Having significant debt is a burden that affects a vast number of people. Many Tennessee residents have been found to forego putting money toward certain necessities, such as medical treatment, in order to put their income toward paying off their debt. Delaying...
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Asset Forfeiture
Tennessee residents could face repossession due to medical debt
Hearing of a personal or of a loved one's illness can be a heart-wrenching experience. Knowing that there is possible pain and suffering in the near future can make anyone's stress levels raise. Unfortunately for most people, including those in Tennessee, the sickness...
Foreclosures can impact homeowners’ mental health
The foreclosure rate has declined in the U.S. during the last few months but for homeowners still facing foreclosure, the nightmare may be just beginning. A new study found that foreclosures can cause distress for many homeowners, threatening their mental health...
Older Americans carrying significant debt into retirement
A recent report from the public policy institute at the AARP found higher credit card balances for Americans over the age of 50 than those under 50. In fact, Americans who are over 50 years old carry an average balance of more than $8,000. One significant factor,...
Zombie foreclosures haunt unsuspecting homeowners
The term zombie foreclosure conjures up visions of a house from a horror movie, stumbling around looking for a homeowner to feast on. The reality isn't too different - zombie foreclosure is a term used to describe houses that are in between owners and are not being...
State officials criticize agency over loan modification policy
Attorneys general from nine states sent a letter to the president recently asking that he replace the current acting head of the Federal Housing Finance Agency. The state officials are criticizing the acting regulator for the government-backed mortgage companies...
Recession spells financial challenges, profit in Memphis
As the residents Tennessee probably know, the ongoing Great Recession has left many people holding the bag on homes that they could not afford. So-called "subprime" lending put many people in Memphis in homes when they may have not been able to own home previously....
Fighting back against unethical collections tactics
All across the country people deal with accounts going into collections. Asset forfeiture affects everyone, even musicians, many of whom have strong ties to the industry right here in Memphis. Recently, however, one legendary musician decided to fight back against an...
Memphis homeowners returning to rewarding but risky equity loans
In 2008 the housing market bubble collapsed. Homeowners who borrowed against their homes lost equity and owed more money than the homes were worth. As a result, they faced the possibility of foreclosure and repossession. Recently, Memphis bankers have been seeing...
FHFA issues new short sale guidelines
The Federal Housing Finance Agency recently announced new guidelines intended to streamline the process by which mortgage services may qualify eligible borrowers for a short sale. A short sale occurs when a homeowner sells for less than the amount he or she owes on...