#National Outsourced Accounting Services in Utah

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What Should Small Businesses Know About 1099s?

In Sonnenburg Consulting's latest blog, "What Should Small Businesses Know About 1099s?" discover essential insights and expert advice on handling 1099 forms. From understanding the intricacies of contractor classification to ensuring compliance with tax regulations, this comprehensive guide empowers small businesses to navigate the complexities of 1099 reporting with confidence. For more information contact us at 801-984-3805.

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Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/04/03/foreclosure-lawyer-sandy-utah/

[melissawalker01]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

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How To Avoid Problems With Employment References

Divorce Attorney Near Me

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Which Bankruptcy Is Better For Your Credit?

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from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/614374495277465600

[mayarosa47]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

from Criminal Defense Lawyer West Jordan Utah - Blog http://criminaldefenselawyerwestjordanutah.weebly.com/blog/foreclosure-lawyer-sandy-utah

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Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

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How To Avoid Problems With Employment References

Divorce Attorney Near Me

Utah Custody

Which Bankruptcy Is Better For Your Credit?

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Source: https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

[coming-from-hell]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Source: https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

[asafeatherwould]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Can A DUI Charge Be Reduced?

How To Avoid Problems With Employment References

Divorce Attorney Near Me

Utah Custody

Which Bankruptcy Is Better For Your Credit?

Can You Get A DUI Without Being Pulled Over?

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

[aretia]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Can A DUI Charge Be Reduced?

How To Avoid Problems With Employment References

Divorce Attorney Near Me

Utah Custody

Which Bankruptcy Is Better For Your Credit?

Can You Get A DUI Without Being Pulled Over?

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

[divorcelawyergunnisonutah]

Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

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Foreclosure Lawyer Sandy Utah

If you are a victim of predatory lending and facing foreclosure, speak to an experienced Sandy Utah foreclosure lawyer. While predatory home mortgage lending is a highly disturbing and relatively new phenomenon, no one ought to be surprised at its existence. Ours is a society, a capitalist/market economy, a political system that breeds predatory behavior, particularly against the most vulnerable segments of the population, throughout and consistently.

(Just to give the term an additional grim flavor, my dictionary uses these descriptive definitional terms: “plundering,” “pillaging,” “marauding.”) Whether it’s the criminal justice system, the health system, the education system, or any other of the society’s basics, “the poor pay more” (in David Caplowitz’s phrase and title from his 1967 classic), get less, get shafted. And of course, within the housing system, predatory lending is just one piece of the larger picture. Among the other ways the housing system disappoints and preys upon poor, elderly, and minority residents are redlining (mortgage and insurance versions); evictions; discrimination by landlords, lenders, real estate agents, and other gatekeepers; excessive housing cost burdens; poor code enforcement; gentrification pressures; and so on. Those victimized by predatory lending are primarily persons who already own their homes, although a certain portion of this nefarious activity is foisted upon renters desiring home ownership. And in this regard, we need to question the (bipartisan) push to have everyone attain “the American dream”—a political, advertising, and cultural campaign that unfortunately causes grief for all too many households. While the nation’s home ownership rate has been rising, so has the foreclosure rate—primarily, of course, for low-income households.

The distinction between subprime and predatory lending can be fuzzy. The National Community Reinvestment Coalition (NCRC) recently offered the following definitions to help clarify the differences. NCRC defined subprime lending in the following terms: A subprime loan is a loan to a borrower with less than perfect credit. In order to compensate for the added risk associated with subprime loans, lending institutions charge higher interest rates. In contrast, a prime loan is a loan made to a credit- worthy borrower at prevailing interest rates. Loans are classified as A, A–, B, C, and D loans. “A” loans are prime loans that are made at the going rate while A– loans are loans made at slightly higher interest rates to borrowers with only a few blemishes on their credit report. So-called B, C, and D loans are made to borrow- ers with significant imperfections in their credit history. “D” loans carry the high- est interest rate because they are made to borrowers with the worst credit histories that include bankruptcy. Predatory loans are defined in the following terms: A predatory loan is an unsuitable loan designed to exploit vulnerable and unso- phisticated borrowers. Predatory loans are a subset of subprime loans. A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit im- perfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color.

