credit problem so your loan will be approved.
- Forms you need to become familiar with before your loan application.
- Grants available to help you purchase a home with no money down regardless of your credit.
- Appendix with the fair credit and equal credit laws so you will know your rights.

posted by News at 3:47 AM

Types of bankruptcy

Do size and diversification type matter? An examination of post-bankruptcy outcomes.: An article from: Journal of Managerial Issues [HTML] (Digital)
by David D. Dawley, James J. Hoffman, Erich N. Brockman

Book Description
This digital document is an article from Journal of Managerial Issues, published by Pittsburg State University - Department of Economics on December 22, 2003. The length of the article is 6664 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: Bankruptcy is a costly endeavor and the probability of surviving the process is low. While much of the previous research on bankruptcy has examined antecedent conditions leading to organizational demise, this study takes a different tack by examining the effect of diversification type (i.e., related versus unrelated diversification) and organizational size on postbankruptcy outcomes for firms that emerge from Chapter 11. Both diversification type and organizational size were found to affect probability of recovery and recovery time for firms emerging from bankruptcy protection. More importantly, it was found that size moderates the relationship between diversification type and probability of recovery.

Book content keywords : Types of bankruptcy, Recovery, Postbankruptcy

posted by News at 3:14 AM

Get bankruptcy questions answered

Here are 2 books that can help answer bankruptcy questions :

1. How To File For Chapter 7 Bankruptcy 13th Edition by Stephen Elias, Albin Renauer, and Robin Leonard (Paperback - Aug 30, 2006)

Your step-by-step guide through Chapter 7 bankruptcy.

Deciding to declare Chapter 7 bankruptcy has never been easy -- and recent changes in the law place fresh hurdles in the way of debtors seeking a fresh start.

Don't worry, help is here! How to File for Chapter 7 Bankruptcy provides the clear and user-friendly information, advice and forms you need to get through the entire process.

First, the book will help you determine whether you qualify for Chapter 7 -- and whether it is the best way to deal with your debts. Then you'll find out how to:

*stop wage garnishments and attachments *fill out and file all the form *cancel as much debt as possible *deal with secured debts *keep the maximum amount of property *keep your home, if possible *rebuild credit after bankrutpcy

The 13th edition is updated and revised to reflect the latest laws and legal forms, plus the line-by-line instructions you need to fill them out. Easy-to-use charts make looking up the laws of your state a snap.

Please note: This book does not cover business bankruptcies, farm reorganizations or individual repayment plans (Chapter 13). For Chapter 13 bankruptcy, see Nolo's Chapter 13 Bankruptcy: Repay Your Debts.

2. The Elements of Bankruptcy, Fourth Edition (Concepts and Insights) (Paperback)
by Douglas G. Baird

This casebook is an authoritative introduction to bankruptcy. Case studies, case notes, and examples illustrate points under consideration. Thought-provoking questions generate classroom discussion and hone students' legal reasoning. Students reap the benefit of the author's expert opinions, insight, and experience. Representative topics include the individual debtor, corporate reorganizations, and claims, property of the state, and the "Strong-Arm Powers.

posted by News at 2:38 AM

Bankruptcy hawaii law

Anatomy of a bankruptcy. (Manoa Finance) (includes separate articles with response by Hirotoshi Yamamoto and the final results of the bankruptcy proceedings) ... profile): An article from: Hawaii Business [HTML] (Digital) by Katy Yang

This digital document is an article from Hawaii Business, published by Hawaii Business Publishing Co. on September 1, 1988. The length of the article is 3664 words.

Citation Details
Title: Anatomy of a bankruptcy. (Manoa Finance) (includes separate articles with response by Hirotoshi Yamamoto and the final results of the bankruptcy proceedings) (company profile)
Author: Katy Yang
Publication: Hawaii Business (Magazine/Journal)
Date: September 1, 1988
Publisher: Hawaii Business Publishing Co.
Volume: v34 Issue: n3 Page: p61(5)

Book content keywords : Bankruptcy Hawaii Law Anatomy

posted by News at 2:09 AM

Avoid bankruptcy

Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition (Hardcover)
by Edward I. Altman, Edith Hotchkiss

