Debt Crisis Management

What Should You Be Thinking About When Settling Credit Card Debt

Attorney R. Scoot Cedola discusses issues facing consumers when they attempt to settle credit card debt.

Mediation In Florida

Scott Cedola did a review of the mediation process in Florida, including a warning to Florida consumers to walk away from a mediation if they are uncomfortable at any time.  Mediation is required in many cases and if you are sued on a debt, you may find yourself here.

Deeds in Lieu when Facing Foreclosure

Scott Cedola discusses the option of negotiating a deed in lieu of foreclosure with the lender rather than having the property foreclosed on.

Essential Elements of A Collection Lawsuit in Florida

Short Selling an Underwater Property

Florida bankers move to dramatically speed up the foreclosure process - St. Petersburg Times

If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months.

Gotta admit, we saw this one coming. Bankers, frustrated that the Florida court system is completely gridlocked with mortgage foreclosures are attempting to move the legislature to adopt a nonjudicial foreclosure procedure. While I do not think that moving to a nonjudicial process is likely, it is important to know that this is happening in the background and if we see any movement, we may want to talk to our congressmen.

I cannot imagine a scenario where it is better for the consumer when the mortgage holder can foreclose on a property so quickly. Often, when we defend someone in foreclosure, we are trying to get our client over a financial hurdle, be it a job loss, medical issue or divorce. Once the bump in the road is over, our clients can often fix the problem and keep their home. A nonjudicial process eliminates the consumers ability to overcome a brief financial hurdle and simply lose their home.

New Credit Card law already backfiring on consumers

What will happen to the millions of financially strapped consumers and small business owners who've become dependent on credit cards in times of crisis?

via finance.yahoo.com

The new Credit Card Act goes into effect on February 22, 2010. This law was designed to protect consumers from the ravages of the credit card industry, however, the credit card industry simply reacted before the bill went into effect and lowered credit limits, instituted new fees and canceled some accounts. How much the industry will be effected is unknown. However, as Laura Rowley points out, many consumers who now need the access to credit cards can't get it. We are in difficult economic times and credit cards were one method people used to stay afloat while their business sagged or they were unemployed. It is unfortunate that needed reforms came at this difficult time and were not more well thought out.

Financial woes overtake ex-Lion Elliss | detnews.com | The Detroit News

Elliss, 36, who was paid almost $11.6 million from 2000-04, is relying on area churches and friends to pay bills, his savings depleted. He lost one home in Utah to foreclosure and the married father of 11 plans on walking away from his Oakland Township home due to lack of income and high mortgage payments.

via www.detnews.com

Just a reminder that greater income will not necessarily lead to to a better life.  Ellis, a former pro football player, lived a lavish lifestyle for a short period and did nothing "wrong".  No drugs, alcohol, affairs that we know of.  He simply made bad investment decisions and now it is all gone.  This can happen to any of us at any time.  Live for today.  Focus on what is important to you.  Live on less than you earn.  Save a few bucks for a rainy day.  Keep it simple.

What happens after a debt is charged off and is given to a lawyer to collect

As a housekeeping matter, "charged off" is typically a term used in the collection of credit cards.  Credit card companies may only charge "over the limit" and :late fees" for 180 days after the last payment of the card holder.  On the date of "charge off" over the limit fees and late fees stop accruing, although interest still continues to accrue.  The interest will not stop until a debt is settled or paid, but may vary depending on the status of the debt, whether it is the contract amount or a state set rate, for example.

I Sat Down With Channel 10 in Tampa to Discuss Debt Settlement Companies