I am doing a research paper for Physics class, and I have the laws of thermodynamics. I know the mathematics behind them, but I need help thinking of everyday examples of how they’re used.
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In a move clearly targeting loan mod shops around the country, Sen. Charles Schumer said on June 2nd that he will amend a bill he introduced in early 2009 which initially focused on mortgage brokers doing loans and refi’s, to include loan modifications done by these brokers as well. Schumer’s bill, titled “The Borrowers Protection Act”, will now place restrictions on loan modification companies, mortgage brokers, and others who collect advance fees from struggling homeowners to modify their current mortgages.
New York Governor David A. Paterson also announced legislation that would ban advance fees paid to loan mod shops with the exception of attorney’s offices while Schumer’s amended bill will force loan mod shops to follow federal registration or licensing requirements and adhere to guidelines on truth in lending laws, fees, and marketing. The allowance for the continuing collection of advance fees by attorney’s offices should serve at least as an implied endorsement of their work in the loan modification industry.
Both bills seek to eliminate the shoddy and misleading marketing tactics often employed by loan mod shops that lure struggling homeowners into a loan modification process with guarantees of principle reductions, ultra-low interest rates, and other unsubstantiated claims. These shops often spend the bulk of their time and effort on marketing and collecting fees but then spend little or no time on the loans they have been hired to modify. Both Schumer’s and Paterson’s bills are aimed at the shops that are taking advantage of homeowners by promising undeliverable results and then, simply, not delivering. The anger and vitriol on the issue comes from the fact that those homeowners not only lose the money that they paid in fees, they are often subject to foreclosure if they have fallen too far behind on their payments during the loan modification process. Another issue with the loan mod shops is that one out of every two homeowners that get their loans modified with them fall back into default within six months. Including homeowners that negotiate directly with their lenders, Fitch Ratings expects those default rates to approach 70% of all modified loans by the end of 2009
Schumer’s and Paterson’s bills, allowing for advance fees to attorney firms and disallowing them for all others, acknowledge the superior work done by the law firms in the area of loan modifications. While statistics are hard to come by, it is estimated that attorney driven loan modifications are two to three times more successful at keeping homeowners out of foreclosure than the loan mod shops and do it yourselfers. The reason for the huge performance gap is that attorney driven loan modifications result in greater concessions from the lenders, lowering mortgage obligations to a point where the payments fit into the homeowners’ budgets, allowing them to stay current on those payments. The loan mod shops and do it yourselfers, on the other hand, are much more likely to accept offers from their lenders for modifications that are not sustainable for the short term, let alone the life of the mortgage.
“We always tell the client to always make a mortgage payment if you possibly can,” said Kisha Wright, with the Long Island Housing Partnership.
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The Five Laws of Muhammad Ali PART 2(was on youtube several month’s ago, saw it was gone so uploaded it again)
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ght (c) 2009 Sharon A Christie
Getting Social Security disability benefits can be a long and complicated process. You will work closely with your lawyer and her staff. Before you hire a lawyer you must do your homework. The following steps will help you find a lawyer who can best meet your needs.
1. Get as much information as you can before you talk to a lawyer. First, go to her website. Is there helpful information on the website about the process you will go through to get Social Security disability benefits? Or is the website just about the lawyer and her law firm? You want a lawyer who will share helpful information and teach you about the Social Security disability process.
2. When you call the lawyer’s office, how are you treated? Is this staff rushed or do they treat you like a welcomed visitor? Are they helpful? Are they empathetic? The lawyer sets the tone for the office. How her staff treats you is a good indication of how the lawyer will treat you.
3. You should meet with the lawyer, either in person or in a telephone consult if it is too difficult for you to get to the office. Were you given a choice? You should be!