Book Description
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more. Edward I. Altman (New York, NY) is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He received his MBA and PhD in finance from the University of California, Los Angeles. Edith Hotchkiss (Chester Hill, MA) is Associate Professor of Finance at Boston College. She received her PhD from the Stern School of Business and her BA from Dartmouth College.

posted by News at 1:52 AM

Bankruptcy lawyer joins Pepper Hamilton

Bankruptcy Lawyer Joins Pepper Hamilton - Leon R. Barson Joins Pepper Hamilton's Bankruptcy Practice as a Partner

Philadelphia, PA - July 11, 2006 - LAWFUEL - Law News Network - Pepper Hamilton LLP announced that Leon R. Barson has joined the firm as a corporate restructuring and bankruptcy partner resident in the Philadelphia office.

"Leon is a well-known and well-respected bankruptcy lawyer who has been in practice for more than 15 years in the Philadelphia and Wilmington areas," said Robert E. Heideck, Pepper's executive partner. "His addition complements our bankruptcy group and will help us expand our middle market debtor's practice. We're delighted to have him join us."

"Pepper offers me the opportunity to enhance the services that I can provide to clients," said Mr. Barson, who previously was a shareholder with Adelman Lavine Gold and Levin, P.C., a bankruptcy boutique where he has practiced since 1991. "Pepper has the resources to advise clients not only on bankruptcy issues, but also in many related areas of law, which is so important in sophisticated corporate restructurings."

Mr. Barson focuses his practice on corporate reorganizations, workouts, debtors' and creditors' rights, and corporate transactions. He has represented parties in the restructuring, reorganization or sale of complex businesses in an array of industries, including the telecommunications, health care, manufacturing, hospitality, apparel and retail industries.

His practice includes advising acquirers of financially distressed assets and providing counseling on business opportunities and the bankruptcy implications of strategic transactions. He counsels boards of directors, chief executive officers and other members of senior management with respect to their duties and obligations to, and exposures in connection with, financially challenged companies. He also represents borrowers in out-of-court restructuring transactions.

A frequent author and lecturer on a variety of subjects related to business reorganizations, Mr. Barson is recognized in Chambers USA: America's Leading Lawyers for Business in the field of bankruptcy/restructuring (2005 and 2006 editions).

Mr. Barson received his law degree from Boston University School of Law in 1990, and his undergraduate degree, magna cum laude, from New York University in 1987.

Pepper's Bankruptcy and Reorganization Practice Group handles a full range of debtor/creditor matters, regardless of the complexity, location, industry or market sector involved. Members of the group, drawing on their own experience and the assistance of Pepper's other practitioners, address many complex subjects necessary to the successful resolution of bankruptcy and reorganization matters, including environmental, collective bargaining, transportation, leveraged buyout, toxic tort, pension, intellectual property, health care, financial institution, mortgage banking, real estate, construction/surety, insurance and tax issues. Pepper is one of the few national firms with a significant bankruptcy practice in Wilmington, Delaware, often a forum of choice for bankruptcy filings of national significance.

Pepper Hamilton LLP (www.pepperlaw.com) is a multi-practice law firm with 400 lawyers in six states and the District of Columbia. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world. The firm was founded in 1890.

posted by News at 12:39 AM

ditech.com is known for offering low mortages

ditech.com is known as being a leader in the direct lending industry. Founded in 1995, ditech.com is a member of the General Motors family of companies. A business unit of GMAC Mortgage, ditech.com delivers excellent customer service along with the security of being part of one of the largest mortgage companies in America. At ditech.com we meet our customer's expectations through our 24 hour/7 days a week full-service organization delivering competitive rates and a hassle-free loan experience.

ditech.com offers the consumer a variety of products, including first mortgages, fixed rate second mortgages, variable equity lines of credit and no closing cost option equity seconds. The online capabilities allow the customer to communicate with knowledgeable loan agents from home, work or on the road.

[Excerpt from http://www.ditech.com]

posted at 4:12 AM

Mortgage companies bank on second mortgage loans

Mortgage companies bank on second mortgage loans: An article from: Orange County Business Journal [HTML] (Digital) by Mathew Padilla

This digital document is an article from Orange County Business Journal, most recently published by CBJ, L. P. on October 12, 2003. The length of the article is 1126 words. The page length shown above is based on a typical 300-word page.

