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Cincinnati Bankruptcy Law Blog

Ohio homeowner sues mortgage company over foreclosure filing

An Ohio homeowner may be among the first individuals to use a provision of the Dodd-Frank law to file a lawsuit against a mortgage servicing company.

Although the Dodd-Frank law may be thought of by many as a law dealing largely with securities regulation, one provision deals with a problem that some homeowners have encountered when it comes to properties under threat of foreclosure. Specifically, the law requires banks and other mortgage lenders before filing for foreclosure to entertain in good faith attempts by homeowners to apply for loan modifications.

The basics of foreclosure

Since the housing market hit a downturn in 2008, many people in Cincinnati, Ohio, and across the country, have had difficulties paying mortgages due to fluctuating variable interest rates.

These people are facing the threat of foreclosure, and the prospect of losing their home. In order to know how to deal with foreclosure on your mortgage, and escape the threat of losing your home, it's important to know what foreclosure is and how it works.

Fake debt collection calls reminders of real abuse by collectors

In recent years some Ohio residents have relied on credit cards and other forms of borrowing to get them through some decidedly tough times.

While those debts may have been a source of stress and anxiety for many people, they have also become a means for swindlers to try to take advantage. In a recent development, for example, several people have been the victims of an attempt to be intimidated into paying imaginary debts.

Senators seek bankruptcy forgiveness for private student loans

While bankruptcy can be a viable option for people who find themselves in financial trouble, some forms of debt cannot be erased through bankruptcy relief. One type of consumer debt that plagues many Americans has been the recent focus of debate in Congress and among consumer rights groups.

Student loan debt is generally not subject to discharge in bankruptcy. The unfortunate irony of that fact is that, during recent times of a struggling economy with high unemployment, many Americans who borrowed significant sums of money to get a college education have been unable to obtain the type of job that would allow them to repay the loans.

Ohio borrowers benefit from SunTrust foreclosure settlement

Abuses by mortgage companies against consumers have received much attention in the past few years, with several high-profile national settlements. Now, SunTrust Mortgage, Inc. can be added to the list of companies who have to pay consumers back for millions of wrongful gains due to abuses in mortgage servicing, mortgage origination and foreclosure.

The company recently entered into a settlement totaling over a half-billion dollars, which was approved by 49 states as well as the nation’s capital and two federal agencies. To effectuate the agreement, a consent judgment will be entered against the company in federal court.

Supreme Court says inherited IRA is not exempt bankruptcy asset

Consumer bankruptcy is a useful tool afforded to Americans by federal statute that can significantly help those who have found themselves burdened by an unmanageable load of debt due to any number of unpredictable life situations.

Losing a job, unexpected sickness and the subsequent medical bills, as well as the struggling economy are only a few of the factors that have in recent years brought thousands of people to the courts asking for a fresh start.

Creditors develop new ways to collect outstanding debts

As the economy continues to pull itself from the depths of the recession many Ohio residents are experiencing that same slow rise; some of them are impeded by their outstanding debts to a number of creditors.

To make matters worse, it turns out that for debt collectors and creditors there are new methods available to force those who owe into paying. For example, in a number of states creditors now simply file lawsuits against debtors in the hope that they will not show up in court to defend themselves. 

Zales avoids bankruptcy, agrees to be bought by competitor

It is the nature of competitive business that some companies will struggle to run their operations effectively. It is often not enough to simply break even financially, but rather to make enough sales to earn a profit.

When a company experiences significant and ongoing business debt, it may be forced to file for bankruptcy. However, before taking that step sometimes a company can merge with or be acquired by another company that is in a healthier financial position.

Postproduction sound company files for Chapter 11 bankruptcy

Chapter 11 bankruptcy presents businesses in Ohio and elsewhere with a unique opportunity to rebalance their assets and reorganize their debts. Like other types of bankruptcy, Chapter 11 also allows businesses the chance for a fresh start. However, filing for Chapter 11 can be costly and should be carefully considered.

Recently, a company called Todd-Soundelux, previously known as CSS Studios, filed for Chapter 11 bankruptcy in order to allow the company to undergo business reorganization while it arranges for the liquidation of assets. The postproduction sound company sets audio tracks to dozens of popular movies and television shows, including the movie “Divergent” and the hit television series, “Game of Thrones.” Todd-Soundelux was also recently nominated for an Oscar for its sound work on the movie “Lone Survivor.”

Can a neighborhood foreclosure lead to high blood pressure?

Many Ohio real estate specialists will tell you that having a foreclosure in your neighborhood can drive down the selling price of the rest of the homes on your block. But the effect may be more than financial.

A recent study published by a journal of the American Heart Association found that having foreclosures in your neighborhood can also increase your chances of developing high blood pressure. 

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