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Written by: leonora | Published on: October 11th, 2013
I have a confession, I think about budgeting and money a lot. My husband would say too much. Being around people that run into financial problems (not necessarily because of poor budgeting) makes me be that much more focused on money. Running my own business, gets me to think about budgets and money. Running our household makes me think about budgeting. Did I mention that I think about money and budgeting? A lot. Having a wedding didn’t help my “problem.” We just had a wedding, which in large part I planned. My husband did the obligatory meetings and listened as [...]
Written by: leonora | Published on: June 26th, 2013
REASON 1 – YOU WILL PROBABLY BE GETTING MARRIED SOON AND MERGING YOUR FINANCES You are probably going to get married. And with that comes the oh-so-fun merging of the finances. I can assure you that it is a lot better to be the person saying, “yeah, once upon a time I filed for bankruptcy. I learned a lot. I don’t have any debt now, other than my student loans, and I have managed to save for retirement and put money away for a rainy day since that time. Oh, and because it was a while ago, my credit is [...]
Written by: leonora | Published on: January 10th, 2013
The Mortgage Debt Relief Act of 2007 was set to expire on December 31 2012; however, it was extended for another year, which is a pretty big deal for people who are facing a foreclosure, short-sale or a deed-in-lieu (of foreclosure). Foregoing other reasons why I think the last 2 options, respectively, are not a great for most people, let’s examine why this is still great for people who are facing the tough circumstances of losing their homes. Let’s first talk about this Debt Cancellation or Phantom Income and how this would normally be treated. To add insult to injury [...]
Written by: leonora | Published on: February 23rd, 2011
If your property is underwater, not only did you probably reach out for help and examine your options, but you probably also received a lot of unsolicited offers from real estate agents and other “foreclosure consultants” who want to “help” you. When they talk up all the benefits of a short-sale, they probably mention all these things: Myth 1: You will be able to avoid personal liability for deficiency (roughly the amount you owe minus what the lender will receive for your house), that you would have if you just walk away and allow the lender to foreclose. Myth 2: [...]
Written by: leonora | Published on: February 15th, 2011
Keep Your Home California (KYHC) is designed to help low/moderate income families stay in their homes. In fact, the US Treasury Department approved $2 billion in federal funds for California families that are struggling to pay their mortgage. It sounds like a well-intentioned idea. However, as many people know, getting actual help with mortgage problems is not easy. Qualifying for any government program doesn’t seem to be a walk in the park either. Because the program is very new, it is hard for me to have any sort of “expert” opinion on the matter. However, on its face, the program [...]
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