Citation Details
Title: Mortgage companies bank on second mortgage loans
Author: Mathew Padilla
Publication: Orange County Business Journal (News)
Date: October 12, 2003
Publisher: CBJ, L. P.
Volume: 26 Issue: 40 Page: 51

Distributed by ProQuest Information and Learning

posted at 3:43 AM

How to save thousands of dollars on your home mortgage

How to Save Thousands of Dollars on Your Home Mortgage (Paperback)
by Randy Johnson

Book Description
Find The Home Mortgage That’s Right For You

Finding the right mortgage can be complex, confusing, and frustrating. But that doesn’t mean you have to settle for anything other than the terms you want. This indispensable and newly updated second edition of How to Save Thousands of Dollars on Your Home Mortgage spells out everything mortgage hunters need to know in clear and accessible terms. It covers more loan alternatives than any other book and examines the importance of discount points. It offers complete details on virtually every mortgage option currently available, what advantages each option offers, how to choose the right one for your needs, and how to save money in the process. New information in this edition will help you use the Internet to find a home and get a mortgage, examine automated underwriting models and conforming loan limits, and weigh new shopping strategies.

Easy-to-read charts and graphs, helpful sample forms, and numerous examples will help you understand:

* First-time buyers programs
* APR, buy-downs, reverse mortgages, accelerated payoffs, and zero point loans
* Refinancing strategies
* Closing costs, lender fees, and other expenses
* How to dispute credit report errors and fix credit problems
* How to use the Internet for loan analysis

posted at 2:22 AM

Reverse mortgages for dummies

Reverse Mortgages For Dummies (Paperback)
by Sarah Glendon Lyons, John E. Lucas

Excerpt - page 11 : "...A reverse mortgage is sometimes called a deferred payment loan, and for a very good reason."

Excerpt - page 155 : "...The standard option is a good choice for those who want flexibility with their loan and aren't necessarily getting a reverse mortgage to pay for a large purchase in the very near future..."


Book Description
For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.

Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loans—and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to:

* Decide if a reverse mortgage is right for you
* Shop for the best reverse mortgage products
* Find out if your home is eligible
* Find a counselor who can help you

Written by Sarah Lyons, an Assistant Editor at Mortgage Originator magazine, and John Lucas, an experienced reverse mortgage specialist, Reverse Mortgages For Dummies explains these helpful loan products in simple, easy-to-understand language free of all the jargon. Once you understand how reverse mortgages differ from other loans—and what you could do with your reverse mortgage—the book covers the specifics you need to find the right loan for you, including:

* Special advice for adult children helping their senior parents secure a loan
* How to get a reverse mortgage and keep your second home legally
* Property requirements and financing fees
* Selecting among a multitude of lenders
* Spending and estimating leftover equity
* Sharing the decision-making process with family and loved ones

If you’re a senior wondering whether a reverse mortgage can help you keep your home, this book gives you the information you need to make smart, informed decisions that are vital to you, and your family’s, security. Reverse Mortgages For Dummies will help you keep your home and live the life you want.

posted at 1:53 AM

Reverse mortgages are OK for some but not all

With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision.

San Rafael, CA (PRWEB) August 3, 2006 -- Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can’t cover all the costs. Is suggesting that your parents take out a reverse mortgage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortgages are not the best choice for everyone.

In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.

Available throughout August on the Parent Care website, the article explains that types of reverse mortgages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortgage.

Morrison, a Certified Financial Planner, is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, to the Wall Street Journal and America Online.

Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”

About Parent Care, Inc.
Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.

Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.

posted at 1:17 AM

Rising mortgage rates and home purchase loans

Rising Mortgage Rates Mean Finding Competitive Home Purchase Loans is More Important Than Ever

After a five-year housing boom, mortgage rates are now reaching highs not seen in years. RealestateloanS.com offers a solution for homeowners with little time to search for affordable home purchase loans.

(PRWEB) August 2, 2006 -- The beginning of July saw mortgage rates reaching four-year highs. The increasing rates have contributed to the normalizing market. As a result, homeowners that are thinking of refinancing or prospective homeowners are better off shopping a lot of lenders to find the best rates.

