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Loan Modification Negligence
When you are trying to fight for your home in the loss mitigation loan modification process, it is no laughing matter. You are submitting the documents being requested and hoping you will not be "dual tracked" by your loan servicer who is usually servicing your loan on behalf of an often unkown securitized loan trustee, and you wonder if you will get a fair shake, or a real opportunity to save your home. This real estate podcast talks about what happens when your loan servicer is negligent in handling or reviewing your completed loan modification application.
One of the legal cases every homeowner should have in their foreclosure prevention toolbox is the case of Alvarez v. BAC Home Loans, LP (Bank of America). Some of the common things that can go wrong when you submit your financial documents to be consdiered for a loan mod are:
1. False statements by the loan servicer's representative
2. Claiming your documents were never received ("missing tax returns" and "rental agreements" are two common ones)
3. Denying you based upon consideration of false information (ex. your income or property value)
4. Lies about postponing your foreclosure sale
There are other types of things that can wrong in the loss mitigation department of large loan servicers such as Nationstar, Ocwen, Wells Fargo, Citimortage, and Bank of America, but this Alvarez case is a very important case that discussed "duty" and "damages" in regard to the tort of negligence against a loan servicer. Give this real estate podcast a listen with Attorney Steve explaining and defining these important and complex legal topics.
Guest Stephanie Messenger, Author of Melanie's Marvelous Measles (www.stephaniemessenger.com )
Host Sallie O. Elkordy for Mayor, Vaccine Free NYC and Legislation for Congress http://tinyurl.com/VaccineFree2015
Tune in Tonight 4/29 at 9:30pm est./8:30pm cst. to The Dame-O Show on Phone Fantasy Radio. Join host Dame-O with JWilla & Lakrush Hearts for a provacative discussion on "Women On The Rise". We will take a look at the success and independence women have found professionally and personally. How has this affected relationships with men on a perfessional and personal level? Have women become more ambitious then men? What if a woman is the bread-winner in the family? and much more. DON'T MISS THE SHOW!!!
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DebtRace Relationscontractsstudentscreditcredit repair
The idea behind student loans was that the government would help students get an education they otherwise couldn’t afford. But it hasn’t worked out that way. Yes, more money has been made available to pay for education. But that new money has also seemed to contribute to a faster growth rate in school fees. So, in effect, students are having to borrow more and more to get their education. The article below seeks to provide some background to the street protest signs about student debt. As it explains, the total amount of student loans has quintupled in about 12 years, the level is similar to total credit card debt, and more and more students leave school with a heavy burden of both student loan and credit card debt.Race and student debt
An equal proportion of white and black respondents – 46% and 45%, respectively – said that they or someone in their household has student loan debt, according to Havard of 18-29-year-olds. The number was slightly smaller for Hispanic households, at 32%.
Money is an important factor when it comes to attending college, especially for those who have little. The majority of the IOP survey respondents, at 70%, said that financial circumstances played a role in their decision whether or not to attend school at all. The difference between race was even more stark in the breakdown of these responses, with 52% of blacks saying that it played an important role compared to 38% of whites.
DEFINITION of 'Credit'
1. A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest. The term also refers to the borrowing capacity of an individual or company.
2. An accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet.