DebtFreeDetroit.com

2012-01-11T07:19:00.000-08:00

I guess the old saying that the only thing that will survive a nuclear war are cockroaches and Twinkies my not be true anymore! Twinkies may not survive Bankruptcy, the storied Hostess Brands has filed Chapter 11 in New York. With over a billion owed to creditors!! So sad, these tasty cakes are the reason I have some wonderful love handles, hope they make it through Chapter 11.

2011-11-23T11:27:00.001-08:00

Holiday Special, $1,100, for a complete Chapter 7, includes $306 filing fee. An average Chapter 7 takes four months to complete from start to finish, that means from the date your case is filed and the date the case is closed is averaging 120 days. Why wait, by spring you could be debt free!

Exceptions To Discharge

2011-07-06T12:03:00.001-07:00

TITLE 11 > CHAPTER 5 > SUBCHAPTER II > § 523

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§ 523. Exceptions to discharge

How Current is This?

(a) A discharge under section 727, 1141, 1228 (a), 1228 (b), or 1328 (b) of this title does not discharge an individual debtor from any debt—

(1) for a tax or a customs duty—

(A) of the kind and for the periods specified in section 507 (a)(3) or 507 (a)(8) of this title, whether or not a claim for such tax was filed or allowed;

(B) with respect to which a return, or equivalent report or notice, if required—

(i) was not filed or given; or

(ii) was filed or given after the date on which such return, report, or notice was last due, under applicable law or under any extension, and after two years before the date of the filing of the petition; or

(C) with respect to which the debtor made a fraudulent return or willfully attempted in any manner to evade or defeat such tax;

(2) for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by—

(A) false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition;

(B) use of a statement in writing—

(i) that is materially false;

(ii) respecting the debtor’s or an insider’s financial condition;

(iii) on which the creditor to whom the debtor is liable for such money, property, services, or credit reasonably relied; and

(iv) that the debtor caused to be made or published with intent to deceive; or

(C)

(i) for purposes of subparagraph (A)—

(I) consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and

(II) cash advances aggregating more than $750 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title, are presumed to be nondischargeable; and

(ii) for purposes of this subparagraph—

(I) the terms “consumer”, “credit”, and “open end credit plan” have the same meanings as in section 103 of the Truth in Lending Act; and

(II) the term “luxury goods or services” does not include goods or services reasonably necessary for the support or maintenance of the debtor or a dependent of the debtor;

(3) neither listed nor scheduled under section 521 (a)(1) of this title, with the name, if known to the debtor, of the creditor to whom such debt is owed, in time to permit—

(A) if such debt is not of a kind specified in paragraph (2), (4), or (6) of this subsection, timely filing of a proof of claim, unless such creditor had notice or actual knowledge of the case in time for such timely filing; or

(B) if such debt is of a kind specified in paragraph (2), (4), or (6) of this subsection, timely filing of a proof of claim and timely request for a determination of dischargeability of such debt under one of such paragraphs, unless such creditor had notice or actual knowledge of the case in time for such timely filing and request;

(4) for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny;

(5) for a domestic support obligation;

(6) for willful and malicious injury by the debtor to another entity or to the property of another entity;

(7) to the extent such debt is for a fine, penalty, or forfeiture payable to and for the benefit of a governmental unit, and is not compensation for actual pecuniary loss, other than a tax penalty—

(A) relating to a tax of a kind not specified in paragraph (1) of this subsection; or

(B) imposed with respect to a transaction or event that occurred before three years before the date of the filing of the petition;

(8) unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents, for—

(A)

(i) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution; or

(ii) an obligation to repay funds received as an educational benefit, scholarship, or stipend; or

(B) any other educational loan that is a qualified education loan, as defined in section 221(d)(1) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual;

(9) for death or personal injury caused by the debtor’s operation of a motor vehicle, vessel, or aircraft if such operation was unlawful because the debtor was intoxicated from using alcohol, a drug, or another substance;

