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Payday Loan Handy Tips

Pay Day Loan

Pay Day Loan

Do you need urgent cash? Have you come across the term Payday Loans? It is a great loan designed to carry you through a temporary financial crisis. All you need to do is fill out the payday loan application form, and almost immediately you will be able to get the cash. However, you will need to follow a few tips regarding your payday loan.

Ensure your payday loan convenience

Conduct good research on the Internet, because it will really help you cover all the important features of the payday loans. Besides, you have to look for more than one payday loan lender. This will tremendously help you find the best payday loan lender, and hence you will be able to get the same day loan within a short span of time.

Don’t miss a payment opportunity

These loans are great in a sense that they will allow you to get short-term funds quickly. As far as their payment condition is concerned, you will have to pay back the same day loans on time. Otherwise, you will have to pay penalty charges on behalf of the loan you had taken – western sky loans.

Retain a good credit score rating

If you have retained good credit on your account, you will definitely have a great chance of getting a good credit score rating. That means you have paid your due charges to the payday loan lender promptly. Now the same day loan agency will not put extra charges on you, so you will be able to get an excellent credit score rating. In addition, your outstanding credit score rating will increase the chances of getting further loans for your future projects.

Save as much as you can

One has to say that saving is one of the biggest weapons of your success in life. You might have seen many people in your surroundings, who suffered a lot due to not having a fair amount of money in their accounts. Therefore, it is better for you to save more and more money in your bank accounts so that you can be easily able to utilize it during your rainy days. As far as your fast payday loans saving is concerned, you will have to save in order to get rid of your same day loan. Moreover, you won’t have to pay penalty charges due to your savings.

Conclusion

In short, it can be said that payday loan tips are greatly helpful to carry you through the short-term financial crisis. All you have to do is to follow these handy same day loan tips so that you can be able to save cash and reimburse your payment to the payday loan lender with ease and elegance. See also car insurance services from western sky financial at http://www.indianacampaignfinance.com.

The Value of Lien Stripping

lien stripping & bankruptcy

The depressed real-estate market in Southern California has left many homeowners and commercial-property owners in a difficult position. Their properties are completely "underwater."

The depressed real-estate market in Southern California has left many homeowners and commercial-property owners in a difficult position. Their properties are completely “underwater.”

Believing the value of real estate would continue to rise, many people borrowed heavily against the equity in their real-estate holdings to finance other property acquisitions, property development and rehabilitation and other expenses. In many cases, those with equity in property took out second or even third mortgages to support further acquisitions and expansions.

Now that the real-estate market has declined, these same people and companies are left with so-called underwater mortgages, meaning they owe substantially more on their mortgages than the value of the properties securing them. In many cases, property owners are unable to pay the debt service and other expenses associated with their properties.

This is especially true when loan terms “reset” — meaning that the low “introductory” or “preliminary” interest rate offered under the loan is no longer available. Pursuant to the terms of the promissory note, the loan interest rate adjusts to the market rate plus an index, or the option of paying an interest only or negative amortization rate payment expires.

The loan often adjusts at this time to a fully amortized payment schedule, resulting in a substantially higher payment. When these payments are significantly greater than the income received on the property, borrowers are often unable to make the payments. In these circumstances, many property owners have chosen to file for bankruptcy relief in order to “strip” the excesses debt from their property.

Lien Stripping

For someone in this position, lien stripping may be an effective way to address the situation without losing the property to foreclosure. Generally, lien stripping is the process of reducing a secured claim to the value of the underlying collateral.

So, for example, if the owner of commercial real estate has a $10 million mortgage on it but the property’s present-day value is only $6 million, the property owner may be able to essentially reduce the mortgage to $6 million through lien stripping.

How Does This Work?

Lien stripping divides a creditor’s claim into two pieces, secured and unsecured portions. The secured portion must be paid in full, but this claim is equal to the value of the property (see the example above). The unsecured portion is “stripped” and removed from the property entirely, becoming an unsecured claim, like credit card debt, which can be paid at pennies on the dollar under a bankruptcy plan of reorganization.

The analysis of what debt can be stripped and the ability of a debtor to propose a feasible plan of reorganization in bankruptcy is a complex matter which requires the assistance of experienced Chapter 11 counsel. Among other things, a bankruptcy attorney must evaluate the ability to service the restructured debt and the application of the provisions of the bankruptcy code to each individual’s circumstances.

