Home Preservation Network


Educating, informing, and assisting consumers in order to help them manage their affairs.



bankruptcy

Do you know when you should file for bankruptcy? If you don’t, the best thing to do would be consulting a bankruptcy attorney. Hiring the attorney does not show that you’re giving up on the situation. It simply shows that you’re ready to buy yourself some time to rectify a temporary situation before standing on your feet again when circumstances change. The attorney is the one you need by your side through what might be one of the hardest challenges you ever had to deal with in your life.

So, how does the attorney help?

Guides towards the right decision

First, he guides you to make the right decision. He does this by explaining the difference between Chapter 7 and Chapter 13 bankruptcy so that you know what’s good for you. He explains that Chapter 7 helps you to get rid of all unsecured debts. On the other hand, filing a Chapter 13 bankruptcy accords you more time for repaying the debts. The attorney helps you to choose the best option. He helps you to choose the option that allows you to save more money. He guides you to learn the tricks for eliminating most of the debt.

Saves you from harassment

A bankruptcy attorney saves you from the harassment that are too common in such situations. It’s almost impossible to enjoy some peace of mind during bankruptcy proceedings. The fact that creditors keep calling and disturbing you all the time asking about your plans for settling the debts you owe them is enough to turn you into a sour-face. A visit from the creditors to your home or office is a form of harassment. The moment you bring the attorney to your side, the creditors receive a notice to leave you alone. The creditors reach you only through the attorney.

Saves you from fears and anxiety

It’s normal to be fearful and anxious when you owe people and organizations money. The future seems bleak and nothing feels you with excitement. The actual process of filing for bankruptcy is enough to fill a once courageous individual with fear and uncertainty. Meeting with the creditors to tell them how you plan to repay them can be a dreadful experience. Nonetheless, with the bankruptcy attorney on your side, you will have a much easier time with all these issues, thus allowing you to focus on other equally important issues such as family and work.

Simplifies the process

The process of filing for bankruptcy can be quite complicated. Therefore, there’s always the chance that you will make a mistake in one of the stages. This is where you need the intervention of somebody who understands the entire process. The attorney knows all that’s required. He can help you avoid wasting time and money. For example, you may file for Chapter 7 bankruptcy when what you needed was to focus on Chapter 13 bankruptcy in the first place. There is a big difference between the two.

Therefore, the next time you’re wondering whether it’s worth it to hire a bankruptcy attorney, you should remember these benefits. The attorney is more knowledgeable and has the resources needed to help you through this phase of your life. It’s to your benefit to look for an experienced and qualified attorney to help you understand the differences between the various types of bankruptcies so that you know what’s good for you. Get in touch with one right away and enjoy peace of mind.

The health insurance industry has proved difficult to navigate for many people. It becomes even harder when you have to choose one that best suits the needs of your family. Nonetheless, you can find the best one with a bit of time and money spent on research. Identifying experts to help you find the best plan is also highly advisable. Reading different literature from several health insurance providers is a good strategy as well. Most importantly, here is what you should do to find the best health insurance plan for your family:

Consult experts

First, you can consult experts such as Takaful Malaysia. The experts know the plan that’s most suitable for your family. After all, they have been in the industry for years. They have interacted with families with needs that are similar to yours. An employee finds it easy to get the best plan most probably because he relies on the decision that his employers makes for him. He has no choice other than to work with the plan the employer has chosen for him. Employers and the self-employed, however, have to rely on experts and make their own decisions.

Compare different plans

Comparing the different types of health insurance plans that are available in the market is a good move. In fact, you should ask for and obtain information on as many plans as possible. After that, sit down to pore through each plan with the attention of a surgeon. Some plans are common to specific groups of people. Find one that’s perfect for you, but only after comparing from a large pool. Looking for a summary of the benefits of each plan helps you settle on a single one. Use the Internet to check the summary of benefits.

Compare different providers

Comparing the companies that provide health insurance plans is highly advisable. Some providers charge cheaper rates when you visit an in-network doctor. Therefore, ask about the in-network services and features of the plan. The out-of-network doctors are not only costlier to you, but also to the insurance company. Ask the provider whether you can include your preferred doctors in the plan you wish to choose. Speak with your preferred doctor too to learn whether he would be open to this idea.

Check out of pocket costs

Never ignore the out of pocket costs when looking at the best health insurance plan to choose for the family. It’s tough finding a provider that’s willing to cover the entire procedure of seeking treatment and medication for all the ailments that your family suffers. Some plans and providers require you to pay more out of pocket expenses to enjoy the full treatment. Some plans and providers require that you pay something small. Some of the insurance terms you have to be familiar with while looking at the issue of out of costs include:

  • Deductible
  • Copayments
  • Coinsurance

Takaful Malaysia is an excellent provider. Consider asking this provider for more information to help you find the best health insurance plan for your family. Nevertheless, the information published in this article is helpful and can point you towards the right direction, thus making your task much easier to handle. Remember to compare the benefits that each provider list with their plans. As long as you follow this guideline, choosing what’s good for your family will never be an impossible task.

As you already know, the primary purpose of buying life insurance plans is to make things easier for your beneficiaries when you’re no longer able to work and earn some income. The companies that provide such services, such as Takaful Malaysia, first evaluate your life to try and predict the problems you’re likely to encounter before recommending any solution. Life insurance is all about fending for your children when you’re no longer able to work. Some insurance companies have developed a new product known as child insurance, which is different from life insurance.

It carries dual benefits

One of the biggest attractions of child insurance is the dual benefit they carry for the child. The first benefit they present is to generate a good corpus from investing the premiums in funds. The funds in question here could be either ULIP-based or endowment-based. The second of the dual benefits is that the insurance provides a cover to the parent who invests in it on behalf of the child. The beauty of the second benefit is that the cover is for life. This has the following impact on the policyholder in case he dies:

  1. First, the insurer waives off all future premiums
  2. Second; the insurer continues investing in the fund on behalf of the policyholder

It protects the child’s interests

Child insurance protects the child’s interest even when the father or mother is no longer around. It guarantees the child a lump sum payment or period amount. The period amount helps in the child’s maintenance. The child insurance is a great product for parents who struggle to save money on their own without any form of compulsion. The insurance compels the parents to set some money aside to cater for the needs of their children. It trains parents to be responsible and dedicated to saving money for their kids until the little ones can make their own decisions.

It grows with the child

Parents must buy child insurance as early as possible. This is because the money set aside for this type of insurance needs plenty of time to grow. In fact, the best scenario is one where you begin comparing different child insurance plans immediately you learn that you’re expecting a child. The child should enter the world with an insurance product or plan that you have already purchased under his/her name. By starting early, you get the chance to worry less about your child’s future in case something happens to you thus making it impossible to be with him/her.

As a parent, you owe it to your kids to give them the best footing or start in life. A child insurance plan offers you the chance of doing just that. The smart actions you take today will attract the child’s admiration later when he or she is fully grown and able to comprehend the importance of having insurance. The child needs a proper footing to give him the best chance of enjoying a successful career. He needs his finances to be in order. Make this decision on behalf of your child by speaking with Takaful Malaysia about child insurance.

Improving your credit scores by more than 100 points is possible. As is the case with everything in life, starting off is always the biggest challenge. Once you begin, your goals will be achievable. Improving credit scores is a task you ought to take seriously. This is because poor credit scores can affect you financially for a long time. A credit score of around 620 is generally bad. Therefore, your goal should be to improve it to around 720. With a credit score of around 620, you will struggle to find card issuers or lenders who charge you a lower interest rate.

So, what smart money secret should you apply to improve the scores by more than 100 points?

Eliminate the errors

First, focus on knocking off any errors that you see with your credit scores. You can see the errors of your way from any of the main credit reporting bureaus. Interpreting the reports might be hard. Therefore, ask for assistance. The Federal Trade Commission discovered that around 5 percent of consumers walk around with at least an error on their credit reports. The sad thing is such errors could mean paying a higher price for a financial product. You should never keep quiet with mistakes that you notice in the credit reports. Dispute them with the right personnel.

