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Word: mortgagee (lookup in dictionary) (lookup stats)
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Flores, 55, is the owner and sole proprietor of a local business, Carpet Care 4 Less. Throughout 2007, he saw his income plummet along with the national economy. "My business dropped off by 50%," he says. As his client roster evaporated, Flores started drawing on credit cards and took out...

Author: /time Magazine | Title: Personal Bankruptcies Hit a High and May Keep Rising | 4/5/2010 | See Source »

That change suggests that more home owners are simply walking away from their mortgages, rather than attempting to make payments, especially during a recession with record-high long-term unemployment. "Chapter 13 was designed for regular economic times when people might lose their jobs and fall behind on their mortgage...

Author: /time Magazine | Title: Personal Bankruptcies Hit a High and May Keep Rising | 4/5/2010 | See Source »

A substantial number of cases before Bowie involve a financial institution asking the court for relief from stay, so they can pursue foreclosure against borrowers like Flores. Lenders represented in the courtroom include JPMorgan Chase Bank, Bank of America, Deutsche Bank Trust, Wells Fargo Bank, US Bank and GMAC Mortgage...

Author: /time Magazine | Title: Personal Bankruptcies Hit a High and May Keep Rising | 4/5/2010 | See Source »

To help individuals make their payments, Bank of America announced in March that it would start reducing the principal on some home loans. This, after the banking industry successfully fought off attempts by Democratic Illinois Senator Dick Durbin and others in Congress to pass legislation last spring that would have...

Author: /time Magazine | Title: Personal Bankruptcies Hit a High and May Keep Rising | 4/5/2010 | See Source »

According to Jay Brinkmann, chief economist of the Mortgage Bankers Association (MBA), "Loans 90 days or more past due now account for half of all delinquencies, the highest share in the history of the MBA survey."

Author: /time Magazine | Title: Personal Bankruptcies Hit a High and May Keep Rising | 4/5/2010 | See Source »

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