Restrictions for Primary Residential Property

Although this option might sound promising for many homeowners with underwater mortgages, there is unfortunately one important restriction. For a primary residence, unless the creditor consents, a homeowner is only eligible for lien stripping if the mortgage in question is completely underwater.

If any part of the mortgage is eligible to be secure based on the value of the home, the entire mortgage is secure and the lenders agreement is required in order to modify it. This makes reduction of principal balance of first mortgages difficult. However, it generally has a lesser impact on second and third position mortgages which are often completely “underwater”.

For example, if a homeowner’s primary residence is currently valued at $800,000 (or less), and the homeowner has a first mortgage for $800,000 and a second mortgage for $300,000, the second mortgage can be stripped completely. The first mortgage is the only allowed secure claim.

If instead the home is valued at $900,000, the first mortgage is $800,000 and the second mortgage is $300,000, both mortgages are secure. Because $100,000 of the second mortgage is eligible to be an allowed secure claim, the entire mortgage is secure. As the Supreme Court clarified in Nobelman v. American Savings Bank, one cannot strip off the unsecured portion of an undersecured claim from a debtor’s personal residence.

A Noteworthy Exception: Section 1111(b)

Although the bankruptcy code provides for lien stripping, it also provides an alternative for creditors who are only partially secured. A creditor who has both an allowed secured claim and an unsecured claim may elect to have the entire claim treated as a secured claim.

However, when creditors elect this option, debtors are only required to pay the present value of the interest. Although such creditors will ultimately receive a higher payout than those who divide their claims into secured and unsecured claims, this payout will come over a much longer period of time.

As a practical matter, creditors rarely elect this option. However, anyone considering lien stripping should be aware of all potential outcomes.

Conclusion

Despite significant efforts to improve the real-estate climate, the market continues to struggle. According to a newly released report by the U.S. Commerce Department, new home sales tumbled 33 percent in May, and sales of previously owned homes fell unexpectedly as well.

Commercial real estate does not seem to be faring much better. Though the numbers indicate that values are rebounding, Business Week reports that commercial property values may ultimately remain more than 40 percent below their 2007 peak levels. Accordingly, many commercial property owners will likely find themselves liable for mortgages that far outpace the actual value of their properties.

In such cases, bankruptcy and lien stripping may be among the most promising options for ensuring future profitable operations and retention of the properties. To learn more about these options, speak with a knowledgeable bankruptcy attorney.

Article provided by Weintraub & Selth, A Professional Corporation
Visit us at http://www.wsrlaw.net

Freddie Mac Issues Monthly Volume Summary for June 2010

Freddie Mac Office Building

Freddie Mac Office Building

Freddie Mac (OTC Bulletin Board: FMCC) today issued the company’s Monthly Volume Summary for June 2010.

The summary, available on the company’s Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management and delinquencies, including data on seriously delinquent mortgage loans in related mortgage Participation Certificate (PC) pools.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.  www.FreddieMac.com

SOURCE Freddie Mac

Spousal Maintenance and Asset Division During A Recession

divorce during recession

divorce during recession

In any divorce the division of assets and debts is likely to be one of the major points of disagreement. However, this is a particular issue during times of recession. As financial circumstances shift dramatically and the value of assets decline, separating spouses may find it increasingly difficult to agree upon the division of assets and any ongoing financial arrangements such as spousal maintenance.

Property Division Under Minnesota Law

Under Minnesota law, a court is to make a “just and equitable” division of marital assets and debts. This does not mean that the division must be equal, rather the court is to consider a variety of factors and determine the proper apportionment.

Even for those who choose to resolve issues related to property division outside of the courtroom, the division is generally guided by these principles, because either spouse could force the issue into a courtroom where a judge would use this standard.

Property division is almost always a contentious issue: while equitable does not inherently mean equal, there is almost always significant and legitimate ground for disagreement. These disagreements are further aggravated when separating spouses cannot agree on the value of a particular asset or the date from which the value should be calculated, as is often the case during a recession.

Determining The Time of Valuation

Generally for purposes of property division, the day of the initially scheduled prehearing conference or case management conference is the “valuation date.” However, separating spouses may agree to a different date or the district court can find that another date is fair and equitable and therefore should be used instead.

When the value of particular assets is subject to great fluctuation, this date can be critical. A house appraised three years ago at $400,000 may now be worth half that, but six months from now the value may be rebounding. A business that is today valuated at $1 million may be in a very different position a year from now.

However, when dividing property the issue is not the past or future value of an asset, but its present value as of the valuation date.