A variety of predatory practices have been identified. They include the following: • Higher interest rates and fees than can be justified by the risk posed by the borrower. • Balloon payments requiring borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments. • Required single premium credit life insurance where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments; with this cost folded into the loan, the total cost, including interest payments, is higher throughout the life of the loan. • Forced placed home insurance, where the lender requires the borrower to pay for a policy selected by the lender. • High prepayment penalties, which trap borrowers in the loans. • Fees for services that may or may not actually be provided. • Loans based on the value of the property with no regard for the borrower’s ability to make payments. • Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time. • Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments Subprime lending is not a new business. Lending to people with blemished credit histories has been around seemingly for as long as there have been creditors and debtors. Examples of the long-standing tradition of subprime lending in the United States run the gamut from pawnshops to the more positively regarded community development home loans. Subprime lending has, however, changed since the 1980s as the technological, macroeconomic, and legal frameworks in which these transactions take place have evolved, giving rise to increasingly sophisticated operations and substantial growth. Accompanying this growth has been the notable emergence of predatory home mortgage lending within the subprime credit sector. About 90 percent of foreclosure cases involve homeowners who were put into foreclosure without being given their options. The banks handle many loans and sometimes outsource collection efforts so that borrowers don’t get the case-by-case treatment that they should.

For their part, bank officials say they make extraordinary efforts to avoid taking a home. Most of the time, foreclosing is actually much less profitable than keeping the homeowner in the house. Homes in foreclosure normally sell at deeply discounted prices. But both sides can agree that many homeowners facing defaults on their loans don’t know what steps they can take to avoid foreclosure. That misdirection can lead to thousands of dollars in attorneys fees and foreclosure sales. The lack of knowledge of those services is something that officials at the U.S. Department of Housing and Urban Development admit is a problem. Loans insured by the Federal Housing Administration carry special safeguards to help buyers who fall behind on payments. Banks can sometimes temporarily suspend or reduce payments in the event of a hardship, and loans insured by the Federal Housing Administration are sometimes eligible for one-time payments from the government. But sometimes, lenders either don’t do an adequate job informing the owner of his options or the owner doesn’t take advantage of them before it’s too late. If you are one of the many people lurching toward foreclosure, there are a few things you can do before that final crash. Which options are right for you? Where can you go for good advice? Most important, whom can you trust when you’re wading through all the dot-com sites on the Internet that promise instant relief, easy credit repair and a quick resolution to all your problems? The U.S. Department of Housing and Urban Development (HUD) offers easy-to-understand on-line advice on how to avoid foreclosure. It’s available on the HUD Web site. The site provides links to HUD-approved housing counseling agencies that have information on free credit counseling and other services.