Pay bills on time, all the time

Second, make it a habit of paying all your bills on time. Do this all the time. In fact, your responsibility is bigger if you’re part of the group that walks around with serious errors on the credit report. Study the reports from bureaus such as Equifax, TransUnion or Experian. Study them to identify any account that’s past the due date. What you may not realize is the role payment history plays in credit scores. You can maintain healthy rating as long as you develop a habit of paying all due accounts on time by putting an end to postponing or defaulting your payments.

Stay within the credit limit

Third, avoid surpassing the credit limit. In fact, avoid approaching the limit irrespective of the amount of pressure you feel. As previously stated, your payment history plays a crucial role in determining your credit scores. Similarly, your credit utilization also plays a significant role. Focus on paying off the credit cards, especially if you discover that they approach the limits. Whatever you did in the past regarding credit utilization doesn’t matter. What is important is the current credit utilization. Maintain your balances to less than 30% of credit limits.

By following these guidelines, you can improve your credit scores by more than 100 points in a month. To do this, you would have to focus on moving from 100 percent credit utilization and ten credit cards carrying balances to 0% credit utilization and zero cards with balances. This would also require a hefty financial base. If you lack the finances to pull such a feat off, the next best option would be applying for a debt consolidation loan. However, use these smart money secret strategies while not repeating your past mistakes after taking the debt consolidation loan.

A good accountant is necessary for any business or family.

It’s possible for a small business owner to manage his finances well without any external intervention. You can do this with the help of some software programs. Some of the programs are available online at a fee while others are free. You don’t need much experience or financial background to manage your finances well or use these software programs correctly. Nevertheless, hiring an accountant is something that you can’t keep postponing for too long. At some point, you will have to hire MKS accountants in Darlington, especially if you notice these signs:

Unfamiliarity with Accounting Principles Hampering Your Progress

Financial statements can leave you feeling confused. You might go through a torrid time trying to prepare financial reports. When this happens, your best bet would be to go all out, searching for and hiring a qualified accountant. You may not need the accountant for the rest of your life as a small business owner. However, this financial expert is knowledgeable on everything concerning accounting. Therefore, hire and learn from him during the initial stages of the business. Learn the accounting ropes from him.

Unknowledgeable about Taxes

Tax issues are not easy to understand. The tax code in the United Kingdom is too complicated for a person with little knowledge on such matters to comprehend. Lack of comprehension could lead to massive mistakes later as you try running the small business successfully while meeting your tax obligations. A qualified accountant understands the tax code backward and forwards. Penalties and fines the tax bodies levy on you could cripple your small business. The accountant is helpful in the following ways:

  • He provides timely advice to help you comply with all tax codes and regulations
  • He informs you of all the tax deductions and credits you should take
  • He predicts the taxes you’re likely to owe the HMRC thus helping you to plan well
  • He’s capable of filing the tax returns on your behalf

Bookkeeping proves destructive

Your sole focus should be on running your small business successfully. You don’t need too many distractions. Unfortunately, bookkeeping tasks can be a distraction, thus making it harder for you to focus on the core operations of your business. Some of the goals you ought to concentrate on include spreading the business into new territories and acquiring new clients. Don’t take your eyes away from building a team, innovation or winning more business. Hire an accountant to have a clear understanding and strategy for achieving your tasks.

Other factors that should convince you of the need of hiring accountants include the business’ rapid growth, profit not growing as much as the revenue, and investors demanding professional financial reports among others. Your business needs an accountant each time you want an audit from a professional. Hire an accountant when planning to sell the business or buy and sell properties. The accountant is your ally. Look for one with a stellar record and reputation. Look for one with the experience and training needed to offer top notch assistance. Therefore, hire MKS accountants in Darlington when facing the situations highlighted above.

Interest rates on mortgages are expected to rise in 2016 and beyond. Some banks are reducing or cutting the rates down, but this won’t have too much influence on the general trajectory the mortgages take. Mortgaging a home can take several years. In fact, you might finish mortgaging the home when all your children have finished college and have started their families. Despite this, you should not abandon doing the following while mortgaging the home:

Boosting your credit worthiness

Lenders value your credit worthiness. They want to see whether you’re worth giving access to the credit facilities, which you need to mortgage your home successfully. Therefore, use every opportunity you get to improve your credit worthiness. This involves paying your dues on time and settling all outstanding dues. Avoid taking credit when you have the money needed to buy an item or pay for a service in cash. This way, you reduce your risks of defaulting.  

Set money aside for making down payments

Setting money aside for making down payments is a good habit that you should develop while mortgaging your home. In fact, you should form this habit before you begin mortgaging the home. A down payment of around 20 percent is the norm. However, most lenders have no trouble asking you for a down payment of around 3 percent. Approach the lender confidently with the money you saved for a down payment and see your request for a mortgage, win approval.

Seek pre-approval

Obtaining pre-approval should be your priority before you begin house hunting. Pre-approval simply allows the lender to evaluate the money you qualify to borrow based on the kind of home you wish to buy and live in with your family. Pre-approval opens your eyes to more possibilities you never imagined were possible. Pre-approval helps you to plan and budget or make adjustments based on the kind of house you wish to buy.

Search for legitimate and reputable lenders

Today, the number of lenders operating in the mortgage industry has grown exponentially, thus making it hard to choose the right one for you. Base the choice of lenders for your needs. If you do this, you will end up with some very good interest rates. The rates the lender gives you will not hurt your finances. Spend time asking various lenders for estimates of the mortgages and loans you wish to take. Choose the most suitable lender for you.

Research different types of mortgages

The market is full of the various types of mortgages. Knowing what you want before going for it is highly advisable. Set time aside for research on what’s on the market. Choose a mortgage facility that suits your needs perfectly. If you do this, you will have no reason for worrying about getting the most out of the mortgage. Moreover, the loan will help you address all your needs as well as requirements. The different types of mortgages you can choose can include:

  • Refinancing existing loans
  • Variable rate mortgages
  • Fixed rate mortgages
  • Interest only mortgages
  • Construction mortgages
  • SMSF mortgages
  • Low doc mortgages
  • Reverse mortgages
  • Bridging mortgages

Therefore, get a finance broker in Perth to help you choose the best mortgage.

Buying a house is something that more people want to do. In fact, most people who buy homes will not make any other bigger financial transaction than that in their lives, according to the National Association of Realtors. This explains why it’s important to spend time and effort identifying the mistakes worth avoiding while hunting for a house. Otherwise, you might only succeed in throwing good money away and end up with a huge hole in your finances. It’s crucial for the buyer to be devoid of emotions when buying the house.

That said, the mistakes you should avoid while hunting for a house include the following:

Loving what you can’t afford

First, look at your finances. All the decisions you make on whether to buy a particular type of property should hinge on your finances or lack thereof. As previously stated, buying a home is an emotional process. So, you’re likely to give in to your emotions only to realize that you lack the money needed to live reasonably well after buying a home. This path can take you into a debt crisis and affect your credit scores too. The jetted bathtub, attractive tree-lined streets, and spacious kitchen in your dream home shouldn’t convince you to buy if you lack the money.

Limited to only one option

Second, it’s bad for you to assume that what you see is the best in the market. This often happens when you buy a house in a rush without conducting any kind of research. According to Bankrate, many homebuyers only realize that they bought a money pit much later. Often, this happens when buying a home without any form of research or doing it hurriedly. Simply because the mortgage looks affordable doesn’t mean the house located in an amazing neighborhood, which your agent considers a bargain, is worth buying.

Buying out of desperation

Buying a home out of desperation is one of the worst mistakes you will ever make. This often happens after you have searched for the real estate for sale in Prescott AZ without much success. Even when you haven’t found anything worth buying or interesting enough isn’t a good reason for you to buy out of desperation. Trying to get rid of a house that you realize isn’t what you wanted in the first place is a costly affair. According to the Washington Post, the transaction fees and real estate commissions could drive you up the wall.

