Foreclosure Laws in Different States

foreclosure1Foreclosure is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution. Foreclosure is very complicated and it’s laws vary by state so it would be advisable to consult with a real estate attorney in your particular state.

As foreclosure process can be very confusing and complicated, we decided to describe it step by step.

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Detroit – The Largest Municipal Bankruptcy Filing in U.S. History – What happened?

On July 18, 2013, the City of Detroit filed for Chapter 9 Bankruptcy making it the largest municipal bankruptcy filing in U.S. history as measured by the amount of outstanding debt.  Detroit is estimated to owe $18-$20 billion in debt over 10,000+ creditors, 100 discrete bond issuances and 50 labor bargaining units. Prior to the Detroit filing, Jefferson County, Alabama’s $4 billion filing in 2011 had been the largest municipal bankruptcy filing in the United States.

So where did things go so horribly wrong?  The above video is the first in a three part series on the Detroit bankruptcy filing. Video #1 concentrates on The Economics of Failure. The video begins with an illustration of demographic trends for the following three major U.S. cities:

  • Dallas – People are solidly moving into Dallas due to limited taxes; limited benefits and reduced regulation;
  • Los Angeles – While the climate of Los Angeles still attracts people to the state, high state income tax and the most restrictive environment regulations in the country are driving many people out of the state of California;
  • Detroit – There is a massive population exodus from Detroit with virtually no immigration due to the city drowning in debt from more than 50 years of democratic mayors running the city. The video cites cronyism, incompetence and crime as some of the major contributors.

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Debt consolidation calculators – Are they really beneficial for the consumers?

Facing financial problems? Want to consolidate your debts? Why don’t you choose a debt consolidation calculator and work out the calculations? This will help you understand how much you’ll be paying every month on your outstanding dues. So, if you’re struggling to handle your debts, it may be the time when you need to consolidate them. If you’ve your own house or any real estate property that you had purchased it with a loan, then you may use a debt calculator to know the amount you will have to pay for it.

With the help of debt consolidation, you can combine all your debt into one. Thus, you’ll be making only a single monthly payment. This is just like taking out a new loan so that you can save on the monthly interest rate. This will also make the payments much easier for you. This is a great way to deal with your financial problems so that you can move towards a debt-free life.

How does a debt consolidation calculator work?

Debt consolidation calculator is a great tool for the consumers who want to consolidate their debt. Read on to know how this calculator actually works.

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