Still feeling overwhelmed? You may want to consult an experienced Sandy Utah foreclosure lawyer. It makes sense to work with someone who knows the rules. People may have their own ideas about what they want to do, but banks are not necessarily going to agree. They’re used to putting round pegs into round holes. Of course, it is best not to start down that slippery slope. Many foreclosures could have been prevented had the homeowner just recognized a few warning signs. These include missed mortgage payments, late notices and collection attempts. If you have missed only one payment, you have a number of options available to you. Miss several payments, and the options start to disappear. Anyone can find himself in unexpected financial circumstances and subject to foreclosure. Whether you’re in straitened circumstances because of business conditions, illness or a lifestyle that ultimately has worked against you, the fact is, you’ll have to formulate a goal about what to do. The most important thing is to set a goal about what you want to have happen. Then, it’s all about what you have to do to manage to keep that goal. That goal may or may not include keeping your house. If your monthly house payment, including property taxes and insurance, does not exceed 40 percent of your gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit. For some people, that can be a relief. In fact, it may not be feasible economically to keep your house. If your house is worth more than you owe on it, selling it can allow you to pay off your mortgage, back payments and penalties. At the worst, you want zero equity. You never want negative equity. For most people, holding onto the house is crucial. The key to ensuring that will happen is to take a proactive approach to your debt. Just starting down that slippery slope? Only missed a few payments? The worst thing you can do is to do nothing. Communication is key. The most common but absolutely the worst response to mounting debt is simply to bury your head in the sand. Instead, you should talk directly with your lender. To a lender, foreclosure is the last resort, especially since the process is expensive, time-consuming and unprofitable. In a situation called “special forbearance, your lender will try to arrange a repayment plan that is tailored to your financial situation. In some instances, this can include a reduction or even a temporary suspension of your payments. A deferred payment program allows you to make up past-due amounts by adding them to your regular payments. Your lender also may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You have to make sure that you will be able to make the new payments. People always make the mistake of thinking they will be able to do it, and then suddenly they have double trouble. Talking to a consumer credit counseling service can help you consolidate your bills and get budgeting advice. Be careful here, though. Some “counseling” services actually function as fronts for lawyers who want to steer you into bankruptcy proceedings. Others charge for services rendered. According to HUD, if you are paying for a consumer credit counseling service, you may be paying for a service you could do yourself or for free with the help of a HUD-approved housing counseling agency. Whether you are working on your own or with a counselor, it’s important to get a clear picture of your circumstances. That can be difficult, especially if you are one of those people whose head-in-the-sand approach has gotten you into this predicament in the first place. Make list of your expenses under six categories: • Essential expenses – food. • Very important expenses, such as first mortgage, rent, other mortgages, utilities and work-related transportation. • Important expenses, including clothes, taxes, other transportation and credit-card payments if credit is good. • Regular expenses, including daily expenses, the cost of household goods and credit-card payments if credit already has been affected. • Luxury expenses, such as entertainment, vacations and jewelry. • Wasteful expenses, including gambling, playing the lottery or falling for get-rich-quick scams. You have to be willing to take a real hard look at what got you into trouble in the first place. You may have to make some major changes in your lifestyle. After determining your financial situation, it’s time to consider your options. Mortgage modification allows you to refinance your debt or extend the term of your loan. After paying a lump sum to the bank, you then can re-amortize or extend the loan. Then there’s refinancing. Most people, should be able to refinance their homes with second mortgages. The problem comes if you haven’t come to terms with what got you into trouble in the first place. If you have an ongoing income problem, going from a $20,000 to a $30,000 mortgage isn’t going to help. You’ll default on that too. A short sale can be useful if you owe more money on your house than it is worth. Though it may not save your house, it saves your credit and allows you to rehabilitate your finances and credit history. Keep in mind, though, that the money waived by the lender is treated by the IRS as taxable income. Often seen as a last resort, a deed in lieu of foreclosure means that you stave off foreclosure by returning the house to the lender. The bank keeps the deed, and you move out, but you won’t have that black mark on your credit. If you do have to file bankruptcy, a Chapter 13 bankruptcy reorganization will stop a foreclosure. It’s a misconception with bankruptcy that you’ll automatically lose your house. That’s absolutely not the case. In the end, it all boils down to just three simple classes of things: the things you can do, the things the bank can do, and the things you both agree to do. The bottom line is, most banks would rather have their money than have your house. But the most important thing is to get in touch with an experienced Sandy Utah foreclosure lawyer.

Sandy Utah Foreclosure Lawyer Free Consultation

When you need legal help for a foreclosure in Sandy Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

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Divorce Attorney Near Me

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Source: https://www.ascentlawfirm.com/foreclosure-lawyer-sandy-utah/

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What you missed in cybersecurity this week

It’s been a busy week — it’s tough to keep up with all the cybersecurity news. We’ve collected some of the biggest cybersecurity stories from the week — from TechCrunch and afar — to keep you up to date with the latest hacks, privacy breaches and security stories you need to know.

Facebook now says its password leak affected ‘millions’ of Instagram users

TechCrunch: As all eyes were on attorney general William Barr giving his highly anticipated summary of the Mueller report out this week, Facebook was quietly updating a blog post it had published a month earlier, revising up the number of Instagram accounts affected by a years-long bug that stored passwords in plaintext. Facebook admitted that “millions” of accounts were affected and not “hundreds of thousands” as it had first estimated. It wasn’t a coincidence; it was a perfect opportunity for Facebook to bury bad news. CNN’s Donie O’Sullivan called it the “most cynical” thing Facebook has done since dropping its report detailing its role in a genocide in Myanmar the day before the U.S. midterm elections.

Facebook now says its password leak affected ‘millions’ of Instagram users

Utah bans police from searching digital data without a warrant

Forbes: Some good news for privacy advocates this week: a big Fourth Amendment loophole has been closed in the state of Utah. Previously, state law enforcement only required a subpoena to access someone’s digital content — including emails, pictures, video and audio — from internet and cloud providers. Now, following the introduction of HB 57, the Electronic Information or Data Privacy Act, police need a warrant based on probable cause. No more warrantless fishing expeditions allowed.