All flaws are minor, cheap and fixable

Lastly, ignoring or overlooking the flaws the house has could prove costly for you in the end. In many cases, the flaws you consider minor might cost thousands of dollars or take too much time to fix. Many of the flaws are not only difficult, but also expensive and impossible to fix. Before making any commitment, spend time going through your options. This might just convince you to wait a bit longer until a better property enters the market. When it comes to buying homes, you should remember that you’re never short of options or running out of time.

Therefore, remember these mistakes when searching for real estate for sale in Prescott, AZ.

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

bankruptcyIt’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.

foreclosure

Foreclosures are unfortunately a big part of today’s economy, here is how a mortgage broken can help.

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.

  • Follow-Up

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.

A good accountant is necessary for any business or family.

A good accountant is necessary for any business or family.

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 –

Cost

office-space-for-rent

Office space for rent has been at a premium in large cities like Austin.

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.

Telecommunications

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.

Transport Links

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.

Ron J. Tempe AZ

Posted on May 16, 2016

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.

AP_logo_update_20130709

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.

———

WHAT HAPPENED

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

Read more http://abcnews.go.com/Business/wireStory/report-shows-hsbc-helped-rich-clients-dodge-taxes-28843744

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August 30, 2016
A good accountant is necessary for any business or family.

Top Signs that Tell You it’s Time to Hire an Accountant

It’s possible for a small business owner to manage his finances well without any external intervention. You can do this with the help of some software programs. Some of the programs are available online at a fee while others are free. You don’t need much experience or financial background to manage your finances well or use these software programs correctly. Nevertheless, hiring an accountant is something that you can’t keep postponing for too long. At some point, you will have to hire MKS accountants in Darlington, especially if you notice these signs: Unfamiliarity with Accounting Principles Hampering Your Progress Financial statements can leave you feeling confused. You might go through a torrid time trying to prepare financial reports. When this happens, your best bet would be to go all out, searching for and hiring a qualified accountant. You may not need the accountant for the rest of your life as a small business owner. However, this financial expert is knowledgeable on everything concerning accounting. Therefore, hire and learn from him during the initial stages of the business. Learn the accounting ropes from him. Unknowledgeable about Taxes Tax issues are not easy to understand. The tax code in the United Kingdom is too complicated for a person with little knowledge on such matters to comprehend. Lack of comprehension could lead to massive mistakes later as you try running the small business successfully while meeting your tax obligations. A qualified accountant understands the tax code backward and forwards. Penalties and fines the tax bodies levy on you could cripple your small business. The accountant is helpful in the following ways: He provides timely advice to help you comply with all tax codes and regulations He informs you of all the tax deductions and credits you should take He predicts the taxes you’re likely to owe the HMRC thus helping you to plan well He’s capable of filing the tax returns on your behalf Bookkeeping proves destructive Your sole focus should be on running your small business successfully. You don’t need too many distractions. Unfortunately, bookkeeping tasks can be a distraction, thus making it harder for you to focus on the core operations of your business. Some of the goals you ought to concentrate on include spreading the business into new territories and acquiring new clients. Don’t take your eyes away from building a team, innovation or winning more business. Hire an accountant to have a clear understanding and strategy for achieving your tasks. Other factors that should convince you of the need of hiring accountants include the business’ rapid growth, profit not growing as much as the revenue, and investors demanding professional financial reports among others. Your business needs an accountant each time you want an audit from a professional. Hire an accountant when planning to sell the business or buy and sell properties. The accountant is your ally. Look for one with a stellar record and reputation. Look for one with the experience and training needed to offer top notch assistance. Therefore, hire MKS accountants in Darlington when facing the situations highlighted above.
August 5, 2016

Can you keep your home after filing for bankruptcy?

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.
May 16, 2016

Idaho Foreclosure Laws Show Details

Quick Facts –  Judicial Foreclosure Available: No –  Non-Judicial Foreclosure Available: Yes –  Primary Security Instruments: Deed of Trust –  Timeline: Typically 150 days –  Right of Redemption: Yes –  Deficiency Judgments Allowed: Yes In Idaho, lenders may foreclose on deeds of trusts in default using the non-judicial foreclosure process. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: The notice of sale must be recorded in the county where the property is located and given to the borrower and the occupants of the property (if not the borrower) at least one hundred twenty (120) days before the date of the sale. The notice must be published in the newspapers in the county where the property is located at least once a week for four (4) consecutive weeks. The final ad must be run not less than thirty (30) days in advance of the foreclosure. The published notice must contact a legal description of the property, its street address and the name and phone number of someone who can give directions. Said notice must describe the nature of the default, a legal description of the property, as well its street address, the lender’s name, the date, time, and place of the sale, and the name and phone number of the person conducting the sale. The foreclosure sale must take place on the date, at the time and at the place specified in the notice. However, the sale may be postponed and held at a new time and place, so long as it is within thirty (30) days of the originally scheduled sale. If the property consists of more than twenty (20) acres, the buyer has a period of one (1) year to redeem said property. If it is less than twenty (20) acres, the period of time is lessened to six months. Click here for more information on Idaho foreclosure laws. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 150 Days 45 Days 365 Days Trustee Trustee Foreclosure Sales are more common Pre-foreclosure Period A foreclosure in Idaho begins when the lender mails a notice of default to the borrower. The notice must also be sent to any person who has requested notice. The borrower has at least 115 days to resolve the default and stop the foreclosure process by paying the lender the full amount due, including costs. In some instances, the lender may allow the borrower to stop the foreclosure up to the public sale date. The lender also files a notice of default with the county recorder. After the notice of default is recorded, the lender can schedule and advertise the foreclosure sale. Notice of Sale / Auction At least 120 days before the sale date, a notice of sale is mailed to the borrower. The notice includes the trustee, lender, and borrower names; a description of the property; default information; the amount owed; and the date, time and location of the sale. The lender also publishes the notice of sale in a local newspaper once a week for four weeks, and the final publication has to be at least 30 days before the sale date. The trustee’s attorney conducts the sale. The trustee may postpone the sale up to 30 days by public announcement at the originally scheduled sale. The trustee may also reschedule the sale, in which case a new notice of sale must be published and sent to the parties involved again. The trustee sale is at the date, time and place designated in the notice of sale or rescheduled sale (usually between 9:00 a.m. and 4:00 p.m.). Any person may bid, and the trustee transfers ownership of the property to the winning bidder after receiving full payment. The winning bidder is entitled to possession of the property 10 days after the sale. Idaho foreclosures conducted out of court do not provide redemption rights for the borrower after the sale.
May 16, 2016

