How can you pay thousands of dollars in mortgage payments in a year, and get a tax Form 1098 for a fraction of actual mortgage interest paid? That’s what my client wanted to know. His monthly mortgage payment is $2715. The loan is currently interest only. All the payments were made. And yet, the Form 1098 […]
Mortgage Lenders Stop Lurking And Start Foreclosing
I’m re-upping this post from nearly two years ago because I’ve seen a surge in foreclosure notices on old and irregular home loans. There is equity now in those homes, so they are at risk of foreclosure. They hadn’t paid the line of credit loan on their home for seven years. All was quiet […]
What Are Your Rights In A California Foreclosure
The old saw about Oakland, California is that there is no “there” there. I suggest it’s the same about being “in foreclosure”: foreclosure is not a place, it’s a path. Nothing legally meaningful changes until you get to a foreclosure sale. Everything before that is prelude. Yet several Bay Area clients have asked whether they can remove personal […]
Best Bankruptcy Advice of The Year
Readers of Bankruptcy Soapbox vote for their favorite bits of bankruptcy and money advice with their eyeballs. I’ve tallied the eyeballs on the 48 posts written in 2018, and, cue the fanfare, present the top 10 most-read new posts for 2018. And in fact, this advice will stand you in good stead in 2019. […]
So You Keep Your Home Through Bankruptcy- What Then?
What happens to your home after your bankruptcy case is over? Most people who file bankruptcy are terrified that just filing bankruptcy will cost them their home. They won’t let me keep my home, will they? Sure they will. The Chapter 7 bankruptcy trustee doesn’t want the house if there’s no value in it, He’s […]
10 Reasons Why Bankruptcy May Be Your Best Investment
There are compelling reasons to file bankruptcy and invest in a better future. Spend money to go broke? Seems counter-intuitive, but it could be the best money you spend. People in serious debt resist using bankruptcy to get their financial life in order for many reasons, including Yet, as a means of regaining control of […]
Credit Reporting Agency Is All Wrong About Bankruptcy
Found a mistake in your credit report after bankruptcy? Happens all too frequently. But a major credit reporting agency is flat wrong on its advice on how to debts discharged in bankruptcy reported properly. The cynical side of me is not surprised. They get so little else right, why do I expect them to write truthfully […]
Financial Lessons From Furloughed Federal Workers
The plight of workers going without pay because of the government shut down looms over our news. If our incomes haven’t been affected, it’s easy to see this as someone else’s problem. But are the rest of us really immune to the same financial straight? Over and over again, we hear that most U.S. families […]
Tax Filing Extension Invites Tax Trouble For The Self Employed
We never make tax deposits for our small business because we don’t know what we’ll owe. We just wait til the return is prepared and try to pay then, he explained. But, again this October, he couldn’t write a tax check for a year’s worth of income. So the client sitting across the table from […]
Why Keep Bankruptcy Off Your Credit Record
We’ll help you do your own bankruptcy, promises the ad. And for a few dollars more, we’ll sell you the secret to keep your bankruptcy off your credit record. That pitch plays neatly into the obsession that we have about our credit reports. Even when your financial world is upside down. But this pitch has it […]
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