RealestateloanS.com offers a solution for those that are looking for the competitive home purchase loans or refinance loans, but simply don’t have the time or resources to do it themselves.

RealestateloanS.com is a mortgage clearinghouse whose sole purpose is to find the best rates for its clients for FHA, zero down payment, sub-prime loans and more. They do this by searching the hundreds of lenders everyday. With one of the largest networks of real estate lenders and independent loan consultants in the country, their search can save current homeowners or prospective buyers thousands of dollars. Gil Kerbashian of RealestateloanS.com explains the common pitfall that most consumers find themselves in when shopping for home loans or commercial financing, "Most consumers believe all banks are the same.

It's just not so. Many are not able to manage the different lending products offered by investors so they choose not to offer some loans. And because the bank’s loan officer can't offer the product, the bank client never see's the option." RealestateloanS.com massive network of lenders is the solution to avoid being pigeon-holed into what an individual bank can offer. The results are affordable home purchase loans and refinance loans that are tailored to their clients.

Kerbashian explains, "Our company is positioned with a birds-eye view of what the industry is doing. We act as a mortgage clearinghouse. Everyday we look at hundreds and hundreds of rates and see who nationally is offering the best terms. We offer that insider knowledge to our clients so that they receive access to the best terms the real estate loan industry has to offer."

RealestateloanS.com's specialties are not limited to affordable home purchase loans either; they also offer apartment mortgage loans and other commercial real estate coverage. There website is also a great resource for learning the process of finding all types of home and commercial loans with a vast array of programs, from conventional conforming to jumbo, from zero down to no documentation. They have great tools like the Rent vs. Buy Calculator, the Yield Maintenance Calculator, and the Loan Payment Calculator. They also keep their clients in the know with the extensive and helpful Mortgage Glossary that clears up any confusion about all of the terminology that is specific to the industry. With sections on both Home Loan Links and Commercial Loan Links, RealestateloanS.com encourages its customers to become educated on what they are looking for, whether its home or apartment loans, Freddie Mac or Fannie Mae loans online.

For more information on affordable home purchase loans or commercial loans, please visit RealestateloanS.com.

About RealestateloanS.com:

A clearinghouse for mortgages, RealestateloanS.com is one of the largest networks of lenders and individual loan consultants in the country. They search rates daily to attain the best rate for their customers who may be interested in FHA loans, interest only loans, piggyback loans and more.

posted at 12:45 AM

Nonprime mortgage loans - facts and statistics

[Excerpt from National Home Equity Mortage Association (www.nhema.org) on nonprime mortgage loans]

What Is a NonPrime Mortgage Loan?

Nonprime, or non-conforming, mortgage loans are loans made to borrowers who, for any reason, cannot qualify for a prime loan. Reasons might include income, employment history, loan size, past credit problems or other factors. Without nonprime lenders, many of these people would have no access to mainstream credit markets at all.

* Annual nonprime home equity loan originations exceed $600 billion.
* The average interest rate on a nonprime home equity loan in 2004 was just 7.65%. * The average loan-to-value ratio for a nonprime loan is 81%, compared to 76% for a conventional purchase mortgage.
* The average nonprime mortgage loan is $130,000.

Who Benefits from NonPrime Lending?

Millions of American homeowners from all 50 states and all walks of life use nonprime home equity loans to invest in building a better life – consolidating debts, financing education, making home improvements, and much more.

* Over 6 million homeowners hold nonprime mortgage loans.
* The average nonprime mortgage borrower earns $54,165 a year.
* Between 30% and 50% of all Americans are classified as nonprime borrowers.
* The average nonprime borrower had a 638 FICO (Fair, Isaac & Co.) credit score in 2004, an increase from 607 in 2001.

posted at 12:11 AM

Mortgage calculators

Mortgage calculators to help you handle your mortgage payment calculations.

# Calculated Industries 3415 Qualifier Plus IIIX

Technical Details

* Versatile buyer pre-qualifying for conventional and FHA/VA loans to show homes within price range

* Complete PITI payment solutions to demonstrate interest only and other "What If" scenarios

* Amortization with remaining balances

* Calculate combo loans (80:10:10 and 80:15:05), bi-weekly loans, ARMs provide flexible payment options

* Easy rent vs. buy comparisons and estimated tax savings show benefits of ownership

Product Description

The Qualifier Plus IIIx is the most versatile and easy-to-understand real estate calculator on the market. Provide fast and accurate payment solutions and qualify buyers on the spot! Perfect for all real estate finance professionals - including agents brokers bankers mortgage originators title officers and trainers.