Hawaii Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: Yes –  Primary Security Instruments: Deed of Trust, Mortgage –  Timeline: Typically 60 days –  Right of Redemption: None –  Deficiency Judgments Allowed: Yes In Hawaii, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: The notice of intent to foreclose must be published once a week for three (3) successive weeks, the last publication to be not less than fourteen (14) days before the day of sale, in a newspaper having a general circulation in the county in which the mortgaged property is located.Copies of the notice must be mailed or delivered to the mortgagor, the borrower, any prior or junior creditors, the state director of taxation and any other person entitled to receive notice. Additionally, the notice must be posted on the premises not less than twenty-one (21) days before the day of sale.Said notice must state: 1) The date, time, and place of the public sale; 2) The dates and times of the two (2) open houses of the mortgaged property, or if there will not to be any open houses, the public notice shall so state; 3) The unpaid balance of the moneys owed to the mortgagee under the mortgage agreement; 4) A description of the mortgaged property, including the address or description of the location of the mortgaged property, and the tax map key number of the mortgaged property; 5) The name of the mortgagor and the borrower; 6) the name of the lender; 7) The name of any prior or junior creditors having a recorded lien on the mortgaged property before the recordation of the notice of default; 8) The name, the address in the State, and the telephone number in the State of the person in the State conducting the public sale; and 9) The terms and conditions of the public sale.Additional wording, as required by the State of Hawaii, may be found here. Up until three (3) days before the sale, the borrower may cure the default and stop the sale by paying the lien debt, costs and reasonable attorney’s fees, unless otherwise agreed to between the lender and the borrower. The sale, which may be held no earlier than fourteen (14) days after the last ad is published, is to be made at auction to the highest bidder. Any sale, in which notice has been given, may be postponed from time to time by public announcement made by the lender or their representative. There are no rights of redemption in Hawaii. More information on Hawaii foreclosure laws Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 195 Days 90 Days None Trustee Both kinds of Foreclosures are used equally Pre-foreclosure Period Hawaii allows out-of-court foreclosure. It must be in accordance with a sale clause contained in the mortgage, which may require the lender to notify the borrower of any default on the loan before starting the foreclosure process. A court foreclosure begins when the lender files the appropriate documents with the court asking the court to rule that the borrower is in default. The lender also delivers notice of the court filing to the borrower, or publishes the notice if they have trouble contacting the borrower. If the borrower does not respond to the court filings within 20 days, they are found in default and the lender can proceed with scheduling the foreclosure sale. The borrower may file a notice of appeal within 30 days after the court has declared them in default. Up to three days prior to the sale, the borrower may cure the default and halt the sale by paying the debt and associated costs. Notice Of Sale / Auction For out-of-court foreclosures, the notice of foreclosure sale includes a description of the property, the terms of the sale, names of the parties involved, and the time and location of the sale. At least 21 days prior to the sale, the copy of the notice is posted on the property and mailed or delivered to the borrower. The lender publishes the notice of sale in a local newspaper once per week for three consecutive weeks, with the last publication at least 14 days before the day of sale. The sale is an auction where the highest bidder buys the property. The auction can be rescheduled, but the notices of sale must be resent and republished. For court foreclosures, a commissioner is appointed to sell the property at public auction. The commissioner publishes the notice of sale in a local paper. The notice includes the auction date and open house dates, if any. Any party may bid at the auction and the winning bidder will be required to pay 10 percent of the bid in the form of cash or a cashier’s check. The highest bidder does not automatically get the property, as additional bidding may continue at a confirmation hearing. If the court finds the price fair, the sale is confirmed. Hawaii offers no redemption rights for the borrower after the sale is confirmed. STATE OF HAWAII GOVERNMENT RESOURCES: Hawaii Department of Attorney General David M. Louie Hawaii Department of Budget & Finance Hawaii Department of Business, Economic Development & Tourism Director, Richard C. Lim Hawaii Department of Commerce & Consumer Affairs Hawaii Department of Financial Institutions Hawaii Department of Human Resource Development Hawaii Department of Human Services Director, Patricia McManaman Hawaii Department of Insurance Insurance Commissioner, Gordon I. Ito Hawaii Department of Labor & Industrial Relations Director, Dwight Takamine Hawaii Department of Public Safety Interim Director, Ted Sakai Hawaii Office of the Auditor Marion M. Higa, State Auditor Hawaii Office of the Governor Neil Abercrombie Hawaii Office of the Lt. Governor Brian Schatz Hawaii State House of Representatives Speaker, Calvin Say Legislative Bill Search Representative Contact List Hawaii State Judiciary Hawaii State Legislature – Senate President, Shan Tsutsui Senator Contact List Office of Hawaiian Affairs Public Phone Directory – New York State Government Listings STATE OF HAWAII FORECLOSURE RESOURCES: Consumer Credit Counseling Services of Hawaii Department of Attorney General – Bank Mortgage Settlement Department of Attorney General – Foreclosure Assistance Program Department of Commerce & Consumer Affairs Mortgage Foreclosure Dispute Resolution Program Foreclosure Prevention Workshops for Consumers in HI  – Freddie Mac Hawaii Association of Realtors Hawaii Congresswoman Hirono’s Foreclosure Prevention, Modification Scams & Housing Resources Hawaii Foreclosure Law Hawaii Public Housing Authority Hawaii Public Housing Authority Phone Listing Hawaii State Law Library Foreclosure Reference Guide HUD – Avoiding Foreclosure in Hawaii HUD Housing Counseling Agencies located in Hawaii HUD Tenants Rights, Laws & Protections – Hawaii Lawyer’s Committee for Civil Rights – Fair Housing & Lending – Hawaii Foreclosure Prevention Resources Legal Aid Society of Hawaii Neighborworks Hawaii Homeownership Center – Foreclosure Prevention REPORT FRAUD OR SCAMS IN HAWAII: Attorney General – Consumer Complaints Department of Commerce & Consumer Affairs – Consumer Complaints Consumer Dial Information Messages – Answers to Common Consumer & Business Questions Prevent Loan Scams – Hawaii U.S. Consumer Action Website STATE OF HAWAII ADDITIONAL RESOURCES: Register to Vote Vote! – Polling Place Finder STATE OF HAWAII SHORT SALE RESOURCES: ShortSaleCenter.net STATE OF HAWAII COURTS & LAW LIBRARY: Addresses & Phone Numbers for All Courts Administrative Adjudication Administrative Offices of the Courts Circuit Courts District Courts Family Courts Hawaii Land and Tax Appeal Courts Hawaii State Intermediate Court of Appeals Hawaii Supreme Court University of Hawaii William S. Richardson School of Law Library FEDERAL GOVERNMENT RESOURCES: Fannie Mae Loan Look-Up Tool – Find out if your loan is owned by Fannie Mae here. Financial Fraud Enforcement Task Force Freddie Mac Loan Look-Up Tool – Find out if Freddie Mac owns your loan here. Homeowner Crisis Resource Center – Includes tips on avoiding foreclosure. Homeownership Preservation Foundation – Find Credit Counseling here and HERE. Information on the OCC’s Independent Foreclosure Review MyMoney.gov – This site organizes financial education help from over 20 different Federal web sites in one place, including dealing with mortgages. OCC’s Tips for Avoiding Foreclosure Rescue Scams Office of the Comptroller of the Currency – For Complaints Against National Banks Service Members Civil Relief Act – The Act that postpones or suspends certain civil obligations to enable service members to devote their full attention to duty and to relieve stress on their families. The act covers: •       Outstanding credit card debt •       Mortgage payments •       Pending trials •       Taxes •       Termination of lease •       Eviction from housing •       Life insurance protection Get more information at Military.com or at HUD’s National Servicing Center, and here is Information for Veterans from HUD. U.S. Congressional Representative Look-up Tool  
May 16, 2016

Georgia Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: Yes –  Primary Security Instruments: Deed of Trust, Mortgage –  Timeline: Typically 90 days –  Right of Redemption: Yes –  Deficiency Judgments Allowed: Yes In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: A foreclosure notice must be mailed by certified mail, return receipt requested to the borrower no later than 15 days prior to the date of the foreclosure sale. The time period begins the day the letter is postmarked. The notice must be mailed to the address given to the lender by written notice from the borrower. No waiver or release of the rights to notice is valid if it was signed at the same time as the original documents. The notice must be published in a newspaper of general circulation in the county where the sale will be held once a week for four (4) weeks proceeding the date of the foreclosure sale. The sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse. Lenders may seek a deficiency judgment in Georgia. More information on Georgia foreclosure laws. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 37 Days 32 Days None Trustee Judicial Foreclosures are not common Pre-foreclosure Period A court foreclosure occurs when there are title problems or the mortgage or trust deed lacks a clause permitting an out-of-court proceeding.  The process begins when a lender files a petition describing the situation, the property, and the default amount. The borrower then receives a 30-day written notice in which the default must be paid to the court. If the default is not resolved, a foreclosure sale is scheduled. The out-of-court process is more common, as most mortgages and trust deeds contain a clause giving a lender the power to sell the property outside of the court system. The lender starts the foreclosure process by scheduling a foreclosure sale. Georgia does not require lenders to warn the borrower before starting the foreclosure process, although the mortgage or deed of trust might demand this. If the mortgage or deed of trust allows, the borrower can stop the foreclosure by paying off the default amount plus applicable costs, but Georgia state law does not automatically give this reinstatement right to the borrower. The borrower can always stop the foreclosure by paying the total loan balance. Notice of Sale / Auction A notice of sale is published once a week for the four weeks before the sale. The notice is also sent to the borrower a minimum of 30 days before the sale date. The notice must include the date, time, and location of the sale; a description of the property; mortgage information; and the lender and borrower names. The foreclosure sale is at the county courthouse on the first Tuesday of the month between 10:00 a.m. and 4:00 p.m.  The winning bidder, if other than the lender, is required to pay the full bid amount to the person conducting the sale immediately following the sale. If a foreclosure sale is cancelled, the foreclosure process starts over again. After court-ordered foreclosure sales, a confirmation hearing is scheduled and the borrower is notified within five days of the hearing.  If the sale price of the property is at least market value of the property, the court confirms the sale. If not, the court may order a new sale. There is no right of redemption for the borrower following a foreclosure sale in Georgia.
May 16, 2016