A mystery agent is doxing Iran’s hackers and dumping their code

Wired: Buried in the news this week was the startling revelation that someone — whose identity isn’t known — has begun spilling the secrets of an Iranian hacker group, known as OilRig or APT34, on a Telegram channel, according to Chronicle, Alphabet’s cybersecurity company. It would be a devastating breach of their operational security if true, only a couple of years after the Shadow Brokers stole and published highly classified hacking tools developed by the National Security Agency.

The Weather Channel knocked off the air for over an hour

Wall Street Journal: For over an hour on Thursday, The Weather Channel was brought offline by a ransomware attack. In a tweet, the channel said it restored its live programming after running through its backup systems. The FBI said it was investigating. It’s the latest ransomware incident hit a major company — from aluminum maker Norsk Hydro to drinks giant Arizona Beverages.

Mueller report: Hacked elections, encrypted messaging, troll farms and more

TechCrunch: After two years, the Special Counsel’s probe into Russian interference with the 2016 U.S. presidential election is over. TechCrunch covered the tech angles you need to know: from how Russian-backed hackers broke into the Hillary Clinton campaign, how the use encrypted messaging apps hindered the investigation, how successful Russia was in breaking into election systems, and what role its troll factory and disinformation had on the election.

Mueller report sheds new light on how the Russians hacked the DNC and the Clinton campaign

FTC said to want to face-off with Mark Zuckerberg over privacy violations

Washington Post: Now more than ever, Facebook is under the watchful eye of the Federal Trade Commission. A report this week said the social media giant’s founder Mark Zuckerberg could also be in the agency’s crosshairs. It’s part of an ongoing effort to hold the company accountable since the Cambridge Analytica scandal, following which has been security incident after incident, amid claims of mismanaged consumer data and gross ethical violations.

Cybersecurity firm Verint hit by ransomware

ZDNet: Verint, a cybersecurity company, was also hit by ransomware this week. Described as an “extreme case of irony,” the company was forced to bring in a third-party security firm to handle the infection. It comes in the same week that Wipro, one of India’s largest outsourcing companies, was hit by hackers. The company initially denied the breach, but was challenged by the security reporter Brian Krebs — who broke the news — live on the company’s earnings conference days following the breach. Of course the call was recorded, forcing Wipro’s chief operating officer Bhanu Ballapuram to come clean.

Security flaw in French government messaging app exposed confidential conversations

TechCrunch: And finally, a security flaw was found in the French government’s own encrypted messaging app Tchap immediately after it launched. Security researcher Baptiste Robert created a user account — even though the service is restricted to government officials. The app, which uses the open-source Signal Protocol, inadvertently allowed access to non-government email addresses, exposing the app’s public channels.

Security flaw in French government messaging app exposed confidential conversations

source https://techcrunch.com/2019/04/21/cybersecurity-what-you-missed-this-week/

[fmservers]

What you missed in cybersecurity this week

It’s been a busy week — it’s tough to keep up with all the cybersecurity news. We’ve collected some of the biggest cybersecurity stories from the week — from TechCrunch and afar — to keep you up to date with the latest hacks, privacy breaches and security stories you need to know.

Facebook now says its password leak affected ‘millions’ of Instagram users

TechCrunch: As all eyes were on attorney general William Barr giving his highly anticipated summary of the Mueller report out this week, Facebook was quietly updating a blog post it had published a month earlier, revising up the number of Instagram accounts affected by a years-long bug that stored passwords in plaintext. Facebook admitted that “millions” of accounts were affected and not “hundreds of thousands” as it had first estimated. It wasn’t a coincidence; it was a perfect opportunity for Facebook to bury bad news. CNN’s Donie O’Sullivan called it the “most cynical” thing Facebook has done since dropping its report detailing its role in a genocide in Myanmar the day before the U.S. midterm elections.

Facebook now says its password leak affected ‘millions’ of Instagram users

Utah bans police from searching digital data without a warrant

Forbes: Some good news for privacy advocates this week: a big Fourth Amendment loophole has been closed in the state of Utah. Previously, state law enforcement only required a subpoena to access someone’s digital content — including emails, pictures, video and audio — from internet and cloud providers. Now, following the introduction of HB 57, the Electronic Information or Data Privacy Act, police need a warrant based on probable cause. No more warrantless fishing expeditions allowed.

