Rss Feed
Tweeter button
Facebook button
Technorati button
Reddit button
Myspace button
Linkedin button
Webonews button
Delicious button
Digg button
Flickr button
Stumbleupon button
Newsvine button

RFD-TV The Theatre suing to stop foreclosure sale – Branson Tri … – Branson Tri

The former owners of the RFD-TV The Theatre has filed a petition in Taney County Circuit Court for temporary injunction, restraining order and permanent injunction against a recent foreclosure sale of the theatre that the plaintiff claims was not legal.

The facility was sold on the courthouse steps Dec. 5 to Fee/Hedrick Family Entertainment Group, Inc., of Pigeon Forge, Tennessee, who operate several shows in that town. The company issued a press release stating they planned to rent the theater until they could develop more permanent plans.

The petition, filed Friday, lists Fee/Hedrick as a defendant, as well as The Bank of Missouri and Kim Moore, of Perryville, who acted as the trustee for the foreclosure sale.

The petition claims that the bank issued a promissory note March 15, 2012 with original principal amount of $4,222,876. However, according to the petition, on May 29, 2012, the bank altered the deed of trust by adding Moore as a trustee without the theater’s knowledge, constituting a “fraudulent attempt to unilaterally change a contract in order to foreclose against Plaintiff.”

The petition also claims that the sale also included personal property, in addition to the theater. It also claims the bank alleges the plaintiff still owes $277,000 because that is how much the sale was short of the debt still owed.

The plaintiff is asking the court to grant a temporary restraining order until a preliminary injunction hearing can be heard.

They are also asking for the court to set aside the foreclosure sale.

The plaintiff is also asking the court to award $50,000 and court fees for slander of title, and unspecified damages for foreclosure fraud.

In an email, a Fee/Hedrick spokesperson said they do not have a comment at this time.

Article source: http://bransontrilakesnews.com/news_free/article_3ebbddf0-c3cc-11e6-997d-534f38fdbfa5.html

After winning 3 Sutton Place at auction, Gamma files plans for 850-foot tower

3 Sutton Place and N. Richard Kalikow

Having prevailed in a lawsuit, foreclosure proceeding and high-stakes bankruptcy auction for one of the city’s most talked-about development sites, Gamma Real Estate officially filed plans for an 844-foot residential tower at 3 Sutton Place.

N. Richard Kalikow’s firm, which paid $98 million for the site and air rights earlier this month, submitted plans to build a 67-story tower with 389 apartments. The 262,069-square-foot building would have two units per floor on floors two through 66; amenities on the first five floors will include a playroom, lounge, gym and conference room, according to an application filed Wednesday with the city’s Department of Buildings.

The official plans come just weeks after Gamma finally wrested control of the site from Joseph Beninati’s Bauhause Group, which had assembled the site with $147 million high-interest loan from Gamma. At a foreclosure auction earlier this month, Gamma outbid Brooklyn investor Isaac Hager, paying $86 million for the site plus $12 million to secure additional air rights.

But Gamma isn’t necessarily planning to develop the tower on its own, or at all. Firm president Jonathan Kalikow said Gamma filed building plans at 3 Sutton Place to “safeguard the property” while it weighs its options, which include finding a joint venture partner, moving forward on its own or selling the site.

“Obviously one of the big issues is getting the project started and making sure we got moving so its not a stalled project like its been for the past year,” he told The Real Deal. “We’re just eager to get past the bankruptcy, past the foreclosure and put that behind us and really achieve the ultimate goal, which is to get repaid.”

Beninati previously proposed a 950-foot-tall tower designed by Norman Foster at 3 Sutton Place, prompting outcry from Midtown East residents who later proposed a downzoning to cap the height of the building at 260 feet.

But Beninati had bigger problems at hand: In January, he defaulted on the $147 million, high-interest loan from Gamma and subsequently filed for bankruptcy to try to avoid foreclosure. In September, a bankruptcy court approved the sale of the project.

