money and financial problems

Law about consumer financial problems

Reverse mortgage

A loan given to homeowners in exchange for equity in their homes.  The loan does not have to be repaid until the homeowner dies, sells the house, or moves.  Under the FHA's reverse mortgage program, homeowners must be at least 62 years of age, own the property completely or have only a small mortgage, and meet various other conditions to qualify. 

Reverse Mortgages for Seniors (U.S. Department of Housing & Urban Development)

http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

401(k)

Definition

A type of savings account made possible by federal law.  By creating a financial plan under 26 U.S.C. 401(k), employers can help their workers save for retirement while reducing taxable income.  Workers can choose to deposit part of their earnings into a 401(k) account on a pre-tax basis.  Furthermore, interest earned on money in a 401(k) account is never taxed before funds are withdrawn.

 

Absolute-Bar Rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment

Illustrative caselaw

See, e.g. Beardmore v. American Summit Financial Holdings, LLC, 351 F.3d 352 (8th Cir. 2003).

Fair Debt Collection Practices Act

Fair Debt Collection Practices Act (FDCPA): A Brief Overview of Federal Law

A creditor may seek to collect an outstanding debt in several ways. For example, the creditor may attempt to collect the debt through direct communications with the debtor, by filing a lawsuit against the debtor, by seeking to take possession of or to sell property securing the debt, or by hiring a debt collection service.

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Mortgage

Mortgage Law: An Overview

A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land.

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