Time share scam tips

Timeshares seem like the best vacation ever–resort vacation, your trip destination planned in advance, fixed or floating times to use your unit, manicured grounds, good food…  But what happens when you get tired of it? Those fees add up, the time share locations can get boring–and you may want to sell your time share. Unfortunately, …

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What you should know about balloon loans

A balloon mortgage is one on which the outstanding balance is due at some point before amortization has paid off the balance in full. Aside from the repayment obligation, balloon loans are identical to standard fixed-rate mortgages (FRMs). For example, if a five-year balloon loan for $100,000 is at 5 percent for 30 years, the …

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Servicers’ Policies on Foreclosures in Bankruptcy Courts Being Examined

Eleven mortgage servicers recently received letters from two senators inquiring about their policies regarding foreclosures in bankruptcy courts. Sen. Patrick Leahy (D-Vermont), chairman of the Senate Judiciary Committee, and Sen. Richard Blumenthal (D-Connecticut), a member of the committee, sent the letters after a review by the Executive Office for the United States Trustee “revealed that …

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