Article source: http://therealdeal.com/2016/12/29/after-winning-3-sutton-place-at-auction-gamma-files-plans-for-850-foot-tower/

ABCs of foreclosures, short sales, and deeds in lieu

ABCs of foreclosures, short sales, and deeds in lieu


THE loss of our homes to foreclosure, short sale, or deed in lieu of foreclosure is akin to adding insult to injury – after losing our homes, we also have to worry about lender repercussion, credit history, and tax consequences. Let’s define and discuss tax consequences of foreclosure, short sale, and deed in lieu of foreclosures.

Definitions

Foreclosure: Foreclosure is an involuntary process whereby a lender repossesses property that was pledged as collateral for a mortgage loan. Foreclosure can occur judicially (court action) or non-judicially (trustee sale).

Short Sale: A short sale occurs when an owner sells property for less than the debt owed on a property. The lender must consent to the sale and agree to accept less than the full loan amount and release the property from the mortgage lien.

Deed in Lieu of Foreclosure: A deed in lieu of foreclosure occurs when an owner conveys property to the existing lender in exchange for cancellation of the mortgage loan (“in lieu” of a foreclosure by the lender).

Tax Consequences of Foreclosures, Short Sales, and Deeds in Lieu

Each of the above circumstances results in two potential taxable consequences to the owner:

1. Tax on capital gain and/or

2. Tax on cancelled/forgiven debt.

Whether we get hit by one or two of these taxes depend on whether the debt is recourse or non-recourse.

Tax Consequences If Debt Is Recourse (Personal Liability to Borrower):

There are two tax consequences:

1. Capital gain – the difference between the adjusted basis and the fair market value. You are taxed at the applicable capital gains rate of either 5% or 15% depending on your tax bracket.

2. Debt Relief – the difference between the debt and the fair market value. Cancellation or forgiveness of debt is taxed as ordinary income.

For example, you bought an apartment building for $400,000 with a loan of $350,000 many moons ago. The property appreciated in value to $1 million so you obtained a second loan of $850,000. Total outstanding loan balance is $1.2 million. Let’s assume that the adjusted basis is $0 after you have fully depreciated the building. The two tax consequences if you have recourse loans are:

1.  Capital gain must be recognized on the difference between the fair market value of the property ($1 million) and the adjusted basis ($0). Hence, you must pay capital gains tax on the $1 million.

2.  Debt Relief must also be recognized on the difference between the fair market value ($1 million) and the debt ($1.2 million). You must pay ordinary income tax on the $200,000 cancelled debt at regular tax rates.

Tax Consequences If Debt Is Non-Recourse (Borrower Not Personally Liable):

1. Capital gains: This is the only tax consequence.  Capital gain is the excess of your loans over your adjusted basis. In this case, it’s the same difference between the fair market value of the property ($1 million) and the adjusted basis ($0).

2. Debt Relief: There is no tax on cancellation or forgiveness of debt for non-recourse loans.

In summary:

1.  If the debt is recourse, you pay capital gains tax and ordinary income tax.

2.  If the debt is non-recourse, you pay capital gains only.

* * *

Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst Young before establishing Sy Accountancy Corporation in Pasadena, California. 

* * *

He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies.  He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at vicsy@live.com.

 

Article source: http://asianjournal.com/consumer/abcs-of-foreclosures-short-sales-and-deeds-in-lieu/

Free mortgage foreclosure clinics set for January

The Nassau County Bar Association is holding free mortgage foreclosure counseling and Sandy recovery legal consultation clinics on Jan. 9 and 23, from 3 to 6 p.m.

The clinics are for Nassau residents who still struggle with the prospect of losing property in Nassau County either because of mortgage foreclosure or because of issues still lingering from Hurricane Sandy.

The clinics offer the opportunity to meet one-on-one with a volunteer attorney for a free consultation.

Homeowners may be directed for additional help with mortgage modifications, loan restructuring, bankruptcy, financial planning assistance, services for lower income households and emotional support. Many of these resources and agencies are available immediately in the same room. HUD-certified organizations – including American Debt Resources, Long Island Housing Partnership, La Fuerza Unida, and Long Island Housing Services – are expected to attend.

There are no income restrictions to attend the clinics. Since 2009, NCBA has held more than 140 clinics, assisting more than 12,000 Nassau families in distress. Currently, each clinic is held twice a month and averages 50 homeowners, signifying that mortgage foreclosure continues to be prevalent in Nassau.

