When facing the loss of their house, short sales are a method that some people choose to use in order to stop a foreclosure from taking place. This tactic takes place when it seems likely that the bank will lose less money than it would with a foreclosure. By definition, a short sale means that [...]

If you are considering bankruptcy because of the debt you owe on your house, you probably know something about filing for bankruptcy, but are still checking out the options that you have. Chapter 7 Bankruptcy, sometimes referred to as a “straight bankruptcy,” is where your non-exempt property is sold and the cash proceeds are given [...]

At 800 Debt Settle, we have seen many homeowners wrestle with the difficult financial challenges facing everyone today. However, it is not just homeowners who are wrestling with difficult financial circumstances. Fortune 500 companies are declaring bankruptcy, banks are failing and even politicians are having a hard time selling their homes. One amazing occurrence that [...]

As the Obama Administration’s Home Affordable Modification Program (HAMP) approaches its sixth month, the challenges facing the plan are becoming more clearly defined while solutions to those challenges remain a work in progress. Admittedly off to a slow start, the program has about 175,000 loan modifications in its trial phase, according to Treasury officials. The [...]

Loan modifications were going back into default at a rate of 50% by the end of 2008, which looked like a disaster at the time. Fitch Ratings has now come out with re-default estimates of 65 to 75% that make the end of 2008 numbers look positively rosy. Banks cannot carry the responsibility for these [...]