When we talk about personal finance it’s usually more about what you should be doing now, but too often the mistake has already been made. Many people regret what they didn’t know when they were younger. As a society, we are seeing the impact the lack of financial planning can have on our economy. And…Read more

It pays to be familiar with your credit report. The information it contains determines your credit score, your ability to access credit and loans, and even your chances of landing a job or signing a lease. It’s a good idea to check your credit report on at least an annual basis. In certain scenarios, however,…Read more

Last Sunday’s New York Times Op-Ed Lead reminds us that the mortgage crises is far from over, but it still neglects to address what has always been the fairest and most viable option – permitting Federal Bankruptcy Judges to restructure first mortgages, including rate and principal reductions, in Chapter 13 bankruptcy proceedings. Early in the…Read more

Subprime credit cards are back…. The New York Times reported this week that credit card solicitations, particularly for those individuals who have tarnished credit or have previously filed bankruptcy, rose substantially during the fourth quarter of 2011. Credit card lenders gave out 1.1 million new cards to borrowers with damaged credit in December, up 12.3…Read more

Over the past few weeks, I have read and noted a number of blogs and other commentaries from respected economists and authors touting the growing concern about the student loan crisis as the outstanding balances on student loans approach the $1 trillion mark. Many pundits have commented about the value of college education relative to…Read more

Bank of America has announced that it is rolling out a test program in three states (including New York) in which the bank will accept a deed-in-lieu of foreclosure from homeowners in foreclosure and then rent the properties back to the homeowners for an unspecified period of time. For those homeowners who have tried to…Read more

The proposed settlement reached last week between the Federal Government and the five major banks may prove to be nothing more than smoke and mirrors for Long Island Homeowners. Many Underwater Properties Will Still Remain Underwater The major prong of the settlement that everyone has been awaiting is principal reductions on underwater mortgages. Under the…Read more

After months of wrangling, the long-awaited foreclosure settlement between the government and the banks appears to be at hand. A $26 billion settlement was announced Thursday morning between the federal government, state attorneys general and the five largest banks in the mortgage market: Ally Financial (GMAC), Bank of America, Wells Fargo, JP Morgan and Citigroup.…Read more

Bloomberg News reported earlier today that regardless of any resolution reached between the Attorneys General and the major banks servicing distressed mortgages in the next few days, a threat still looms over whether various investors will commence litigation to block the deal. If such an impediment is put in place, it will once and for…Read more