Last month (June 2014) the CFPB (Consumer Financial Protection Bureau) released a rule giving itself the power to shut down any business, at any time, for any reason. They will use a Cease and Desist order terminating all business activities for at least 10 days, when a hearing might be granted. The rules “closely follow” existing rules by the FDIC and the Comptroller of the[..]
“Be not intimidated…nor suffer yourselves to be wheeled out of your liberties by any pretense of politeness, delicacy or decency. These, as they are often used, are but three different names for hypocrisy, chicanery and cowardice.”
John Adams – 2nd President of the United States 1797-1801
A Real Estate Agent – You will want to find an agent who is experienced in distressed real
estate and also in its valuation. Valuation is important because if you decide to try a loan modification or short sale, the bank will be asking for an assessment of your property’s value, and this valuation needs to be accurate. Not only will the bank use it in its calculations, but it’s[..]
Your team should include a Certified Public Accountant (CPA). These professionals are best equipped to give you advice on tax implications of your decisions and make suggestions as to structuring your financial affairs.
CPA (Certified Public Accountant) – This is particularly important if you have family assets
or a small business. When a loan is modified, a short sale is closed,[..]
When choosing the professionals for your team, you will most likely have a limited amount of time to ask initial questions and determine if the professional you are interviewing is a good match for you. This is why it’s important to use your time wisely. Take a yellow pad with you and have your questions already written out. Bring your note (loan) with you, with items of concern[..]
The bank has a team, a large team, to support and inform its decisions. This team consists of economists, lawyers, CPAs, MBAs, clerks and various other support personnel. When deciding the best course of action for the bank, the bank executive consults with these team members first.
Frequently, homeowners who become delinquent on their loans receive a letter or letters from the[..]
It’s a new year and lots of changes are coming from the Government. 2014 will be a volatile and interesting year. The federal government has now inserted itself into most of our personal lives. Somehow we have allowed the whims of the President, Congress, bureaucrats, wall street and large lenders to dictate our personal decisions. Problem is this group of “leaders” can’t[..]
I admit, right now I am fit to be tied. I have a short sale I have been working with since August 2012. To say that the seller and I are frustrated would be an understatement. We have done everything the bank and the Government asked…several times over.
The problem seems to be that government policy working in tandem with bank PR is yet again getting in the way of real people,[..]