There has been an increase in the number of bad credit auto loans lenders who specialize in providing loans to those interested in buying their own cars. This high number of lenders has made it easy for borrowers to negotiate and get cheap auto loan rates. If you want to benefit from the loans, you need to request for a cheaper loan rate just like you would do for a normal loan. To increase your chances of getting favorable loan rates, there are important factors you must consider. First, you must pay attention to your credit scores as most lenders often charge different interest rates according to the credit ratings of the borrower.

The bad credit auto loans market has various types of loans, some of which are beneficial for people with bad credit ratings while others are not. For instance, if you have a credit score of 650 and above, lenders will regard you as a credit worth borrower and will more likely lend you the auto loan at a much lower interest rate.

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Congress is moving to end the government’s failed mortgage modification program, once again leaving Chicago homeowners facing foreclosure to fend for themselves.

Our Chicago bankruptcy attorneys continue to assist clients struggling with mortgage debt to determine the best course of action. The Home Affordable Modification Program was an abysmal failure largely because banks refused to cooperate — ultimately only about $1 billion of the $50 billion earmarked for homeowners was distributed.

In many cases, the process turned out to be a nightmare for homeowners who were already struggling to stay afloat financially. Mortgage modifications were approved on a temporary basis, then later rejected for permanent modification. Often, the banks used the resulting mortgage arrears to file foreclosure actions. In other cases, lenders approved a modification and then sold the loan to a bank that would not honor the agreement.

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U.S. Bank misled the Debtor into abandoning bankruptcy by promising to work with the Debtor on a mortgage reinstatement and loan modification. The case, Aceves v. U.S. Bank, N.A., No. B220922 (Cal.App. Dist.2 01/27/11) the California Court of Appeal for the 2d Appellate Division found that the Debtor could have reasonably relied on the bank’s promises, the promises were sufficiently concrete to be enforceable, and the Debtor’s decision to forgo Chapter 13 relief was detrimental because it allowed the bank to foreclose on the property. Here’s my favorite part:

“Contrary to the bank’s contention that Plaintiff’s use of the Bankruptcy Code was ipso facto bad faith, Chapter 13 is uniquely tailored to protect homeowners’ primary residences from foreclosure,” the appellate court said.

After the debtor abandoned her case, the lender foreclosed.  The trial court entered a judgment in favor of U.S. Bank and the appellate court reversed on the issues of promissory estoppel and fraud.

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TransUnion, one of the three major credit-reporting agencies, is making efforts to protect the use of credit reports by employers in their employment screening process. According to reports, this is in response to the counting number of states threatening to eliminate the said practice.

Legislators in Illinois said that TransUnion attempted not just once but twice to initiate dialogue regarding the then proposed Employee Credit Private Act, and the said dialogues would have made the law worthless.

According to a partner at Outten and Golden LLP, attorney Adam Klein, the use of credit reports as a screening tool will just make lesser opportunity to more people leaving poor people poorer. He stressed that the economy will not benefit in any ways in this practice and that the only ones gaining from this particular scenario are the credit reporting bureaus.

Credit reporting agencies, better known as credit bureaus, collect information from different furnishers, which can be a credit card company or other financial institutions.

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