A homeowner who wants to file for bankruptcy should first consider the impact of this move on his property ownership. The issue is serious if you still pay mortgages. The handling of your mortgage during bankruptcy proceedings hinges on several factors. For example, it hinges on whether you file for Chapter 7 or Chapter 13 bankruptcy. A bit of discussion with your banker, financial manager, mortgage service provider or bankruptcy attorney should help clear this matter for you.
Stop making assumptions
It’s wrong for you to assume that all is well. If you do, don’t be shocked to learn that you face foreclosure. Furthermore, it’s worth mentioning that going bankrupt influences your ability to retain ownership over your property. Therefore, you have to set time aside to evaluate the whole situation. Learn what happens or is likely to happen the moment you’re declared bankrupt. For the most part, especially if you own the home you live in, the bankruptcy trustee or official receiver will prefer selling your home to settle your bankruptcy debts.
How to stop the sale
However, even if you know that the receiver will sell your home, you can still do something to make it impossible for this to happen. You’re not entirely hopeless in this situation as you think. You can prevent or delay the process. You’re eligible to stop the receiver from selling your home if you live with your family or dependents. In such situation, you will be given some time (grace period) to do something and find alternative accommodation for the family or dependents. It’s good to confirm this with your Atlanta bankruptcy attorney first.
Understand bankruptcy estate
The attorney should educate you on issues such as bankruptcy estate. The estate is something the bankruptcy court creates the moment you file for bankruptcy. In such cases, the court assumes all the rights and powers to administer your assets, which include the home. The creation of the estate applies when you file for Chapter 7 bankruptcy. However, the law dissuades a homeowner from selling a house that has no equity, so if you are in Atlanta, for instance, you should search out the best bankruptcy attorney in Lawrenceville and figure out your options. In fact, such circumstances convince the trustee to abandon your home and forget about selling it to pay off the liquidators.
How to save your home
You can save your home in bankruptcy. The moment you file for bankruptcy, the law makes it hard for creditors to form a beehive waiting to sell your property off to raise money for settling the debts you owe. Therefore, you can leave comfortably in your house without having to worry about your status or rights as an owner. The prohibition by law makes it hard for you to face foreclosure, repossession, calls and all other forms of collections. However, as your Atlanta bankruptcy attorney will tell you, the automatic stay order only lasts a few months.
Finally, you can save your home by coming up with a repayment plan for settling the mortgage arrears alone. If you file for Chapter 13 bankruptcy, it will take you several years to repay the mortgage arrears. A homeowner whose mortgage arrears total $50,000 can repay it fully in 60 monthly installments. In such instances, you don’t have the luxury of defaulting. You may need the assistance of the Atlanta bankruptcy attorney in this matter too. Therefore, call the attorney today.
Investing in a new piece of real estate is great news if you want your family to have its own little space. The main purpose of buying a home is to have a place to live in. Some people buy homes for rental purposes. Others buy properties that they can improve and resell. Irrespective of your reasons for buying the new home, what’s not in doubt is that you will need mortgage services to afford it; hence, a good reason for hiring a mortgage broker or a finance broker in Perth.
A mortgage broker is different from a bank. Many people would rather rush to their banks when in need of a home loan. According to a growing number of financial experts, dashing to the bank all the time denies you the opportunity to enjoy many benefits. At times, working with a broker has more benefits compared to going to the bank. In addition to the help that the broker provides processing paperwork on your behalf, the other benefits include the following:
- Increased Choices
When you go to a bank, your options are only in that single institution. When you’re before a mortgage broker, you have more choices of financial institutions to choose from. Brokers have connections with several banks. They’re well connected with tens of mortgage products. In this case, the brokers offer you an increased number of banks and mortgage products from which to choose.
- Years of Experience
Brokers are in charge of their own businesses. They make the final decisions. Therefore, the brokers are more likely to help you compared to your current lending manager. Furthermore, the broker you work with stays with you for the long haul. With banks, you’re never sure if you will find the lending manager you spoke with over the phone a couple of days ago. This is because banks keep changing or transferring their workers all the time.
- Specialized Professionals
A mortgage broker is a specialized professional. He provides all the specialized assistance that you need with your loan. Bank personnel rarely have the training needed in the one area where you require assistance. Bank personnel are required to be all-rounded. For example, if you need help with property investing, you will receive all the assistance and more by working with mortgage brokers who specialize in property investors or investments.
