Tag Archives: Debt

Mortgage Debt Forgiveness and Its Influence on Californians Completing a Brief Sale, According to ACL Real Estate and Property Management

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Hayward, Oakland, Dublin, California (PRWEB) January 08, 2013

The newly extended law is due to expire December 31, 2013. This law tends to make 2013 a single of the greatest years to comprehensive a short sale or obtain a residence by means of short sale and rent out.This law will continue to make eligible homeowners exempt from getting taxed on the debt that was forgiven by the bank in a Brief Sale or Loan Modification.

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Pease Limitations, which had been also element of the all round agreement, had been fully repealed for most folks. Pease Agreements permitted the reduction of worth on items via line item reductions. The new restrictions now apply to these who make $ 250,000.00 as individuals and $ 300,000 as married couples.

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The passing of the law now eases the impact a non-passed law would have had on the Mortgage Interest Deduction vs. an actual dollar deduction limit, percentage deduction limit, and the general Mortgage Interest Deduction shall be claimed under the passed legislation.

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ACL True Estate and Home Management will continue to supply updates as they turn out to be obtainable.

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ACL Real Estate and Home Management is a full service Bay Region Brokerage that specializes in Promoting and Managing Single Household, Multi Family units. The Service Places Are Which includes but not restricted to: East Bay Location, Alameda Counties, Contra Costa Counties, San Mateo Counties. Berkeley, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and a lot of more.

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Passage of Mortgage Debt Relief Act to Encourage Quick Sales vs. Foreclosures for Residence Owners in 2013 East Bay Property Owners Aim to Take Benefit Ahead of Law Expires

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Oakland, Hayward, Fremont. California (PRWEB) January 10, 2013

According to the Internal Revenue Service, the Mortgage Debt Relief Act, which originally passed in 2007, enables a borrower who either obtained a loan modification or opted for a brief sale (a sale of a property for significantly less than whats owed) to be exempt from realizing the forgiven amount as taxable income.

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The extension of this law genuinely was a needed part of the actual estate recovery we are now seeing all over the nation. Whether selling a residence or if a single is fortunate enough to receive an cost-effective loan modification, the law served as a counter weight to the foreclosure epidemic we have witnessed considering that 2007. Stated Charles Lassey Founder of ACL Actual Estate and Property Management, a Northern California Complete Service Brokerage Firm that specializes in Short Sales and Property Management.

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In that study, it was located that the new extension almost certainly would not contribute to a new onslaught of delinquent mortgages in the initial half of 2013.

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Numerous opponents who took concern to the law pointed out that it will reward folks who strategically stopped paying their mortgages in hope for help from their banks and or servicers. ACLRealEstate.com disagrees when it comes to loan modifications, since several of the applications that exist right now apply only to loans that had been originated from 2010 and prior, with the bulk of assistance going to borrowers whose loans originated from 2008 and prior.

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Encouraging home owners to complete a quick sale is exactly where the industry appear to be headed. For the next 24- 36 months, a short sale will be the conventional sales in several locations of the nation. This law tends to make offers homeowner one further incentive not to go through foreclosure.

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NJW LAW, APC Resolves More than $100 Million of Distressed Residential Mortgage Debt in 2012

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Newport Beach, CA (PRWEB) January 17, 2013

Numerous homeowners nonetheless face difficulty with their underwater mortgages in spite of recent residence price tag appreciation. Usually these homeowners are confused as to what options could work for their distinct predicament. Most are unsure if they will qualify for a loan modification, deed in lieu of a foreclosure, HARP 2., quick sale, bankruptcy, or if they can (or ought to) file a lawsuit against the lender. In addition, property owners are confused how the current government settlements with the main loan servicers affects their rights. NJW LAW, APC has a proven track record of helping home owners navigate by way of these hard and stressful troubles.

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In 2012, NJW LAW resolved more than $ one hundred million in distressed residential mortgage debt. No matter whether via a short sale, modification, mortgage settlement, bankruptcy protection, or litigation, NJW LAW has achieved outstanding benefits for their clients.

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NJW LAW’s established good results is achieved by making use of a team approach to deal with every distressed residential mortgage case. By utilizing this unique approach, NJW LAW is ready to seamlessly move a file by way of foreclosure prevention, negotiations, short sale, or bankruptcy. If litigation is required, NJW LAW is well equipped and has successfully litigated against several of the largest banks which includes Bank of America, Wells Fargo, Capital One, and other individuals.