4. When you talk to the lawyer, ask about her experience handling Social Security disability cases. How long has she been handling these cases? What percent of her practice involves Social Security disability cases? Some lawyers only devote a small percentage of their time to these cases, making it difficult for them to keep up with changes in the rules and regulations. In addition, they may not be as familiar with the judges who hear, and ultimately decide, these cases. You should look for a lawyer who devotes 50% or more of her time to Social Security disability cases.
5. Ask the lawyer what her success rate is for Social Security disability cases. No lawyer wins every case and no lawyer can guarantee a specific result in your case. Each case is different and must be evaluated on its own facts. You want to ask this question to get an idea of how carefully the lawyer evaluates these cases throughout the process. Social Security disability cases are won or lost on the medical evidence. Your disability lawyer should continually evaluate the evidence to determine if she can prove that you are disabled. If the evidence does not support the claim, a good disability lawyer will tell you so and not take the case further unless additional evidence is available. You should look for an attorney with an 85% + success rate.
6. Ask the lawyer if she has any trial experience. Trial lawyers are trained to develop evidence, present it in the court room and argue the case to a judge or jury. Social Security disability cases may go to a hearing with an Administrative Law Judge. It is beneficial to have a lawyer with trial experience representing you in these cases.
7. Ask the lawyer if she has any medical or nursing training. Social Security disability cases are won or lost on the medical evidence and the evidence of physical or psychological limitations. A lawyer with medical knowledge will understand your disabling condition and be in a better position to develop the evidence and present it to the judge.
8. Ask the attorney how she will develop your case. You want to know that your lawyer will gather your pertinent medical records throughout the process, not just before your hearing with an Administrative Law Judge. In addition, your lawyer should collect specific information from your treating doctors about the limitations that prevent you from working. Your lawyer will do this through the use of special disability reports and disease questionnaires. These reports will help to strengthen your case. If the lawyer you interview is not going to take these additional steps to gather evidence, you should keep looking.
9. Ask the lawyer why she chose to work on Social Security disability cases. The answer to this question is very telling. For me, helping clients get their disability benefits is one of the greatest joys in practicing law. I know that my staff and I can make a difference in our clients’ lives. Clients come into my office troubled, frustrated, worried and in pain. We work through the process together and there is no better feeling than calling a client to report that they have been approved for Social Security disability benefits.
10. Ask the lawyer who will be working on your case. The lawyer should have staff to help gather your medical records and develop the evidence. Social Security disability cases are document intensive. It is important that there is sufficient staff to obtain, maintain and file all of the necessary documents.
11. How are you treated by the lawyer? Do you feel welcomed or do you feel like a number? Ask who you can talk to if you have questions as the case develops. When can you expect a return phone call? Phone calls should be answered within 24 hours. While the attorney will not be able to return every phone call herself there should be sufficient staff available to answer your questions.
12. Do you feel comfortable with the lawyer and her staff? You are entering a long-term relationship so you must feel comfortable. During the initial consultation, were your questions answered? Were you treated with respect? Was the Social Security disability process described and explained to your satisfaction? Were the office procedures explained? If the answer to any of these questions is no, you should keep looking.
13. What do the lawyer’s clients say about her? Go to her website. Are there testimonials from former clients? Is she willing to let you contact other clients for a reference? The best way to understand how you will be treated is to talk to other clients.
For most people trying to get Social Security disability benefits, hiring a lawyer is the best thing they can do to improve their chances of winning. However, you need to have the lawyer who is right for you. Taking the time to gather the information outlined above will help you to make the right decision.
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It’s tough being a consumer these days. Businesses we deal with are sometimes indifferent to what we need. Salespeople have forgotten about traditional values such as honesty and trust, and most could use some kind of refresher course in manners.
Less and less transactions rely on relationships as businesses and government agencies, become bigger and more bureaucratic. When we have questions or complaints about services or products, it’s almost impossible to get an answer, much less an honest or courteous one. The days of “The Customer Is Always Right” are gone.
