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June 2016 Archives

FBI Arrests 8 for Bankruptcy Fraud

FBI Arrests 8 for Bankruptcy Fraud.jpgAs part of its recent crackdown on bankruptcy fraud, the FBI has arrested eight people who allegedly hid over $3 million from the bankruptcy court. In one case, the U.S. Attorney alleged that a woman gave nearly all of her assets, including a $1.8 million tax refund, $32,000 in furs, and over $100,000 in cash to her husband, and subsequently declared bankruptcy. Both the woman and her husband are charged with conspiracy to fraudulently transfer and conceal property in contemplation of a bankruptcy and other charges. In another case, a couple allegedly liquidated a certificate of deposit worth $141,000, and subsequently filed bankruptcy without telling the court about this cash. That couple was arrested and charged with multiple counts of bankruptcy fraud. 

What is a Short Sale?

What is a short sale.jpgWhen a homeowner is struggling to pay his or her mortgage, it is important to consider every debt relief option. One effective option for homeowners to consider is a short sale, which involves the mortgage lender agreeing to allow the homeowner to sell the property for less than what is owed on the mortgage. A mortgage company is typically agreeable to accepting less money in order to avoid the time and expense of foreclosure. Although the amount recovered by the mortgage lender in a short sale leaves the lender "short," it also saves the company a substantial amount of money by avoiding the foreclosure process, so it is often a tempting option for mortgage lenders.

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