Florida Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: No –  Primary Security Instruments: Mortgage –  Timeline: Typically 180 days –  Right of Redemption: Yes –  Deficiency Judgments Allowed: Yes In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury. The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice. Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that “the court reviews the sale to ensure a fair price has been paid.”  Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example.  This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed.  If the sale is not confirmed, another sale is ordered.  (Reference F.S. Chapter 702) The lender may sue to obtain a deficiency judgment in Florida. More information on Florida foreclosure laws. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes No 135 Days NA None Court Judicial Foreclosures only Pre-foreclosure Period A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. Notice of Sale / Auction The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale.  The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale. The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5-percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale.  In most instances, a borrower has no right of redemption after the certificate of sale is issued. STATE OF FLORIDA GOVERNMENT RESOURCES: Florida Department of Business and Professional Regulation Florida Department of Insurance Florida Department of Law Enforcement Florida Department of Revenue Florida Governor Florida House of Representatives Speaker: The Honorable Dean Cannon To write your representative go to: www.writerep.house.gov/writerep/welcome.shtml Florida Legislature Florida Office of Financial Regulation Florida Secretary of State The Florida Senate President: Mike Haridopolos Office of the Florida State Attorney General Attorney General: Pam Bondi Florida State Comptroller Florida Supreme Court STATE OF FLORIDA FORECLOSURE RESOURCES: 4ClosureFraud Current Florida-Specific Foreclosure Laws Jacksonville Area Legal Aid STATE OF FLORIDA ADDITIONAL RESOURCES: Florida Division of Elections Voter Assistance Hotline (in English and Español) Toll Free 1-866-308-6739 TTY 1-800-955-8771 Vote – Find Your Polling Place STATE OF FLORIDA COURTS: Florida Circuit Courts Florida County Courts Florida First District Court of Appeal Florida Second District Court of Appeal Florida Third District Court of Appeal Florida Fourth District Court of Appeal Florida Firth Distrcit Court of Appeal Florida Supreme Court Office of the Courts Administration FEDERAL GOVERNMENT RESOURCES: Fannie Mae Loan Look-Up Tool – Find out if your loan is owned by Fannie Mae here. Financial Fraud Enforcement Task Force Freddie Mac Loan Look-Up Tool – Find out if Freddie Mac owns your loan here. Homeowner Crisis Resource Center – Includes tips on avoiding foreclosure. Homeownership Preservation Foundation – Find Credit Counseling here and HERE. Information on the OCC’s Independent Foreclosure Review MyMoney.gov – This site organizes financial education help from over 20 different Federal web sites in one place, including dealing with mortgages. OCC’s Tips for Avoiding Foreclosure Rescue Scams Office of the Comptroller of the Currency – For Complaints Against National Banks Service Members Civil Relief Act – The Act that postpones or suspends certain civil obligations to enable service members to devote their full attention to duty and to relieve stress on their families. The act covers: •       Outstanding credit card debt •       Mortgage payments •       Pending trials •       Taxes •       Termination of lease •       Eviction from housing •       Life insurance protection Get more information at Military.com or at HUD’s National Servicing Center,                                                                             and here is Information for Veterans from HUD. U.S. Congressional Representative Look-up Tool U.S. Department of Housing & Urban Development – Avoiding Foreclosures
May 16, 2016

Delaware Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: No –  Primary Security Instruments: Mortgage –  Timeline: Typically 90 days –  Right of Redemption: No –  Deficiency Judgments Allowed: No In Delaware, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure Lenders in Delaware are given a number of options in which they may pursue judicial foreclosure, but the most commonly used procedure is the Scire Facias. This proceeding is quite different from other judicial foreclosures because instead of the lender having to prove the borrower is in default of the mortgage, the borrower has to prove he isn’t. Although the suit to obtain an order for foreclosure is filed by the lender, the borrower must appear in court within twenty (20) days of being served a writ to provide evidence as to why the foreclosure should not take place. Unless the court is satisfied with the borrowers explanation and evidence, they will authorize a foreclosure sale. Said sale must be conducted by the sheriff and held either at the courthouse or at the property itself at least fourteen (14) days after the notice of sale is posted on the property and in other public places throughout the county in which it is located. The buyer has no right of redemption once the court has confirmed the sale. More information on Delaware foreclosure laws.   Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes No 170-210 Days 60-90 Days None Sheriff Judicial Foreclosures only   Pre-foreclosure Period After a borrower defaults on a mortgage or deed of trust, the Delaware foreclosure process begins with the filing of a complaint in court. The borrower is given instructions to appear in court within 20 days and provide evidence as to why the foreclosure should not occur. If the borrower cannot be located, this pre-foreclosure period of giving notice to the borrower could last up to three months. If the borrower does not appear in court within the required time frame, the court could rule that the borrower is in default. Eleven days after the court rules the borrower in default, the lender can submit a request that the county sheriff conduct a sale of the property. Notice of Sale / Auction It usually takes 2-3 months for the sheriff to properly advertise and give notice of the sale.  The sheriff posts the sale notice on the property and in other public places at least 14 days before the sale date. The notice should include the date, time, and location of the sale, as well as a brief property description and the location of the property. The notice is also delivered to the borrower at least 10 days before the sale date. The notice of sale is published in two local newspapers chosen by the sheriff, appearing no more than three times per week for two weeks before the sale. Generally, the sale is conducted by the sheriff and takes place at the property or at the local courthouse. After the sale, confirmation of the sale occurs within 1-3 months, and the sheriff transfers ownership to the winning bidder. Prior to confirmation, the borrower may contest the sale procedure, but the borrower has no right of redemption after the sale.
May 16, 2016