It’s costly for you to follow-up the loan application all the time. It frustrates that you can only receive feedback if you call the bank to inquire about the progress of your loan application. Working with a mortgage broker saves you from the frustrations and waste of money or time. The broker follows up with you. He takes the initiative to call and inform you about the progress of your application. He calls to inform you about new products that are worth considering.
- Personal Banking
Finally, the mortgage broker or finance broker in Perth is like your personal banker. The services you derive from the banker are unmatched. The broker knows what needs to be done. He makes sure that everything you need happens at the right time. They are in the boat with you until you reach your destination. They help you through the financial storms that you face. You cannot find this with a bank employee no matter how good he is.
Let’s be honest here, for the majority of people, doing their finances and book-keeping is a chore that very few people relish. But the fact remains that your accounts are probably the number one component when it comes to running your business. It is very difficult to make investment choices and decisions, when you have no overall grasp on the financial side of the company.
If you are not prepared to spend the time doing your accounts, in fact even if you are it is still very beneficial to invest in the services of a great accountant. Living in London myself I utilised Google and searched for “accountants in Ealing” as that is relatively close to both my home and work addresses.
When choosing an accountant, I feel it is still one of those services that need to at the very least have the possibility of sitting down face to face over the table to discuss things. The internet may have made the world smaller and enabled remote working, but when you are discussing your finances and other such personal matters nothing can beat a personal meeting. Prior to employing an accountant, book a meeting with them and ask yourself honestly if they are someone that you would like to work with. An accountant should be your critical friend, there to guide you but also direct you onto a path you may not necessarily wish to travel. It is therefore important that you have faith and trust in their advice, and that they are able to explain clearly to you the reasons behind their advice. Never follow anyone’s advice blindly, it is your business and therefore your responsibility to have at least a basic understanding of the advice being given.
A good accountant can be many things, but first and foremost they will be fully aware of the various rules and regulations. They will work for you to ensure that you can claim all of the benefits and rebates to which you are entitled, but they will also keep a close eye on your bank to make certain that you are not over charged in any way shape or form.
Anyone who has ever run a small business knows that it can consume your life, and all too often it is the financial aspects of the business that get overlooked, which ironically tends to be the most important facet of any business. Once you have a good accountant on board, then they can concentrate on the financial aspect of the business, leaving you to focus on driving your business forward.Make certain to retain any and all documentation for any income and expenditure your business makes, as your accountant will require this to complete all the required returns.
When choosing an accountant, it is always beneficial to get a personal recommendation from someone you respect and trust. Particularly if that person is a successful business person. Their recommendation holds a lot more weight than a stranger’s viewpoint written on Google. To put things bluntly your choice of accountant could well be one of the most important vacancies you fill, to ensure that you are 100 percent confident in your choice of candidate.
One of the biggest issues for any business is cash flow. Whether it s a new business or a well established one, there will always be costs most notably staffing and rent. Staffing costs are a matter for another post, in this post we want to drum down and look at how to choose the right office building for you.
Austin Texas is currently a hot bed of business activity and growth. As a consequence Austin office space for rent is at a premium, but that doesn’t mean you should be rushed into renting a property. While an office and its location may not be quite as crucial to your long term business as a retail outlet, it is still important to be central, and be in an area where staff will want to work. Should you ever need to bring a client back to your office for a proper business meeting you also want the office to look presentable and provide a good impression of the company. Here are a few other things you might want to consider –
As was mentioned above, the rental cost of your office could end up being one of your highest overheads, so it is important to ensure that you get a great deal at the start of your lease. Do some research and find out the comparative prices of other properties. Don’t get obsessed with one specific property and lose control of the financial aspect. When all is said and done, this is simply a base for your business and you don’t want it to become an anchor around your neck.
In this day and age, there are very few businesses that don’t need to be on the Internet. It is therefore really important that you check the location for internet speed and reliability, as well as cell phone signal strength. It would be a disaster to move into an office, only to find your cell phone had no reception.
This will be more relevant in certain areas than others, but for the purposes of recruiting and retaining staff, it is certainly worthy of consideration. Even if public transport is not an option, are there sufficient parking spaces for the office, and will your staff feel safe coming to and from work.
Find A Great Commercial Real Estate Broker
Perhaps the most important decision of all is to find yourself a good commercial real estate agent. The role of any good agent should be to ensure you find the property that best suits your requirements. Spend time discussing what you need and ensure that the agent fully understands your requirements. If they continue to send you to look at offices that don’t suit your requirements, then it is probably better to cut your losses and find another agent. Remember you are the client, you are the one spending the money, and you deserve the best service possible.