Many ordinary retailers who once may have been a friendly acquaintance are now part of a multibillion-dollar national or international organization. We purchase clothes, food, cars, furniture, and nearly everything else from nameless, faceless people at companies that sell to millions of other nameless, faceless customers. These businesses have no interest about our individual satisfaction, but some of them fake it quite well.
Even the smallest businesses that we regularly deal with, maybe a landlord who owns the apartment building, or a service business with several hundred customers, don’t seem to want to deal with customers who might take up their time and money.
People have problems with retailers, service people, hospitals, airlines, schools, and employers. Some people deal with them in different ways. They might hire a lawyer and the lawyer can get responses for them, usually the responses they are hoping for, just about every time. Is there something special about lawyers or the clients? Honestly, I don’t think so.
The reasons lawyers get responses is that they know the right buttons to push. I feel I have common sense just like yourself. Lawyers have three particular ways of getting their points across to people they are trying to influence: talking, filing lawsuits, and believe it or not, writing letters. Of these, letters are by far the most effective.
As the saying goes, talk is cheap, and in all kinds of situations many of us face today, it can take forever to find out the right department or person to talk to about a particular problem Talk may be useful when a letter gets someone’s attention, but it’s rarely of any use before there is a contact by letter involved.
Lawsuits are time-consuming and cost money. They are a hassle people prefer to avoid, and good lawyers reserve them for large disputes in which a satisfactory settlement cannot be reached. Letters are very ideal for most matters. They don’t cost you money, like lawsuits, they create a paper trail, and they have a good chance of getting to the right person, unlike phone calls. Even letters that are not sent by the lawyer can have a legal impact.
Did you know that many letters written for clients are not sent by the lawyer, but by the clients themselves. A lawyer can suggest the words for particular letters and sometimes even write the whole thing, but clients send them on their own stationery. The recipients of these letters can tell that the person with the complaint has probably spoken with a lawyer, or is aware of the consequences of the matter;.
Because most people want to keep away from lawyers, most recipients of these letters will want to resolve the problem without pressing their luck. They absolutely don’t want to get a lawyer involved in the defense of the person with the complaint.
Money makes the world go round. Money, it talks. It changes things. Do keep it in mind, because money is a very important thing to getting others to respond to your demands. As the saying goes “when someone says it’s not about money”, believe me, it really is about money. Don’t let them kid you. In situations involving clients, money or power is about the only consideration you face.
What about the reputation and goodwill? These are important only when money or power come into the picture, it leads to money eventually. When a lawyer is on the receiving end of a dispute, people don’t pretend that money, or things that generate money, such as jobs, matter at all. Some like to think that people care about principles or integrity, but unfortunately, this is rare.
People can question a lawyer about what would the fair thing to do. They ask, “What do you think would be the cheapest way to get rid of this problem?” or “If we ignore them, will they still have a case?” The bottom line is what it’s about.
Clients who have wanted to “teach a lesson” to providers of bad service or unethical merchants, have wanted the culprits to feel guilt over their wrongdoing I feel that people have no control over other people’s conscience. The goal is simply to get what you deserve.
If your insurance is denying your medical claim, your purpose is to get it to provide the treatment. If your new car continues stalling after several visits to the dealer, your purpose is to get it repaired or replaced. If your bank tries to charge you money you don’t owe them, the main purpose is to try and resolve it in your favor.
Make an effort and try writing a letter first before going any further. You’ll be very surprised at the outcome. In conclusion, you may think that any problem may require a lawyer, but think about how they resolve issues, they write a lot of letters.
This information is in no way a guarantee that you never need a lawyer. However, circumstances like these have been proven to bring results. There are times when you definitely do need a lawyer. You can find more law and other self-help article topics at:
www.DigitalSoftwareOnTime.homestead.com
I always add this to all of my pages. Please don’t forget to spay or neuter your pets to help keep the pet population down. Have a wonderful day!
