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Florida Bankruptcy Attorney Publishing Article on Using REST Report to Determine Federal Loan Modification Eligibility in Paraclete

Posted on May 19, 2012 by cheapest

Florida Bankruptcy Attorney Publishing Article on Using REST Report to Determine Federal Loan Modification Eligibility in Paraclete












(PRWEB) March 02, 2012 The managing partner of the bankruptcy law firm of Cox & Sanchez, Thomas F. Cox, has had an article accepted for publication by the St. Petersburg Bar Association publication, “Paraclete-The Magazine for the Legal Profession.” The article entitled, “The REST (Real Estate Services and Technology) REPORT – Powerful New Software that Eliminates the Uncertainty in Mortgage Modifications,” will run in the March 2012 edition of this venerable magazine.
In his article, St. Petersburg bankruptcy lawyer Thomas Cox explains that statistics show at least half of Florida homeowners are “underwater” on their mortgages. Desperate homeowners approach bankruptcy lawyers every day, seeking ways to modify their mortgages.
Mr. Cox contends that completing a REST Report helps homeowners pre-qualify for mortgage loan modification from their lenders, which saves them time and reduces legal fees. He has been quoted as saying, “If you believe a mortgage modification is in your best interests, my unequivocal advice is to obtain a REST report.”
A REST Report is used to conduct mathematical computations to analyze whether a homeowner has the qualifications required under HAMP (Home Affordable Modification Program) to receive a loan modification. According to a HAMP directive, any homeowner who receive pre-qualification and has their support documentation must receive a mortgage modification from their lender. The REST Report also helps determine whether another option, such as a short sale, deed-in-lieu of foreclosure, other foreclosure defense, or bankruptcy, is a viable option.
About the Law Office of Cox & Sanchez
The St. Petersburg bankruptcy attorneys at Cox & Sanchez, Thomas F. Cox and Stephany P. Sanchez, have over 30 years of combined experience providing bankruptcy and civil legal assistance to residents in the Tampa and St. Petersburg region. Their areas of practice include Chapters 7, 11, and 13 bankruptcy, foreclosure, real estate, personal injury, and wills and estates. For more information, visit the firm’s website at http://www.coxsanchez.com.
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The Law Offices of Lance Denha Explains Taxable Income Implications with Foreclosure

Posted on May 17, 2012 by cheapest

The Law Offices of Lance Denha Explains Taxable Income Implications with Foreclosure











(PRWEB) April 26, 2012 Anytime a lender writes off, or “forgives,” debt, it can be considered taxable income to the borrower. The larger the write off of the loan by the lender, the larger the potential tax bill may be issued to the taxpayer/homeowner. Consider that every $ 10,000 in forgiven debt could incur as much as $ 1,500 to $ 3,500 in federal taxes, depending on a family’s tax bracket. If a home is $ 100,000 “underwater,” that could mean a federal tax bill of up to $ 35,000. In addition, state and local income taxes could increase the pain.
In recent years, most underwater homeowners who lost property to foreclosure or short sales were excused from having to pay taxes on this income, thanks to the Mortgage Debt Relief Act of 2007. The current law states that homeowners don’t have to include forgiven debt as income provided:
1.    The debt was secured by a principal residence. Mortgages on investment property or vacation homes don’t qualify.
2.    The debt was “used to buy, build or substantially improve a principal residence, or to refinance debt incurred for those purposes,” according to the IRS.
3.    The maximum amount that could be treated a “qualified principal residence indebtedness” is $ 2 million, or $ 1million if married and filing separately.
The act’s protections are scheduled to expire at the end of the year, however, and it’s not clear when or even if Congress will get around to renewing them. “Obama did include it in his budget, to extend it to 2014,” said Mark Luscombe, a principal analyst for tax research firm CCH, a Wolters Kluwer business. “Congress….. might decide it’s not as crucial as extending the tax breaks that already expired at the end of last year.” That doesn’t mean Congress won’t eventually act to extend the relief, Luscombe said. “Usually the only fight about these things,” he said “is finding a way to pay for it.”
Lance Denha, Esq., of the Law Offices of Lance Denha, commented recently that “The scheduled expiration of the mortgage debt relief law means a whole lot of uncertainty for a whole lot of underwater homeowners who are in the process of foreclosure.” More than 2 million people are currently in foreclosure, according to numbers maintained by Lender Processing Services. An additional 4 million mortgage holders are at least 30 days behind. If a homeowner is early in the foreclosure process, [...] Continue Reading…

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How To Start A Restaurant Following A Profitable System

Posted on May 17, 2012 by cheapest

How To Start A Restaurant Following A Profitable System
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How To Start A Restaurant Following A Profitable System

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Mortgage increase or give up RRSP contributions?

