Posts Tagged ‘assets’

If a home equity loan is charged off, can they still foreclose?

Monday, April 12th, 2010

Does the collection agency have the right to foreclose, or is it considered an unsecured debt? We are facing foreclosure with first mortgage. We are about k underwater with the first mortgage. If the house is foreclosed, there will be nothing left of the house for the second mortgage. House value has plummeted nearly 0k. Husband lost only employment after 10 years. One son is disabled and recently found out another has brain damage (may require surgery). I have been in charge of getting them to all their medical appointments (4x a week). We have considered declaring bankruptcy. We have no assets except for a 401k, and a 12 year old car. I live in FL. Can the collection agency garnish wages when my husband finds another job? Would bankruptcy discharge this debt?

finance, I need to calculate profit margin and equity multiplier?

Sunday, November 1st, 2009

I have sales/total assets: 1.5x, ROA: 3%, ROE 5%, can anyone help?

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I have alot of credit card debt, how can I get a personal loan to pay them off without hurting my good credit?

Tuesday, October 27th, 2009

I contacted a debt solution program but they say my credit will be hurt until I get these paid off. My credit is real good I just have alot of credit card debt that I would like into one lump sum with a fixed monthly payment. I cannot take a home equity loan due to a second mortgage for a business loan. My local bank said I don’t have enough assets for a personal loan to cover the whole amount.

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As a mortgage broker I am at a loss to understand the US Home loan system,?

Monday, October 26th, 2009

in Australia you have to have 2 out of the 3 of the following: Income ,equity (deposit) ,good credit rating : and you need a really good explanation if you cannot provide 3 out of 3 ,can anyone involved in Lending explain to me how it came about that banks where willing to lend to NINJA’s (no income ,no job’s no assets) as I really cannot see any reasoning other than a quick buck to be made by the bank and the lender and hope to god you weren’t at the bottom of the pyramid when it all fell over.
Was it it really that easy to borrow money or are we in other countries not getting the full story?

Grannie ,I think you are exactly righ about the type of house people are willing to settle for ,I see it all the time ,

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Can new spouse's income/assets be considered in calculating child support or arrearages in California?

Thursday, October 22nd, 2009

I am the "new spouse" of a man who’s ex (partner, never married till me) BEGAN child support orders in family court in San Jose, California. He was unemployed at the time and had no income or assets to report on which the court could calculate child support. The ex- started this petition before he and I were married. I bought a house before he and I were married where we both live now. He has been unemployed for 4 years (this is another blog) and his daughters visit nearly every weekend and on vacation time. I think she may have never followed thru on the petition because he never received notice of anything, so I have a few questions, all inter-related:

1. Does the child support order stand because she started it and it is registered with the courts, even if there was never a court date they both attended and where an amount would have been declared by the judge? In other words, is he "screwed" because the child support petition already entered the system?

2. Are arrearages accumulating regardless of whether he OR SHE continued with the process and there was no declaration made by the court?

3. Can the court (or the ex) have my wages garnished?

4. Can the court (or the ex) have my income considered in calculating HIS child support debt – future or past?

5. Can the court (or the ex) take any action against my assets, mainly the house I bought before he and I were married?

6. I read somewhere that the courts could possibly go after HIS HALF of our community property. Would that apply here if the house was something I purchased on my own (loan and title are only in my name) before I even met him?

7. Would a post-nuptual agreement between he and I (he is VERY supportive of his ex not being able to get to my assets or income) be a good idea given the facts and chronology of events?

8. Does the fact that he is unemployed and I am his sole support have any bearing on this question?

9. Would he and I divorcing do the situation any good (we really would like to stay married, but WOULD divorce to avoid this happening; my prospects for our financial success as a couple are greater than his in general – that’s another blog)

10. How does it factor in that we are almost certain the ex applied for welfare since their separation and she claimed the father is MIA, that he is completely absent from their lives, which is a complete untruth?

11. I asked about my house earlier: IS the house even considered community property if I purchased in my name alone BEFORE we were married?

12. What about other assets like vehicles? What about the smaller stuff like all of my personal property (high-end furniture, jewelry, TV’s, electronics, etc.) Can they go after that (seize and auction like with the drug dealers?!), or use as a basis to calculate value of my worth?

13. If all of this is true and she CAN go after my things, what if my house is currently upside down? What it behoove us to file the petition RIGHT NOW so that the negative property value be taken into consideration? Or would it all be re-visited periodically by the courts to see if the house value increased and there is now equity to tap into?

Any suggestions or legal facts based on valid legal knowledge would be highly appreciated, doesn’t have to be a lawyer, but a lawyer’s response for CA Law is preferred. I am working on seeing a lawyer but cannot afford it right now. My middle-class income won’t qualify me for assistance, and I’m doing my best to protect myself before 10 years go by and suddenly my home equity is garnished to pay for children who aren’t even mine! I care about them, but I didn’t bring them into the world…it shouldn’t be my responsibility EVER, but not sure how screwed up California courts could be on the variable factors of this topic.

Thanks.

Foreclosure in California?