Volunteer attorneys also answer Sandy victims’ questions regarding homeowner, flood, property damage and  automobile insurance claims; FEMA, debt deferral, and consumer protection issues.

Bi-lingual attorneys fluent in Spanish are on site. Attorneys bi-lingual in other languages, including Russian, Haitian Creole, Korean, Chinese, Hindi and  American Sign Language, may be requested when making reservations.

To make an appointment for the next clinic, call the Bar Association at 516-747-4070. Attendees are asked to bring their mortgage documents or other important papers and correspondence with them.

The program is funded through the NYS Attorney General Homeownership Protection Program.

The Nassau County Bar Association, located on 15th Street at the corner of West Street, Mineola, two blocks south of the bus and train stations.

Article source: http://libn.com/2016/12/29/free-mortgage-foreclosure-clinics-for-nassau-residents-set-for-january/

Denver’s Mile High Home Prices Slow, Foreclosure Rate Drops As Year Ends

(Ben Markus/CPR News)

As 2016 draws to a close, Denver area housing prices are slowing their climb but are still among the highest in the country, while the foreclosure rate is among the lowest.

The S P Case Schiller Home Price Index reports Denver had the third fastest home appreciation last month, up 8.3 percent compared to last year, and behind only Seattle and Portland.

Still, the growth in home prices has steadily declined from the double-digit percentage increases of 2015. Last summer, Denver prices were up 11 and 10 percent over the previous year.

For those struggling to afford a home in the Denver area it’s cold comfort that price growth has slowed. As the city grapples with housing affordability, it’s not clear whether these lower price increases will continue.

Thinking you might find a deal on the foreclosure market? Through October, foreclosures fell to just a 0.5 percent of all mortgages, per the latest data from Corelogic.

Real estate agent Justin Knoll, who runs Madison Company in Denver, says some buyers often hear from friends and family in other places — like the Midwest — that they should find a foreclosure. But Knoll says, when those opportunities do come on the market, “they’re not screaming deals.”

“The banks are not stupid,” he said. “They know what they’re doing and they need to get their loss back, so they’re putting it on at market value, and we’re just not seeing deep discounts anymore.”

That’s because home prices have grown quickly in the last five years — up 50 percent since late 2011 — and one reason the foreclosure rate is so low in the first place. Also, the job market is strong right now so homeowners can keep up with their mortgages. The unemployment rate has fallen below 3 percent from Fort Collins to Boulder to Denver.

During the housing crisis, Knoll found himself doing lots and lots of short sales — when a house sells for less than what’s owed to the bank to avoid a foreclosure — “so it’s pretty interesting to see how quickly that shifted.”

“We have not seen short sales in quite some time,” Knoll said. “I think that people who have just started in the business in the last couple years, when you say ‘short sales’ they don’t even know what that means.”

Article source: https://www.cpr.org/news/story/denvers-mile-high-home-prices-slow-foreclosure-rate-drops-as-year-ends

‘If you can say, you can sign it’ and other lessons from 2016

With the foreclosure crisis over and home prices continuing to increase, we’ve moved past the problems that were unique to the housing bust. It’s a more normal real estate market these days, but that doesn’t mean there aren’t issues around every corner. Here are my top lessons learned in 2016.

Whether you’re on the board of your community association or just live in one, you need to read your governing documents. The answers to most problems can be found there, so it should be your first stop before you file a complaint or a lawsuit.

Remember, when you bought your home, you agreed to the restrictions that are now vexing you. If you want to change the rules, get involved. Join the board of directors. If you’re on the board and want to change things, first clear it with the association’s attorney. Association litigation is expensive and often easy to avoid if you know your community’s rules and follow them.

I’ll address two questions I hear several times a week. First, your association can foreclose on your home over a small amount of owed dues. Even if there is a mistake on your maintenance bill, pay the disputed money and then work with your association to resolve the error. Second, accept that residents are entitled to service animals under the law — even if the residents don’t appear to have visible disabilities. If you think a resident is abusing the rules, speak to the association’s attorney before you do anything.