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Foreclosure Laws of Individual States
We are providing information about state foreclosure laws. This information is designed to help you understand the process in each state. However, legal information is not legal advice. We are not giving legal advice. The laws of every state are different and frequently change. If necessary, seek legal or professional advice according to your situation.
We have elected to summarize each state’s laws. For a more in-depth analysis of Foreclosure Laws of Individual States, please visit this website or call 800-437-2185for a free consultation on your foreclosure prevention options.
CAUTION: Information on the Internet for the most part is incorrect! Many sites that are publicizing Foreclosure Laws have incorrect information. We went through lengthy and timely research to bring you the most up- to-date and correct information available.
MORTGAGE AND DEED OF TRUST STATES
Below you will find each state according to whether they are Mortgage, Deed of Trust or both.
Mortgage States
Alabama Louisiana North Dakota Arkansas Maine Ohio Connecticut Massachusetts Oregon Delaware Michigan Pennsylvania Florida Minnesota Rhode Island Hawaii New Hampshire South Carolina Indiana New Jersey Vermont Kansas New Mexico Wisconsin New York
Deed of Trust States
Alaska Mississippi North Carolina Arizona Missouri Virginia California Nevada Washington, DC
States that use both Deeds of Trust and Mortgages
Colorado Montana Texas Idaho Nebraska Utah Illinois Oklahoma Wyoming Iowa Oregon Washington Maryland Tennessee Georgia West Virginia Kentucky
FORECLOSURE SUMMARIES
The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time possible for the entire foreclosure process ends . Often, these times are longer than normal in that redemption doesn’t often occur. However, delays do – so keep this in mind – every foreclosure is a unique situation, timelines will vary from foreclosure to foreclosure, and from state-to-state. All foreclosures must be conducted under GSE guidelines.
Alabama Foreclosure Laws
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 49-73 days – sale held; 30 - 60 days if NOD is not required.
• Right of Redemption: Yes (12 months)
• Deficiency Judgments Allowed: Yes
Alaska Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 105-108 days – sale held; 108-111 deed recorded
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Arizona Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 115 days (non- judicial)
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Arkansas Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes, most circumstances
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 90 days
• Right of Redemption: Ends at sale
• Deficiency Judgments Allowed: Yes
California Foreclosure Laws
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 120 days
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Colorado Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes (usual)
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 91 days – sale held; 166 redemption expires; 173 deed recorded
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Connecticut Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 90 days – default entered;180 redemption expires
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
D.C. (Washington District of Columbia)
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust
• Timeline: 47 days – sale held; 48 deed sent for recording;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Delaware Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 170-210 days – sale held; 200-300 confirmation of sale;
• Right of Redemption: No
• Deficiency Judgments Allowed: No
Florida Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 135 days – sale held; 150 certificate of title issued;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Georgia Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes (usual)
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 37 days sale held; 48 deed sent for recording;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Hawaii Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline (JF): 220 days – auction; 260 confirmation; 320 conveyance;
• Timeline (NJ): 160 days – auction; 195 conveyance;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Idaho Foreclosure Laws
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust
• Timeline: 150 days – sale held; deed recorded
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Illinois Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 300 days – sale held; 345 redemption period expires; deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Indiana Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 251 days – sale held; 266 redemption period expires; deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Iowa Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 160 days – sale held; 180 redemption period expires; deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: No
Kansas Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 130 days – sale held; 210 – 495 redemption period expires; 230 – 515 file closed;
• Right of Redemption: Yes (3 to 12 months)
• Deficiency Judgments Allowed: Yes
Kentucky Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 147 days – sale held; 177 sale confirmation; 198 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Louisiana Foreclosure Laws
• Judicial Foreclosure Available: Yes (Executory and Ordinary Process)
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline (EP): 180 days – sale held; 209 deed recorded;
• Timeline (OP): 240 days – sale held; 269 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Maine Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 240 days – sale held; 270 deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Maryland Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 46 days – sale held;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Massachusetts Foreclosure Laws
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 75 days – sale held;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Michigan Foreclosure Laws
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of T rust, Mortgage
• Timeline: 60 days – sale held; 90 – 425 redemption expires, deed recorded;
• Right of Redemption: Yes (6 months is common)
• Deficiency Judgments Allowed: Yes
