If an Ohio home owner's financial situation deteriorates to a level at which mortgage obligations can no longer be met, there are steps that can be taken to remedy the situation. Facing foreclosure is naturally stressful, and all options must be considered. Support is available from different sources, including foreclosure prevention counselors, the mortgage holder, the government and the bankruptcy court.
Debt collector: FTC smacks down on abusive practices
The Federal Trade Commission protects consumers against harassment by debt collection companies, here in Ohio and across the country. The agency recently took action against four companies that engaged in deceptive methods to collect debts that were, in some cases, nonexistent. A typical tactic of a debt collector involves intimidation, which can come in many forms.
What happens to a second mortgage in Chapter 13 bankruptcy?
A homeowner in Ohio might find it difficult to sell a house that is burdened with a second mortgage. To transfer the title of a property to a buyer, it has to be free of any encumbrances. The holder of the second mortgage has a lien on the house that serves as security for the loan. Although personal bankruptcy may be a solution, property owners may want to explore other options before filing for bankruptcy.
Debt collection action can be avoided on medical debts
New rules were announced last year for the manner in which the three main credit reporting agencies (CRAs) will handle unpaid medical debts. The CRAs are still in the process of implementing the new rules, and the overhauling of their practices will reportedly continue through 2017. One of the most significant changes is the fact that consumers nationwide, including here in Ohio, will have 180 days to resolve unpaid medical debts before it will be shown on their credit reports, and before it is handed over for debt collection.