# Real Estate Calculator Suite

Product Description
If real estate math or financial math stress you, Real Estate Calculator Suite is the help you need! The 16 real estate and financial calculators in Real Estate Calculator Suite give you the ability to play with your own financial numbers as you consider a real estate purchase. Real Estate Calculator Suite includes 2 Quick Calculators, 2 Downpayment Savings Calculator, a pop up calculator, a Mortgage Qualifier, Amortization Calculator with Monthly and Annual schedules, Loan Spread Calculator, a Biweekly Payment Calculator, a Refinancing Calculator, an Estimated Closing Cost Calculator, Home Seller's Proceeds Calculator, Rent or Buy Calculator, and Prepayment Calculator. Based on Wheatworks Software's experience developing financial calculators for corporate real estate clients, Real Estate Calculator Suite is designed for real estate consumers and professionals.

Real Estate Calculator Suite includes a Date Calculator, a Fraction / Decimal interest rate conversion table, sample text for closing credit accounts, a Documentation List to help you gather your loan application paperwork, a Home Inspection form to help you review potential homes, a Mover's To Do List and useful tips for home buyers and sellers.

This real estate software works with these Windows operating systems: 95, 98, ME, NT 4, 2000, XP Home and XP Pro.

posted at 12:00 AM

BancTec launches new product to help clients offer the best mortgages

Thursday, August 10, 2006

BancTec launches a new mortgage product to help packagers and lenders offer the best mortgages to their customers.

Press Releases
* Submitter: Banctec [View SourceWire PR Company Listings]
* Release Date: 01-08-2006
* 176 views on SourceWire
* View all releases submitted by Banctec
* Use Tech Response Source .

BancTec launches new mortgage product maintenance service to cut costs for packagers and lenders

1st August 2006, Colnbrook, UK – BancTec Limited, the financial systems and outsourcing specialist, today announced a cost effective new mortgage product sourcing service for packagers and lenders. The service allows packagers and lenders to outsource the administration and maintenance of comprehensive mortgage product data, including fully codified product rules that facilitate automated underwriting.

BancTec Managed Services enables packagers and lenders to rapidly search the market for products that best meet customers’ individual needs, in compliance with FSA regulations. Accurate, regulated key facts illustrations for the entire range of lenders’ and packagers’ offerings, including sub-prime and non-regulated products such as buy-to-let and equity release, are generated in an instant.

Upon payment of an initial set-up charge and ongoing maintenance fee packagers and lenders are immediately relieved of the immense, costly and time-consuming burden of regularly updating the product databases they rely on to match available products with customer requirements.

For many years BancTec has delivered effective outsourced services to a wide variety of financial services organisations, according to stringent, pre-defined service level agreements. “BancTec’s experience in managing large-scale, high-volume document and data management projects, specifically in the financial sector, has enabled us to identify this service as one that offers tangible benefits to packagers and lenders operating in the mortgage sector,” commented James Silcock, Business Development Director of BancTec.

“Our clients are saving money, providing accurate, up-to-date information to their customers and prospects in a timely manner, offering a more competitive service and releasing resources to focus on providing outstanding customer service. Ultimately they are in a better position to offer the best mortgage solution to meet individual customer requirements.” stated Silcock.

- ends -

About BancTec

BancTec is a worldwide systems integration, business process outsourcing (BPO), software and services company delivering high-volume, mission-critical solutions to automate and streamline data and paper-intensive business processes. BancTec has deployed transaction solutions in over 50 countries and counts among its customers some of the most prominent companies in the world. As a leading worldwide solutions provider, over 50 million documents or items are captured and processed by BancTec systems every day across the world.

BancTec Managed Services combines a unique approach to outsourcing with a high degree of flexibility, scalability and automation to provide unprecedented levels of service in the capture, processing and storage of many types of documents, payments and data sets.