Connecticut Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: No –  Primary Security Instruments: Mortgage –  Timeline: Typically 60 days –  Right of Redemption: No –  Deficiency Judgments Allowed: Yes In Connecticut, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure The judicial foreclosure process in Connecticut is carried out by either strict foreclosure or a decree of sale. With strict foreclosure, no actual foreclosure sale is held. Instead, the lender goes to court to try and obtain a court order demonstrating the borrower is in default of the mortgage. If successful, the title transfers to the lender immediately. However, the court sets an established amount of time in which the borrower may redeem the property, but if they fail to do so, the title becomes absolute to the lender and the borrower has no longer has any claim to the property. The lender then has thirty (30) days to record a certificate of foreclosure, which must contain a description of the property, the foreclosure proceedings, the mortgage and the date the title became absolute. With a decree of sale, the court: 1) establishes the time and manner of the sale; 2) appoints a committee to sell the property; and 3) appoints three appraisers to determine the value of the property. The borrower may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale. The lender may sue to obtain a deficiency judgment in Connecticut. More information on Connecticut foreclosure laws. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes No 90-120 Days NA Court Decides Court Judicial foreclosure only Process Begins With a Civil Suit The judicial foreclosure process in Connecticut is commenced by filing a civil action with the Superior Court.  At the end of the action, the Lender will file a motion for a judgment of foreclosure and the Judge will either grant a “strict foreclosure” or a “foreclosure by sale”. If a strict foreclosure is granted no actual foreclosure auction is held. During the foreclosure action the court has determined that there is no equity in the property and rather than a foreclosure sale, the court will assign “law days” in reverse order of priority, which allows parties with an interest to redeem the property.  If no party redeems the property on their law day, title of the property will vest, free and clear to the Lender. The lender then has 30 days to record a certificate of foreclosure, which must contain a description of the property, the foreclosure proceedings, the mortgage and the date the title became absolute. The Court Orders the Property Sold If the court determines that there is equity in the property, even by a slim margin, the court will order a foreclosure by sale.  The court establishes the time and manner of the sale and will assign a “committee attorney” to handle all aspects of the foreclosure sale, this is not the same attorney that commenced the foreclosure action. The borrower may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale. After the sale is conducted, the committee attorney must petition the court to “approve” the sale so that title may vest in the successful bidder. The lender may sue to obtain a deficiency judgment in Connecticut. STATE OF CONNECTICUT GOVERNMENT RESOURCES: Connecticut Department of Labor Connecticut General Assembly Find Your Representative, Senator & Congressperson Legislative Commissions Connecticut Insurance Department Department of Banking Howard F. Pitkin, Commissioner Department of Ethics & Community Development Governor of Connecticut Governor, Dannel P. Malloy Lt. Governor Nancy Wyman Office of the Attorney General George Jepsen Office of the State Comptroller Kevin Lembo American Bar Association’s Guide to Finding Legal Foreclosure Help – Connecticut Connecticut Fair Housing Center – Foreclosure Prevention Clinics Connecticut Network for Legal Aid – Foreclosures Connecticut Law – Laws About Foreclosure Department of Labor – Foreclosure Initiative Fair Housing & Fair Lending Foreclosure Prevention Resources HUD in Connecticut  The Roof Project – Avoiding Foreclosure in Connecticut United Way of Connecticut – Avoiding Foreclosure Attorney General – Consumer Assistance Complaint Form Or, call the Attorney General’s Office, Consumer Protection Department (860) 808-5400 Connecticut Fair Housing Center Department of Banking – Complaints DOB Foreclosure Hotline – 877-472-8313 Prevent Loan Scams – Connecticut U.S. Consumer Action Website STATE OF CONNECTICUT ADDITIONAL RESOURCES: Vote! – Department of Banking – Foreclosure/ Short Sale Contacts for Connecticut Consumers  ShortSaleCenter.net STATE OF CONNECTICUT COURTS & LAW LIBRARY: Connecticut Judicial Branch Law Libraries Connecticut Superior Court University of Connecticut School of Law Library FEDERAL GOVERNMENT RESOURCES: Financial Fraud Enforcement Task Force Freddie Mac Loan Look-Up Tool – Find out if Freddie Mac owns your loan here. Homeownership Preservation Foundation – Find Credit Counseling here and Information on the OCC’s Independent Foreclosure Review OCC’s Tips for Avoiding Foreclosure Rescue Scams Service Members Civil Relief Act – The Act that postpones or suspends certain civil obligations to enable service members to devote their full attention to duty and to relieve stress on their families. The act covers: •       Outstanding credit card debt •       Mortgage payments •       Pending trials •       Taxes •       Termination of lease •       Eviction from housing •       Life insurance protection Get more information at HUD’s National Servicing Center, and here is U.S. Congressional Representative Look-up Tool
May 16, 2016

Colorado Foreclosure Laws

Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: Yes –  Primary Security Instruments: Deed of Trust, Mortgage –  Timeline: Typically four months –  Right of Redemption: Yes –  Deficiency Judgments Allowed: Yes In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines The foreclosure process in Colorado is quite a bit different than in other states because here, the governor appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows: The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a “Notice of Election and Demand” with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks. The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property. The owner of the property may stop the foreclosure proceedings by filing an “Intent to Cure” with the Public Trustee’s office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled. The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust. The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest. More information on Colorado foreclosure laws. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 145 Days 60 Days None Public Trustee Judicial foreclosures are not common Pre-foreclosure Period The public trustee for each county is either appointed by the governor or elected by the public. The out-of-court foreclosure process begins when a lender files the appropriate documents with the public trustee to request a sale of the property. Once the public trustee officially records the foreclosure action, a foreclosure sale can be scheduled. After the sale is scheduled, the lender still has to obtain a separate court order allowing the sale. The court schedules a hearing to consider the matter, and all affected parties are notified. If no one contests that the borrower is in default, the court allows the sale without a hearing. If the borrower plans to pay off the default and stop the foreclosure, he or she needs to submit the intention to do this to the public trustee at least 15 days before the sale. If this is done, the borrower can pay off the default and discontinue the foreclosure process up until noon the day before the sale. Notice of Sale / Auction The public trustee schedules the sale 110-125 days after the initial foreclosure action was recorded. The notice of sale is published in a local newspaper for 12 weeks. The public trustee also mails a copy of the notice to the borrower. The public trustee typically conducts the sale at the courthouse. At the sale, the public trustee reads the written bid submitted by the lender, and any party may bid.  If anyone other than the lender is the winning bidder, that person must deliver the bid amount in cash or cashier’s check to the public trustee. The winning bidder is given a certificate of purchase. There is no longer any redemption period for the previous owner after a forecosure sale in Colorado.
May 16, 2016

Alabama Foreclosure Laws

Scroll down for Alabama foreclosure resources Quick Facts –  Judicial Foreclosure Available: Yes –  Non-Judicial Foreclosure Available: Yes –  Primary Security Instruments: Deed of Trust, Mortgage –  Timeline: Varies by Process; Typically 30 – 60 days –  Right of Redemption: 12 months –  Deficiency Judgments Allowed: Yes In Alabama, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the “No Power of Sale Foreclosure Guidelines”. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, if the deed of trust or mortgage contains a power of sale clause, but does not specify the time, place and terms of sale, then a foreclosure sale may take place at the front or main door of the courthouse of the county where the property located, after default of the deed of trust or mortgage, for cash to the highest bidder. The sale may not take place until thirty (30) days after the last notice of sale is published. Said notice of sale must be given by publication once a week for four (4) successive weeks in a newspaper published in the county or counties in which the property is located. If the property is under mortgage in more than one county, the publication is to be made in all counties where it is located. The notice of sale must give the time, place and terms of said sale, together with a description of the property. If no newspaper is published in the county where the lands are located, the notice shall be placed in a newspaper published in an adjoining county for four (4) successive weeks. No Power of Sale Foreclosure Guidelines If no power of sale is contained in a mortgage or deed of trust, the lender, or any assignee thereof, may, after default of the mortgage or deed of trust, either file a lawsuit to foreclose or foreclose by selling the property to the highest bidder for cash at the courthouse door of the county where the property is situated. Said sale may not take place until after notice of the time, place, terms and purpose of the sale has been published for four (4) consecutive weeks in a newspaper published in the county wherein said lands, or a portion thereof are situated. Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 49-74 Days 21 Days 365 Days Trustee Judicial foreclosures are not common Pre-foreclosure Period In Alabama, court foreclosures are rare, occurring only when there are title problems or when the mortgage lacks a provision giving the lender the right to sell the property if the borrower defaults. Out-of-court foreclosure proceedings are most commonly used. The process begins once a lender supplies the attorney with the applicable documents and the attorney schedules a sale of the property. Although not required by state law, some mortgages require the lender to send a notice of default to the borrower 10-30 days before initiating the foreclosure process. Unless the mortgage states otherwise, the borrower has a right to pay off the debt at any time and stop the foreclosure process until the day of the foreclosure sale. Did you know? Taxes Can Put a Homeowner in Foreclosure (2-Part Series on Tax Foreclosure) Notice of Sale / Auction A lender must follow any notice of sale requirements that are specified in a mortgage. The notice of sale is published for three weeks in a newspaper or posted at the courthouse door and three other public places. The notice must provide a description of the property and the day, place, and terms of the sale.  Usually, the notice is also sent to the borrower, although it is not required unless dictated in the mortgage. If a borrower has other mortgage loans, those lenders typically receive notice as well. The sale takes place at the courthouse. After the foreclosure sale and upon payment of the sale price, a deed is given to the winning bidder. The borrower has the right to redeem the property after the foreclosure sale, up to one year after the foreclosure sale date. STATE OF ALABAMA GOVERNMENT RESOURCES: Attorney General Luther Strange Department of Children’s Affairs Department of Economic & Community Affairs Department of Finance State Comptroller, Thomas L. White, Jr., CPA Department of Human Resources Department of Insurance Department of Labor Health & Social Services House of Representatives Speaker of the House, Mike Hubbard Housing Finance Authority Lt. Governor’s Office Kay Ivey Office of the Governor Governor, Robert Bentley Real Estate Commission Secretary of State Beth Chapman State Auditor Samantha Shaw State of Alabama Banking Department State Legislature Alabama Legislative Information System On Line  State Senate Senate Roster State Treasury State Treasurer, Young Boozer STATE OF ALABAMA FORECLOSURE RESOURCES: AlabamaLegalHelp.org – Foreclosure Banking Department Foreclosure Assistance HUD Approved Counseling Agencies: Alabama HUD Avoid Foreclosure: Alabama HUD Homeownership: Alabama HUD in Alabama HUD Rental Help: Alabama Legal Services Alabama Neighborhood Housing Services of Birmingham – Foreclosure Prevention REPORT FRAUD OR SCAMS IN ALABAMA: Attorney General – Consumer Protection Complaint Form Consumer Hotline: 1-800-392-5658 or 334-242-7335 Better Business Bureau – Consumer Complaints Department of Insurance – File A Complaint Prevent Loan Scams U.S. Consumer Action Website STATE OF ALABAMA ADDITIONAL RESOURCES: Vote! – Polling Place Search STATE OF ALABAMA SHORT SALE RESOURCES: Short Sale Laws in Alabama ShortSaleCenter.net STATE OF ALABAMA COURTS & LAW LIBRARY: Administrative Office of the Courts Alabama Court of Civil Appeals Presiding Judge, William C. Thompson Alabama Court of Criminal Appeals Presiding Judge, Mary Becker Windom Alabama Judicial System Faulkner University George H. Jones, Jr. Law Library Jefferson County Law Library Samford University Lucille Stewart Beeson Law Library Supreme Court of Alabama Chief Justice, Charles R. Malone Supreme Court & State Law Library The University of Alabama Bounds Law Library FEDERAL GOVERNMENT RESOURCES: Fannie Mae Loan Look-Up Tool – Find out if your loan is owned by Fannie Mae here. Financial Fraud Enforcement Task Force Freddie Mac Loan Look-Up Tool – Find out if Freddie Mac owns your loan here. Homeowner Crisis Resource Center – Includes tips on avoiding foreclosure. Homeownership Preservation Foundation – Find Credit Counseling here and HERE. Information on the OCC’s Independent Foreclosure Review MyMoney.gov – This site organizes financial education help from over 20 different Federal web sites in one place, including dealing with mortgages. OCC’s Tips for Avoiding Foreclosure Rescue Scams Office of the Comptroller of the Currency – For Complaints Against National Banks Service Members Civil Relief Act – The Act that postpones or suspends certain civil obligations to enable service members to devote their full attention to duty and to relieve stress on their families. The act covers: •       Outstanding credit card debt •       Mortgage payments •       Pending trials •       Taxes •       Termination of lease •       Eviction from housing •       Life insurance protection Get more information at Military.com or at HUD’s National Servicing Center, and here is Information for Veterans from HUD. U.S. Congressional Representative Look-up Tool Original linkOriginal author: Mandelman
May 16, 2016

