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December 2013 Archives

Mortgage modifications, short sales and foreclosures facing tax

Facing difficulty paying your mortgage is likely to cause stress. For some homeowners who hold underwater mortgages, mortgage modification is one of the ways to keep a home. Orlando residents might be interested to learn that a 2007 federal law that waived taxes on unpaid mortgage debt is set to expire on Dec. 31, 2013.

Casey Anthony is awarded debt relief for most of $790,000 debt

Facing multiple debts on an income that isn't enough to cover them can be a frightening experience. Fortunately, there are avenues available to help people who need to consolidate debts into more manageable payments. Orlando residents might be interested to learn that Casey Anthony has had most of her $790,000 in debt discharged.

Beware of low-cost, cut-rate or single-fee bankruptcy offers

Having a large amount of debt can be like having a dark cloud hanging over your head; it can be like having an unbelievably heavy weight on your shoulders. Serious debt can be suffocating, which is why people will look for a solution. We are bombarded by offers of low-cost debt solutions, and these can seem like a good option.

2 scam companies banned from offering mortgage relief

Dealing with debt or foreclosure is stressful. When you find out that you have become the victim of a scam dealing with mortgage relief or debt relief, the stress level increases. Orlando residents might like to read about two companies that have been banned by the Federal Trade Commission from offering debt relief or mortgage relief services.

Debt reduction in southern Florida leads the nation

Getting rid of debt is usually a process that takes some time. In most cases, you have to work to get your balances down. If you are able to file bankruptcy, you could still have some bills that are still valid, depending on the type of bankruptcy that you file. Orlando residents might be interested to learn that the hard work of paying down debt is working. South Florida leads the country in consumer debt reduction.

Underwater mortgages and loan-stripping in Florida

The housing crisis of a few years ago left millions of homeowners underwater. When the bubble burst, prices went down, in Florida and across the nation. And sometimes they went down far below what homeowners owe on their mortgages.

Foreclosure inventory in Orlando falls

For some people, delinquent mortgage payments lead to foreclosure. While the foreclosure process is often difficult to navigate, there are methods that might make it possible to keep your home. Mortgage modification is one of those methods. Orlando residents might be interested to learn that the foreclosure inventory in the city is falling.

Chapter 13 bankruptcy and child support

Florida parents who are trying to declare personal bankruptcy may encounter some challenges if they are receiving child support. In fact, some people fear that their Chapter 13 bankruptcy may be dismissed altogether because they are receiving child support as "disposable income." In many cases, Florida judicial authorities take a long time to confirm Chapter 13 cases involving child support; those cases may ultimately be dismissed or go to trial to determine whether the bankruptcy provisions are acceptable. Bankruptcy advocates say that parents who are receiving child support should be protected from unfair Chapter 13 proceedings, as the money is set aside for their children's needs.

Divorce, bankruptcy and home loans

When a couple jointly owns property in Florida, they are both responsible to make the payments on it. For a variety of reasons, they might not be able to keep up with the mortgage, which eventually results in foreclosure and eviction. If they later divorce, and one spouse files for bankruptcy, the other partner can be held financially liable for the residence even after years and years.

Bankruptcy judge approves airline merger settlement

Some Florida residents may have been following recent news stories concerning a planned merger between American Airlines and US Airways. American Airlines filed bankruptcy two years ago; however, they had been counting on a merger with US Airways in order to remain operable. The Justice Department had filed an anti-trust suit in an attempt to block the merger, but ended up dropping the suit when both airlines agreed to give up slots at airports in key cities.