(10) that was or could have been listed or scheduled by the debtor in a prior case concerning the debtor under this title or under the Bankruptcy Act in which the debtor waived discharge, or was denied a discharge under section 727 (a)(2), (3), (4), (5), (6), or (7) of this title, or under section 14c(1), (2), (3), (4), (6), or (7) of such Act;

(11) provided in any final judgment, unreviewable order, or consent order or decree entered in any court of the United States or of any State, issued by a Federal depository institutions regulatory agency, or contained in any settlement agreement entered into by the debtor, arising from any act of fraud or defalcation while acting in a fiduciary capacity committed with respect to any depository institution or insured credit union;

(12) for malicious or reckless failure to fulfill any commitment by the debtor to a Federal depository institutions regulatory agency to maintain the capital of an insured depository institution, except that this paragraph shall not extend any such commitment which would otherwise be terminated due to any act of such agency;

(13) for any payment of an order of restitution issued under title 18, United States Code;

(14) incurred to pay a tax to the United States that would be nondischargeable pursuant to paragraph (1);

(14A) incurred to pay a tax to a governmental unit, other than the United States, that would be nondischargeable under paragraph (1);

(14B) incurred to pay fines or penalties imposed under Federal election law;

(15) to a spouse, former spouse, or child of the debtor and not of the kind described in paragraph (5) that is incurred by the debtor in the course of a divorce or separation or in connection with a separation agreement, divorce decree or other order of a court of record, or a determination made in accordance with State or territorial law by a governmental unit;

(16) for a fee or assessment that becomes due and payable after the order for relief to a membership association with respect to the debtor’s interest in a unit that has condominium ownership, in a share of a cooperative corporation, or a lot in a homeowners association, for as long as the debtor or the trustee has a legal, equitable, or possessory ownership interest in such unit, such corporation, or such lot, but nothing in this paragraph shall except from discharge the debt of a debtor for a membership association fee or assessment for a period arising before entry of the order for relief in a pending or subsequent bankruptcy case;

(17) for a fee imposed on a prisoner by any court for the filing of a case, motion, complaint, or appeal, or for other costs and expenses assessed with respect to such filing, regardless of an assertion of poverty by the debtor under subsection (b) or (f)(2) of section 1915 of title 28 (or a similar non-Federal law), or the debtor’s status as a prisoner, as defined in section 1915 (h) of title 28 (or a similar non-Federal law);

(18) owed to a pension, profit-sharing, stock bonus, or other plan established under section 401, 403, 408, 408A, 414, 457, or 501(c) of the Internal Revenue Code of 1986, under—

(A) a loan permitted under section 408(b)(1) of the Employee Retirement Income Security Act of 1974, or subject to section 72(p) of the Internal Revenue Code of 1986; or

(B) a loan from a thrift savings plan permitted under subchapter III of chapter 84 of title 5, that satisfies the requirements of section 8433(g) of such title;

but nothing in this paragraph may be construed to provide that any loan made under a governmental plan under section 414 (d), or a contract or account under section 403(b), of the Internal Revenue Code of 1986 constitutes a claim or a debt under this title; or

(19) that—

(A) is for—

(i) the violation of any of the Federal securities laws (as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934), any of the State securities laws, or any regulation or order issued under such Federal or State securities laws; or

(ii) common law fraud, deceit, or manipulation in connection with the purchase or sale of any security; and

(B) results, before, on, or after the date on which the petition was filed, from—

(i) any judgment, order, consent order, or decree entered in any Federal or State judicial or administrative proceeding;

(ii) any settlement agreement entered into by the debtor; or

(iii) any court or administrative order for any damages, fine, penalty, citation, restitutionary payment, disgorgement payment, attorney fee, cost, or other payment owed by the debtor.

For purposes of this subsection, the term “return” means a return that satisfies the requirements of applicable nonbankruptcy law (including applicable filing requirements). Such term includes a return prepared pursuant to section 6020(a) of the Internal Revenue Code of 1986, or similar State or local law, or a written stipulation to a judgment or a final order entered by a nonbankruptcy tribunal, but does not include a return made pursuant to section 6020(b) of the Internal Revenue Code of 1986, or a similar State or local law.

(b) Notwithstanding subsection (a) of this section, a debt that was excepted from discharge under subsection (a)(1), (a)(3), or (a)(8) of this section, under section 17a(1), 17a(3), or 17a(5) of the Bankruptcy Act, under section 439A ^[1] of the Higher Education Act of 1965, or under section 733(g) ^[1] of the Public Health Service Act in a prior case concerning the debtor under this title, or under the Bankruptcy Act, is dischargeable in a case under this title unless, by the terms of subsection (a) of this section, such debt is not dischargeable in the case under this title.

(c)

(1) Except as provided in subsection (a)(3)(B) of this section, the debtor shall be discharged from a debt of a kind specified in paragraph (2), (4), or (6) of subsection (a) of this section, unless, on request of the creditor to whom such debt is owed, and after notice and a hearing, the court determines such debt to be excepted from discharge under paragraph (2), (4), or (6), as the case may be, of subsection (a) of this section.

(2) Paragraph (1) shall not apply in the case of a Federal depository institutions regulatory agency seeking, in its capacity as conservator, receiver, or liquidating agent for an insured depository institution, to recover a debt described in subsection (a)(2), (a)(4), (a)(6), or (a)(11) owed to such institution by an institution-affiliated party unless the receiver, conservator, or liquidating agent was appointed in time to reasonably comply, or for a Federal depository institutions regulatory agency acting in its corporate capacity as a successor to such receiver, conservator, or liquidating agent to reasonably comply, with subsection (a)(3)(B) as a creditor of such institution-affiliated party with respect to such debt.

(d) If a creditor requests a determination of dischargeability of a consumer debt under subsection (a)(2) of this section, and such debt is discharged, the court shall grant judgment in favor of the debtor for the costs of, and a reasonable attorney’s fee for, the proceeding if the court finds that the position of the creditor was not substantially justified, except that the court shall not award such costs and fees if special circumstances would make the award unjust.

(e) Any institution-affiliated party of an insured depository institution shall be considered to be acting in a fiduciary capacity with respect to the purposes of subsection (a)(4) or (11).

Stay in School

2011-06-08T13:20:00.000-07:00

It is tough to be a boy in college these days. Hit the title above for a link to LA Opinion Article. Booo College Leaders.

In Sourcing, Interesting . . .

2011-05-26T14:21:00.001-07:00

Link above to the Yahoo! article, very interesting.

JEEP!

2011-05-21T04:56:00.001-07:00

Happy 70th Birthday Jeep! Click the link for the article.

I love it!

2011-05-18T05:14:00.000-07:00

Okay, if this is not the most messed up thing in the world, well I don't know what is. A man wins 2 million in the lottery, and still collects food stamps, comes from the sticks and kills his daughters landlord for evicting her, for what we do not know, and all the while he is sitting on 2 mil, and collecting food stamps to boot. Love it!

Code Outline

2011-05-17T11:15:00.001-07:00

TITLE 11

TITLE 11—BANKRUPTCY

How Current is This?

CHAPTER 1—GENERAL PROVISIONS (§§ 101—112)
CHAPTER 3—CASE ADMINISTRATION (§§ 301—366)
CHAPTER 5—CREDITORS, THE DEBTOR, AND THE ESTATE (§§ 501—562)
CHAPTER 7—LIQUIDATION (§§ 701—784)
CHAPTER 9—ADJUSTMENT OF DEBTS OF A MUNICIPALITY (§§ 901—946)
CHAPTER 11—REORGANIZATION (§§ 1101—1174)
CHAPTER 12—ADJUSTMENT OF DEBTS OF A FAMILY FARMER OR FISHERMAN WITH REGULAR ANNUAL INCOME (§§ 1201—1231)
CHAPTER 13—ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME (§§ 1301—1330)
CHAPTER 15—ANCILLARY AND OTHER CROSS-BORDER CASES (§§ 1501—1532)

House Market News

2011-05-17T10:07:00.000-07:00

It would seem that the value of houses remains low, then there will be no marketability for the houses and banks will shy away from loaning money, on under appraised houses. What do you think?

