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December 2013 Archives

Foreclosure halted for thousands thanks to national settlement

The state of Maryland is slated to receive a whopping $88 million settlement as part of a national endeavor to repay borrowers for nefarious foreclosure practices. Official reports show that the state is getting a significant share of the $2.1 billion national settlement that was approved by federal agencies and state attorneys general. The settlement will be paid by Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corp., according to news reports.

Virginia ambulance company declares bankruptcy

There is never a perfect time to declare business bankruptcy, but the process can affect some industries more acutely than others. This is particularly true of emergency services businesses, which may be difficult to replace. One Washington D.C.-area ambulance company has declared business bankruptcy just days before Christmas, leaving 20 employees in eastern Virginia suddenly without work. The ambulance service, Eastern Shore Ambulance, was closed as part of a larger business bankruptcy declared by First Med EMS, a North Carolina-based firm.

How to avoid consumer debt traps

Even though debt levels dropped in the years immediately following the 2008 Great Recession, Americans have apparently begun spending again. New information shows that Washington, D.C., residents and other Americans owe more than $3 trillion in consumer debt through credit cards and a variety of other borrowing mechanisms. Today, we will discuss how you can avoid being sucked into this dangerous trend, which could lead you down the road to financial ruin. Sure, there are some times that credit card spending is necessary, but avoiding smaller missteps can help you build a financial history that will lead to a bright future.

Mortgage relief possible after settlement with JPMorgan Chase

In a long-awaited announcement, representatives from the federal government have said that scores of Washington, D.C., homeowners could receive mortgage relief after a settlement was reached with JPMorgan Chase. The settlement, which tallied in at about $13 billion, is designed to resolve problems with the bank's involvement in mortgage-backed securities. About $4 billion has been set aside for consumer relief, which could actively benefit those who have faced foreclosure because of the bank's mistakes.

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