Tag: Kingcade

Foreclosure Defense, Foreclosures

South Florida Foreclosure Filings Increase in the Third Quarter

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South Florida foreclosure filings increased during the third quarter of 2021, shortly after the federal moratoriums on evictions and foreclosures were lifted. Housing experts anticipate that this upward trend could continue well into the fourth quarter of 2021.

The moratorium on foreclosures expired for most homeowners on July 31, 2021. It was created in an effort to help struggling homeowners stay in their homes during the worst of the COVID-19 pandemic. However, now that the moratorium has been lifted, many mortgage lenders are moving forward with foreclosure proceedings.

Debt Collection, Debt Relief

CFPB Announces Two Final Debt Collection Rules to Go into Effect November 30

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The Consumer Financial Protection Bureau (CFPB) announced two final debt collection rules which are scheduled to take effect on November 30, 2021. These two rules clarify and add further detail to provisions of the Fair Debt Collection Practices Act (FDCPA), the law that offers protections to consumers from abusive or unfair collection practices from third-party debt collectors.

These rules were originally going to be made effective in the spring, but the CFPB delayed the effective date by 60 days to allow all affected parties time to comply due to the COVID-19 pandemic. However, after making the announcement regarding a 60-day delay, the CFPB determined that the extension was not needed and published the official notice in the Federal Register officially withdrawing the extension.

Debt in Divorce, Debt Relief

How Debt is Handled in Divorce

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In a divorce, the married parties end up dividing assets accumulated during their marriage. Most people going through a divorce worry about dividing up their property and other assets. However, dividing up debt is just as important- if not more. This is of particular importance if the spouses do not have many assets.

A divorce judgment is where the court divides up the couple’s assets, as well as their debts. Part of this order involves determining which spouse is responsible for which debts. Normally, debts are divided equally between the parties, but that is not always the case when one spouse earns significantly more than the other or where one spouse is receiving more property that has debt connected to it than the other spouse.

Medical Debt

Medical Debt Is Different: Know How To Deal With It

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It only takes one major medical emergency to set a person back thousands of dollars, even with adequate health insurance coverage. This is why medical debt is one of the largest categories of unsecured debt discharged in bankruptcy.

Many consumers resort to solutions such as paying medical expenses with credit cards or taking out personal loans to pay them off, but many times, these solutions only put them in more financial distress.

Foreclosure Defense, Foreclosures, Housing Market Trends

Mortgage Debt Remains a Problem for Homeowners 55 and Older

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Homeowners throughout the country have struggled with staying afloat and remaining in their homes during the COVID-19 pandemic. With no immediate end in sight to the pandemic, it appears as if that problem will continue, especially those in the 55 and older age group.

The U.S. Census Bureau reviewed household statistics through its biweekly Household Pulse Survey to see how homeowners are faring with remaining current on their mortgage obligations. Their most recent study covered the period of September 1 through September 13, 2021. According to the Census Bureau, 1.7 million homeowners ages 55 or older were reportedly behind on their mortgage payments. Of these 1.7 million homeowners, 277,000 of them said that the possibility of facing foreclosure was likely or very likely for them.

Credit Card Debt, Debt Relief

How Much of Your Monthly Income Should go Towards Paying Down Debt?

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Consumer debt. It seems to be an inevitable part of life for many Americans. In fact, most American consumers carry some level of debt. Getting out of it, however, is not so easy, which is why so many Americans use at least some portion of their income to pay towards their debt. Determining how much is appropriate can be complicated, depending on the consumer’s individual circumstances.

Generally speaking, it is important to pay more than the monthly minimum payment. A good rule of thumb is to follow the 50/30/20 rule. What this budgeting rule entails is the consumer spends 50 percent of monthly after-tax income or net income towards essential living expenses, such as mortgage payments, utility bills, food, and transportation costs. After that 50 percent is paid, the consumer allots the next 30 percent to his or her “wants,” meaning eating out, going on vacation, and other non-essential expenses. The remaining 20 percent is left for paying off debt or saving for the future.

Credit Card Debt

How Credit Card Debt Affects Your Health

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Credit card debt can cause a lot of damage, and not just to your credit score. Credit card debt can cause stress and wreak havoc on relationships. It can also lead to depression, anxiety, and other health problems. Once you are in debt, reaching your financial goals becomes much harder. Spending money paying debt leaves you with less money for retirement savings, purchasing a home, and achieving other financial milestones.

According to a recent study, carrying significant debt can lead to more than just a bad day. Researchers followed a group of baby boomers, starting when they were between the ages of 28 and 40 and then checking in with them again in their 50’s and older. The group was then separated into subgroups based on how much unsecured debt they had. According to the data, the more unsecured debt a person had, the higher level of physical pain he or she lived with when compared to individuals in the other groups.

Bankruptcy Trends

Latest Bankruptcy Filings Mixed

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August and September 2021 bankruptcy filings have been mixed. While certain types of bankruptcy cases have increased, others have gone down, according to data from Epiq’s AACER bankruptcy information services.

According to Epiq, overall bankruptcy filings for all chapters have declined by four percent, with 32,263 new filings made in August 2021 to 30,907 new filings reported in September 2021. Additionally, individual Chapter 7 filings decreased by nine percent between August and September.

student loan debt, Student Loans

Navient Will No Longer Service Federal Student Loans- What This Means for Borrowers

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Navient has announced that it will no longer service federal student loans. The company is one of the largest servicers for the U.S. Department of Education. Navient has a massive $1.7 trillion oustanding in its student loan portfolio.

The decision leaves around 6 million borrowers waiting to be matched with a new lender.  With a transition of this magnititude, problems are likely to occur. Here are a few things borrowers should do now if their student loans are getting reassigned to another lender.

Foreclosure Defense, Foreclosures

Foreclosure Moratorium Expires, Leaving 1.45 Million Homeowners in Serious Delinquency

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Even though mortgage delinquency rates have fallen by five percent since May, a record 1.45 million homeowners are seriously delinquent on their mortgages, according to figures from Black Knight.

The number of delinquencies has improved for 12 of the last 14 months, with only two increases in delinquencies reported. However, delinquency volumes have continued to increase to the point of pre-pandemic levels. According to Black Knight, around 1.45 million borrowers are at least 90 days delinquent on their mortgages as of the end of July. This stage of the process is known as a late-stage delinquency, meaning the borrower is not in foreclosure but is dangerously close. Black Knight reported that this figure was one million more than at the beginning of the COVID-19 pandemic. Many of these borrowers are still working with their lenders on forbearance plans.