November 08, 2012 (Press-News.org) Finding appropriate debt relief takes many forms, from using bankruptcy to take on credit card debt or overcome overwhelming medical bills. For many Americans, their primary source of financial distress is unsustainable mortgage payments and the constant threat of foreclosure.
Information from a recent study of mortgage interest rates paid by American homeowners provides crucial insight into one reason behind this problem. According to data compiled and assessed by real estate market analysts at CoreLogic, more than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates.
About half of those are paying in excess of six percent, a figure that obviously can lead to significantly higher monthly payments on an item that for many couples and individuals represents their largest obligation. A host of reasons may underlie this problem, from a person's unawareness of their options to underemployment or unemployment, late mortgage payments, more stringent qualification requirements or specific credit issues that prevent refinancing.
The numbers are even more troubling when focused on "underwater" borrowers who have negative equity in their homes. In other words, the diminished market value of the property is exceeded by existing mortgage and home equity obligations. Five of every six underwater homeowners are paying more than five percent in mortgage interest, and their options for refinancing pose many challenges.
When homeowners face obstacles to refinancing, from credit history to a lender's unwillingness to modify loan terms, they still have options. Chapter 7 and Chapter 13 bankruptcy provide powerful legal solutions that are relevant to a wide range of debt.
Bankruptcy and Foreclosure: Taking Aim at a Primary Source of Debt
The most important thing that any financially overwhelmed homeowner should know is that bankruptcy halts the foreclosure process. This can allow a family to remain in their primary residence and gain time to work out long-term solutions for keeping the property.
For homeowners who have been able to keep up with mortgage obligations, Chapter 7 bankruptcy discharges many types of unsecured debt, thereby freeing up significant resources for mortgage payments. For those who have fallen behind, Chapter 13 bankruptcy can provide significant advantages by rolling mortgage arrears into a three- to five-year repayment plan with other debts.
The most important aspect of any debt relief plan is a full consideration of an individual or couple's unique circumstances and long-term goals. A consultation with a bankruptcy attorney can start the process of sorting out the many powerful options available.
Article provided by Hoglund, Chwialkowski & Mrozik, PLLC
Visit us at www.bankruptcyminnesota.com
Study Shows Too Many Homeowners Paying Excessive Mortgage Interest Rates
More than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates, a factor that increases the risk of foreclosure.
2012-11-08
ELSE PRESS RELEASES FROM THIS DATE:
Trial in New York Bus Crash Case Highlights Victims' Rights
2012-11-08
New Yorkers are used to relying on different forms of alternative transportation. For trips close to home, they take the subway, a taxi or a city bus. For longer trips outside of the city, many choose trains or commercial bus services.
Unfortunately, those bus rides are not always as safe as they should be. Over the last several years, a string of high-profile bus accidents have resulted in catastrophic injuries and deaths in New York and all along the Eastern Seaboard.
Take, for example, a March 2011 crash on Interstate 95 in the Bronx that killed 15 bus passengers ...
Texting While Driving a Major Problem for Minnesota Teens
2012-11-08
Anybody who knows a teenager is acutely aware of the complex relationship between teens and their cellphones. The phone, it seems, is a constant presence -- popping up during family dinners, study time, church services and all sorts of other inappropriate moments. Most of the time, the worst consequence of teenagers' phone addictions is momentary rudeness. However, when teens bring out their cellphones behind the wheel, the results can be deadly.
Auto accidents are the number one cause of death for teenagers in the United States. A lot of the risk comes from the fact ...
Quickly Documenting Evidence After an Accident Can Help Prove Fault
2012-11-08
After a motor vehicle accident, particularly when people have sustained injuries or there is extensive property damage, many people understandably do not consider the importance of preserving the evidence of the accident. Nevertheless, information documented and gathered shortly after the accident can aid accident investigators in recreating the scene and attorneys in establishing a strong case for the injured party.
Different types of evidence can be helpful following a car, truck or motorcycle accident, much of which can be easily destroyed over time. For instance, ...
When Can a Missouri Parent Seek to Modify a Child Custody Order?
2012-11-08
As children age and their school, extracurricular and other interests demand more of their time, child support orders may become out of date. In other cases, one parent may struggle to provide proper care of the children because of addiction or mental health issues. Sometimes it is possible for parents to seek modifications of their child custody orders to reflect the changed circumstances and the best interests of the child.
While it is possible to come to an informal agreement with a former spouse, filing a motion to modify a custody order ensures that the best interests ...
New Medical Examiner Standards for Commercial Drivers
2012-11-08
Across Illinois and the rest of the nation, interstate bus and truck drivers face challenges far above and beyond those of ordinary motorists. Operating these big vehicles is taxing work, and safe driving requires being in good physical condition.
Drivers Required to Pass Physical Examinations
At least once every two years, anyone who drives commercially is required to undergo and pass a medical examination. The particulars of the examination are set by the U.S. Department of Transportation and include a variety of assessments. Included in the DOT examination are ...