I have a file 2″ thick of everytime I called PHH Mortgage Mt. Laurel NJ during a 9 month period. Finally fed up, frustrated and going through all my savings at the same time, and facing my business doing half the business it used to. I wrote PHH Mortgage and Fannie Mae a letter letting them know that enough was enough and i C.C’d TV Channels, DIane Feinstein, Howard Berman, Bernark Franke, Joe Bide, and Obama.
Three Hours later i received a call that i now miracusily Qualified for a Home Modification. Only to find out in 4 months that it was an illegal Home loan Modification because it didn’t include my house taxes. Phh Paid my house taxes and forced me into a foreclosure.
I’ve lost my business, my home, and am in debt. Also PHH sent in negative 9 times to Experian , Trans Union, Equifax during the time I was waiting for PHH to evaluate my financials before the modification. Let’s not forget the misleading rumor that spread like wild fire , that in order to qualify for a home loan modifcation you had to be 3 months in default. I’ve sent my letters with copies of my modification before giving up my home to FDIC, Securities & Exchange Commission, Diane Feinstein, Barbara Boxer, and a multitude of other government departments. I received letters from most that “THEY have no Juristican over Mortgage Servicers.
But what about Fannie Mae who owns my home, and was bailed out by our GOVERNMENT shouldn’t they be employing a company that is “PRO-Public”. In September of 2008 my fico score was 801 I had no debt. my business was booming. 10 days after closing escrow the stock market TANKED, it shook up the people and my business starting to drop.
Shamethebanks.org, and all the negative blog sites dedicated to people writing in their horror stories is great, but we now have to take it to the next level. We need to have an email revolution, by reaching out to everyone on these blogs, orgs, and send it into every government/ TV media/ Newspapers and magazines. Until we bring the banking industry to court and limit their lobbyists, limit how much power they have. Because they’re controlling our economy and erasing middle class. They’ve pulled off the biggest Ponzi scheme, making Bernie Maddof look like a cartoon character.
After living in this Salem condo for 13 yrs, never running more than 2 mos late with monthly dues, and paying almost $10,000 for a special assessment, the trustees of the Hamlet charged ahead with a frivolous lawsuit against me, claiming I owed them $140 in late fees, PLUS an extra $5000 it cost them to engage their lawyer in this ridiculous action.
Despite my numerous letters, emails to all of the board members, the property manager (Crowninshield), the owner of the property management firm, they ignored everything in their aggressive pursuit of injustice. Every state legislator I contacted, the AG office, the BBB, our state reps, the mayor of Salem, realtors I contacted, all agreed this was ridiculous action on the part of an out of control board of trustees, nobody had heard of such a thing, and since there are NO STATE LAWS TO PROTECT CONDO OWNERS IN MASSACHUSETTS, basically HOAs have unlimited power to do whatever they want whether illegal, immoral, unethical AND NOT BE HELD ACCOUNTABLE FOR THEIR ACTIONS!
They all advised me to get a lawyer, go before a judge so that justice would be served. Unfortunately, the judge hearing my case wasn’t paying attention to my lawyer’s legal citations, was visibly enamoured by the HOA’s lawyer, and ruled 100% in favor of the HOA, which included claiming I owed 3 months of condo fees (I OWED ZERO CONDO FEES, WAS TOTALLY CURRENT), along with the $140 late fee, plus another $5000 plus for the HOA’s attorney to pursue this frivolous lawsuit. He granted them permission to place a lein on my condo and pursue foreclosure action to “collect their debt”.
After owning 4 previous homes, this was my first, and will be my last, condo. With all the foreclosure and financial ruin insanity being caused by the banks, condo owners must be made aware that unethical, out of control, power hungry HOAs have the same power to destroy lives, their towns, their states, ultimately the country, and get away with it.
I bought this house in Tempe AZ on Aug 1, 1995 for $105,000 at a fixed rate of 9%. Payoff time was 22 years. When I purchased the home there was a second mortgage on the property and that payment was around$200.00 on top of the first which was $825.00.
I paid off the second which left me the $825.00 fixed rate payment. Around 1999 I had met this friend of a friend who was working at a car dealership in Phoenix AZ as a loan specialist who got a few of my family and friends approved for auto loans. He then went to work for a mortgage company in Phoenix as well. He kinda became a good friend and when he asked me run a credit card thru my business for a cash advance I went ahead and did it. this was after he got my mortgage refinanced at the company he was working for.