Interest rates are rising, and lenders are lending money again. If you have any intention of refinancing your mortgage, now is the time to do it. It’s also a good time to buy a home. As interest rates increase, your purchasing power will decrease. Although I don’t think interest rates will skyrocket, you should get the cheap money now while it’s still available.



Ikea to settle for $50 million after toppled dressers kill 3 young boys

Caption Ikea to settle for $50 million after toppled dressers kill 3 young boys

Malm dressers represented more than one-fourth one fourth of the 29 million dressers recalled.

Malm dressers represented more than one-fourth one fourth of the 29 million dressers recalled.

How to save at least 32,000 lives each year: Replace male doctors with female ones

Caption How to save at least 32,000 lives each year: Replace male doctors with female ones

In order to save 32,000 lives each year, a new study published in JAMA International Medicine suggests senior citizens be treated by female doctors. (Dec.21, 2016)

In order to save 32,000 lives each year, a new study published in JAMA International Medicine suggests senior citizens be treated by female doctors. (Dec.21, 2016)

What Hollywood's record box office doesn't tell you

Caption What Hollywood’s record box office doesn’t tell you

Higher costs of making and marketing big movies, as well as plummeting home video revenue, have dragged down studio profits. (Dec.19, 2016)

Higher costs of making and marketing big movies, as well as plummeting home video revenue, have dragged down studio profits. (Dec.19, 2016)

Six retailers agree to stop using on-call shift scheduling

Caption Six retailers agree to stop using on-call shift scheduling

Six retailers have agreed to stop using on-call shift scheduling following an inquiry by a coalition of nine state attorneys general. (Dec.20, 2016)

Six retailers have agreed to stop using on-call shift scheduling following an inquiry by a coalition of nine state attorneys general. (Dec.20, 2016)

Walgreens and Rite Aid are selling 865 stores

Caption Walgreens and Rite Aid are selling 865 stores

Walgreens and Rite Aid will sell 865 stores to rival retailer Fred’s for $950 million, which will potentially clear the way for a merger between the nation’s largest and third-largest drugstore chains. (Dec.20, 2016)

Walgreens and Rite Aid will sell 865 stores to rival retailer Fred’s for $950 million, which will potentially clear the way for a merger between the nation’s largest and third-largest drugstore chains. (Dec.20, 2016)

Finally, one of my favorite sayings is, “If you can say it, you can sign in.” Many times relationships go wrong, and promises get broken. Two people can have the same conversation and walk away with very different understandings. Whether you are agreeing to help your adult child buy a home or making a deal with a contractor to remodel your kitchen, always write down what you both agree to and then sign your names to it. While a properly drafted contract is best, just writing down, in detail, what each party agreed to will reduce the chances of a dispute and make things easier to resolve if there is a disagreement.

Board-certified real estate lawyer Gary M. Singer writes about the housing market at SunSentinel.com/business/realestate each Friday. To ask him a question, email him at gary@garysingerlaw.com, or go to SunSentinel.com/askpro.

Article source: http://www.sun-sentinel.com/real-estate/fl-gary-singer-col-01022017-20161230-story.html

DAL Law Firm: How to get help to avoid foreclosure | The B-Town … – The B

Sponsored Post

No Comments

Print This Post
 Email This Post

From Advertiser DAL Law Firm:

How to Get Help to Avoid Foreclosure

If you or someone you know may be facing foreclosure, there are various options available to assist, one of which may be a loan modification. A loan modification is a process of negotiation with your mortgage lender to revise the terms of your loan and save your home. While a loan modification may be the best option for you, at your initial consultation, we will assess your options and advise you on the best option based upon your financial goals.

In a loan modification, our goal is to stop any pending foreclosure activity, reduce your monthly payment, and bring you back to a current status with your lender. There are various options available in modifying your loan, and we will work with you and your lender to reach a resolution for you. Loan modifications are very helpful for homeowners who are facing financial difficulties, as a loan modification may:

  • Reduce your interest rate
  • Provide a fixed interest rate instead of variable interest rate “arm”
  • Reduce some of your principal balance
  • Reduce late fees and penalties

Once you’ve hired DAL Law to represent you in your modification, you can direct all phone calls and correspondence from your mortgage lender to our office, and we will speak with them on your behalf so you don’t have to. We have helped many homeowners save their home with a loan modification, and we would be happy to assist you as well.