A mystery agent is doxing Iran’s hackers and dumping their code

Wired: Buried in the news this week was the startling revelation that someone — whose identity isn’t known — has begun spilling the secrets of an Iranian hacker group, known as OilRig or APT34, on a Telegram channel, according to Chronicle, Alphabet’s cybersecurity company. It would be a devastating breach of their operational security if true, only a couple of years after the Shadow Brokers stole and published highly classified hacking tools developed by the National Security Agency.

The Weather Channel knocked off the air for over an hour

Wall Street Journal: For over an hour on Thursday, The Weather Channel was brought offline by a ransomware attack. In a tweet, the channel said it restored its live programming after running through its backup systems. The FBI said it was investigating. It’s the latest ransomware incident hit a major company — from aluminum maker Norsk Hydro to drinks giant Arizona Beverages.

Mueller report: Hacked elections, encrypted messaging, troll farms and more

TechCrunch: After two years, the Special Counsel’s probe into Russian interference with the 2016 U.S. presidential election is over. TechCrunch covered the tech angles you need to know: from how Russian-backed hackers broke into the Hillary Clinton campaign, how the use encrypted messaging apps hindered the investigation, how successful Russia was in breaking into election systems, and what role its troll factory and disinformation had on the election.

Mueller report sheds new light on how the Russians hacked the DNC and the Clinton campaign

FTC said to want to face-off with Mark Zuckerberg over privacy violations

Washington Post: Now more than ever, Facebook is under the watchful eye of the Federal Trade Commission. A report this week said the social media giant’s founder Mark Zuckerberg could also be in the agency’s crosshairs. It’s part of an ongoing effort to hold the company accountable since the Cambridge Analytica scandal, following which has been security incident after incident, amid claims of mismanaged consumer data and gross ethical violations.

Cybersecurity firm Verint hit by ransomware

ZDNet: Verint, a cybersecurity company, was also hit by ransomware this week. Described as an “extreme case of irony,” the company was forced to bring in a third-party security firm to handle the infection. It comes in the same week that Wipro, one of India’s largest outsourcing companies, was hit by hackers. The company initially denied the breach, but was challenged by the security reporter Brian Krebs — who broke the news — live on the company’s earnings conference days following the breach. Of course the call was recorded, forcing Wipro’s chief operating officer Bhanu Ballapuram to come clean.

Security flaw in French government messaging app exposed confidential conversations

TechCrunch: And finally, a security flaw was found in the French government’s own encrypted messaging app Tchap immediately after it launched. Security researcher Baptiste Robert created a user account — even though the service is restricted to government officials. The app, which uses the open-source Signal Protocol, inadvertently allowed access to non-government email addresses, exposing the app’s public channels.

Security flaw in French government messaging app exposed confidential conversations

Via Zack Whittaker https://techcrunch.com

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Pros and Cons of Using a Property Manager for Nightly Rentals

Over the past few months, I have been wading into real estate investing by purchasing a couple of nightly rental condos in the Saint George, Utah area. Because this is my first experience with nightly rentals, and due to the fact that I already have more things on my schedule than I currently have time for, I decided to enlist the help of a property manager to handle all the details of renting out the two condos I’m using as an introduction to nightly rental investing.

I’m going to share with you what I consider to be the pros and cons of using a property manager based upon my experience so far.

Robbins Nest Retreats Nightly Rentals in Saint George, Utah

Firsts, some background on what led to my choosing to get involved in nightly rental investment properties…

At the recommendation of my accountant, and because I feel like there is a lot of wealth to be built in real estate, and that I’ve put it off too long already, my wife and I decided to start shopping for an investment property last year. As luck would have it, there is a popular tourist area in southern Utah about three and a half hours from where we live. The hub of all of the tourist activity is Saint George, Utah, which is a natural getaway destination for people seeking refuge from the cold of northern Utah (an area that is also growing quickly, meaning more people looking to get out of the cold and snow for a large part of the year), and which is surrounded by state and national parks, including (most famously) Zion National Park.

Based on that set of conditions, we  started looking last year for a condo or townhome to purchase in the Saint George area. In the process of searching, we had questions about property management for the realtors who were selling agents for the condos we looked at. One of them recommended the property manager we use now: Red Sands Vacations. After a quick couple of phone interviews with the owner of the company, I decided to commit to using them to manage my first property, even though I hadn’t even picked it out at that time. As it turns out, I have also relied upon them for help not only managing my first property, a condo in the Las Palmas Resort community, situated in a prime location on the west side of Saint George, but also for locating another opportunity for a nightly rental investment property in another area should I expect to do well for me.

