Senator Elizabeth Warren is sponsoring legislation that would let borrowers with federal and private loans refinance their balances at lower interest rates, Bloomberg News reported today. Student-loan borrowers have amassed more than $1.2 trillion in debt and even the President is finally waking up to the urgency of this crisis and the resultant drag on…
Archives for 2014
How Do I Remedy the Effects of Identity Theft?
Identity theft occurs when someone uses your name, Social Security number, date of birth, or other identifying information, without authority, to commit fraud. For example, someone may have committed identity theft by using your personal information to open a credit card account or get a loan in your name. For more information, visit www.consumerfinance.gov or…
What Are My Fair Credit Reporting Rights Under Michigan Law?
STATE OF MICHIGAN – NOTICE TO CONSUMERS Under the Equifax voluntary security freeze program you may request that a security freeze be placed on your Equifax Information Services LLC (Equifax) credit report by sending a request in writing by certified mail or by electronic means as described below. The security freeze on your credit report…
How Does HARP Work and Do I Qualify for HARP in Michigan?
HARP is designed to allow responsible homeowners to take advantage of lower mortgage rates and payments, even if you owe as much or more on your home than it’s currently worth. When you refinance with a government-backed HARP loan there’s no smarter way to start saving on your mortgage. With HARP, you could save money…
Are the filing fees for filing Bankruptcy in Michigan going to increase in June of 2014?
Yes. Starting on June 1, 2014, the fees required to file for bankruptcy will increase. Here are the new amounts: Chapter 7 bankruptcy: $335 (up from $ 306) Chapter 13 bankruptcy: $310 (up from $281) Chapter 12 bankruptcy: $275 (up from $246)
Can the US Department of Education Clarify its Policy on Student Loan Discharges in Bankruptcies?
As reported by Mark Keierleber of Washington DC, 7 Democratic members of Congress are pushing for clarity and lenience in how the Department of Education and its contractors forgive student-loan borrowers who are bankrupt and unable to pay back their loan debt. The panel included Sens. Richard J. Durbin of Illinois, Jack Reed of Rhode…
New Mortgage Servicing Rules Effective January 10, 2014
Here is a summary of the New Real Estate Settlement Act and Truth in Lending Act that take effect in 2014: Consumers must be provided with a periodic statement showing information on the payment due and the application of past payments. If a consumer is 45 days or more delinquent they are required to receive…