Minnesota Foreclosure Laws
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Mortgage
• Timeline: 90 – 100 days – sale held; 270-280 redemption expires;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Mississippi Foreclosure Laws
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 90 days – sale held;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Missouri Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 60 days – sale held; 61-65 deed recorded;
• Right of Redemption: Yes (rare and difficult)
• Deficiency Judgments Allowed: Yes
Montana Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 150 days – sale held; 153 deed recorded; 163 possession transferred;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Nebraska Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Mortgage
• Timeline (JF): 142 days – sale held; 176 deed recorded;
• Timeline (NJ): 111 days – sale held; 121 deed recorded;
• Right of Redemption: Judicial 30 days; Non-judicial – no;
• Deficiency Judgments Allowed: Yes
Nevada Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline (NJ): 116 days – sale held; 118 trustee’s deed upon sale recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
New Hampshire Foreclosure
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 59 days – sale held; 75 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
New Jersey Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 270 days – sale held; 280 deed recorded; 290
• Right of Redemption: Yes (10 days )
• Deficiency Judgments Allowed: Yes
New Mexico Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Mortgage
• Timeline: 180 days – sale held; 195 deed recorded; 225 redemption expires;
• Right of Redemption: Yes (30 days )
• Deficiency Judgments Allowed: Yes
New York Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline (New York City): 445 days – sale held;
• Timeline (Outside the City):335 days – sale held;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
North Carolina Foreclosure Law
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 110 days – sale held; 120 deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
North Dakota Foreclosure Law
• Judicial Foreclosure Available: Yes (usually)
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 150 days – entry of judgment to sale;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Ohio Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Oklahoma Foreclosure Law
• Judicial Foreclosure Available: Yes (usually)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 156 days – sale held; 186 sale confirmed; 201 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Oregon Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes (usually)
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 150 days – sale held; 160 trustee’s deed recorded;
• Right of Redemption: Rare
• Deficiency Judgments Allowed: Yes
Pennsylvania Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 270 days – sale held; 300 redemption expires and deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Rhode Island Foreclosure Law
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 74 days – sale held;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
South Carolina Foreclosure
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instrument: Mortgage
• Timeline: 150 days – sale complete; 180 redemption expires and deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
South Dakota Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes (Rare)
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 150 days – sale held; 340 redemption expires and deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Tennessee Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes (very rare)
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 40-45 days – sale held; 50-55 deed recorded
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Texas Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Home Equity Loan
• Timeline: 97 days – sale held; 102 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Utah Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instrument: Deed of T rust, Mortgage
• Timeline: 138 days – sale held; 139 deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Vermont Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 95 days – default judgment enters; 275 redemption expires and deed recorded;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Virginia Foreclosure Law
• Judicial Foreclosure Available: Yes (rare)
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of T rust, Mortgage
• Timeline: 45 days – sale held; 60 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Washington Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of T rust, Mortgage
• Timeline: 135 days – sale held; 140-150 deed recorded
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Washington D.C. Foreclosure Law
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust
• Timeline: 47 days – sale held; 48 deed sent for recording;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
West Virginia Foreclosure Law
• Judicial Foreclosure Available: No
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Timeline: 60-90 days – sale held; 120 deed recorded;
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes
Wisconsin Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: No
• Primary Security Instruments: Deed of T rust, Mortgage
• Timeline: 290 days – sale held; 300 confirmation of sale; 305 deed recorded; 315 final title;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: Yes
Wyoming Foreclosure Law
• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of T rust, Mortgage
• Timeline: 60 days – sale held;
• Right of Redemption: Yes
• Deficiency Judgments Allowed: No
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Feldman Law Center - Eileen Ulery wasn’t a real estate speculator. She was an executive assistant at Arizona State University that bought a condo in Mesa, Arizona for $77,000 in 1997 where she had lived ever since. Several years and a couple of refi’s later, her mortgage balance was up to $140,000 and then the bottom fell out. University budget cuts resulted in the elimination of her job, which she had held for over twenty years. With some severance pay and social security she was able to keep up but once the severance ran out, her mortgage payment was more than she could handle.