Overall, I’ve been happy with the management style and the useful information provided to me by my property manager. However, as I’ve gained more experience with renting my property, I’ve come realize that not everything is perfect, and that a property manager represents the interests of many clients, which means that their focus on one particular property can become watered down.

With that context, I will explain the pros and cons I’ve experienced with using a property manager to take care of a nightly rental investment.

Pros of Using a Property Manager for Nightly Rentals

As a new investor in nightly rental properties, there were more things I didn’t know than what I did. I knew that you could list your property on websites like VRBO and AirBNB, and that those marketplaces made renters accessible. In fact, before I bought my first rental property several months ago, I started working through the process of adding my home address to VRBO.com just to see how the process worked and to get a feel for what people might look for when they are searching for a rental.

As I walked through the VRBO listing process, it occurred to me that with my current schedule, there was no way I could keep up with a new “business” that was obviously more complicated than what I anticipated when I first began thinking about whether I should manage my properties myself (or hire someone who would work on my behalf) or to outsource all of that to a property management company.

Most real estate investors who are in the dabbling or moonlighting phase like I am simply don’t want to take on the roles, responsibilities, and headaches associated with managing their own properties.

This is a list of the benefits I’ve seen from using my property management company.

Understanding of and Experience with the Entire Rental Experience

As I mentioned before, the owner of the company that manages the condo I recently bought actually went with me prior to the purchase being completed. I asked him to join me on a tour of the home to get some validation about the price I was paying for the property and the potential it had for attracting rental income. His reassurance about the location, the layout of the condo, and other aspects of the home allowed me to feel a lot of confidence in my decision to purchase the property in the first place. Not all property managers are willing to put in that kind of work up front, but those who are open to it are likely the best candidates for managing your property.

As we walked through this condo that I was soon to be the owner of, my property manager friend explained how to lighten up the bedrooms (they were built with only one or two poorly placed lights in them, which made them unpleasantly dark when the curtains and shades were not open) with brighter LED lights and lighter colored bedspreads. He strategized with me about the most practical ways to update the property to make it more attractive to potential renters, including everything from adding brighter colored pillows to the couches in the living room to rearranging the rooms and adding bunkbeds to increase the number of occupants for the rental, purchasing a quality blow up mattress for extra visitors, and adding a Nintendo Switch and a pack and play crib for babies that would be appealing to the many families we’d expect to stay there. We also talked about lower priority, higher cost fixes that would be ideal for the future, after some cash flow had come in from the property.

After the property was purchased, I’ve continued to receive feedback on adjustments to the property that make renting it a better experience for my growing clientele.

That entire experience was reassuring, and kept me from second guessing and experiencing the analysis paralysis that tends to prevent business owners from making progress because of uncertainty.

Access to an Established Rental Pool

Another advantage I can see with using a property manager is that they have an established pool of renters who they can draw from to steer income to your property. In situations where rental properties lack some of the elements that attract a steady stream of renters (whether it be because of location or something about the property itself), it is helpful to be able to coordinate with a property manager who can help with marketing, promotions, and other ways of attracting occupants among its own pool of loyal clients.

For properties that are in high demand because of features of the home, location, or for other reasons, this perk associated with having a property manager is not so critical. In fact, for those types of properties, there may be downsides of using a property manager, which I’ll discuss in my cons section.

Not Having to Deal with Tenants

One of the headaches I wanted to avoid with nightly rentals involved fielding questions and solving problems for tenants. In the past, I’ve had long-term renters in the home that I kept after we moved out of it into a new home. It seems like renters know exactly when is the worst time to contact you with small issues that they’ve figured out how to make into big problems. For instance, while I was on vacation in Hawaii several years ago, I had a renter call me and tell me that he couldn’t get the hot water heater to work, which was an emergency for him. It turns out he had left the garage door open (where the hot water heaters were stored), and a strong wind had blown out the pilot light. Fortunately for me, I had neighbors who were nice enough and knowledgeable enough to take care of the problem for me, as the renter had no intention of trying to solve it himself. This situation, and many others like it during the three years I rented out that home before I sold it, cured me of wanting to have my days interrupted by having to respond to service requests from people who can be highly innovative about not using things the right way and who lack simple intuition.

