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Author Archives: Steve Rhode

Home Owners Advocacy Group – Contract Review

HOAG1

A reader sent in a contract with Home Owners Advocacy Group they had recently signed for some sort of mortgage assistance of foreclosure avoidance. I am now a lawyer. What follows is my opinion of different sections of the agreement in an effort to help readers better understand what to look for and what it means. If you have a ... Read More »

    Consumers Defaulting Less on Debt Says New Data

    Screen Shot 2013-05-21 at 11.18.10 AM

    New data out from S*P and Experian says consumers are doing a better job paying their bills. The national composite of consumer defaults hit its post-recession low of 1.42% in April, down from 1.50% in March. The first mortgage default rate moved down to 1.31% in April from 1.41% in March. The auto loan default rate posted a 1.07% rate ... Read More »

      Student Debt Kills Dreams

      college-class

      The amount outstanding on student loan debt continues to increase past the point it blew the roof off how much people owe on all credit card debt. Imagine, people owe more in student loan debt which is nearly generational debt. In most cases it can’t be discharged in bankruptcy and with parents and grandparents co-signing for some of these loans ... Read More »

        Sinbad Files Chapter 7 Bankruptcy. Will Keep F-150 Pickup Truck.

        Sinbad

        The comedian Sinbad recently filed for Chapter 7 bankruptcy protection. Hey, it happens to even the famous among us. Money troubles are not limited to the infamous. They happen to many of all walks of life. According to documents received, Sinbad (David Adkins) has liabilities of $10,991,715 and assets of $131,126. While there may be some areas of his life ... Read More »

          Get Out of Debt Guy Support Group First Virtual Meeting

          Google Hangout

          We made it through the first virtual debt support group meeting on Google Hangout. As expected, attendance was light, but the technology test went fine and the concept show a lot of promise for future meetings. Michael Bovee and I spent quite a bit of time talking about debt and religion, Jesus, spirituality, tithing, student loan debt, using bankruptcy to ... Read More »

            Mass Joinder Leader Mitchell Stein Found Guilty and Behind Bars for Years

            mans hands behind bars in jail or prison

            A tipster just let me know that Mitchell Stein, the California attorney who was leading the charge selling consumers access to lawsuits to sue their lenders in a mass joinder action, was taken into custody today in court when he was found guilty on 14 counts in Florida today. Here is what the tipster said, “Mitchell J. Stein (Spire Law ... Read More »

              Why is My Ex-Husband Not Responsible for This 1099-C From the Repossession?

              hiding-1

              “Dear Steve, Divorced single mom of three. The IRS held my last years refund of $9000.00. I finally asked them why and they said I failed to file a 1099-C from a 2006 repossesion and the vehicle was awarded to my ex in the divorce. The amount on the 1099-c is 10,300.00. I can’t afford to amend the return and ... Read More »

                We Have Some Items On Our Credit Report We Want Removed – Lisha

                No problem

                “Dear Steve, We started to have troubles making payments. Did Bankruptcy. Trouble again and we re-fied our house not once or twice about 4! Took a 2nd out… Around and around sprial…. husband lost his job. Lost house. Moved out of state and did Bankruptcy AGAIN! It was bad decision after bad. And it was all in thinking we were ... Read More »

                  FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

                  fist

                  The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six complaints filed by the FTC last September as part of ... Read More »

                    Are All Student Loan Assistance Companies a Scam?

                    Business Meeting

                    “Dear Steve, I am a bankruptcy attorney and looking to provide services to those with student loan problems, as well. You appear to believe most or all companies that help you with student loan issues are scams. Do you think there is any student loan service that can be provided to the public that is not a scam? I genuinely ... Read More »

                      3 Car Buying Financial Potholes to Avoid

                      buying car

                      Buying a car is a very expensive proposition. Besides buying a home – buying a car or truck is typically the second largest asset people purchase. And those car payments can really add up to a budget buster if you are not careful. There is no need to wind up paying more than you have to. When going to buy ... Read More »

                        Asset Rich But Cash Poor. Want to Settle My Debt and Pay for Delete

                        family portrait

                        “Dear Steve, I have a different problem than a lot of your readers. I have lots of assets, but my income is very limited. I have property worth about a million dollars, but because it is more than 5 acres with a manufactured home no one will loan against it. In about 2 years will start collecting social security so ... Read More »

                          Ocwen Condo Foreclosure in Limbo Leaves Me Worried About HOA Fees and Mortgage Modification – Frank

                          do nothing

                          “Dear Steve, Condo in foreclosure since May 2011, mortgage previously with GMAC, now taken over by Ocwen. Retired in January and wrongfully assumed I could just start making payments on the mortgage. Halt, you must go through a modification with Ocwen to stop the foreclosure. Agreed and sent all paperwork and info they requested. Ocwen rep calls weekly to check ... Read More »

                            My Debt to Income is Very High and Nobody Will Give Me a Loan – Lisa

                            life begins at end of your comfort zone

                            “Dear Steve, I am living on social security and savings, which are quickly becoming very scant. As my roof leaked over my head as I was sleeping, realized I needed to do something about this and thus began my quagmire (good word!) of a problem. Paid $8000. from five 0% promotional credit cards, carefully figuring out how much each card ... Read More »

                              Get a Free Friends and Family Health Kit

                              free

                              Okay, I admit this might not be the best freebie in the world but apparently the government wants to spend money sending out publications and information to help people deal with medical issues. What can I say, besides it’s a freebie and it looks like it’s for the ladies. The pitch to order these publications says “Now, you can help ... Read More »

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