Posted on May 17, 2012 by cheapest

Question by Minako H: Mortgage increase or give up RRSP contributions?
Hi everyone,

I’m studying finance right now and we have a question that deals with a person who can either increase the size and length of amortization of their mortgage, or decrease/give up their RRSP contributions.

I have no idea which is better as I have neither at the moment (poor student) =)

Please help me out!
Thank you!
thanks
i should add that this person needs to pay off a debt…
that is why he needs more money

Best answer:
Answer by Chris CGiving up their RRSP contributions now would often (but not always) be to their detriment, dependent upon their age and length of time that they will be working.

The reason for this is the will miss out on the compounding of the RRSP contributions.

The only reason that I can think of to increase the size and length of the amortization of their mortgage is to enhance the existing house in some way, but keep their payments the same.

Personally my choice has been to only go with a shorter term mortgage and lower rate. I’m 2 years into a 15 year mortgage @ 4.625%. And if you look at any amount of mortgage borrowed, that will always show up with the very first payment paying more in principle than in interest.

I prefer to minimize interest paid, and the term of the mortgage. While keeping retirement contributions the same, or more.

Know better? Leave your own answer in the comments!

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The SEO Method.

Posted on May 16, 2012 by cheapest

A few Mortgage Bad Credit Yahoo products I can recommend:
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Mitigating Risk in Today’s Mortgage Underwriting

Posted on May 16, 2012 by cheapest

www.ibm.com Fellow and IBM Academy Member, Dr. Chitra Dorai discusses how banks can better mitigate risk in today’s highly challenging mortgage underwriting market.

A real estate investor owns a big office-building complex and decides he needs million to invest in energy-efficient improvements. He goes to the bank, where the loan officer says, “Sorry, we don’t do that kind of thing.”

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Does anyone else remember the last time the Gov. had a say in what kind of cars the Big three produced?

Posted on May 15, 2012 by cheapest

Question by conservUS: Does anyone else remember the last time the Gov. had a say in what kind of cars the Big three produced?
Not directly like is being proposed now, but do you remember the economic events that brought us the K car? The gas lines, the inflation, sorry stagnation (brought to us by the same guy under Carter, that Obama now has controlling the same thing)? Are we destined to drive a new version of the Pinto? And what about the companies that have to use vans and trucks? Mini-trucks are good for teenagers but try loading one full of landscaping rock. Try delivering an X-ray unit in a new Chevy HHR, or a Honda Oddesy. Gas spiked, leading to people not having enough money to go to work and pay the mortgage, which some should not have had in the first place. Now it is the Big Three at fault Americans have always bought big cars and trucks, unless forced to do otherwise? Chrysler got a loan in the eighties, paid it back early and was a viable company again for years, I do not see AIG, CITI group etc paying anything back to the tax payer. After all it is our money the Fed is using to “bail out” bankers, without thought of repayment. What is so bad giving a loan, many gov’s give their manufactures loans without conditions. Remember one of the biggest opponents of this Sen Shelby R-Al has much to be vocal for, look at all the foreign plants that are in Alabama. Funny how you did not hear Sen Shelby voice opposition to all the tax breaks he helped them get to move to Alabama. Does this employ Americans? Yes, do the profits and taxes from those companies stay here? NO. I live in Michigan where NAFTA has helped decimate the manufacturing base in a state that is dependent on it. I believe that part of the loan structure should include bringing back the jobs that have been shipped to Mexico and Canada, India and Pakistan, even at lower wages it is still American jobs for “American” car companies. And say bye to the union as a separate entity, they had their place to help workers in a time when owners did not have safety conditions to adhere to, OSHA to contend with and child labor laws. Not to mention Comp laws. The UAW has become a corporation unto its self now, why is Ron Gettlefinger not forced to disclose his compensation? How did he get to DC? How much does Union top management make? And how much would this take from the cost of a car. NOT THE LINE WORKERS, MANAGEMENT. (you need management for a union of factory workers?) How about representation Unpaid since it is supposed to be [...] Continue Reading…