As I’ve interacted with my property manager’s team of customer service people, I’ve been a little surprised at some of the requests they have responded to, and I’m glad that they have protocols and methods in place for putting out all the small fires that happen when new people temporarily live in a home they are not familiar with.

This point is a pro for property management that is not just for new nightly rental owners, but even for those who have been doing it for a long time and simply don’t want to deal with the problems that come up with renters’ needs.

Connections with Local Contractors and Service Providers

I have found that my property manager has already sifted through plumbers, electricians, repair guys, and others who might be needed to service a nightly rental. Because of their relationships with these people, they have the clout to move to the front of the line in situations where a quick response is needed. This is an invaluable asset brought to the relationship by a property manager. The fact that they provide a lot of business to these contractors allows the property manager to expect a higher level of service than someone who calls a contractor for a one-time job or on a much less regular basis than a property manager that uses them for dozens of nightly rentals.

Cons of Using a Property Manager for Nightly Rentals

I’ve reviewed several of the positive aspects of using a property manager to handle management of nightly rentals. Now I’ll talk about some of the reasons you might choose to not use a property manager.

Several months ago while I was in an airport, I met a couple who had a property rental near Yellowstone Park in Montana. I told the wife about my plans to buy a condo and hire a property manager. Her response surprised me. She told me that they had used a property manager for a time to manage their Yellowstone rental, and that they found out the property manager was siphoning off clients and sending them to other competitor rentals. This woman’s strong advice was to not use a property manager. Of course, she and her husband were older, they were retired, and their kids were all grown up and out of the house. In that scenario, they had the time (and the desire apparently) to manage the rental themselves.

Here are some reasons why you would decide not to use a property manager for your nightly rentals.

Cost: Normally 30% of Rental Revenues

Property managers don’t work for nothing. In fact, the commissions they take on rental revenues (the typical payment structure) is normally 30%. Some property managers will take less that this amount in situations where the property owner takes on more of their workload, or if the property doesn’t require much or any marketing to keep it at full occupancy.

The majority of nightly rental real estate investors finance their properties, even up to 100%. [There are lots of books, podcasts, and webinars that describe this approach to building wealth through real estate investment. I don’t recommend it.] The worst case scenario for a real estate investor should be to at least break even on property rentals, with the expectation that the mortgage will be paid off in 15 to 30 years while not having to dip into other cash resources each month to make ends meet on a nightly rental unit.

If your property is financed, and the 30% commission taken by a property manager puts you in the red, it’s possible that you simply cannot afford to hire a property manager. It’s as simple as that.

In other situations where very little of the rental property is financed or the investment has been paid for in cash, there is more flexibility for paying the commission fees charged by a property manager. Still, in this case it’s important to consider whether you’re getting what you’re paying for. If the property is not being rented out very consistently, it may be time to fire the property manager and hire another one or simply do the marketing yourself. Even if a nightly rental is paid for in cash, there are maintenance, HOA, and tax expenses that make it so that the minimum revenue you need to break even is still significantly higher than $0.

Diversion of Attention from Your Specific Rental Business and Brand

My family stayed at our rental condo last weekend so that my wife (who was seeing the property for the first time; apparently she trusts my investment decision-making capabilities) and kids could have a chance to enjoy the property, and so that we could get a feel for how things worked from the “renter” side.

As we toured our property, we couldn’t help but notice that all of the signs were branded with Red Sands Vacations. It was clear that our property manager is using our condo to promote their brand, which includes selling them (their website and phone number are listed on each of the posted notes) nightly rentals that compete with ours. It occurred to me as I looked at how they had staged our condo that it didn’t make much difference to them ultimately whether someone rented our condo, the Robbins Nest Retreat at Las Palmas, providing income to us personally, or whether they chose another one of the Red Sands Vacations listings. In fact, I could see that it would benefit them more if someone chose a more expensive property than ours, since the commission was higher. I’d hope that in their individual dealings with people whose visit to our property, our property manager helps us retain the clientele we’ve attracted, but it’s hard to be sure.

When considering whether to use a property manager for your nightly rentals, be sure to keep in mind that it’s very likely that they will be looking at your property as one among many others that comprise their product offering. Their loyalty to your property can only go so far. There’s also a high potential, as demonstrated in the story I described, that the ebb and flow of rentals through their community takes away more rentals and revenue from your property than it contributes.