After hearing about the Obama Administration’s new “Making Home Affordable” plan she went to the CountryWide (now part of Bank of America) website which directed her to the official government site for the program, makinghomeaffordable.gov. After taking a test at the site to determine her eligibility she was informed that she might qualify for a loan modification.
Calling the bank in April to start the loan modification process, the bank’s representative said that the bank was not doing loan modifications for “people like her”. The rep then countered with something the bank could do for her; if she could write them a check for $18,000, they would raise her interest rate slightly, and she could save $77 dollars per month. $13,000 would go toward her loan balance and $5,000 would go to the bank as fees to re-do the loan. The monthly savings would come from the reduction of her loan balance.
Jenni Engebretsen, spokesperson for the Treasury, confirmed that homeowners like Ms. Ulery who are current on their mortgages but struggling with the loss of a job are eligible for loan modifications under the program. Eligibility, however, does not mean anything in terms of getting a loan modification done if the lenders are dismissing every do it yourself borrower that is not on the brink of imminent foreclosure.
Rick Simon a spokesman for Bank of America Home Loans, confirmed as much when he said “The bank is now focusing on modifications only for those borrowers who are already in severe threat of foreclosure.” After acknowledging that Ms. Ulery had been offered a refi instead of a loan modification he said, “We’re still putting the systems in place to handle people who are current on their loans. It’s still very, very early in the program.”
Ms. Ulery’s experience in attempting to modify her own loan is not unusual. In fact it’s quite common that lenders will counter a loan modification request with either an offer to refinance or to set up a payment plan requiring higher monthly payments. Both types of offers do nothing for the borrower while providing the lender with higher interest, fees, and higher principle payments.
Asked whether she took the bank up on its offer to refinance her home Ms. Ulery said, “I just laughed. It was a really good deal for them.”
“We’re still putting the systems in place to handle people who are current on their loans,” Mr. Simon said, declining to say how many loans Bank of America had modified. “It’s still very, very early in the program
President Obama promise that help was on the way for homeowners like her, people who had lost jobs and could no longer make their mortgage payments.
Yes, she was teetering toward delinquency. She was among millions of homeowners rapidly sliding toward danger for whom the Obama administration had devised an aid program — some already in foreclosure proceedings, others headed that way as they ran out of means to make their payments. But unlike those in imminent peril of losing their homes, Ms. Ulery had never missed a payment
More than three months after the Obama administration outlined a new program aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, Ms. Ulery’s experience illustrates the mixture of confusion, frustration and limited assistance that now reigns.
Through many months of wrangling over the fate of the financial system, with hundreds of billions of taxpayer dollars dispensed on bailouts, distressed homeowners have waited for their own rescue amid talk that it was finally on the way. Modifications of so-called subprime and Alt-A mortgages — those made to people with tarnished credit — actually fell by 11 percent in May from April, according to research by Alan M. White at Valparaiso University School of Law.
The bank is now focusing on modifications only for those borrowers “who are already in severe threat of foreclosure,” he said.
“I just laughed,” Ms. Ulery said. “It was a really good deal for them.”
MESA, Ariz. — She had seen the advertisements for the new government program offering relief. She had heard President Obama promise that help was on the way for homeowners like her, people who had lost jobs and could no longer make their mortgage payments.
But when Eileen Ulery called her mortgage company — Countrywide, now part of Bank of America — the bank did not offer to alter her mortgage. Rather, the bank tried to sell her a new loan with a slightly lower monthly payment while asking her to pay $13,000 toward the principal and a fresh $5,000 in fees.