Difficulties With Selling Property

In many cases, the only way to divide property and determine its actual value, such as a house, is to sell the property. If neither spouse can afford to buy out the other’s share of the property or refinance the mortgage alone, sale may be the only option

However, many would-be sellers are finding it difficult to sell their homes. The housing market is widely perceived to be a buyer’s market, which can make it difficult to attract buyers. Even when potential buyers are interested, they may have difficulty obtaining financing from the bank.

Establishing Spousal Maintenance Levels

Spousal maintenance decisions are also complicated during a recession. Generally, a judge might view a primary wage-earner who becomes suddenly unable to secure work with some suspicion. An individual cannot avoid spousal maintenance payments by voluntarily decreasing his or her income.

However, with the current recession, involuntary unemployment or underemployment is a very real problem. An individual may very well shift from a six-figure salary to being unable to find work. Accordingly, maintenance levels must often be determined with the current reality rather than the prior shared standard of living.

Divorce is rarely easy. Most of the time, dividing up two lives that were once intertwined is a difficult process. Even if both spouses are being reasonable, issues related to property division and maintenance are likely to be contentious. When one spouse refuses to listen to reason, these issues become even more difficult to resolve.

However, with the knowledge and guidance of an experienced family law attorney, an individual preparing for divorce can ensure that their interests are protected throughout the process. For more information about divorce in the midst of a recession, speak with a divorce attorney.

Balancing Consumer Budgets: Costs and Benefits of Debt Settlement

Debt Settlement

Bankruptcy may be the best option for those who believed at one time that these debt settlement companies were a good solution but now realize that their financial problems have not been resolved

Most people have seen or heard advertisements enticing consumers to settle their credit card debts for a fraction of what is owed. In a struggling economy, the debt-settlement business is booming. However, if some say paying at a discount and getting out of debt sounds too good to be true, lawmakers and elected officials are listening. According to USA Today, the attorney general for Oregon recently reached a settlement with Credit Solutions of America, the largest debt-settlement firm in the United States, which bars the company from operating in the state for three years.

No Relief?

While the advertisements sound especially enticing to those who have been injured, laid off or otherwise unable to find work, these borrowers should be aware of some criticisms of the debt-settlement industry, as reported by USA Today:

- Charging upfront fees: Upon enrollment, debt settlement companies typically instruct the debtor to deposit monthly payments into a savings account, which will eventually be used to pay off a percentage of the debt, as negotiated by the company. However, the Government Accountability Office (GAO) found in a recent investigation of 20 debt-settlement companies, that in several instances, the companies kept up to four monthly payments for upfront fees before any money was even set aside to settle the credit card balances.

- Advising credit card holders to stop paying their bills: As many credit card companies may be willing to take a higher discount for distressed accounts, debt settlement companies frequently tell consumers to stop paying their bills; however, this leads to late fees, higher interest rates and even collection calls and lawsuits. Although The Association of Settlement Companies (TASC), a trade group, says its standards prohibit members from telling clients to stop paying their bills, 17 of the 20 companies contacted by the GAO encouraged stopping payments. The GAO said that five of the companies were TASC members.

Bargaining Leverage?

Don Goldberg, a spokesman for the Consumer Credit Rights Campaign, argues that the GAO investigation was too narrow, using 20 phone calls to condemn an entire industry. Goldberg says the companies are a valuable intermediary between borrowers and lenders; removal of these companies leaves consumers to fend for themselves.

Satisfied debt settlement customers say their lenders would not work with them directly and working with the companies provided them with both a plan and the leverage to negotiate a settlement with the lender.

Proposed Legislation

The Federal Trade Commission now wants to restrict the fees debt settlement companies can charge. Senator Charles Schumer has introduced a bill to bar the companies from collecting fees until a settlement has actually been reached. Goldberg said it can take up to two or three years to negotiate a settlement in some cases, and cutting off the revenue stream will leave companies unable to fund their business.

Bankruptcy is Often the Best Solution

Credit Solutions of America maintains that the media portrayal of the debt settlement industry, and specifically its image, is wholly at odds with the consumer benefit provided. William Binzel, chief counsel for the National Foundation for Credit Counseling, a trade association for credit counselors, counters that credit counselors often end up trying to help consumers whose credit has been ruined while working with debt settlement companies. Bankruptcy may be the best option for those who believed at one time that these debt settlement companies were a good solution but now realize that their financial problems have not been resolved.