Greater Scrutiny Placed on Commercial Truck Drivers' Medical Examiners
2012-11-08
In order to ensure that commercial truck drivers are safe on the roads, the Federal Motor Carrier Safety Administration (FMCSA) recently implemented a rule that will require doctors who conduct medical examinations on truckers to obtain a special certification. In order to meet these new standards, healthcare professionals will need to receive training about the physical conditions that can affect truckers' ability to drive safely on the roads.
In addition to familiarizing doctors with the health issues that affect truck drivers' performance, this new rule is designed ...
Workers' Compensation Benefits for On-the-Job Motor Vehicle Accident Injuries
2012-11-08
Many jobs require employees to do some driving as part of their job responsibilities. From truck drivers, whose duties almost entirely consist of driving, to those who drive sporadically, such as businesses that occasionally deliver their products -- all of these employees are at risk of being involved in a motor vehicle accident while on the job. After such an accident, in addition to making a claim against the at-fault driver, the injured Nevada employee may also be eligible to receive workers' compensation benefits.
On-the-Job Motor Vehicle Accidents
Unfortunately, ...
Poll Shows Overwhelming Support for Social Security Disability Program
2012-11-08
In times of political polarization and economic difficulty, government programs that benefit people who have endured hardships sometimes make easy targets for aspiring politicians. Nonetheless, a recent poll of likely American voters shows across-the-board support for continuation of Social Security Disability Insurance (SSDI) benefits at existing levels.
In a recent survey of 1,000 American adults, the political research firm Lincoln Park Strategies found that 83 percent of those polled agreed that cuts to SSDI benefits would be unfair. Only eight percent of likely ...
Don't Wait to File Past-Due Federal Income Tax Returns
2012-11-08
As the end of the year approaches, it is time to start thinking about preparing your 2012 income tax return. But what if you are one of the thousands of people who have failed to file one or more previous years' returns? Will filing a tax return this year simply draw attention to your past omissions?
Failing to pay individual income taxes or file a return is a serious violation of federal tax law, and continued failure to file will only make problems worse. With that said, it is important to talk with an experienced tax law attorney before filing tax returns or other ...
What paleotempestology tells scientists about today's tempests
2012-11-07
Boulder, CO, USA – Understanding Earth's paleo-hurricane record cannot be more timely and important in a light of Hurricane Sandy, which shocked the U.S. East Coast last week. Talks in this Wednesday afternoon session at the GSA Annual Meeting in Charlotte, North Carolina, integrate field, lab, and model analysis of past hurricanes and future scenarios, covering a wide range of temporal and spatial scales.
Session co-organizer Daria Nikitina of West Chester University says that "gaining understanding of past events provides the context for future coastal vulnerability. ...
LAST 30 PRESS RELEASES:
By studying neutron ‘starquakes’, scientists hope to transform their understanding of nuclear matter
Mouth bacteria may hold insight into your future brain function
Is cellular concrete a viable low-carbon alternative to traditional concrete for earthquake-resistant structures?
How does light affect citrus fruit coloration and the timing of peel and flesh ripening?
Male flies sharpened their eyesight to call the females' bluff
School bans alone not enough to tackle negative impacts of phone and social media use
Explaining science in court with comics
‘Living’ electrodes breathe new life into traditional silicon electronics
One in four chance per year that rocket junk will enter busy airspace
Later-onset menopause linked to healthier blood vessels, lower heart disease risk
New study reveals how RNA travels between cells to control genes across generations
Women health sector leaders good for a nation’s wealth, health, innovation, ethics
‘Good’ cholesterol may be linked to heightened glaucoma risk among over 55s
GLP-1 drug shows little benefit for people with Parkinson’s disease
Generally, things really do seem better in morning, large study suggests
Juicing may harm your health in just three days, new study finds
Forest landowner motivation to control invasive species depends on land use, study shows
Coal emissions cost India millions in crop damages
$10.8 million award funds USC-led clinical trial to improve hip fracture outcomes
University Hospitals Cleveland Medical Center among most reputable academic medical centers
Emilia Morosan on team awarded Kavli Foundation grant for quantum geometry-enabled superconductivity
Unlock sales growth: Implement “buy now, pay later” to increase customer spending
Research team could redefine biomedical research
Bridging a gap in carbon removal strategies
Outside-in signaling shows a route into cancer cells
NFL wives bring signature safe swim event to New Orleans
Pickleball program boosts health and wellness for cancer survivors, Moffitt study finds
International Alzheimer’s prevention trial in young adults begins
Why your headphone battery doesn't last
Study probes how to predict complications from preeclampsia
[Press-News.org] Study Shows Too Many Homeowners Paying Excessive Mortgage Interest RatesMore than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates, a factor that increases the risk of foreclosure.