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…
The Student Loan Crisis was addressed by President Obama in his State of the Union Address
President Obama’s remarks about student loans during his State of the Union address ring true for millions. The President’s succinct message about the massive burden posed by student loans to millions of Americans was spot on: Cap student loan payments at ten percent of the borrowers monthly income. A similar proposal was presented by Senator…
SEN. KRISTEN GILLIBRAND: RENEWING A CALL FOR HER FEDERAL LOAN REFINANCING ACT
Sen. Kirsten Gillibrand is renewing a call for legislation that would allow student borrowers to refinance their federal student loans at lower interest rates, urging President Barack Obama to push the effort in his State of the Union speech Tuesday. The New York Democrat said Sunday there’s currently about $1.2 trillion in student loan debt…