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Written by Administrator
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Thursday, 24 July 2008 |
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A modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure. |
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Last Updated ( Monday, 28 July 2008 )
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Written by Administrator
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Saturday, 19 July 2008 |
By STEPHANIE ARMOUR, USA Today
In many ways, Shelby Morrow is a typical 16-year-old. She likes hanging out with her friends, dreams of getting her own car and enjoys writing short stories in the bedroom of her wood-frame house in Palm Harbor, Fla.
But in the past few months, she's been grappling with a financial reality that most teens don't face. The home she shares with her mother, Melody, and younger sister, Lindsey, is falling into foreclosure. Some days, she watches as her mother cries over the stress.
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Written by Administrator
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Saturday, 19 July 2008 |
An attorney with a six-figure salary, Will Chen thought credit card debt was something that only affected people with low-paying jobs. But when the lavish spending inspired by his new job outpaced his paychecks, he quickly fell $100,000 into debt.
Credit card debt |
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