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NJW LAW, APC is a boutique law firm that practices in the places of Real Estate, Bankruptcy and Corporate Law. The firm attentively assists homeowners, Realtors, and investors with options for distressed residential genuine estate mortgage debt.

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NJW LAW gives free consultations. If you would like a lot more data you can make contact with NJW LAW, APC at (949) 273-0044

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*Previous final results are not a guarantee of future accomplishment. Every case is various. This is for informational purposes only. Nothing contained herein ought to be construed as legal suggestions. We are authorized to practice law in the State of California. You have to sign a dually executed retainer agreement with our office to retain our services.

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Discover More Loan Modification Services Press Releases

Complimentary Report released to help Distressed Property owners realize the Mortgage Forgiveness Debt Relief Act extension

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Baltimore, Maryland (PRWEB) March 19, 2013

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act as portion of tax bill H.R. 8, the bill addressing the fiscal cliff. Originally passed in 2007, this act exempts struggling property owners from paying taxes on debt forgiven in a quick sale, foreclosure, or loan modification.

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The bill extends the act through December 31, 2013, allowing underwater home owners to after once more pursue alternatives to foreclosure, such as brief sales or loan modifications, with no the worry of owing thousands and taxes.

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Sadly, some six years into the housing collapse it is reported that 7 out of ten house owners that locate themselves facing foreclosure finish up losing their house to foreclosure without ever realizing that other choices had been offered to them.

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For distressed property owners, the extension of the Mortgage Debt Relief Act was amazing news. Prior to this act, property owners would negotiate a loan modification or avoid foreclosure via a brief sale only to uncover they owed an equally unmanageable tax debt afterwards, The largest difficulty I have seen is that individuals don’t totally understand the benefits of this system and hopefully my complimentary report will answer some of their concerns says Dan McDevitt, Certified Distressed House Expert with Remax Very first Selection in Baltimore, MD

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As a Certified Distressed Home Specialist (CDPE), Dan McDevitt, Baltimore Brief Sale Realtor is specially trained to aid property owners who discover themselves facing foreclosure. Im committed to helping home owners who are struggling, McDevitt stated. As well often, property owners facing foreclosure think there is nothing they can do, but there is.

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In fact, the choices offered to home owners are far better than ever. Lenders comprehend how a lot foreclosures expense, and increasingly favor brief sales and other options more than letting a home go to foreclosure. Lenders are more prepared than ever to operate with property owners, stated McDevitt

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Dan McDevitt has created this complimentary report with much more info on the Mortgage Forgiveness Debt Relief Act and the choices accessible to property owners facing foreclosure. a copy of this report is also accessible from His site, http://www.BaltimoreAreaShortSales.com.

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Dan McDevitt is a Realtor affiliated with Remax Initial Selection in Baltimore, MD that specializes in functioning with distressed property owners to assist them in discovering a dignified remedy to foreclosure. Given that 2006 when the housing market began its eventual collapse his team has helped more than 200 households in the Baltimore region stay away from the devastating effects of foreclosure.

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$360 Billion of Mortgage Debt at Risk of Foreclosure Among U.S. Homeowners

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(PRWEB) June 7, 2005

With mortgage interest prices poised to rise, the U.S. economy teetering in between expansion and uncertainty, and American customer debt nonetheless raging, a lot of U.S. property owners threat foreclosure on their residence – but they don’t have to lose their slice of the American dream, says Andrew Housser, co-CEO of Freedom Economic Network.

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According to the Mortgage Bankers Association of America, 4 percent of mortgages are in delinquency in early 2005. With $ 9 trillion in outstanding U.S. mortgage debt, that areas $ 360 billion at risk of foreclosure.

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“Homeowners can make options – ideally, prior to they purchase a property, but even after difficulties arise – that will permit them to keep a home or at least reduce the harm a foreclosure could have on their futures,” stated Housser, whose business offers debt resolution solutions for individuals in severe debt hardship, particularly those who incurred debt simply because of divorce, job loss, health-related troubles or other traumatic events.

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In many states, foreclosure rates have improved lately (Source: RealtyTrac.com). Housser believes the boost stems from shoppers incurring too considerably debt – a national total of $ 2.1 trillion in revolving debt, plus a lot more than $ 9 trillion in mortgage debt, according to the Federal Reserve. Here, Housser provides ideas for preventing and avoiding foreclosure.