If you are in default on your mortgage or facing foreclosure, give our DAL Law Firm a call at (206) 408-8158. We can help.

“Darcel was so fantastic. she explained the whole process to me and made me feel very comfortable in moving forward. Any questions I had she answered by email of phone in a very timely manner. I felt so relieved. She was totally professional however I felt I had made a new friend when the process was complete. I would highly recommend her to anyone.”

DarcelLobo

Darcel Lobo

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
(206) 374-2810
E [email protected]

http://www.dallawfirm.com

https://www.facebook.com/DAL-Law-Firm-203308630032502/

[Would you like to have a Blogvertorial story, Ad and/or Event Listing like this on a popular, fast-growing website seen by over 80,000 interested Local Readers every month? Email us for more info, or check out our Advertise page!]

No Comments

Print This Post
 Email This Post

Posted by on Tuesday, December 27, 2016 at 11:20 am 
Filed under Blogvertorial, Burien News, Business, Education, Headlines, Life · Tagged with , , , , , , , ,

Article source: http://b-townblog.com/2016/12/27/dal-law-firm-how-to-get-help-to-avoid-foreclosure/

New Law Aims To Reduce Foreclosure Risk For Surviving Family Members

After Angie Depew’s husband died unexpectedly she was grief-stricken.

She says she practically lived with her head under a pillow that first year — she couldn’t deal with much. She kept up mortgage payments on their Eureka home using a small life insurance policy.

The problems began when Depew tried to contact the loan servicer to let them know her husband had died and she might be late on a payment or two while she sorted things out.

The voice at the other end of the line said the lender couldn’t share any information with Depew because her name was not on the loan. She says she was terrified she’d lose her home.

“The frustration and anger that I felt when they basically hung up on me,” Depew says. “I tried to call back and every time I called they said ‘Your name is not on the loan and we can’t give you any information.’ And I just thought ‘How on earth am I ever going to take care of this if I can’t get anybody to talk to me about it?’”

Under a law that goes into effect Jan. 1, lenders will be required to “talk about it” with surviving family members.

Lenders will need to provide a single point of contact and accurate information for surviving family members who wish to modify or assume the loan. Lenders will also have to tell borrowers about specific programs to help them avoid foreclosure.

As for Depew she eventually connected to a housing advocate. But even with legal aid, Depew says it took 20 months to get her name on the loan and secure her home.

She hopes the new law will spare surviving family members this kind of ordeal.


New Law Deals With Death In The Digital Age

Preparing a will in the digital age means treating social media and email accounts as personal assets. A new state law sets out guidelines for how a person’s digital assets can be accessed and managed after their death. 

Under the new law people will have several ways to specify how their digital assets will be dealt with once they’re gone. They can spell out instructions in a will or they can use an online tool to designate someone to access and manage their email, social media and banking information.

Either way a person’s written instructions would override terms-of-service agreements from companies such as Facebook.

The law takes effect on Jan. 1 and it applies to videos, music, social media and financial information from paperless banking accounts.

Article source: http://www.capradio.org/articles/2016/12/28/new-law-aims-to-reduce-foreclosure-risk-for-surviving-family-members/

Home Affordable Mortgage Program to Expire at End of 2016 | Video …

By Brenda Flanagan
Correspondent

“A lot of sleepless nights, a lot of sleepless nights, trying to find a way to get the mortgage paid and brought back up to date,” explained John Smith.

After Smith lost his job, he almost lost the home he’d lived in for 30 years here on South Burnett Street in East Orange. Desperate to avoid foreclosure, Smith hired attorney Bruce Levitt and applied to the federal Home Affordable Mortgage Program, or HAMP, for lower payments. He qualified.

“My heart stopped aching. Then I could break the news to my family that, you know, everything was going to be secure,” said Smith.

“I would always pre-screen every client to see if they could afford to make a mortgage payment. John was one of those people and I had dozens of other people just like him,” said Levitt.

