Very few economists and financial experts believed a financial disaster like the one we are currently experiencing could actually happen. Over the spring and summer of 2008, oil prices rose to levels never seen before in the United States—which equated to a half billion dollar tax on American consumer’s spendable income. This was followed by the collapse of the mortgage markets, brought on by an aggressive price bubble with too many people buying homes they couldn’t afford in the hopes of being… Continue

bAs a father of five, I have experienced first-hand the joys and pains of watching my kids grow up and learn to manage their money. For some of them it was hard, but they limited borrowed from the Bank of Dad. They stood on their own and learned how to manage their money. For a couple of them, the Bank of Dad has been the lender of last resort with free interest rates and easy repayment terms. It can be tough to learn how to manage your money, but here are ten rules that will make it easier not… Continue

Our nation’s current financial crisis is the most complicated set of events we could ever dream of. Banks facilitated the growth in mortgages by assuming house values would continue to rise, the economy would stay strong and provide jobs to new homeowners, and the stack of cards wouldn’t fall all at the same time. Wall Street firms took the mortgages, repackaged them as mortgage-backed securities and made convoluted bets (read gambling, not investing here) on exotic mortgage securities. For the… Continue

Most consumers today have to haggle over car prices, shop the clearance rack, defer major purchases and clip grocery coupons. But most of don’t manage our tax liability, potentially one of our biggest annual expenses. By paying more attention to ways to save money on your tax liability you can take advantage of several money-saving opportunities. If your employer offers an annual period of open enrollment for benefits it can be key time for taxpayers to not only select the best… Continue

What if my mortgage lender or servicer goes belly up?

The problem is the lender's, not yours. Continue paying your mortgage as before. During the bankruptcy process, your lender will transfer your loan file to a new owner or servicer, and both parties will notify you by letter. If you mistakenly send your payment to the old lender's address, you won't owe a late fee if you're within the federally mandated 60-day grace period after the transfer.



But what happens to my escrowed… Continue