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1. Generate a spending budget and don’t stretch oneself also far. The unexpected can and does take place to millions of Americans every year. “For individuals who reside at the far edge of their means, one particular life occasion can hijack their lives and lead to defaults on bills and/or mortgage payments,” Housser says. The crucial is to build a detailed price range of revenue and expenditures, making positive to have some breathing space to climate an unexpected downturn.

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2. Be cautious with adjustable rate mortgages (ARMs) or interest-only loans. These varieties of loans let borrowers qualify for far more high-priced houses – but beware as rates (and payments) climb. “If you can barely afford the payment on your ARM or the interest-only mortgage, you are asking for problems in a few years,” Housser says. “Give oneself even more budget space with these loans.”

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3. Don’t jump to refinance your house to spend off credit card debt. Numerous people faced with huge unsecured debts that they are unable to pay think about refinancing their property to pay down their credit cards. The problem is that this technique only moves the debt – and puts your house at threat of foreclosure if you are unable to pay. If you are not confident that you can hold up with the larger payments on your residence loan going forward, contemplate debt resolution or another debt relief choice.

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If foreclosure is already on its way, property owners nonetheless have several possibilities, Housser says:

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1. Enter into a forbearance agreement. For a short-term hardship, lenders may grant a forbearance agreement to decrease – or eradicate – payments for a restricted time.

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2. Take into account loan modification. A loan modification seeks a permanent modify to the loan, such as lowering the payment and extending the loan’s term, or incorporating delinquent back payments (if any) into future payments.

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three. Acquire a “deed in lieu” of foreclosure. A “deed in lieu” essentially makes it possible for the borrower to return the title or deed of the house – providing the residence back – to the mortgage holder to steer clear of foreclosure.

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four. Sell the residence. Selling your home might not be best, but it is a way to keep away from foreclosure proceedings on your home and spend back your lender.

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five. Refinance the loan. It could be achievable to refinance your mortgage for a reduced interest price and/or lower month-to-month payment (this is significantly different than refinancing to take money out to spend off credit cards). Even so, if you currently have had late payments on your mortgage, the interest price supplied to you may be too higher to reduce your month-to-month payment.

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“A reputable foreclosure assistance organization, such as a debt resolution firm, can support with these possibilities,” Housser advises. “Check with the Far better Organization Bureau to make positive your chosen business is on the up-and-up.”

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Housser suggests that individuals facing foreclosure be wary of so-referred to as equity skimmers. “If your house is facing foreclosure, you will possibly get solicitations from many folks who are searching to ‘help’ you stop foreclosure by supplying to sell your house for you or by taking ownership of your residence,” Housser cautions. “In most instances, these solicitations are scams attempting to take advantage of people in tough scenarios. The perpetrators are trying to take the equity you have built up in your house appropriate out from under you.”

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Freedom Monetary Network, LLC (http://www.freedomfinancialnetwork.com) offers customer debt resolution solutions by way of its Freedom Debt Relief, Freedom Foreclosure Relief and Freedom Tax Relief divisions. Working directly for the customer, the organization negotiates straight with creditors, and offers an alternative to bankruptcy, credit counseling, and debt consolidation. Based in San Mateo, Calif., Freedom Monetary Network serves much more than three,000 customers nationwide and manages much more than $ one hundred million in consumer debt.

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Editors Note: Housser is available for interviews on subjects pertaining to foreclosure and customer debt. Make contact with Aimee Bennett, Fagan Enterprise Communications, 303-843-9840, aimee@faganbusinesscommunications.com.

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Watch Out for Debt Relief Grants, DestroyDebt.com Tells Customers

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Wood Dale, IL (PRWEB) September 17, 2010

Discovering reprieve from mounting debt is a pressing concern, so much so that some have fallen prey to specific debt help firms who promise substantial relief, for a value. DestroyDebt.com, an education resource and forum for shoppers seeking data about how to get out of debt, is directing buyers to trustworthy sources of info and solutions and warning consumers to watch out – the provide becoming presented could not be what it seems to be.

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A search on the web will yield an eye-catching array of prospective businesses that are eager to point you in the correct path when it comes to debt relief. Several net web sites function government grants that can be taken advantage of. The query is, are these companies taking advantage of you?

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Does the government really grant funds to taxpayers in order to assist them with their debts? How legit are these debt support companies?

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The truth is that government debt relief grants and help for debts can be found, but it takes some digging and it is seldom if ever for credit card debt. Any web site that pledges instant consolidated relief by means of one large payment directed to you through the government or state is likely offering a controversial but powerful debt consolidation plan identified as debt settlement.

