Unemployment update

The unemployment rate declined in 21 states in April, compared with the month before, while 11 states had no rate change, according to federal data released Friday.

Still worst unemployment states are:
Michigan: 12.9%
Oregon: 12%
South Carolina: 11.5%
Rhode Island: 11.1%
California: 11%

IRS says audits will focus on wealthy

The average taxpayer has a 1% chance of being audited compared with a 5.5% chance among millionaires.

Auto repo

• Auto repo law is by state.
  

• First you are late for your payment. You'd receive a late payment warning by mail; (but not always as there is no law that requires this. Only if the credit contract says so, is the lender required to notify you in writing)
  
  
• You receive a follow up call to the above warning;
  
  
• You pass some predetermined grace period (look in your credit disclosure statement for the appropriate number of days)
  
  
• You may receive one more warning (usually by mail)
  
  
• The car is taken away. If you hide or move your car away, the finance company can get court order to ask you to turn in the car.
  

• You receive a notice that your car has been repossessed and what your rights are including how to get it back.
  
  
• If you can figure out a way to pay, you'll have to pay the repossession fees, towing charges, impound charges, storage fees and various other fees incurred by the company that repossessed the car. This can easily run several hundred dollars.
  
  
• If you cannot pay the repo fees, you'll lose the car completely! It's sold at auction and the proceeds are applied to the balance of your auto loan and the fees mentioned above. If the balance is not paid off you'll be informed of the balance and that you are still responsible for paying it off. If there is money left over after the car loan balance and all repossession fees are paid, don't expect to get any of the profit; the company can legally keep it.
  
  
• Your credit report is updated to reflect the account as a "repossession"

55K homeowners received loan modification

More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.

Chrysler closes 789, GM closes 1100 dealers

GM will cut another 900-1300 dealers. Total cut will be 40% of current 6,000 dealers.

Bernanke: Economy should grow again later in 2009

"We continue to expect economic activity to bottom out, then to turn up later this year," he told lawmakers. "We expect that the recovery will only gradually gain momentum."