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Law Offices of Lance Denha Discuss the Impact of the New Foreclosure Wave to Hit Everyday Borrowers

Posted on May 14, 2012 by cheapest

Law Offices of Lance Denha Discuss the Impact of the New Foreclosure Wave to Hit Everyday Borrowers











(PRWEB) May 14, 2012 Recent statistical data released by RealtyTrac signals a change in the type of homeowners now being affected by foreclosure. While Subprime loans prompted a foreclosure boom earlier this decade, it is widely expected that continued job loss and the overall economy appears to have manifested itself into another foreclosure wave for struggling homeowners. Foreclosures now are a direct result of the difficult economic times homeowners are suffering from ,as detailed by 4closurefraud.org founder Michael Redman.
Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. RealtyTrac reported that house sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.
An abundance of U.S. homeowners face the prospect of losing their homes to foreclosure this year as banks continue to process foreclosures across the nation, whether it be via judicial and non judicial process used in the United States. “We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.”Last year was an anomaly, and not in a good way,” according to Seifert.
As reported by ABC News in 2011, the “robo-signing” scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement. As a result of the robo-signing scandal, the Attorney General in all 50 states, in some capacity, investigated such scandal and, as a result, the five major lending institutions involved agreed to a settlement in which lenders involved are to pay over $ 25 billion to households at risk to foreclosure. Despite this settlement, expert analysis of the market continue to point towards signs that the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur. “Now that the banks have a settlement, foreclosure numbers for 2012 are going to be high,” said NEDAP co-director Josh Zinner. According to leading broker dealer Amherst Securities, some 9.5 million homes are still at risk of default and [...] Continue Reading…

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Government Mortgage Rule Changes – CMHC -

Posted on May 14, 2012 by cheapest

mortgagelocator.ca In this video I cover the various changes that were announced today by the Finance Minister regarding mortgage financing and qualification. Amongst them were: 1. Refinances capped at 90% financing 2. Non owner-occupied properties financing capped at 80% 3. Variable rate mortgage qualification standardized across all banks As many of you are aware, today on February 16, the government made some announcements as to some changes that they are going to be enacting on mortgage lending in Canada. These changes were largely the result of the banks going to Ottawa hat in hand and pleading that there was some requirement for some changes. The mortgage industry was getting ahead of itself. Many people were citing there was a bubble and that kind of thing. I’ve always found this mentality of the banks claiming that the government has to rein in their private lending practices to be a strange one at best. That’s very akin to a car dealership going to the government to say, “We need you to enact laws that make our cars less fast because the clients just like them too much, and they’re buying them all up. We have to provide them. We have to do whatever they want.” I’ve always thought that was a very strange argument. It just plays out doubly strange here with the banks, who could choose if they wanted to simply to not offer the products that they feel are risky. But they know they’ll lose market share, and so rather than do the right thing, they have the government …

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Will boyfriend’s bad credit ruin our mortgage pre-approval?

Posted on May 14, 2012 by cheapest

Question by michalinep: Will boyfriend’s bad credit ruin our mortgage pre-approval?
My boyfriend and I are going to get pre-approved to buy a house. Due to stupidity years ago when he first received credit cards, his credit score is poor. He also just got a new job..started training this week, so his paychecks won’t even show regular pay for a while now. I’ve got a score in the 700s…have had my job for almost 2 years with consistent income. We don’t know if it’s best for me to apply for the mortgage on my own. I also have great debt-to-income ratio. Will his new job (inability to show consistent income) plus poor credit affect us in a negative way for our pre-approval or will just his additional income help us? We make the same amount of money but I fear that my income alone will look like I can’t even afford a house (if that matters), when in reality, we’d be splitting the mortgage.
Although it doesn’t matter…. a marriage IS in our future. We want to buy simply because now is a great time and we’ll end up paying less in a mortgage payment than we currently are in rent right now.

Best answer:
Answer by Rick BShouldn’t you get married first? Buying a home with a boyfriend/girfriend is a terrible idea.

Know better? Leave your own answer in the comments!

Posted in Mortgage Bad Credit Pre Approval | Tagged , , , , | 10 Comments