Infamous Black Tuesday

Today is Thursday, but in 1929 the 29th of October fell on a Tuesday…so did the Stock Market.  In more recent history, we have encountered the Great Recession.  While we continue the recovery, sometimes old credit card debt comes back to haunt, making consumers victims of Zombie Debt. Zombie Debt is debt that has been dead for a while, but does not know it is dead, and walks the streets looking for a victim.  The problem with Zombie Debt is that the debt is matured when the consumer fails to make payments.  Once the debt is matured, then the Statute of Limitations clock begins to tick, and runs for five to seven years (depending on which state the credit card is initiated). Another problem with Zombie Debt is that Zombie Debt collectors will say anything to get you to reanimate the debt; they whisper sweet nothings like, “Send us five dollars.” Beware, even a penny can resurrect the dead debt. Even if you already have a Judgment against you for this debt, you could be faced with a second Judgment for the same debt. The business model for collecting on Zombie Debt is based on numbers—debt-buyers purchase debt in bulk […] Read More

Foreclosure Figures

Home foreclosure is no longer making headlines like it did in the Recession, but Floridians are still feeling the impact from the economic downturn according to a survey by the University of South Florida and the Nielsen Company. Though Florida foreclosures have decreased, Florida ranks number two nationally in highest foreclosure rates in the third quarter, according to RealtyTrac.  They reported numbers in our area for September as follows: Clay County – One in every 368 * Duval County – One in every 541 Flagler County – One in every 497 Nassau County – One in every 516 Putnam County – One in every 506 St. Johns County – One in every 1,200 (* Note that Clay County is in the top five foreclosure counties in Florida.) While foreclosure is not currently the forefront of the news, if it is affecting you, then it is the headline of your financial life.  There may be a legal resolution.  Seek competent legal counsel to learn what legal choices you may have.   Read More

Recovery Mode for Homeowners

Recovery Mode for Homeowners Mount Rushmore was carved during the Great Depression.  Begun in 1927, two years before the Stock Market crash of 1929, work was slowed by intermittent funding, but finally completed in 1941—the faces of Washington, Jefferson, Roosevelt, and Lincoln look unflinching into America’s future.  This national shrine stands today as one of the largest sculptures in the world, and a testament to economic recovery. Your economic recovery may not be carved in stone, but it is not necessarily a monumental task.  Just because you have suffered in the Recession does not mean you are excluded from financial recovery.  Furthermore, there are choices available to best fit your situation, including: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy While a foreclosure alternative may be available, you may need a third-party professional involved in order to complete a resolution.  A HUD Certified Counselor or an attorney may be needed to help you pursue and ending that brings you the best benefit.  Furthermore, that professional can help you navigate the process and give more specific information regarding options at each choice point. Read More