Foreclosure Victims: Reasons and Alternatives for Foreclosure ...

Foreclosure has affected many people till date resulting in a drastic increase of foreclosure victims. Not just this, these rapidly increasing foreclosures are affecting the financial system and the realty market as well. The only way to recover these bad debts is to sale the property of the foreclosure victims by organizing an auction. In this public sale, there is a possibility to recuperate these non performing assets.

A foreclosure victim is a person who suffers the legal course of action of foreclosure. When an owner purchases a home using a home loan, he deposits a security interest which is a legal agreement. When he is not able to pay the mortgage loan and misses the installments, the lender takes a step against the owner and files a lawsuit against him. At this point, the owner is termed as a Foreclosure Victim.

However the foreclosure victim is given a chance, when a notice is send to him, as a warning, to take a step to stop foreclosure. If in any case, he does not respond to the ?Notice of Default?, a court order called ?Right of Redemption? takes action in which the whole property that was actually the security interest is taken back by the lending institution in a period of two to three months.

There may be many reasons due to which the foreclosure victim might not be able to make the payments of the mortgage loan. For instance, being without a job, death of the homeowner, financial crisis, divorce, transfer to other state and interest rate hike to name a few. All such causes raise the reasons for the Foreclosure victim to make default payment. The foreclosure victim and his family are badly affected as they need to vacate the house on a short notice.

Foreclosure victims can opt for several alternatives like short sale, deed in lieu of foreclosure, loan mitigation and hardship letter to name a few. Hardship letter is a preventive measure that can make a way out for the foreclosure victim and he can stop the course of action.

In this letter, the foreclosure victim brings up all his problems, which he is going through including all the reasons for default payments and expects that the lender will cooperate and find a middle ground. The Loss Mitigator reads the letter and decides whether to facilitate the foreclosure victim or continue with the course of action. The owner can mention some major points that can be negotiated like to reduce the installment size, pardon a few installments, helping in short sale, extend the loan period or provide time for paying installments to name a few. This will help the owner to come out of his problem and ultimately will stop the process of foreclosure.

There are a several options that are provided on the internet, which can also lend you a hand in coming out of the huge problems of foreclosure. So if you want some information regarding dealing with foreclosures, do not forget to surf the internet as well.

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Source: http://rawbusinesslaw.com/2012/12/25/foreclosure-victims-reasons-and-alternatives-for-foreclosure-victims-real-estate-foreclosures/

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Document drop: Another Obama ICE memo sabotages homeland security (Michellemalkin)

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The Web Is A Great Place To Discover More About Home Businesses

Achieving success at a home-based business is not everyone?s fortune, but don?t let that prevent you from giving it a try. At this time you simply need a computer to create, for a really low cost, a business that you can manage from home. It won?t take much at all. You need a small dose of determination to do the research, and a high-speed, low-cost internet access. A computer-based business has a global reach with unlimited consumers, whereas a traditional business is confined to local custom and has pricey set-up expenses. Everyone in the world with internet access is a potential client.

Click here if you?d like more information.

There are many ways to get your toes wet if you?re really considering a business on the Internet. To make a start you certainly don?t need to be an IT nerd, but being familiar with using a laptop or computer would be useful. Quite often, generating an income online has nothing to do with your technical skills, but with how much you know about the things you like doing. A good example of a web business for folks who are very good at writing would be doing copy writing. Content is often in demand, so a writer could also work on a freelance basis, obtaining writing jobs from individuals who are no good at it. All you need to do is look for those individuals who have a need, such as content, and supply it for them. Write down a few samples of your work and then do a bit of promoting, and you will be in business.

Online auction web sites are another avenue from which a large number of people are making good money. You can acquire items at wholesale value and sell them at full price, or you may already have products suitable for selling online. Getting your product offers looked at by customers is taken care of for you by places like eBay and other online auction sites. Your job is firstly to figure out a price and list your product, then wait for the sales. Once the buyer makes the purchase, you will receive the payment and then complete the purchase by sending the purchaser their merchandise.

Life is getting a lot easier in lots of ways through the advances in technology. The advent of the pc has put ownership of a business within the reach of ordinary folks. The Internet has everything you need to start a business. It offers access to products you can sell as well as information that shows you how to do it. If you could identify a business model that appeals to you and apply it to your own start-up business, that would be great.

Instead of a fulltime business you could just be after another income stream, which the Internet caters for handsomely. Spend a little time on your computer seeking information on starting an online business, and you will find lots of it. Get started on your research and you could soon begin making some cash.