Sports & Recreation

SportsMetriX System Linked to NCAA Tournament Upsets

6 Nov 2010

NCAA Basketball Tournament

The unprecedented number of upsets in last season’s NCAA tournament was no coincidence. SportsMetriX software was the one common link that helped Butler, Northern Iowa, Murray State, Baylor, and Cornell for preparing pregame reports for their opponents. Sienna and Montana …

Terminal at 4-years-old, Triumphant at 22, Ryan Dant to Watch His Hero Nolan Ryan and His Beloved Rangers Take on Giants in Game 3

30 Oct 2010

Ryan Dant

Ryan Dant wasn’t supposed to be a 22-year-old. Or an 18-year-old. Or even a 12-year-old. At three-and-a-half, the little boy who loved baseball and Nolan Ryan and his Texas Rangers in particular was told, along with his parents Mark and …

World-Class Snowboarding for the First Time in China

15 Oct 2010

Snowboarder-Shaun-White

The 2010/2011 snowboard season is starting with a big bang: The legendary snowboard contest Air & Style is coming to Beijing, People’s Republic of China, with the 6-star Swatch TTR World Snowboard Tour event “Oakley and Shaun White present Air …

Entertainment

Peter Gabriel, Sheryl Crow, Jimmy Cliff, and Jack Dorsey, Co-Founder of Twitter, Support Human Rights Organization Using Video to Expose Human Rights Abuses

11 Nov 2010

Human Rights Abuse

Music legend and human rights activist Peter Gabriel will host the 6th Annual Focus for Change benefit dinner and concert for WITNESS, the international human rights organization, on Thursday, December 2nd at Roseland Ballroom in New York City. The event …

Creative Channel Services’ Study Suggests Set-Top Box Is Preferred Upgrade Solution

9 Nov 2010

Internet TV

The Internet is most likely to debut in the American living room via a set-top box that is streaming rented content, says a nationwide survey of 3,600-plus consumer electronics retail sales associates conducted by Creative Channel Services (CCS). Recently, the …

Nissan Whistleblower After being Jailed a 3rd Time Starts Stand-Up Comedy

8 Nov 2010

Sharyn Bovat

Sharyn Bovat, the middle Tennessee relocation consultant assigned to manage the move of Nissan board member Carlos Tavares was arrested and taken to jail on July 7th, 2010 by the Franklin police in Williamson County (case # gsc-3714); the details …

Health

U.S. Department of Health and Human Services Announces Aggressive Tobacco Control Strategy and Proposed Graphic Warning Labels

10 Nov 2010

Smoking

Legacy applauds HHS Secretary Kathleen Sebelius and the leadership at the U.S. Department of Health and Human Services (HHS) and the U.S. Food and Drug Administration (FDA) for its bold new effort announced today to …

Terminal at 4-years-old, Triumphant at 22, Ryan Dant to Watch His Hero Nolan Ryan and His Beloved Rangers Take on Giants in Game 3

30 Oct 2010

Ryan Dant

Ryan Dant wasn’t supposed to be a 22-year-old. Or an 18-year-old. Or even a 12-year-old. At three-and-a-half, the little boy who loved baseball and Nolan Ryan and his Texas Rangers in particular was told, along …

BODY WORLDS’ Producer Sets Sights on Disease Prevention, Creates New Museum Exhibition Addressing American Health Issues

26 Oct 2010

Body World

Anatomist Dr. Gunther von Hagens and physician, Dr. Angelina Whalley, the trailblazing scientist and creative designer behind Gunther von Hagens’  BODY WORLDS — the anatomical exhibitions seen by 32 million visitors worldwide — announced BODY …

Featured News

Does Travel + TSA = Traveling Trauma?

22 Nov 2010

Airport Security Body Scan

Immediately prior to one of the heaviest travel days of the year, there are a multitude of people crying ‘Foul’ on the increased Travel Security Administration security (TSA) measures.  The overall response has said the ‘enhanced pat-downs’ simply go too …

GM’s IPO is hot, and China’s Automaker, SAIC, wants a piece of the action

12 Nov 2010

GM Headquarter

SAIC Motor Corp, China’s largest automaker, is a joint-venture partner with General Motors in China. The Chinese company wants a 1% stake in GM share and is willing to pay between $500 Million to $ 1 Billion for the GM’s …

Consumers Don’t Feel Their Financial Interests Are Being Well Protected and Are Dissatisfied With Many Areas in Financial Services

11 Nov 2010

Financial freedom

A new survey on regulatory reform by TNS, the world’s leading custom research firm, finds that only 46% of American consumers feel  their financial interests are being appropriately protected by laws and regulations.  For consumers who are over-indebted this is …