BancTec complements its solution offerings with a line of proven hardware systems, backed by dependable service and support. More at: www.banctec.co.uk

Press enquiries:

James Silcock or Ian Painter
BancTec Limited
Tel: +44 (0)1753 778888
Email: james.silcock@banctec.co.uk or ian.painter@banctec.co.uk

posted at 11:42 PM

Survey reveals how homeowners are paying off mortage loans including second mortages and home equity options

Press Release

DITECH.COM SURVEY REVEALS HOMEOWNERS MAY BE OVERLOOKING HELPFUL PERSONAL FINANCE OPTIONS

COSTA MESA, CALIF. - October 24, 2005 - Ditech.com, a leading mortgage
lender, today announced that the ditech.com U.S. Homeowner's Survey
revealed that homeowners are focused on paying off their mortgages but it
may come at the cost of their overall personal financial future. While
one in three homeowners expects to have their mortgage paid-off within
the next ten years, many are overlooking attractive financial
opportunities that are right in front of them.

"U.S. homeowners are proving the critics wrong. The vast majority
believe they will pay off their mortgage and the average homeowner is more
than half way there," commented Mike McCarthy, general manager,
ditech.com. "It's clear that homeowners have the best of intentions but it's
important that they fully understand the financial opportunities that
their home presents for their family's financial future. Proper evaluation
of mortgage options can help households manage their financial
priorities without exhausting emergency savings, delaying retirement or being
forces into higher-interest alternatives like credit cards."

U.S. HOMEOWNERS ARE ON TRACK TO PAY OFF MORTGAGES
Ditech.com's survey revealed that virtually all respondents have
already paid off, or are confident they will pay off their mortgages. Despite
chatter among skeptics in the industry, U.S. homeowners are looking to
pay their homes off within a decade and are already more than halfway
there. Key findings that demonstrate this trend include:

- Nine out of ten respondents have already paid off, or believe they
will pay off, their mortgages
- U.S. Homeowners surveyed have paid off an average of 53% of their
total mortgage (including all second mortages and home equity options)
- 1 in 3 homeowners estimate they have less than $75,000 to pay off
their mortgage
- More than 1/4 of respondents (28%) believe they will pay off their
mortgage within the next ten years

U.S. HOUSEHOLDS MAY BE OVERLOOKING IMPORTANT PERSONAL FINANCING OPTIONS
When it comes to their financial future, U.S. homeowners may not be
looking at the full picture. Survey results showed that, excluding
mortgages, U.S. homeowners expect doctor bills and healthcare to be their
largest household expenses in the next five years. However, when asked how
they plan to pay for these critical family costs, respondents pointed
to using personal savings and delaying retirement before tapping into
home equity options.

"The home is a homeowners' biggest financial asset and, when used
properly, it can deliver very high returns. We all face large expenses,
ranging from healthcare to credit cards, and there are many ways to use a
mortgage as a smart financing tool to fund these costs without
sacrificing financial security," continued McCarthy.

"By tapping into personal savings or using high-interest credit cards,
you may not be exercising the best financial option for you and your
family. However, with the right home equity product, homeowners can have
a personalized, flexible financial tool at their fingertips."

Key findings that demonstrate this trend include:

- Excluding their mortgage, U.S. homeowners cite doctor bills or
healthcare as their largest expense in the next five years.
- 1 in 5 respondents over thirty cited doctor bills or healthcare as
their largest expense in the next five years
- 1 in 3 respondents over fifty cited doctor bills or healthcare as
their largest expense in the next five years
- U.S. homeowners cited home renovations as their second largest
household expense in five years
- Majority of homeowners think it is financially responsible to use
home equity for their largest future expenses.
- 61% of respondents believe it is financially responsible to use home
equity to pay for medical expenses
- 63% of respondents believe it is financially responsible to use home
equity to pay for home renovations
- When asked how they personally plan to pay for their largest future
expenses, home equity was not a part of the payment plan.
- Almost half of respondents (48%) reported that they would use
personal savings.
- Over 1/4 of respondents (27%) said they plan to delay retirement.

Ditech.com and CARAVAN Opinion Research Corporation conducted a
national telephone survey of 1,347 households nationwide between September 22
and September 26, 2005. For a sample of 1,347 the margin is plus or
minus three percentage points at the 95% confidence level.