Arkansas Foreclosure Laws

Quick Facts – Judicial Foreclosure Available: Yes – Non-Judicial Foreclosure Available: Yes – Primary Security Instruments: Deed of Trust, Mortgage – Timeline: Typically 120 days – Right of Redemption: Varies – Deficiency Judgments Allowed: Varies In Arkansas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be made prior to the schedule date of foreclosure. In any foreclosure under a mortgage or deed of trust in Arkansas, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal. Judicial Foreclosure In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the clerk of the court, as commissioner, advertises the property for sale. Sales of real property under court order will be on a credit of not less than three (3) months, but not more than six (6) months, or on installments to not more than four (4) months credit overall. To secure payment, a lien will be retained on the property for its price and the purchaser must also give a bond with surety for the amount of the purchase price. The lender may bid at the sale by crediting a portion (or all) of the amount the court found was owed to the lender against the sales price of the property purchased at the foreclosure sale. If the real estate does not sell for an amount equal to what�s due on the mortgage loan, then the lender may seize other property from the borrower as in an ordinary judgment. The borrower has one (1) year from the date of the sale to redeem the property by paying the amount for which the property was sold, plus interest. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”. Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: The trustee must record a notice of sale in the office of the recorder of the county where the property is located. The mortgagee’s or trustee’s notice of default and intention to sell shall be mailed within thirty (30) days of the recording of the notice by certified mail to the borrower. This includes any borrower of record or of whom the lender has actual notice. The notice must also be mailed to anyone who records a Request for Notice that specifically described the mortgagee including its recording information. Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice of default and intention to sell must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale. Said notice of default and intention to sell must contain the names of the parties to the mortgage or deed of trust, a legal description of the trust property and, if applicable, the street address of the property, the book and page numbers where the mortgage or deed of trust is recorded or the recorder’s document number, the default for which foreclosure is made, the mortgagee’s or trustee’s intention to sell the trust property to satisfy the obligation, including, in conspicuous type, a warning as follows: “YOU MAY LOSE YOUR PROPERTY IF YOU DO NOT TAKE IMMEDIATE ACTION” and the time, date, and place of sale. Any person including the mortgagee (lender) may bid at the sale, except the trustee, who may bid on the behalf of the beneficiary (lender) but not for himself or herself in deed of trust sales. The high bidder must pay the price bid at the time of sale, or within ten (10) days. The lender may bid by canceling out what it is owed on the loan, including unpaid taxes, insurance, costs or sale and maintenance, but for cash for any higher price. The trustee may postpone the sale by public proclamation at the time, place and date last appointed for sale, up to seven (7) days past the original date, but if for a longer time, then the whole notice procedure must be performed a second time, including the sixty (60) day wait. Once the sale is complete, the proceeds will go to the pay for the expenses of the foreclosure sale, then toward the obligations secured by the trust deed that was foreclosed and then to junior lien holders in order of their priority. The original borrower is entitled to receive any remaining funds. The successful bidder receives a trustee�s deed. The lender may sue the borrower for a deficiency within twelve (12) months of a power of sale clause foreclosure. The lender may sue for (1) the difference between the foreclosure sale price and the balance due on the loan, or (2) the balance due on the loan minus the fair market value of the property, whichever is less. More information on Arkansas foreclosure laws Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS Yes Yes 70 Days 30 Days 365 Days* Trustee Both Kinds of Foreclosures are used equally Pre-foreclosure Period In Arkansas, foreclosures can be handled either in or out of the court system, but the lender must have an appraisal of the property taken prior to the scheduled foreclosure date. In a court-handled foreclosure, the court determines the amount in default and gives the borrower a short time to pay the debt to the lender. If the borrower fails to pay the full amount owed within that timeframe, then the property goes up for sale, usually about 30 days after the court considers the matter. Power-of sale clauses in mortgages allow lenders to foreclose on property in default without going through the court system. To begin the foreclosure process out of court, the lender will have a notice of default filed with county records. The borrower can stop the foreclosure process by paying off the amount owed any time before the foreclosure sale. Notice of Sale/Auction For power-of-sale foreclosures handled out of the court system, the notice of default filed by the lender also serves as the notice of sale, as it contains all the information pertinent to the sale (time, location, property description, etc.). Within 30 days of this notice of default being recorded, a copy of the notice and the lender’s intention to sell is mailed to the borrower. The lender also posts a notice of sale in the office of the county recorder. The notice is published in a local newspaper for four consecutive weeks, with the final notice being published at least 10 days prior to the sale. At the sale, which is run by an auctioneer, anyone can bid on the property, with the exception of the trustee, who may only bid on behalf of the lender. The highest bidder is awarded ownership of the property and must pay the full bid price within 10 days of the sale. For out-of-court foreclosures, the borrower has no right to redeem the property after the sale. The property must sell for no less than two thirds of the appraised value. If this value is not met, the property must be offered for sale again within 12 months of the original sale date. If this occurs, the second sale awards the property to the highest bidder, regardless of the appraisal price. If the property is foreclosed through the courts, the borrower has one year from the date of the sale to redeem the property, provided that they pay the amount of the purchase price from the auction plus interest.
May 16, 2016