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There are government web sites nevertheless that can give valuable advice if locating a grant for your debt difficulty is in fact your only option. Check it out for oneself. As a beginning point, go to the source,http://www.usa.gov, and search the keywords and phrases ‘debt relief.’ You will locate links on credit card settlement, information on unscrupulous advertisements promoting debt relief, and learn how to search for free of charge money and grants.

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Government grants are accessible for both men and women and businesses. The Small Business Administration offers many grants for very first time entrepreneurs and struggling enterprise owners. Scholarship grants are obtainable to students to assist with loans. Well being care expenditures from unexpected healthcare emergencies speedily pile up. Government grants can be identified by way of the Division of Well being and Human Services and private overall health grant foundations.

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Property foreclosures are regularly one particular of the biggest factors folks turn to outside debt assistance. Several banks are willing to operate directly with their buyers, and under the Housing Stimulus Strategy, the government has mandated lenders to collaborate with home owners so that mortgages can be refinanced under agreeable terms and loan modifications produced to avoid increasing foreclosures.

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Liabilities owed to the Internal Income Service also carry growing penalties and interest. Since of this, balances owed to the IRS can quickly turn into unmanageable.

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The topic of tax relief is monopolized by numerous firms that guarantee individual representation and pennies of the dollar. Sadly, a lot of of these so called tax accountants and attorneys give solutions to taxpayers that are created straight available by the IRS.

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In fact, there are no unique programs accessible to third celebration CPAs, lawyers or any person else that are not obtainable to a taxpayer directly. Before you pay any debt service handfuls of income under the pledge of a enormous cutback on your tax bill, speak to the IRS directly and speak to them about their Offer in Compromise program. Any outdoors agency that assures a single time tax settlements is only charging you for the exact same compromise program that taxpayers can submit themselves.

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Debt Bailout USA Scores Key Victory for Consumers with the Release of Their Most recent “Do-it-Yourself” Credit and Debt Educational Internet site

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Scottsdale, AZ (PRWEB) June 07, 2011

Debt Bailout USA’s latest edition of their educational “do-it-yourself” web site is effortlessly a single of the finest credit and debt resources for shoppers, to date.

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In the Debt Bailout USA membership internet site, shoppers will find data on:&#13

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Get Out of Debt Free Card, Now Available on Kindle, is a Personal Finance Book Everyone Can Understand

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(PRWEB) February 07, 2012

Get Out of Debt Free Card, written by Karin Palminteri, is now available on the Kindle platform. The book was written with the goal of helping the everyday person become financially responsible by teaching readers how to develop skills to get out of debt and make good financial decisions. The book has everything the reader needs to know for a debt free future. There is no finance degree or college education required; this book was written for everyone to understand.

If more people are aware of their finances and how to structure them, and they are educated on the resources available to them, they will be able to get out of debt and make good financial decisions in the future. In return, it will help our economy as a whole, Palminteri said. In todays society, a lot of people make very poor financial decisions due to the lack of knowledge and skills that are required to be successful financially.

Palminteri wrote the book in a straightforward, easy-to-understand manner, leaving out the fluff included in other personal finance books. She gives the reader clear information and gets straight to the point.

The following topics are featured in the book:


Creating a budget: It is important to know how to create / structure and stick to a budget. A budget is a breakdown and plan of how much money you have coming in and going out. A business couldnt be successful if it didnt keep track of its income and expenses, and the same is true when it comes to personal finances.

The warning signs of debt: There are a few early warning signs of credit problems people should be aware of. When you know what warning signs to look for, action must be taken immediately to turn finances around.

Defining wants and needs: As we take a closer look at our spending habits during our countrys financial crisis, chances are we are still spending hard-earned money on needs that should really be wants. We must become more financially responsible for our actions and more conservative with our finances.

How to live within and beneath your means: Its important to learn how to save money and live beneath your means. Your spending habits can have a tremendous impact on your financial future.

Creating and structuring goals: Goal setting is a very important tool to use in your life. It helps you focus on your current and future visions for yourself, while quickly identify distractions that take you off your path to your current goal.

Negotiating tips and techniques for credit card debt reduction: One of the best possible ways to get rid of your debt is to ask creditors to negotiate the amount to be paid. In this manner, you can ask the creditor to allow you to pay a certain amount smaller than that which is due. Before moving on to debt settling with a collection agency, you need to first understand how collection agencies play a part with your debt.

