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February 2013 Archives

Good or bad news? Experts debate foreclosure rate drop

Rates of foreclosure in the Washington, D.C., and Maryland areas have dropped precipitously in recent months. Experts in the area report a marked decline in the number of foreclosure filings and sales, which they attribute to the Saving D.C. Homes from Foreclosure Act. Many real estate professionals are concerned about this particular piece of legislation, though, because they think it is slowing the housing market's already sluggish recovery.

Short sales advantageous for older borrowers

Elderly family members can sometimes become unintentional drains on family resources. When an older person loses a spouse, for example, he or she must often turn to children for physical and financial support. In many cases, the elderly relative would be best served to declare personal bankruptcy to protect the assets of their children, though other options exist to regain financial footing.

Candidate: Bankruptcy shouldn't affect voter decision

Financial problems can spell trouble for a politician's career. Some are accused of stealing massive amounts of public funds, while others lie on bank applications or even declare personal bankruptcy because of bad decisions. A media outlet recently discovered that an at-large candidate for a Washington, D.C., council race has filed personal bankruptcy in the past. The man, who had experienced real estate problems when the housing bubble burst, assures voters that he will not mismanage their money; rather, he had an entrepreneurial venture go awry.

Watch for these credit-card debt red flags

Credit-card debt is easy to fall into, but digging yourself out can be a daunting process. American consumers are more than $850 billion in debt to credit card companies, according to recent estimates, with many people seeing debt relief because of their dire financial situations. Cards are, in fact, the third highest contributor to debt, only following mortgages and student loan debt. You can prevent your credit cards from affecting your credit score by monitoring for several red flags before a problem arises.

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