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Business

GM’s IPO is hot, and China’s Automaker, SAIC, wants a piece of the action

12 Nov 2010

GM Headquarter

SAIC Motor Corp, China’s largest automaker, is a joint-venture partner with General Motors in China. The Chinese company wants a 1% stake in GM share and is willing to pay between $500 Million to $ 1 Billion for the GM’s …

Based on 16 Million Barcode Scans by Smartphone Users, ShopSavvy Reveals the Hottest Gifts for the 2010 Holiday Season

11 Nov 2010

shopsavvy

In the first 10 days of the holiday shopping season, ShopSavvy users performed 16 million product scans with ShopSavvy’s built-in barcode reader, with nearly a third of the smartphone app’s 6.5 million users scanning at least one item from Nov. …

Nissan Whistleblower After being Jailed a 3rd Time Starts Stand-Up Comedy

8 Nov 2010

Sharyn Bovat

Sharyn Bovat, the middle Tennessee relocation consultant assigned to manage the move of Nissan board member Carlos Tavares was arrested and taken to jail on July 7th, 2010 by the Franklin police in Williamson County (case # gsc-3714); the details …

Finance

Consumers Don’t Feel Their Financial Interests Are Being Well Protected and Are Dissatisfied With Many Areas in Financial Services

11 Nov 2010

Financial freedom

A new survey on regulatory reform by TNS, the world’s leading custom research firm, finds that only 46% of American consumers feel  their financial interests are being appropriately protected by laws and regulations.  For consumers who are over-indebted this is …

High Unemployment Rates Lead Consumers Searching For Debt Resolution Morgan Drexen Supports Attorneys In Reducing Debt

1 Nov 2010

Attorneys In Reducing Debt

After several months out of work Stephanie Silver had drained her 401(K) and her debt was rising. Personal savings were not an option for Stephanie an Oregon resident; she started using her credit cards for everyday items. Stephanie’s husband was …

Identity Theft 911 Recommends Identity Theft Services Shopping Tips From The Consumer Federation

23 Oct 2010

National Protect Your Identity Week

In recognition of National Protect Your Identity Week,Identity Theft 911 (http://www.identitytheft911.com) announces its support for the checklist “Nine Things to Check When Shopping for Identity Theft Services” released by the Consumer Federation of America this week. Identity Theft is the …

Technology

Peter Gabriel, Sheryl Crow, Jimmy Cliff, and Jack Dorsey, Co-Founder of Twitter, Support Human Rights Organization Using Video to Expose Human Rights Abuses

11 Nov 2010

Human Rights Abuse

Music legend and human rights activist Peter Gabriel will host the 6th Annual Focus for Change benefit dinner and concert for WITNESS, the international human rights organization, on Thursday, December 2nd at Roseland Ballroom in …

Based on 16 Million Barcode Scans by Smartphone Users, ShopSavvy Reveals the Hottest Gifts for the 2010 Holiday Season

11 Nov 2010

shopsavvy

In the first 10 days of the holiday shopping season, ShopSavvy users performed 16 million product scans with ShopSavvy’s built-in barcode reader, with nearly a third of the smartphone app’s 6.5 million users scanning at …

Creative Channel Services’ Study Suggests Set-Top Box Is Preferred Upgrade Solution

9 Nov 2010

Internet TV

The Internet is most likely to debut in the American living room via a set-top box that is streaming rented content, says a nationwide survey of 3,600-plus consumer electronics retail sales associates conducted by Creative …

Travel

Does Travel + TSA = Traveling Trauma?

22 Nov 2010

Airport Security Body Scan

Immediately prior to one of the heaviest travel days of the year, there are a multitude of people crying ‘Foul’ on the increased Travel Security Administration security (TSA) measures.  The overall response has said the …

Yakima Vehicle Racks Gives Thanksgiving Travelers Smart Options for Carrying Gear, Luggage and Family

5 Nov 2010

YAKIMA-car-rack

With Americans downsizing to smaller cars and hybrids, Thanksgiving travelers face new challenges on where to put luggage, family and gear. Yakima (www.yakima.com), known for vehicle racks for boats, bikes, camping, winter sports gear, trailers …

Branson’s Ozark Mountain Christmas Begins Nov. 1

29 Oct 2010

OZARK MOUNTAIN CHRISTMAS

With dozens of star-filled Christmas music shows and a glittering array of light displays, including the 1-mile Branson Area Festival of Lights drive-through, “The Live Music Show Capital of the World” kicks off its annual …