One of the things I’ve noticed with our property manager is that it can take two or three times following up on an issue before receiving a response, and that there are things that they’ve agreed to do that take longer than the expectation they gave. That’s a sign of their attention being watered down a bit. The back and forth of having to follow up often makes it feel like I have to spend time managing my property management company, and it creates overhead for me personally.

Loss of Control of Your Brand and Attention to Details

When I signed the contract with my property manager and went through the onboarding for new clients, I was careful to sit down with my family and come up with branding that we will use for this property and others we’ll purchase in the future. We decided to designate our rental brand “Robbins Nest Retreats”, and this specific one we called “Robbins Nest Retreat at Las Palmas”.

Soon after everything was set up with my new property manager, I was eager to see our listing on their website. I was surprised to see it listed as “Robbin’s Nest Retreat”. For some reason, whoever added the listing (one of too many people who don’t pay enough attention to things that matter), decided to put an apostrophe in our last name. I had to follow up and ask them to correct the name on their website and other online listings they manage.

Later, when we arrived to stay at our condo, I noticed that the property manager had made a sign that said, “Robbin’s Inn”. Close, but not really!

I was disappointed that whoever was managing our listings and branding was being sloppy and not paying attention to our branding, which turns out to be kind of important in situations where you’re trying to build a brand.

When you hire a property manager, it’s almost certain that they will not have the regard for brand integrity and other important details that you would likely have if you did the management yourself.

Potentially Inferior Marketing

I’ve been fairly happy with the occupancy I’ve had so far on my property, but I’m not super impressed. The month of March, the property’s first month in the rental pool, is one of the busier times of the year. While the weekends (Friday through Sunday) in March were consistently full, none of the other days of the week were. I had hoped for a better start.

As I’ve audited the listings my property manager put on VRBO and AirBNB, I can see that there are some good things along with some not good things. Our listing on VRBO doesn’t even include the word “Las Palmas”, a name that is well-known among people looking to rent in that area of Saint George. I’m sure that we’re missing out on people searching for rentals in Las Palmas. Based on that oversight (in almost every search engine, titles are the number one factor associated with ranking a listing), I can only conclude that there are other under-optimized aspects of my property’s listings on VRBO and AirBNB and wherever else my property is supposed to be advertised as part of my contract with the property manager.

As a marketer myself, I have a specific strategy that I’ll be executing over the next several months and years to increase the occupancy. I’m going to claim the listing and use local SEO citations on Yelp and other local business directories to stand out from other listings by ranking in Google directly. However, most nightly rental real estate investors don’t have that kind of experience and background (they really should if they want the highest return on their investments), which leaves them at the mercy of the property manager’s marketing skill set or lack of it.

When Does it Make Sense to Do Your Own Property Management?

Using a property management company makes the most sense among new property owners whose nightly properties are not so leveraged that it’s impossible to break even after paying the property management company fee. As mentioned before, even for experienced, veteran rental owners, it often makes sense to continue to use a property management company.

Here are some example scenarios I believe are most appropriate for rental owners to do their own property management:

When the total revenue from your property is not suited for (even with expertise marketing from a solid property manager) bringing in sufficient rental revenue to cover mortgage payments, property taxes, maintenance, property management fees (usually 30%, but potentially negotiable in this situation), and other costs, and still break even. The property management fee represents a big enough cut into the pie in this situation that it may be best for an owner to take on that responsibility. With some creativity, a property owner in this situation can often find a way to efficiently hire out some aspects of the management that make sense.

When a property owner has enough rental units in a particular area (or, in some cases, even spread out geographically), economies of scale make it so that his own internal property management company can be created specifically to manage his properties. This would make it so that the profits experienced by an external property management company would be brought internally to contribute more to the investor’s bottom line. I’d guess that down the road, as I pick up three, four, or more rental properties in Saint George or in any other geographical area, or if I have enough geographically spread out rental units to take advantage of a single marketing team and customer service department, I’ll certainly evaluate the situation and ultimately take over property management.

Conclusion

I hope you’ve been able to benefit from my own experience with determining whether to use a property manager for my nightly rentals.

If you have experiences on either side of this pros and cons list, feel free to share your own advice.

Happy nightly rental investing!

The post Pros and Cons of Using a Property Manager for Nightly Rentals appeared first on The Handbook for Happiness, and Success, and Prosperity Prosperopedia.

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