Her problem was that she did not yet present a big enough problem to merit aid.
Yes, she was teetering toward delinquency. She was among millions of homeowners rapidly sliding toward danger for whom the Obama administration had devised an aid program — some already in foreclosure proceedings, others headed that way as they ran out of means to make their payments. But unlike those in imminent peril of losing their homes, Ms. Ulery had never missed a payment.
“I don’t know who this bailout is helping,” she said. “We’ve given these banks all this money and they’re not doing what they say they’re doing. Something’s not working right. They keep saying they’re doing all this, but we don’t see it down here at this level.”
More than three months after the Obama administration outlined a new program aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, Ms. Ulery’s experience illustrates the mixture of confusion, frustration and limited assistance that now reigns.
Through many months of wrangling over the fate of the financial system, with hundreds of billions of taxpayer dollars dispensed on bailouts, distressed homeowners have waited for their own rescue amid talk that it was finally on the way. Modifications of so-called subprime and Alt-A mortgages — those made to people with tarnished credit — actually fell by 11 percent in May from April, according to research by Alan M. White at Valparaiso University School of Law.
A Treasury spokeswoman, Jenni Engebretsen, confirmed that homeowners like Ms. Ulery — current on their mortgages yet grappling with a hardship like unemployment — were eligible for loan modifications under the program. She said mortgage servicers had offered to modify more than 100,000 loans since the department announced the program.
But how many loans have been modified? Ms. Engebretsen declined to say, noting that the Treasury was working with mortgage companies to “fine-tune reporting systems.”
A spokesman for Bank of America Home Loans, Rick Simon, confirmed that the bank offered Ms. Ulery refinancing and not loan modification. The bank is now focusing on modifications only for those borrowers “who are already in severe threat of foreclosure,” he said.
“We’re still putting the systems in place to handle people who are current on their loans,” Mr. Simon said, declining to say how many loans Bank of America had modified. “It’s still very, very early in the program.”
Ms. Ulery, 63, is the face of the latest wave of troubled American homeowners, a surge of people in financial danger not because of reckless gambling on real estate, but because of lost income.
Far from being one of those who used easy-money loans to speculate on homes proliferating across the desert soil of greater Phoenix, she has lived in the same modest, stucco-sided condo in suburban Mesa for a dozen years. She bought the two-bedroom home in 1997 for $77,500.
For two decades, she worked as an executive assistant at nearby Arizona State University, bringing home more than $1,000 every other week — enough to pay the bills.
Round-faced, wry and given to staccato bursts of laughter, Ms. Ulery regularly visits yard sales, seeking out plates and patchwork quilts for her collections. She takes pleasure in her two grandchildren and her beagle. She enjoys an occasional glass of wine, favoring a $6 merlot that comes in a screw-top bottle.
“I’m not an extravagant-type person,” she said. “I see these big houses all around, and they’re beautiful, but I’m comfortable in my little condo.”
Like tens of millions of other American homeowners, she added to her mortgage balance as the value of her condo swelled, at one point exceeding $200,000. She refinanced to pay off some credit cards and settle into a 30-year, fixed-rate loan. Later, she took out a home equity line of credit to buy a new Hyundai. She refinanced again in 2007, borrowing $20,000, mostly for a new roof.
Over the years, her monthly payment swelled from about $600 to more than $1,000. With planning and self-control — she tracks her monthly expenses on a color-coded spreadsheet — she always came up with the money. “I’ve never been late,” she said.
But the equation broke down last year, when she lost her job in university budget cuts. Ms. Ulery received six months of severance. She arranged a monthly $1,500 Social Security check. But when the severance ran out in October, her mortgage finally exceeded her limited means.
With so many people out of work, and with her doctor counseling rest for a stress-related illness, she did not pursue another paycheck, negotiating to have her university pension begin earlier. She has been leaning on credit cards.