When he first asked me about my interest rate and I told him I had a fixed at 9%. He told me he could do better and lower my payment plus get me some extra cash out of this whole deal. I told him that I wanted a fixed rate as well and the same pay off period of the original loan which would have been 2017.
Well after I signed I found out that the rate was still at 9% and my mortgage had turned into a adjustable rate. I felt deceived by this whole matter but didn’t really felt that since I already signed that I couldn’t do anything about it. Well in the meantime about me running a credit card for him. It turned out that the card was his father in law who disputed it and I ended taken the loss of $2000,00 because of it. I did sue him in small claims court here in Tempe AZ and won the judgement but was never able to collect a dime from him because I was never able to find him.
Anyway I continued to pay thru this new company which turned into another company and for a while I was sending payments to different companies. My payment had jumped to$1100.00 for a while but I still paid it and was never late from 1995 to around 2009. In 2009 I started to have difficulty in paying my mortgage as being a self employed artist and with the economy getting worse and worse I fell behind.
I went into foreclosure in 2010 but was able to get a loan from a friend and got reinstated in August 2010which included paying some substantial attorney and late fees.. At that time after reinstatement a employee at GMAC which took over my mortgage told me that I did not have to make my first payment until Dec 2011 but later I found out it was Dec 2010. In the meantime I had rented the house out and after 5 months had to sue the renters to get them evicted because of non payment of rent. I found that I was actually about 11 months behind and was scheduled for foreclosure on Oct, 27 2011.
The day of foreclosure I filed for Ch 7bankruptcy which was finally discharged on March 4 2012.
I tried numerous times before Oct 2011 to get GMAC to work out a deal but they wanted the whole amount to stop the foreclosure which was about $13,000 and that is why I filed for bankruptcy. Well they have re-instigated the fore closure which now is set for June 22, 2012. I requested a show me the note letter and they sent me a copy of the 1999 sale which the so called friend did. In the meantime I found out that guy was indicted for grand theft for something he did at the mortgage company he worked for. He and another guy were sent to prison. The reason I brought him up was I have feeling that something might not be right with the current loan that GMAC now is servicing.
And that is where I am at. I have contacted GMAC and they want me to send info for a loan modification but I don’t think they would approve me anyway. I do have equity in this house about $70,000 but that is also in question as the payoff amount does not match what I think it should be. I think I presented everything. So if there is anything that can be done please let me know.
A trove of leaked documents shows that HSBC’s Swiss private bank turned a blind eye to illegal activities of arms dealers and blood diamond traders while helping rich people evade taxes, according to a report based on the documents that was published Monday.
The data relate to accounts worth $100 billion held by more than 100,000 people and legal entities around the world.
A former HSBC employee-turned-whistleblower, Herve Falciani, gave the data to French tax authorities in 2008. France shared it with other governments and launched investigations.
The French newspaper Le Monde obtained a version of the data and shared the material with the International Consortium of Investigative Journalists, which analyzed the material together with The Guardian and the BBC in Britain.
WHAT THE FILES SHOW
The leaked documents mainly cover the years 2005 to 2007.
HSBC, which is based in London but has operations globally, served those close to the regimes of former Egyptian President Hosni Mubarak, former Tunisian leader Ben Ali and Syria’s Bashar Assad.
The consortium said clients include former and current politicians from Britain, Russia, Ukraine, Kenya, India, Mexico, Lebanon, the Democratic Republic of the Congo, Zimbabwe, and Algeria.
Switzerland had the greatest number of clients of the data examined, followed by France, the United Kingdom, Brazil and Italy. In terms of ranking by value, Switzerland was first with $31.2 billion, followed by the United Kingdom with $21.7 billion; Venezuela with $14.8 billion; the U.S. with $13.4 billion; and France with $12.5 billion.
WHY IT MATTERS
Though some of the details of such operations were disclosed previously, when HSBC was fined in 2012 by the U.S. for allowing criminals to use its branches for money laundering, Monday’s information suggests HSBC took an active role in assisting the wealthy in hiding their money from authorities.
“The bank repeatedly reassured clients that it would not disclose details of accounts to national authorities, even if evidence suggested that the accounts were undeclared to tax authorities in the client’s home country,” the consortium said. “Bank employees also discussed with clients a range of measures that would ultimately allow clients to avoid paying taxes in their home countries.”
Crawford Spence, a professor of accounting at the University of Warwick, said this case was different than other recent tax scandals.
“HSBC has been complicit in clear tax evasion