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March 2014 Archives

Attorney: Wells Fargo foreclosure manual violates rules

New information from a financial investigation shows that banking giant Wells Fargo allegedly created a large manual on sidestepping federal regulations during foreclosures. It is not clear whether residents in the Washington, D.C., area were affected by the use of this manual, but experts say that the abuse could be widespread. Although Wells Fargo denies the existence of the 150-page manual, a bankruptcy lawyer in New York said the bank is still using the predatory foreclosure tactics that prompted a $25 billion nationwide mortgage settlement after the recession.

Is debt recovery possible after paying collections accounts?

Residents in Washington, D.C., who are facing financial difficulties may wonder whether they should attempt to pay off old debts. In some cases, mortgage or other loan applicants may be denied funding until they resolve outstanding consumer debt. Although it may seem wise to pay off accounts that are in collections, some residents worry that their credit score could drop if they reopen those old financial wounds.

Can a parent ruin your credit with consumer debt?

Most of us in the Washington, D.C., area might expect that a parent would complain about a child ruining his or her credit. What happens, though, when the opposite occurs? When a parent places a child on an account as an authorized user and then fails to pay the bill, the younger party may become concerned about the status of their credit. Not to worry, say industry experts; authorized users are not considered responsible for the balance of the consumer debt on a credit card!

Is bankruptcy better? Helping your parents with their money woes

We have all heard of Washington, D.C., parents who bemoan the fact that their adult children simply will not fly the nest. In today's economy, it can be difficult for young adults to achieve financial independence. What happens, though, when the tables are turned, and mom and dad are the relatives who are suffering from financial woes? Experts say that adult children who find themselves supporting their folks should establish concrete boundaries to prevent financial disaster. In some cases, it may be better to allow the older generation to declare bankruptcy instead of continuing to borrow money from their kids.

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