He says HAMP helped perhaps one out of three clients who needed mortgage help. Nationally, 1.7 million people lowered their mortgage payments with HAMP — almost 125,000 of them in the New York, New Jersey and Pennsylvanian metro area. But almost 800,000 modifications got cancelled. The program, announced by President Obama in 2009 as a response to the mortgage crisis, will expire Dec. 31. In the end, it was only as good as the loan providers that processed the applications.

“We’d apply, we would be turned down. We’d apply again, we’d be turned out. And in the process of applying — as in John’s case — we’d submit paperwork, they’d lose the paperwork. For many people that I believe should have gotten modifications, I don’t think its worked very well at all. The whole system has been flawed from day one,” explained Levitt.

In November, New Jersey showed more than 65,000 homeowners were behind in their mortgage payments. One in every 597 New Jersey households with a mortgage had some sort of foreclosure filing and Jersey leads the nation with a 5.79 percent foreclosure rate, compared to a national rate of .30 percent. Analysts say HAMP probably couldn’t rescue many of these long-delinquent properties, anyway.

“Likely they have either tried a modification program or they just didn’t qualify,” said RealtyTrac‘s Darren Blomquist.

He says that’s why New Jersey will see an uptick in foreclosure auctions next year.

“So properties that have started foreclosure and been in foreclosure for some time,” said Blomquist. “But now finally the banks are pushing those through and scheduling the foreclosure auctions and the judges are agreeing to that. An indication all the methods to avoid foreclosure have been exhausted.”

Which could mean more empty homes in cities like East Orange, which is struggling to manage 600 vacant properties. Happily, Smith’s is not one of them because of HAMP.

“I felt it was one of the best programs under the Obama Administration that was able to help people,” said Smith.

HAMP will be replaced by a new federal assistance program called Flex Modification. But that will only apply to government backed mortgages, like Fannie Mae and Freddie Mac. For everyone else, the window of opportunity is closing fast.

Article source: http://www.njtvonline.org/news/video/home-affordable-mortgage-program-expire-end-2016/

DAL Law Firm: How to get help to avoid foreclosure

Sponsored Post

No Comments

Print This Post Print This Post

From Advertiser DAL Law Firm:

How to Get Help to Avoid Foreclosure

If you or someone you know may be facing foreclosure, there are various options available to assist, one of which may be a loan modification. A loan modification is a process of negotiation with your mortgage lender to revise the terms of your loan and save your home. While a loan modification may be the best option for you, at your initial consultation, we will assess your options and advise you on the best option based upon your financial goals.

In a loan modification, our goal is to stop any pending foreclosure activity, reduce your monthly payment, and bring you back to a current status with your lender. There are various options available in modifying your loan, and we will work with you and your lender to reach a resolution for you. Loan modifications are very helpful for homeowners who are facing financial difficulties, as a loan modification may:

  • Reduce your interest rate
  • Provide a fixed interest rate instead of variable interest rate “arm”
  • Reduce some of your principal balance
  • Reduce late fees and penalties

Once you’ve hired DAL Law to represent you in your modification, you can direct all phone calls and correspondence from your mortgage lender to our office, and we will speak with them on your behalf so you don’t have to. We have helped many homeowners save their home with a loan modification, and we would be happy to assist you as well.

If you are in default on your mortgage or facing foreclosure, give our DAL Law Firm a call at (206) 408-8158. We can help.

“Darcel was so fantastic. she explained the whole process to me and made me feel very comfortable in moving forward. Any questions I had she answered by email of phone in a very timely manner. I felt so relieved. She was totally professional however I felt I had made a new friend when the process was complete. I would highly recommend her to anyone.”

DarcelLobo

Darcel Lobo

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
(206) 374-2810
E [email protected]

http://www.dallawfirm.com

https://www.facebook.com/DAL-Law-Firm-203308630032502/

[Would you like to have a Blogvertorial story, Ad and/or Event Listing like this on a popular, fast-growing website seen by over 51,000 interested Local Readers every month? Email us for more info, or check out our Advertise page!]

No Comments

Print This Post Print This Post

Posted by on Tuesday, December 27, 2016 at 11:57 am 
Filed under Blogvertorial, Business, Education, Headlines · Tagged with , , , , , , , , ,

Article source: http://normandyparkblog.com/2016/12/27/dal-law-firm-how-to-get-help-to-avoid-foreclosure/