About ditech.com
Founded in 1995, ditech.com® is a wholly owned subsidiary of
Residential Capital Corporation (ResCap), which is owned by GMAC Financial
Services. A business unit of GMAC Mortgage, ditech.com delivers excellent
customer service along with the security of being part of one of the
largest mortgage companies in America. Ditech.com offers the consumer a
variety of products, including first mortgages, variable equity lines of
credit and no closing cost equity seconds. The online capabilities allow
the customer to communicate with knowledgeable loan agents from home,
work or on the road.

posted at 11:19 PM

The benefits of a second mortage

So why get a second mortage? Well, there are all sorts of reasons that you might want to free up the equity locked up in your home. You might not have considered that you could use a second mortgage to pay for so many different things, but in practice most second mortgage providers are not overly concerned what you decide to spend your money on.

Most people use the money to consolidate their other debts, which can be a good move – as long as you then resolve to keep that as the only debt you have.

Another common reason to get a second mortage is to finance home improvements and increase the value of your property still further. This can be a risky move, but if you know what you’re doing, it pays off. Taking out a second mortgage to do something like build a conservatory is generally quite stupid, as they are unlikely to make back anywhere near what you paid for them. Wooden floors and second bathrooms, on the other hand, are always sound investments if they are not already present.

Of course, if you’re planning to invest the money, there’s nothing to say that you have to invest it in your own home. Some daring souls take the money and plough it into the stock market, or invest in starting up a business. The risk of failure is massive in such ventures, but if you pull it off, you’ll be doing really well.

On the whole, it isn’t such a great idea to use a second mortage to take money that you have no way to recoup. If you spend it on a car, for example, you have no way of getting all the money back, as cars lose massive amounts of value the second you drive them out of the dealership. This is even more true for holidays, and college or university tuition.

John Gibb is the owner of second mortgage guide For more information on second mortgages check out http://www.2nd-mortgage-guidance1k.info

Article Source: http://EzineArticles.com/?expert=John_Gibb

posted at 10:43 PM

Mortgage companies bank on second mortage loans

Mortage companies bank on second mortage loans: An article from: Orange County Business Journal [HTML] (Digital) by Mathew Padilla

This digital document is an article from Orange County Business Journal, most recently published by CBJ, L. P. on October 12, 2003. The length of the article is 1126 words. The page length shown above is based on a typical 300-word page.

Citation Details
Title: Mortgage companies bank on second mortgage loans
Author: Mathew Padilla
Publication: Orange County Business Journal (News)
Date: October 12, 2003
Publisher: CBJ, L. P.
Volume: 26 Issue: 40 Page: 51

Distributed by ProQuest Information and Learning

posted at 10:31 PM

Second mortgages

A quick look at books which mention second mortgages :

# Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag (Paperback - May 7, 2004)

Excerpt - page 12: "... FRM rate you can obtain in the market. If the second rate is lower, which is ... ARM Needed to Qualify?, Interest-Only Mortgage/Interest-Only ARMs, Second Mortgages/ Negative Amortization ARM May Prevent a Second ..."

# Investing for Dummies, Third Edition by Eric Tyson (Paperback - Dec 6, 2002)

Excerpt - page 163: "... buy or refinance real estate. Such loans are known as mortgages or second mortgages. Private mortgage investments appeal to investors who don't like ..."

Excerpt - page 259: "...Real Estate Dilemmas and Decisions When to consider a home equity loan Home equity loans, also known as second mortgages , allow you to borrow against the equity in your home in addition to the mortgage that you already have ..."

# Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition by Aswath Damodaran (Hardcover - Jan 18, 2002)

Excerpt - page 216: "... perception than on fact. Any homeowner who has taken a second mortgage on a house that has appreciated in value knows that ..."

posted at 9:47 PM

Books on home mortages

A list of best selling guide books on home mortages :

# Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag (Paperback - May 7, 2004)

Book Description
A one-stop reference for in-depth explanations of mortgage topics With the creation of so many new, complex mortage programs, it's difficult for consumers --not to mention real estate agents, attorneys, closing agents, and mortgage brokers--to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float.

# Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback) by David Reed

Book Description
With more people than ever before applying for new loans and refinancing, an easy-to-understand guide has become a necessity for anyone confused by the complicated issues at stake. Mortgages 101 answers all the questions readers typically have, detailing all the latest changes in mortgage processes, and showing readers how to save money by:* understanding important terms like ARMs and Hybrids -- and what's in the fine print * improving their credit scores to increase their borrowing power* using technology to get the lowest interest rates* maximizing their return on investment, and cutting the cost of mortgage insuranceArranged in an easily accessible question-and-answer format, the book provides up-to-date lending formulas, as well as important information on lending requirements and application procedures. Mortgages 101 contains all the information readers need to know, in one must-have reference.

# The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell (Paperback) by Gary W. Eldred

Book Description
One of America’s top real estate authorities explains the inside secrets of the mortgage business

Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they have to. But you won’t be one of them with Gary Eldred’s 106 Mortgage Secrets All Homebuyers Must Learn–But Lenders Don’t Tell.

Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices. He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you.

posted at 9:16 PM

Allied Home Mortage Capital Corp opens new branch

Source: Allied Home Mortgage

Allied Home Mortage Capital Corporation Opens New Branch Office in Wheaton

WHEATON, Ill., Aug. 1, 2006 (PRIMEZONE) -- Allied Home Mortage Capital Corporation (AHMCC) has opened a new branch in Wheaton, Illinois. The branch is the first one in the city and fourteenth in the state.

Dan Yelovich will be the branch manager for the new office. He has over eleven years' experience in the mortgage banking industry. He has lived in the Wheaton area for 20 years. He is married and has two children. Dan is a graduate of Wheaton College.

The new branch will be located at 1755 South Naperville Road, Suite 107, Wheaton, Illinois 60187 and can be reached at 630-510-3265 or DYMortgage@aol.com. An open house will be held at their new office on Tuesday, August 22, 2006 from 2:00 PM to 4:00 PM.

About Allied:

Founded in 1991, AHMCC is the largest privately held mortgage banker/broker in the U.S., with more than 650 offices operating in 49 states and the United States Virgin Islands. It offers a wide variety of mortgage products and services from over 800 lenders.

In 2004 the company funded over $12 billion in loans and was named as one of "The Top 25 Tech-Savvy Lending Firms" by Mortgage Technology magazine.

For more information about the company, visit Allied's websites at www.branchasap.com, www.mortgageasap.com and its Spanish language site, www.prestamopronto.net.

The Allied Home Mortgage logo is available at http://media.primezone.com/prs/single/?pkgid=704

CONTACT: Allied Home Mortgage Capital Corporation
Dan Yelovich, Branch Manager
(630) 510-3265
DYMortgage@aol.com

posted at 8:47 PM

Nonprime mortage loans - facts and statistics

[Excerpt from National Home Equity Mortage Association (www.nhema.org) on nonprime mortage loans]

What Is a NonPrime Mortage Loan?

Nonprime, or non-conforming, mortage loans are loans made to borrowers who, for any reason, cannot qualify for a prime loan. Reasons might include income, employment history, loan size, past credit problems or other factors. Without nonprime lenders, many of these people would have no access to mainstream credit markets at all.

* Annual nonprime home equity loan originations exceed $600 billion.
* The average interest rate on a nonprime home equity loan in 2004 was just 7.65%.
* The average loan-to-value ratio for a nonprime loan is 81%, compared to 76% for a conventional purchase mortgage.
* The average nonprime mortgage loan is $130,000.

Who Benefits from NonPrime Lending?

Millions of American homeowners from all 50 states and all walks of life use nonprime home equity loans to invest in building a better life – consolidating debts, financing education, making home improvements, and much more.

* Over 6 million homeowners hold nonprime mortgage loans.
* The average nonprime mortgage borrower earns $54,165 a year.
* Between 30% and 50% of all Americans are classified as nonprime borrowers.
* The average nonprime borrower had a 638 FICO (Fair, Isaac & Co.) credit score in 2004, an increase from 607 in 2001.

posted at 8:03 PM

Reverse mortages for dummies

Reverse Mortgages For Dummies (Paperback) by Sarah Glendon Lyons, John E. Lucas

Book Description
For seniors