Bankruptcy Basics

2011-05-04T11:14:00.000-07:00

What is bankruptcy? Webster defines bankruptcy as “the quality or state of being bankrupt” and bankrupt as “a person judicially declared subject to having his or her estate administered under the bankrupt laws for the benefit of creditors” or “a person who becomes insolvent.” Insolvency, or the inability to pay legal debts, can cause someone to file for voluntary protection under the federal bankruptcy laws. An involuntary bankruptcy is one forced upon an entity or person by the creditors. The most common is the voluntary case, where the entity or person enters into the case on their own accord and decision.

11 USC Section 101 through Section 1523 covers the federal laws on bankruptcy commonly known as the “bankruptcy code” and includes the subchapters 7, 9, 11, 12, 13 and 15. Chapter 7 is by far the most common sub-chapter filed in the United States, and it can be filed by any entity (individual, married couples, corporations, LLC’s and son on) it is a universal chapter, therefore anyone can file, if there sole intent is to liquidate and get a fresh start. If an entity or person “qualifies” for a chapter 7 they can have certain debt eliminated and obtain a fresh start without losing their basic assets. Liquidation occurs when an entity or person has an asset that they cannot legally protect under the exemptions and exceptions stated in the bankruptcy code, when that happens a chapter 7 trustee will seize those assets and liquidate them, or in other words reduce them to cash for the benefit of the creditors involved in the case, and distribute what they can to those affected creditors.

Chapter 13, the adjustment of debts of an individual with regular income, or “personal reorganization” sub-chapter is the second most common chapter filed in the United States, and can only be filed by people, not corporations or other business entities, with regular income. Chapter 13 involves a repayment plan over a period of years not to exceed 60 months or 5 years. The basic premise is to take all of your creditors, such as mortgage creditors, auto loan creditors, tax creditors, medical bills and credit cards to name a few and classify them and propose a plan of repayment for those debts based on their priority and classification.

Most individuals will file under one of the above mentioned sub-chapters for the relief they need. However, there are the other sub-chapters available, 9, adjustment of debts of a municipality, 11, reorganization, 12, adjustment of debts of a family farmer or fisherman with regular annual income, and 15, ancillary and other cross-border cases. Of these the most common is sub-chapter 11, which is for corporate restructuring such as what General Motors has done.

This is the basic framework of the bankruptcy law and its sub-chapters, as we go on the complexity of each chapter will be uncovered and put into its basic form for easy understanding. The remaining sub-chapters 1, 3 and 5 have connections to each of the other aforementioned chapters and explain general provisions, case administration and the commencement of a case, the duties and powers of officers and administrative powers, they explain and define creditors, the debtor, and the estate and what claims and creditors are. They explain the debtor, and her duties and benefits, and how an estate is created and what it contains.

/s/ Charles L. Basch II, Attorney and Counselor

The New Trustee "Bankruptcy Watchdog"

2011-04-29T14:54:00.000-07:00

Tiffany Kary has an interesting moniker for the US Trustees Office, and here I thought they were a component of the Department of Justice, apparently they are just a watchdog for them the "real" department of justice.

Now Offering

2011-04-27T06:22:00.000-07:00

The Law Office of Charles Basch is now offering complete estate planning as a benefit service to all bankruptcy clients. Call today to schedule an appointment.

/s/Charles Basch

Reimburse Homeowners?