Source: http://emelyblevins.getcoldfeet.com/2012/11/25/the-web-is-a-great-place-to-discover-more-about-home-businesses/

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Source: http://leswiley.typepad.com/blog/2012/11/the-web-is-a-great-place-to-discover-more-about-home-businesses.html

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Rose society's annual show ravishes | Otago Daily Times Online ...

Otago Rose Society president Maureen Viggo with a bowl of her flowers, including "Scentasia" roses, which won a floral arrangement class in the society's annual show, held in Dunedin at the weekend. Photo by Peter McIntosh.

Otago Rose Society president Maureen Viggo can count on one thing with roses - they always bring a smile to her face.

Recent unsettled weather and a slightly earlier than usual timing of the society's latest annual show meant entries were down on last year.

This year's show began at Forbury Park Raceway on Saturday.

But despite the weather problems, more than 200 floral entries, with a dazzlingly wide range of colours and perfumes, were on display. About 100 members of the public attended the first day of the two-day show.

"I want people to come in that door and say 'Oh wow!'," she said.

Mrs Viggo's first memory of roses was a powerful one - encountering as a 7-year-old a red hybrid tea rose with an "overwhelming" perfume, she said. It was "Etoile de Hollande", which her mother, Netta Campbell, was growing in her rose garden.

When it comes to roses and rose society exhibitions, many things have changed over the years. Busier lifestyles have meant many gardeners no longer have the time they once had to cultivate huge rose gardens and provide large bunches of up to a dozen roses for display at the annual show.

Today's roses on display may be somewhat fewer, and be combined more often with displays of other flowers, but roses still have the same undeniable appeal for rose fanciers whatever the gender, age and occupation.

For Mrs Viggo, who is also a committee member of the group Heritage Roses Otago, part of the appeal of roses is their fascinating history, including the intriguing stories of how roses came to be named, and the behind-the-scenes quests and dreams of rose breeders.

She said that even if people had a little less time for gardening these days, growing roses was part of maintaining a good work-home life balance.

The rose society was always looking for more members, she said.

"We're a warm, friendly group."

-john.gibb@odt.co.nz

Source: http://www.odt.co.nz/news/dunedin/236528/rose-societys-annual-show-ravishes

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Commercial tenants whose landlords owe loans to State agencies ...

?I can make the pub work at ?15,000 rent but not ?30,000 ? no publican is that good? Publican Eoin Quinlan of Quinns pub in Drumcondra, the pub has now finally closed at the behest of the Irish Bank Resolution Corporation (IBRC)

The fate of businesses struggling to pay rent on commercial premises may depend on the landlord, or more particularly, the bank providing the landlord with loans.

Last December 2011, when Minister for Finance Michael Noonan dropped the clanger that this government was abandoning its commitment to reform commercial property leases so as to outlaw Upward Only Rent Review clauses, the Minister did announce that NAMA was coincidentally introducing a new policy to deal with commercial tenants of premises subject to its loans. If the businesses could demonstrate to NAMA that their survival was at risk because of high rents, then NAMA would in principle facilitate a reduction in rent. Since then NAMA has had over 150 approaches from commercial tenants and appears to have approved rent reductions in 95%-plus of cases, reductions totaling ?6m per annum.

So, if you happen to be a commercial tenant whose landlord is in NAMA, you have some potential remedy if struggling to meet your rent payments. NAMA is for all intents and purposes a state agency. NAMA has a policy on rent reductions and it is available here.

IBRC ? the name of the bank created by the merger of Anglo Irish Bank and Irish Nationwide Building Society in 2011 ? is also a state agency because Minister Noonan is the shareholder of 100% of the shares in IBRC. But IBRC doesn?t have a policy, and commercial tenants like Eoin Quinlan, the landlord for 25 years at Quinns pub in Drumcondra, Dublin who has finally closed his doors, with ?250,000 of rent arrears. IBRC says that it will entertain requests from landlords, but not tenants. After being prodded in the Dail, Minister Noonan says he is now consulting with IBRC to see if they might adopt the same policy as NAMA. But it seems that will be too late for Eoin Quinlan.

Minister Noonan is the shareholder in 99.8% of the shares at Allied Irish Banks, AIB.? And AIB doesn?t even get involved in such matters, leaving the relationship between tenant and landlord entirely with the landlord and not intervening. And Minister Noonan seems not to have any plans to change this state of affairs.

