Former NY Knicks point guard’s condo in foreclosure
A property of former NBA star Stephon Marbury in New York City might be lost in a foreclosure due to a debt that has accumulated since 2010, according to a report published on Wednesday, September 18.According to the legal documents filed by the U.S. Bank...
O.J. Simpson’s Miami home to be sold after foreclosure
The home of incarcerated ex-football star O.J. Simpson will be sold soon after a foreclosure proceeding, a report on August 27 stated.The 4,233 square-foot of Simpson in South Florida will be auctioned online on October 29 after it underwent foreclosure proceedings...
Costs of closing mortgages rising
An online survey done by Bankrate.com showed that the costs of closing a mortgage have increased due to increasing origination fees, an August 5 article from USA Today stated.According to the survey, the fees for acquiring a single-family mortgage loan worth $200,000...
Vince Young’s properties auctioned off to cover debt
Constables from Harris County went to ex-NFL quarterback Vince Young’s home to take an inventory of his personal properties in preparation for paying off a loan of $1.7 million, a July 25 report from NBC sports showed. The former NFL player took the loan out two years...
Homes undergoing foreclosure and repossession in U.S. decrease
The number of homeowners who are undergoing the foreclosure process or had their homes repossessed by banks dropped last month, a foreclosure listing firm said on July 11.Housing recovery in the U.S. continues to strengthen due to steady jobs, low interest rates,...
Medical bills: a huge factor for personal bankruptcy
Millions of Americans are expected to file for bankruptcy this year due to expensive medical bills, a new data analysis reports.According to the data gathered by NerdWallet Health, skyrocketing health expenses cause many people to file bankruptcy. In fact, Vice...
Settlement checks to be received by 15k Alabama homeowners
A total of $21.8 million will be awarded to Alabama residents as a result of a national foreclosure settlement, Attorney General Luther Strange said on June 6.Around 15,000 eligible Alabama homeowners will receive settlement checks from the national settlement’s...
Bills to limit payday loans in Alabama stall
Laws attempting to change payday and title loans in Alabama stalled recently in the Alabama Legislature.The bills were being reviewed in the House Committee, but failed after industry leaders argued that the bills would substantially affect their business, even...
Bills seek to limit payday and title loan interest rates
Laws to regulate high rates of short-term loans and title loans were recently presented in an effort to keep people from being trapped into paying off debts with high interests.Rep. Patricia Todd, D-Birmingham, who introduced the bills, said a cap of 36 percent will...
U.S. regulators considering payday loan changes
To lessen the high interest rates of short-term loans that put consumers in a debt cycle, Federal regulators said recently they are going to impose gaps between loans.New guidelines will be issued to banks today by Federal Deposit Insurance Corp. and the office of the...
Bankruptcy exit plan to be filed by Jefferson County in June
A recent report stated that Jefferson County plans to file its plan for addressing its debts and how it will exit bankruptcy on June 1. County officials said on March 12 that they hope to present a plan that receives the approval of sewer creditors, but were also...
Consumers may be protected against ‘debt traps’
Taking action to limit the impact of short-term loans, like payday loans, is being considered by the U.S. Consumer Financial Protection Bureau in an effort to protect consumers against loans that can become “debt traps,” according to its director recently.Payday loans...
Alabama Leaders Gain Momentum in Bankruptcy Deal
Alabama leaders have reported that they are gaining momentum toward striking a deal between Jefferson County and Wall Street creditors in regards to the largest municipal bankruptcy in the country.Negotiators with the county met with county’s sewer system creditors in...
Prichard City Officials Seek More Time in Bankruptcy Protection
Prichard City Council officials are asking for more time in regards to a bankruptcy protection lawsuit that was filed against the city. Officials with the city stated that they needed more time in order to get familiar with all “legal matters” in the case.This council...
Bankruptcies down in fiscal 2011
The American Bankruptcy Institute, a bankruptcy filing research organization, recently reported that bankruptcy filings dropped in fiscal 2011.A total of 1.47 million bankruptcies were filed in the U.S. through September. According to the ABI, this fiscal year’s...
Jefferson County Makes First Attempt to Emerge From Bankruptcy
Jefferson County has recently made plans in order to make an attempt to exit from Chapter 9 bankruptcy. The County Commissioners have said that the vote could happen as soon as next week, but some creditors have already stated that it will be challenged in...
Suzuki discontinues sales in U.S., files for Chapter 11
On November 5, the American Suzuki Motor Corporation chose to file for Chapter 11 bankruptcy protection. The decision to file for bankruptcy means that Suzuki motor vehicles will no longer be sold in the United States. Sales of ATVs and motorcycles will still continue...
FDIC Regulators Close Nova Financial Bank Unit
Regulators with the Federal Deposit Insurance Corp. closed a Nova Bank unit on Oct. 26 and as a result of this closure, Nova Financial Holdings Inc. decided to file for Chapter 7 bankruptcy.Nova announced on Oct. 30 that their board decided that liquidating their...
Foreclosures on the decline, discounts disappearing
New data from Zillow shows that discounts many home buyers are expecting on foreclosed homes are starting to disappear as foreclosures decline across the country. The Washington Post reports that as the economy slowly improves, fewer homeowners are defaulting on their...
Alabama Foreclosures Drop in August, Increase in September
The rate of foreclosures in the Birmingham area declined in the month of August, according to a mortgage researcher. The data shows that in August, the rate of foreclosures was 1.62 percent. This percentage was down slightly from August 2011 when the rate of...
Unemployment and Chapter 7 Bankruptcy
Choosing to file for bankruptcy can be a difficult decision, and there are several factors that should be considered before making this decision. One of these factors regards unemployment and the affect it has on the bankruptcy process.There is a repayment plan...