2011-04-13T11:48:00.000-07:00

It must be nice to be self regulated and to only have to answer to yourself. They are ordered to reimburse but congress does not know what problems there are and what if any corrections have been made, not saying that I am for big banks, but kind of puts the cart before the horse. It seems like the banks are saying we will pay, we will pay, but don't ask us to tell you what we did wrong. Because we are not going to tell you or before you go a lookin' we will just pay some homeowners off.

NNEEWWSS FEED

2011-04-08T07:48:00.001-07:00

Spring Cleaning!

2011-04-08T07:40:00.000-07:00

Spring is upon us here in the Midwest, and what a great time to clean out the garage, the financial garage that is, www.debtfreedetroit.com is running a spring cleaning special! File a basic chapter 7 for only

$1,000.00 complete!

If you have been waiting and hoping that the economy would have turned around by now and your financial outlook would have improved, but has not, then do not hesitate, take charge of your finances and get rid of that debt that is cluttering you life and begin with a fresh start. Don't hesitate, waiting can hurt you credit score and future opportunities even more.

Call me, Attorney Charles Basch at 877-343-9300 for a FREE phone consultation and find out what your options are today!

Pay your rent on time.

2011-03-07T06:46:00.000-08:00

Yet another reason to pay your rent timely. Check out the article above by hitting the link.

Beware!!!

2011-03-03T08:28:00.001-08:00

Remember, bankruptcy is NOT debt forgiveness, there are no 1099-c issues, read the article above for more on tax problems of debt forgiveness from creditors.

Humm?

2011-02-08T11:03:00.001-08:00

What would the USA's credit score be, interesting. Hit the link above for the story off of Yahoo!

The House of Cards is Starting To Fall!

2011-01-09T05:15:00.000-08:00

More should sue, it keeps the checks and balances in place. Do not trust big banks, just because they are big corporations do not assume they know what they are doing, do not take it for granted.

2010-12-14T09:55:00.001-08:00

Holiday Look

2010-11-28T15:49:00.001-08:00

Festive for the holidays!

Creditors Following you On Facebook! Beware!

2010-11-18T03:28:00.000-08:00

I suppose it was only a matter of time, since creditors have been calling family and work for decades now, the natural step to that would be to harass you on Facebook and other social networks. Another reason to NOT give up all that information on those sites. Just food for thought. Hit the link above for the article.

GMAC foreclosures probed

2010-10-13T08:23:00.000-07:00

Here is yet another example of what is going on in the mortgage industry. I guess, since GMAC is 56% owned by "we the people" then we ought to be able to pick out any one of those foreclosed houses that we own and move in, since they are mostly ours anyway. Or in some instances we are foreclosing on ourselves, boy that is a noodle scratcher if I have ever heard one.

Example, a couple owns a house, where GMAC it the mortgage company, GMAC (American Tax Payers) forecloses, as the homeowner, aren't they technically foreclosing on their own home? I guess that couple should have negotiated a loan modification with themselves, since they have a 56% ownership in the company that has a lien on the house.

Just another puzzel piece falling into place!

2010-10-11T09:46:00.000-07:00

I get so tired of hearing how the banking industry has run rough shod over the American people it just makes me ill. Not only were banks fudging documents to get people into loans that they should have never been in, in the first place, now they apparently need to fudge the documents to get the houses back in foreclosure. Wow, just as you think you have seen every possible thing happen in the mortgage industry, there pops up another example of just how messed up this whole thing is. Solution? Give the banks more money!

Now here is a Bill, worth paying.

2010-09-20T11:25:00.000-07:00

A bill in congress proposes that, owners of "moderately priced" houses, could possibly be allowed to stay in their (ie. the banks) house for up to five years after a foreclosure, provided they pay a rent equal to the market rates in the area, bases on appraisals. Now wouldn't that be interesting, given that the other mortgage relief programs have been complete waste of time and tax payer monies.

What are your thoughts, hit the title above for the complete text of the bill.