Report Shows HSBC Helped Rich Clients Dodge Taxes – ABC News

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. ——— WHAT HAPPENED 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 Read more http://abcnews.go.com/Business/wireStory/report-shows-hsbc-helped-rich-clients-dodge-taxes-28843744
May 16, 2016

Bank Of America Used Government-Backed Funds For Reckless, Extremely Levered Tax Avoiding Trades | Zero Hedge

When we recently described in detail the reason, or rather 70.3 trillion reasons, why Citigroup scrambled to make sure the swap push-out provision language remained in the Cronybus government funding bill, we made it clear that that primary reason why at least one (and certainly two) TBTF bank is desperate to keep taxpayers on the hook for its derivatives is that between JPM and Citi, there were over $135 trillion in total notional derivatives outstanding as of Q3. Today we find why yet another bank, Bank of America, has been extremely incentivized to preserve the post Glass-Steagall world in which cash depositing taxpayers are on the hook for a bank’s stupidity, and more impotantly, to make the uber-wealthy even uber-wealthier. Recall that back in 2013, it was JPMorgan’s CIO Office, aka the London Whale, which, taking advantage of fungible, taxpayer-insured funding in the form of excess US deposits over loans, proceeded to attempt and corner the IG9 market in what was clearly a directional prop trade and which launched what is now a quarterly tradition of billions of non one-time, recurring legal charges for Jamie Dimon. As everyone knows by now, the London Whale trade (and its employees) blew up spectactularly and it was only a forced intervention by management which prevented impairment to the company’s depositors. Now it is Bank of America’s turn to disclose that it, too, was being ridiculously cavalier with taxpayer-insured deposits. Only instead of traying to make money directly by letting its prop traders trade with deposit proceeds (actually, it did that too) BofA decided it would be more lucrative to use its government-backed subsidiary to “finance billions of dollars in controversial trades that helped hedge funds and other clients avoid taxes, according to internal documents and people familiar with the matter.” According to the WSJ which broke the story, BofA had been engaging in a “practice of using funds from its U.S. banking unit to finance transactions by its European investment-banking arm that, among other things” which helped hedge funds avoid taxes on stock dividends, according to the documents and people. The practice dates back to at least 2011, when senior Bank of America investment-bank officials in London started pushing subordinates to adopt the policy in order to take advantage of the lower funding costs enjoyed by the U.S. unit called Bank of America National Association, according to internal emails and the people familiar with Read more http://www.zerohedge.com/news/2015-02-11/london-whale-20-bofa-used-government-backed-funds-reckless-extremely-levered-tax-avo
September 26, 2015

Matt Taibbi: The Last Mystery of the Financial Crisis | Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge

Matt Taibbi: The Last Mystery of the Financial Crisis   The Last Mystery of the Financial Crisis It’s long been suspected that ratings agencies like Moody’s and Standard & Poor’s helped trigger the meltdown. A new trove of embarrassing documents shows how they did it What about the ratings agencies? That’s what “they” always say about the financial crisis and the teeming rat’s nest of corruption it left behind. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters like spray-tanned Countrywide ex-CEO Angelo Mozilo. But what about the ratings agencies? Isn’t it true that almost none of the fraud that’s swallowed Wall Street in the past decade could have taken place without companies like Moody’s and Standard & Poor’s rubber-stamping it? Aren’t they guilty, too? Man, are they ever. And a lot more than even the least generous of us suspected. Thanks to a mountain of evidence gathered for a pair of major lawsuits, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. “Lord help our fucking scam . . . this has to be the stupidest place I have worked at,” writes one Standard & Poor’s executive. “As you know, I had difficulties explaining ‘HOW’ we got to those numbers since there is no science behind it,” confesses a high-ranking S&P analyst. “If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value,” complains another senior S&P man. “Let’s hope we are all wealthy and retired by the time this house of card[s] falters,” ruminates one more. Rest from Rolling Stone here… 4closureFraud.org Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system,Mortgage Fraud, securities fraud Read more http://4closurefraud.org/2013/06/20/matt-taibbi-the-last-mystery-of-the-financial-crisis/
February 16, 2015

Warren: Dodd-Frank Rules Aren t Hurting Small Banks Very Much – American Banker Article

WASHINGTON — Sen. Elizabeth Warren on Thursday called into question the need for regulatory relief for small institutions, noting that they have continued to be profitable despite new rules under the Dodd-Frank Act. While most lawmakers of both political parties typically equate helping community banks with apple pie and baseball in terms of their support, Warren signaled she has a different view. The Massachusetts Democrat warned that large banks are using smaller institutions for political cover to make changes to the 2010 financial reform law. “We’ve heard a lot today about how smaller banks are being smothered by unnecessary regulation, supposedly because of Dodd-Frank rules, like the new mortgage rules that went into effect in the first quarter of 2014,” she said during the second Senate Banking Committee hearing this week on regulatory relief for small banks and credit unions. Warren, who has previously shown support for community banks and discussed the need for tiered regulation, noted that bank earnings were up more than 7% in the third quarter of 2014, the most recent data available, compared with a year before. She added that community banks have actually seen earnings growth of more than 11% over the same period, even after the Consumer Financial Protection Bureau’s ability-to-pay rule went into effect last year. “In other words, the banking industry did substantially better after the mortgage rules went into effect in January of 2014. Why are they making more money since the rules went into effect and are doing better than the big banks?” she asked Daniel Blanton, chief executive of Georgia Bank & Trust and the chairman-elect of the American Bankers Association. Blanton acknowledged that the figures were accurate, but underscored that the new mortgage rules still continue to make life more difficult for smaller institutions. “I don’t think it’s because of the regulations that the banks are doing better. It is tangling up our process to do mortgages, it’s making it much more difficult, it’s costing us quite a lot,” he said. “Your statistics on the profit side of our industry are right; we’ve done very well. But if you go back and average over the last 10 years, it has been a very difficult process, and just now we’re beginning to get some efficiencies and come back into the market and be successful.” Warren also zeroed in on a popular industry proposal discussed by Blanton and others that would allow banks to count all loans held in portfolio as Read more http://www.americanbanker.com/news/law-regulation/warren-dodd-frank-rules-arent-hurting-small-banks-very-much-1072714-1.html?utm_campaign=daily%20briefing-feb%2013%202015&utm_medium=email&utm_source=newsletter&ET=americanbanker:e3828570:736882a:&st=email
December 16, 2013

The Last Mystery of the Financial Crisis | Rolling Stone

What about the ratings agencies? That’s what “they” always say about the financial crisis and the teeming rat’s nest of corruption it left behind. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters like spray-tanned Countrywide ex-CEO Angelo Mozilo. But what about the ratings agencies? Isn’t it true that almost none of the fraud that’s swallowed Wall Street in the past decade could have taken place without companies like Moody’s and Standard & Poor’s rubber-stamping it? Aren’t they guilty, too? Man, are they ever. And a lot more than even the least generous of us suspected. Everything Is Rigged: The Biggest Price-Fixing Scandal Ever Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. “Lord help our fucking scam . . . this has to be the stupidest place I have worked at,” writes one Standard & Poor’s executive. “As you know, I had difficulties explaining ‘HOW’ we got to those numbers since there is no science behind it,” confesses a high-ranking S&P analyst. “If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value,” complains another senior S&P man. “Let’s hope we are all wealthy and retired by the time this house of card[s] falters,” ruminates one more. Ratings agencies are the glue that ostensibly holds the entire financial industry together. These gigantic companies – also known as Nationally Recognized Statistical Rating Organizations, or NRSROs – have teams of examiners who analyze companies, cities, towns, countries, mortgage borrowers, anybody or anything that takes on debt or creates an investment vehicle. Their primary function is to help define what’s safe to buy, and what isn’t. A triple-A rating is to the financial world what the USDA seal of approval is to a meat-eater, or virginity is to a Catholic. It’s supposed to be sacrosanct, inviolable: According to Moody’s own reports, AAA Read more http://www.rollingstone.com/politics/news/the-last-mystery-of-the-financial-crisis-20130619