Articles from Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney

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Another Loan Workout Nightmare, plus Resources for Saving Your Home: Arizona

Submitted by Anonymous (not verified) on Sun, 04/26/2015 - 05:24

Hundreds of thousands of people tryng to save their homes by a loan workout are defrauded by “mortgage modification” scams.Desperate people find themselves and their family on the street after trying to save their homes.

Bankruptcy Stays on your credit report even if case dismissed

Submitted by Anonymous (not verified) on Tue, 04/21/2015 - 05:02

I just received an e-mail from a gentleman who filed a chapter 13, but later decided to dismiss his case.  He is wondering if the Bankruptcy Court can instruct the credit reporting agency to remove the bankruptcy from his credit report.  Unfortunately, the answer is no.  A bankruptcy will stay on the debtor’s credit report for ten years, even if the case is later dismissed.
I don’t know if this result would have made a difference for this gentleman, but at least he should have been told the result.

CFPB Issues Guidance on Housing Counselor Requirements

Submitted by Anonymous (not verified) on Wed, 04/15/2015 - 19:30

Consumer Financial Protection BureauThe Consumer Financial Protection Bureau (CFPB) (4/15/15) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organ

CFPB Launches Massive Lawsuit – Debt Collectors, Payment Processors and others

Submitted by Anonymous (not verified) on Thu, 04/09/2015 - 23:12

According to an article in the American Banker, by Rachel Witkowski ,  4/9/2015, The Consumer Financial Protection Bureau “CFPB” has filed a massive lawsuit against more than a dozen debt collectors, payment processors and related entities for failure to stop fraudulent collection tactics.  The case was filed in U.S.

Fannie Mae to Auction “Sour” Mortgage Loans. The Beginning of a New Foreclosure Cycle?

Submitted by Anonymous (not verified) on Sat, 04/04/2015 - 21:02

According to Bloomberg News: Fannie Mae will begin bulk auctions of mortgages, including some sales targeted for non-profit groups and small investors, as Fannie Mae moves to reduce the number of non-performing loans on its books.

A Student Aid Bill of Rights – March 10, 2015

Submitted by Anonymous (not verified) on Sat, 03/21/2015 - 02:37

On March 10, 2015 the White House announced that President Obama would  sign a Presidential Memorandum directing the Department of Education and other federal agencies to work across the federal government to do more to help borrowers afford their monthly loan payments including: (1) a state-of-the-art complaint system to ensure quality service and accountability for the Department of Education, its contractors, and coll

Garnishment of Wages – Administrative Actions

Submitted by Anonymous (not verified) on Fri, 03/20/2015 - 00:28

Many people ask whether or not a student loan company or SBA creditor can garnish their wages without first obtaining a court order.  The answer is “yes”.   Man with open mouthThe following is a direct quote from an article by t

CFPB vs Morgan Drexen – fraudulent debt “relief” assistance

Submitted by Anonymous (not verified) on Sun, 03/15/2015 - 23:33

Consumer Financial Protection BureauConsumer Financial Protection Bureau (CFPB)  filed its lawsuit in August 2013, against debt-relief services company Morgan

Two Disturbing Articles – Credit Card Debt Up & Risky Home Loans Up

Submitted by Anonymous (not verified) on Sat, 03/14/2015 - 01:36

Credit Card Balances Reach Highest Levels Since 2008, TransUnion Reports

I Filed a Chapter 7. Why Did the Trustee Take My Business?

Submitted by Anonymous (not verified) on Sun, 03/08/2015 - 19:38

Many people assume that their business will not be affected when they file bankruptcy.  They may be very wrong in that assumption.  Why?  The answer is “it depends on the type of bankruptcy filed”.  Most individuals file a chapter 7 bankruptcy.  In a chapter 7 the individual cannot keep their business, assuming it has any value.  Instead, it will be sold by the bankruptcy trustee and the funds paid to the creditors.

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