Charles

Chapter 13 Flint Trustee Carl Bekofske Has A new Office

2010-08-08T04:56:00.001-07:00

Congratulations!! Click the link above for the article.

Mortgage Cram Down's

2010-08-04T11:47:00.000-07:00

I am certainly in favor of mortgage "cram down." Contrary to some critics, it will not install a benefit on the financially irresponsible, it will also force the banks, who have not had clean hands in the whole ordeal, to re-evaluate loan modification procedures and operate in good faith in those endeavors. If you still have doubts, read the article above, by hitting the title link.

2010-07-26T09:52:00.000-07:00

Stay Away From Pay Day Advances!

2010-05-20T06:38:00.000-07:00

I have a copy of a loan in my office that has an over 1,000,000% interest rate. No kidding. Tap the title above for an article.

Chapter 11 Fee's.

2010-05-03T11:29:00.000-07:00

Considering the large amount of fee's in the Leman case, my rather meager fee's do not seem all that bad! Hit the title above to read the article.

Watch for Mortgage Relief Fraud! It Is On the Rise.

2010-04-20T04:39:00.000-07:00

Any time a good thing come up, you can bet there will be bad people to thing of a way to scam you out of your house and hard earned money, click the heading above for an article on this point.

Short Sales

2010-03-25T13:09:00.001-07:00

A good read from the folks at MSN. Just hit the link, read, and give me your thoughts and I will give you mine.

Charles

Know Your Rights as a Renter

2010-03-23T05:52:00.000-07:00

From today's Detroit News.

Happy St. Patty's Day!

2010-03-17T07:47:00.001-07:00

Go Green!

Health Insurance

2010-03-15T04:21:00.000-07:00

The number one reason people file bankruptcy in America is health bills, NOT credit cards! The title above will take you to an example.

Having Trouble with the IRS

2010-03-10T09:52:00.000-08:00

Click the Title Above For FeePress Article.

Bankrutcy

2010-03-08T05:50:00.000-08:00

Good morning, happy Monday, March 8, 2010. How are all my friends doing?

Charles

Walking away from your house.

2010-03-07T12:29:00.000-08:00

A good read. Hit the title above to read.

Garnishment

2010-03-06T08:58:00.001-08:00

Garnishment is the culmination of a state court lawsuit to recover money from a person after they breach a contract. It is preceded by a summons and complaint served upon the person who owes the money, the defendant. The majority of people do not answer the complaint which causes a default on the defendant’s behalf. Generally speaking the plaintiff wins the case and is entitled to an order of judgment for the money owed. This order is reduced to a writ of garnishment that can be served on your employer, if you are employed, or your bank, if you have accounts, or against your future income tax refunds at the state and federal level, and in extreme instances against your personal property!

More "Suprises" with the CARD Bill

2010-03-04T04:51:00.000-08:00

I love the fact that now, you will know how long that Mexican meal will really linger at your waistline, especially your wallet.

Please click the title above to get to the Free Press article.

Tax Debt on Foreclosed Home

2010-03-03T07:30:00.000-08:00

This a good article from the San Diego Union-Tribune. As I once used to live in San Diego, I still enjoy reading the news. And due to the housing crisis in California, they seem to have insightful and knowledgeable articles. The article shows the importance of knowing the tax laws for both your state and the federal government.

The link is the Title above, which will take you to the article in the Tribune.

The Automatic Stay, Section 362

2010-03-01T12:17:00.001-08:00

The Automatic Stay.

Section 362 of 11 U.S.C states in relevant part that the commencement of a case under Section 301, 302 or 303 of this title operates as a stay as to all entities. There are eight specific subsections; we will focus on three of them here.

First, creditor's cannot, start, continue or maintain any lawsuit filed against you for collection of a debt, this means garnishments too, must stop.

A creditor must stop all enforcement against property of the debtor such as garnishment, foreclosure, or repossession.

