Posts Tagged ‘attorney’
Attorney General Martha Coakley filed a lawsuit in United States District Court (D. Mass.) challenging the constitutionality of Section 3 of the federal Defense of Marriage Act (DOMA). The law, which defines marriage as a union between one man and one woman, unfairly excludes more than 16,000 Massachusetts married same-sex couples and their families from critically important rights and protections based on marital status. The complaint alleges that DOMA, which affects more than 1,100 federal statutory provisions, violates the United States Constitution by interfering with the Commonwealths sovereign authority to define and regulate the marital status of its residents. The complaint also alleges that DOMA exceeds Congresss authority under the Spending Clause because Congress does not have a valid reason for requiring Massachusetts to treat married same-sex couples differently from all other married couples.
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Attorney General Martha Coakley filed a lawsuit in United States District Court (D. Mass.) challenging the constitutionality of Section 3 of the federal Defense of Marriage Act (DOMA). The law, which defines marriage as a union between one man and one woman, unfairly excludes more than 16,000 Massachusetts married same-sex couples and their families from critically important rights and protections based on marital status. The complaint alleges that DOMA, which affects more than 1,100 federal statutory provisions, violates the United States Constitution by interfering with the Commonwealths sovereign authority to define and regulate the marital status of its residents. The complaint also alleges that DOMA exceeds Congresss authority under the Spending Clause because Congress does not have a valid reason for requiring Massachusetts to treat married same-sex couples differently from all other married couples.
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Attorney General Martha Coakleys Office entered into a settlement with Fremont Investment & Loan and its parent Fremont General Corporation (”Fremont”) to resolve the Commonwealth’s lawsuit against the California-based lender. Fremont has agreed to pay the Commonwealth $10 million in consumer relief, civil penalties and costs. Fremont has also agreed not to foreclose upon unfair loans without certain protections for borrowers or originate unfair loans in the Commonwealth. Those protections against foreclosure, which have been in place since the Superior Court issued a Preliminary Injunction in March 2008 are now permanent and also apply to the loan holders and servicers who acquired the Fremont loans since the injunction issued.
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Over the past 10 years, Advocate Capital has worked to help cover case costs so their clients can achieve justice without financial worry
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Advocate Capital’s working capital product was created as a way for law firms to fund general business expenses, with the benefits of Advocate Capital’s support system and large line of credit.
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Advocate Capital has provided attorney funding to deserving clients for over 10 years. Visit Advocate Capital’s website to learn about legal practice cash flow, and the many financing products available.
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Advocate Capital offers many financial tools to choose from, including case expense funding, working capital line of credit, and settlement funding. Visit Advocate Capital’s website for more information on all of the products and which would be best for you.
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Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 6 (Excerpt)
Using Retirement Funds to pay your Mortgage is just a bad idea Get a Loan Modification
So it doesnt matter if it is a $100,000 property or a $500,000 property the cost to the lender is $50,000 on the average nationally.
So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic assets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window.
And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with lots of people who are two, three, four months behind on their mortgages, this loan modification we are jumping in, we are getting attorneys involved and getting right in front of the asset managers or the attorneys for the servicers to get these foreclosure proceedings stopped.
Im absolutely certain that in the foreseeable future they are going to allow people that are not late yet to do these loan modifications, hold on, I said I would never tell a home owner to not make their mortgage payment to get a loan modification, the other thing I would never tell a homeowner to do, never ever, is to take money out of your 401K to pay their mortgage payment because you cant go forward.
There are other stops in place, if you dont make your mortgage payment because of hard times you are going to get a loan modification. I talked to a guy the other day that had a 23 year, huge 6 figure income, he lost his job, big huge firm here in the valley, he is probably listening to the show right now, this guy drained his entire 401K, I mean a huge one, just to make his mortgage payments.
And the average 401K participant, investor, does not understand the ramification of what that is, just because your company plan allows you to take a loan against your 401K doesnt mean it is the right thing to do. There are ramifications beyond our time and the scope of this discussion regarding that decision. Loan modification first, if you are taking money from a 401K to make a house payment you are not only inefficient in creating the velocity of money but you are costing yourself in penalties, taxes, and that is certainly something we can be forthright about talking with anyone who wants to call.
And in this case the poor guy used up every dime of his 401K because his lender told him NO, NO, NO, three separate times because he was not late, well he wasnt going to allow that to happen. Unfortunately knowing what he knows now he would have looked at it differently.
Loan Modification is not for someone who has no income at all, the investor, the servicer, the bank that holds your mortgagee is not willing to do a loan modification because you dont have the means to pay. Even if it is a modified loan, you still cant make the payment. Right in some cases where you have significant cash reserves, but I have not seen one of those done.
That wouldnt be the ideal candidate, describe a little bit about who should be doing this loan modification and I know we are getting close to a break but people need to know that this option exists. They are hearing all these different concepts in the news and they are hearing in the media the spin about Hank Paulson and what the treasury is doing, and hearing about this bailout package and what that represents, and now they are hearing that the money is not going to be used to buy back bad loans, and mortgages, bad assists. So what does that do to the underlying holder of that mortgage? The owner of that house?
It is pretty scary for the majority of them, the loan modification lenders are getting very aggressive when being approached with a lawsuit or being addressed by an attorney, receiving a subpoena in regard to a specific loan case. They are paying attention to that and those are the people who are going to be getting the best options at this time…
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The Settlement Funding product from Advocate Capital is a useful financial that provides fast, inexpensive fee acceleration on signed settlement agreements.
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