So, if you are a commercial tenant whose landlord has borrowings from a State agency, you should be praying that you?re lucky enough to have a landlord who is in NAMA. At least then, there is a policy to address problems with meeting the rent. If your landlord is in IBRC, then you are less protected and if you are in AIB, you are on your own. ?Shouldn?t Minister Noonan need a lottery licence for allowing this state of affairs.

The policies across the three institutions was set out by Minister Noonan in response to parliamentary questions from the Sinn Fein finance spokesperson Pearse Doherty in the Dail yesterday. These are the full responses and questions.

Deputy Pearse Doherty:? To ask the Minister for Finance if he will provide the policy adopted by the National Asset Management Agency with respect to reducing rents to commercial tenants, who are facing financial distress, of buildings under the control of NAMA borrowers or its receivers..

Minister for Finance , Michael Noonan : ?The National Asset Management Agency approves requests for rent easement or abatement from its debtors where a tenant demonstrates that the rent payable under a lease is in excess of current market levels and that the viability of a business is, as a consequence, threatened. By end-October 2012, the Agency had received 273 rent abatement applications through debtors/receivers: 210 had been approved, 4 were refused, 9 were non-Agency or otherwise inapplicable and the remaining 50 were under review at that point.? 159 applications have been received since the Agency?s Guidance Note on Upwards Only Commercial Leases was published last December.?? Since the start of the year, NAMA has approved cumulative rent reductions through debtors/receivers of over ?6 million bringing the total rent savings to date since inception of this initiative to approximately ?9.7 million with a further ?3.4 million currently under review.? NAMA proactively works through debtors/receivers to facilitate rent abatements where the contractual rent is in excess of prevailing market rates and where, as a consequence, the viability of tenant businesses is undermined.

NAMA?s Guidance Note on Upwards Only Commercial Leases is available on its website, www.nama.ie.? The Agency engages with industry representative bodies in the retail sector to promote understanding of the Guidance Note and its applicability.

Deputy Pearse Doherty:? To ask the Minister for Finance if he will provide the policy adopted by the Irish Bank Resolution Corporation in which he is the sole shareholder of 100% of the shares and on the board of which he has seconded a person (details supplied), with respect to reducing rents to commercial tenants, who are facing financial distress, of buildings under the control of Irish Bank Resolution Corporation borrowers or its receivers.

Minister for Finance, Michael Noonan : ?The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. The underlying approach of the Bank is to work constructively with each borrower on an individual basis.

I have been advised that the tenancy arrangements for commercial properties, financed by IBRC, are principally governed by contractual lease agreements between the borrower (or receiver) as landlord and the lessee (tenant). In circumstances where IBRC receives a request from a borrower (or receiver), to add its consent to an amendment to lease terms, agreed with the lessee, typically a payment concession in terms of a lower rent or a rental holiday, the Bank will undertake a thorough review through its multi-faceted credit processes. This will include a comprehensive assessment of the individual tenant?s financial profile and underlying business circumstances, in order to assess fully their ability to meet their existing contractual obligations.

I have asked IBRC to review NAMA?s policy guidance on upward only rent reviews to see if IBRC could implement this policy guidance or a variation of this policy guidance and I understand that this matter is currently under consideration by the Bank.

I should also note that the person referred to has not been seconded to the board of IBRC but to the bank?s senior management team as the Head of Market Solutions.

Deputy Pearse Doherty: To ask the Minister for Finance if he will provide the policy adopted by Allied Irish Banks in which he is the shareholder of 99.8% of the shares and is responsible for the appointment of persons (details supplied) as public interest directors on that Bank?s board, with respect to reducing rents to commercial tenants, who are facing financial distress, of buildings under the control of AIB borrowers or its receivers.

Minister for Finance, Michael Noonan : ?I am informed by AIB that it is committed to operating its business activities on a commercial basis as the bank seeks to protect its economic interests. As such, the bank approaches each particular situation on a case by case basis to ensure the appropriate outcome is achieved. In the case of commercial properties, the legal relationship that exists is typically between the borrower and the commercial tenant. As such AIB does not typically have remit to intervene in this contractual relationship directly. However, where the bank does become involved in restructuring individual cases AIB will examine and explore options with its borrowers with a view to structuring the best long term economic outcome given current economic conditions for all parties.

Source: http://namawinelake.wordpress.com/2012/11/21/commercial-tenants-whose-landlords-owe-loans-to-state-agencies-face-a-lottery-when-it-comes-to-rent-reductions/