A creditor must not attempt to enforce on your property like repossess or foreclose after the case is already filed.

These are the most common of the eight subsections and seem to be the most relevant to most debtors who need to file either chapter 7 or chapter 13.

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act

2010-02-28T13:03:00.000-08:00

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act has unintended results, penalizing responsible good customers and treating them just like the bad ones. Credit card companies have had 9 months to think up new ways to generate the lost revenue that the CARD act has taken away from them. Here are some of the aspects of the new law. Under the new law, lenders are not only prevented from raising rates on a customer's existing balance, they are also required to wait 60 days before raising rates on delinquent customers. But with the new law setting no restrictions on the types of fees issuers can implement, consumers should pay particularly close attention to the "Terms and Conditions" section of their statement so they know exactly what they are being charged for, as in new fee’s and charges, such as inactivity fee’s. In addition, issuers are still allowed under the new law to lower your credit limit without warning for no reason, increase your minimum monthly payments, or charge fees for a zero balance.

What are your thoughts?

Thoughts on the new foreclosure law in Michigan

2009-10-01T12:37:00.000-07:00

Good afternoon, I have had numerous consultations in recent weeks centering around loan modifications and the success I have been seeing with my clients. I have to admit, before Governor Granholm changed the laws, or more specifically, the state legislators and governor changed the laws my clients had more success in doing loan modifications as opposed to now. What are your thoughts on this issue? Respond and let me know. Charles

Mortgage Default Information

2009-08-15T07:49:00.000-07:00

What is a deed in lieu of foreclosure?

With a deed in lieu of foreclosure, you give your home to the lender (the "deed"), and in exchange, the lender cancels the loan rather than foreclosing on the property. In most states, a lender is allowed to sue you to recover any remaining deficiency—the difference between what the lender can sell the house for and what you owed on the mortgage. Before you agree to a deed in lieu of foreclosure, make sure that the lender agrees, in writing, to forgive any deficiency that exists. Deeds in lieu of foreclosure are not possible if there is a second mortgage, unless the same lender owns both loans.

Rescue Scams and Foreclosure

2009-02-10T10:18:00.001-08:00

There are a lot of unscrupulous people out there, and we all know it. They have no problem ruining your life to make a quick buck off your misery. You need to know the ways of the world and arm yourself with knowledge.

Check Back With My Blog For Updates On How To Avoid These Scams!! Or Contact Me At
debtfreedetroit@gmail.com or 877-343-9930 toll free!

FTC News Release for Do Not Call List

2009-02-10T09:46:00.001-08:00

For Your Information: April 10, 2008

Telephone numbers placed on the National Do Not Call Registry will remain on it permanently due to the Do-Not-Call Improvement Act of 2007, which became law in February 2008. More than 157 million phone numbers are on the National Do Not Call Registry.

Under the Act, the Federal Trade Commission will continue to remove telephone numbers that have been disconnected and reassigned to other customers. Consumers can delete their telephone numbers from the registry at any time by calling 1-888-382-1222 (TTY 1-866-290-4236) – the call must be made from the telephone number they wish to delete.

The Do-Not-Call Fee Extension Act of 2007 also was enacted, setting the annual fees telemarketers will pay to access the registry in fiscal year 2009 at $54 for each area code of data accessed or $14,850 for access to every area code in the registry, whichever is less. Telemarketers may access the first 5 area codes of data at no charge, and certain exempt organizations will continue to access all data at no charge. For each fiscal year beginning after fiscal year 2009, the fees will be increased at the rate of change of the consumer price index, unless the change is less than 1 percent, in which case the fees will not be adjusted.

2009-01-04T10:41:00.000-08:00

Carroll vs. Sanders 08-1201 Sixth Circuit

2008-08-24T06:48:00.000-07:00

Welcome to Debt Free Detroit, I am an attorney, and my specialty is Bankruptcy, you may ask me any question that you would like and I will try and answer it.