Across the country, millions of homeowners in similar straits have been sliding into delinquency. Some owe more than their houses are worth.
Ms. Ulery is among that unhappy cohort — her house is worth about $122,000, and she owes $143,000 — but walking away is not for her.
“In my family, we don’t do that,” she said. “You pay your bills. And I wanted my home.”
In March, she heard about the Obama administration program. The Countrywide Web site directed her to a government site, makinghomeaffordable.gov, she said. There, she took a test to determine her eligibility for a loan modification.
Was her home her primary residence? Check. Was she having trouble paying her mortgage? Check again, and so on until the screen told her that she might qualify.
In April, she called the bank. The representative said the bank was not doing modifications for people like her, she recalled. He shifted the conversation: if she handed over $18,000, he could lower her payment to $967 from $1,046. Her interest rate would actually increase slightly, with the drop largely because she was putting down more money.
“I just laughed,” Ms. Ulery said. “It was a really good deal for them.”
To which she poses her own question: What sort of deal is it for the American taxpayer? As she sees it, the same banks that generated the mortgage crisis are now getting public money to fix it, while doing little more than seeking new fees.
“I don’t think the government gets it,” she said. “These are the same people you couldn’t trust before.”
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Opportunities Applicable laws/regulatory policies.
Introduction
Hotel Industry in India is witnessing tremendous boom in recent years and going through an interesting phase. One of the major reasons for the increase in demand for hotel rooms in the country is the boom in the overall Economy and high growth in sectors like information technology, telecom, retail and real estate. Rising stock market and new business opportunities are also attracting hordes of foreign investors and international corporate travelers to look for business opportunities in the country particularly growth in tourism sector. As hotel industry is inextricably linked to the tourism industry and the growth in the Indian tourism industry has fuelled the growth of Indian hotel industry.
Explosive economic growth in India ignites unquenchable demand for hotel rooms. With huge investments flowing into India for the development of infrastructure such as roads, highways, airports and convention centers, interest in hotel developments is hitting new highs as tourism, business and travel are on the rise.
The booming tourism industry has had a cascading effect on the hospitality sector with an increase in the occupancy ratios and average room rates. And with the continuing surge in demand, many global hospitality majors have evinced a keen interest in the Indian hospitality sector. It is estimated that India is likely to have around 40 international hotel brands by 2011.
Opportunities
The spurt in India’s tourism industry growth has had a ripple effect on its hospitality sector. Rising income levels and spending power combined with the governments open sky policy have provided a major thrust. The industry is growing at a very rapid pace and there is a demand for more rooms both in metros and smaller towns. It is estimated that India is likely to have around 40 international hotel brands by 2011.
India’s booming hospitality industry has transformed into a veritable basket of the choicest of rooms, food and beverage, health and business facilities, travel packages and everything that you can think of. New global entrants are vying with existing local players to provide world-class services at prices suited to every pocket.
An estimated 4.4 million tourists are expected to visit India with an annual average growth rate of 12% in the next few years. The domestic tourist market is also flourishing. The commonwealth games in 2010 will add to the demand for quality accommodation.
The Government of India’s Incredible India destination campaign and the Atithi Devo Bhavah campaign have also helped the growth of domestic and international tourism and consequently the hotel industry.
The opening up of the aviation industry in India has exciting opportunities for hotel industry as it relies on airlines to transport 80% of international arrivals. The government’s decision to substantially upgrade 28 regional airports in smaller towns and privatization &expansion of Delhi and Mumbai airport will improve the business prospects of hotel industry in India. And the upgrading of national highways connecting various parts of India has opened new avenues for the development of budget hotels in India. Taking advantage of this opportunity Tata group and another hotel chain called ‘Homotel’ have entered this business segment.
If you want to read article go to second part of this - Information of hotel industry laws in india - part2.
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