Thursday, October 1st, 2009

foreclosure in the State of: California

Like most people in California, I own a distressed home. Here are the facts:

>> I bought my condo in 2006 for 0K, paid 10% down. 80% mortgage, 10% HELOC
>> I later paid the original HELOC back, refinanced the home for a lower rate then got another 10% HELOC. Right now my Heloc is frozen and I have K balance on it that I am paying on interest-only basis.
>> Now the home value is around 0K

My wife and I just had a baby and we wanted to move to a bigger house with a better school district taking advantage of the market. I figured if I lost 0K on this condo and I can get a house for 0K discount, I would do cost averaging. Our loan broker told us that we can show that we can get rental income on our condo and qualify for a 600K loan which would allow us to get our house. All was well.

However, one day I did a what-if scenario and found out that if we are being conservative and not depending on the rental income, we can only afford a 0K home. In bay area, even with the current market, that does not buy you much.

Before giving up completely, I decided to see if I have other options. One thing is clear, the condo has to go. The question is how?

1. If I buy the second house and then walk away from the condo to let it foreclose, what happens? I have been reading about deficiency judgment. Does that allow the lenders to go after the new home or other assets? Is there any online resource you guys found valuable regarding these procedures?

2. If I pay back the 28K I owe on the HELOC, what are my chances of negotiating a deed in lieu of foreclosure with HSBC (my primary lender)?

3. Related to number 2, I had this idea of going to HSBC and laying out my entire plan to them. Currently, they are being pretty aggressive to attract some good mortgages. They are giving out 4.5% APR to conforming loans with LTV <= 80%. I could tell them about what I am planning to buy (an REO actually). Since my new house would be a bigger asset to them, I thought I could negotiate a deal with them to accept my condo as a burden to keep me as a customer. Does this sound crazy?

Any other options I have other than waiting for my income to come to a level that I can manage both properties OR waiting for the condo to increase in value so I can sell it (both of which are unlikely for the near future).

Thanks all!

Why are the most irresponsible Banks and Borrowers being rewarded in the US Home rescue plan?Why save Them?

Saturday, September 26th, 2009

Case: Borrow more than your House is worth: don’t make a payment for 90 days ,and a Loan servicing Agency paid by the Feds will lower your payments so you can stay in the House.If you bought a Mercedes on a Home equity loan ,and that is what caused you to go under(upside down)on the loan .You can keep the car,and any assets you have .The loan will be re-worked with new lower payments adjusted as low as 33% of your Gross income. So if you have two jobs you can quit one ,or your wife can quit hers ,and The Feds will base the New payment qualifying you on the one household income ..Keep your expensive car and (Toys) assets.After wards the borrower can get a higher income, and still have the New Low payment. How Sweet! Only in America. That’s the New Federal Program that is rewarding all the borrowers that have no equity in their homes due to irresponsible behavior. Well as for the poor working Slob that has 10% or more equity in their Home.If they lose their job due to this Quote financial Crisis,fall behind,well out in the street They Go!ONLY IN AMERICA! Don’t get me wrong I don’t think anyone should get Special Treatment. Why does the Government make out Like they are helping a Responsible Home Owner,When this is all to keep the House Listed as an asset for the Banks that are Guilty of Irresponsible Lending Practices?
WHAT ARE THE ODDS EITHER ONE WILL CHANGE THEIR BEHAVIOR?

If i foreclose on a va loan in california, will the government sue me for the deficiency?

Thursday, September 24th, 2009

I bought a condo in 2007 for 0k with a zero down VA loan. My condo is currently underwater and i have been having a hard time making payments on my loan. Now, my company is relocating to Texas and i can not afford to keep the home even if rent it while paying for housing in Texas. If i foreclose on my home will the government come after my other assets to pay off the loan amount?

news article for school?

Wednesday, September 23rd, 2009

i have to do a news analysis and the article i was assigned is difficult.. can someone please sum it up for me on what its talkin about?? thanks.

WASHINGTON – Americans’ wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Still, household net worth remains about 19 percent below its peak in the third quarter of 2007, before the recession began.

The Federal Reserve said net worth grew by trillion to .1 trillion in the April-to-June quarter. Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, rose nearly 4 percent from the first quarter, the Fed said.
Even with the gain, Americans’ net worth stands well below the .3 trillion it reached two years ago.

The second quarter increase in net worth was the first since wealth peaked. According to the Fed report, the pickup was led by gains in stock portfolios. The value of Americans’ stock holdings rose 21.6 percent from the first quarter, marking the first increase in two years.

Net worth in the second quarter also was boosted by higher home prices. The value of real-estate holdings rose 1.8 percent, according to the Fed report. That was the first gain since the final quarter of 2006.

This week, Fed Chairman Ben Bernanke said the worst recession since the 1930s probably is over. Most analysts say the U.S. economy is growing in the current quarter, which ends Sept. 30, at an annual rate of 3 to 4 percent. The economy shrank at a 1 percent pace in the second quarter, much slower than in previous quarters.

Bernanke warned that the pace of recovery probably won’t be brisk enough to generate solid job growth and keep the unemployment rate now at a 26-year high of 9.7 percent from rising.

Collectively, homeowners had 43.1 percent equity in their homes in the second quarter, according to the Fed report. That was up only slightly from a record low of 41.9 percent in the first quarter.

The report also showed that total household debt including mortgages, credit cards, autos and other consumer loans stood at .7 trillion in the second quarter.

That’s down slightly from .8 trillion in the first three months of this year, and suggests that households are trimming debt, but are doing so slowly. Debt peaked at .9 trillion in the spring of last year.

I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

Sunday, September 20th, 2009

I live in Miami Florida area. Also note that this is an investment home – speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose 0 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

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