How to reduce expenses: Never pay full price for anything, including internet, phone, satellite and cable services prices. You have to ask for a discount to get one everything is negotiable. Many retail stores will give you at least 10% discount if you ask. When structuring your budget for utilities, call and get on the budget plan program which puts your bill at a set amount each month. On a set budget plan, you will eliminate any potential financial surprises.

Important facts about banks and mortgages: What are your rights? What help is available? What loan modifications are available? Make decisions with your head, not your heart. Reduce your house taxes by filing an appeal for a property tax decrease.

It is important to read every chapter in the book and incorporate them into daily life. The chapters help develop skills to be financially successful and eliminate debt. The goal-setting skills that will be acquired can also be useful in personal life for success.

Get Out of Debt Free Card is available for the Kindle for $ 7.95 and can be found by clicking here.

About the Author:

Karin Palminteri has had many financial challenges in her life. She worked a full time job and two part time jobs while attending college full time for 6 years. She was a single parent raising two sons on her own with no financial support from her ex-husband while having both sons in ice hockey 5 days a week and spending only $ 25.00 a week for groceries. She encourages readers to not give up on their goals and dreams, reinforcing that if they push themselves hard enough, they will succeed. She is living proof.

Palminteri has a BA in Finance and a MBA in International Business at DePaul University. She is currently working as a Sr. Financial Analyst and has over 15 years of financial experience in budgeting, forecasting, costing and financial structuring. She has her own business that financially advises the budget structuring of start-ups, presents workshops for a debt-free future and provides private debt consolidation advice. She is living proof that if you have a strong desire and determination to succeed and get out of debt, you will.

Media Contact:

Karin Palminteri

708-320-8531

karin.palminteri(at)yahoo(dot)com

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More Loan Modification Yourself Press Releases

Certified Securitization Analysis Re-Brands and Expands Product Offerings in the Wake of new Judgments vs. Banks in Wrongful Foreclosure and Illegal Debt Collection Practices

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San Francisco, California (PRWEB) May 17, 2012

CSA, LLC (formerly Certified Securitization Analysis, LLC), the leading resource for consumers in debt has re-branded and launched their new website at http://www.1analysis.com. Offering an expanded suite of products which will empower consumers in the fight against wrongful, and in many cases illegal debt collection, CSA, LLC now offers securitization audits and analysis covering not only Commercial and Residential Real Estate Loans but also Credit Cards, Retail Installment Agreements i.e. Auto Loans and Student Loans.

With over 600* million credit cards currently in circulation in the US alone and the average credit card debt per household standing at close to $ 16,000**, many consumers are now defaulting on their credit cards. Similar to sub prime mortgage lenders, credit card issuers have been seeking to maximize profits by lending to those who are financially vulnerable and then spreading the risks by selling off securities based on credit card receivables. The financial crisis has reduced households access to credit, undermining the competitiveness of the credit card industry. Thus, credit card companies are more likely to be able to charge higher rates without losing all of their customers. Credit card companies will have no incentive to conduct proper underwriting of new accounts, since losses can be spread among the existing account holders who have fewer opportunities to change cards. If underwriting is tainted in these situations, then the securitization process is compromised and holds the same pitfalls as mortgage backed securitization, which leads to lack of standing by the banks and causes wrongful debt collection to proceed unmonitored. The consumer loses accordingly.

In the case of retail installment agreements, the auto loan is the most similar example to mortgage backed securities. Car dealerships have often securitized a sizeable portion of their customers’ auto loans – that is, bundling several loans from purchasers into a security and then selling the security as a whole to a larger corporation. Securitizations enable a lender to remove debt from its books and sell them to larger financial institutions. Recently, many car purchasers have reported that their interest rates and monthly payment plans changed as soon as their loans became part of a securitized portfolio. Buried in the fine print of the auto loan were terms and conditions that allowed the securitized portfolio’s manager to make these adjustments, and precluding the borrower or car purchaser from contesting the change.

Since no direct communication occurs between the customer and the large company that takes over the loan (customers are often unaware that their loans were securitized at all), car salesmen have been accused of fabricating the client’s financials in order to close a deal. A recent case highlighted one individual whose monthly payments increased to $ 425 a month from $ 250 after their loan was part of a portfolio syndicated to a national bank because the dealership had changed his income information. Living on just $ 800 monthly Social Security disbursement, this person could not possibly have qualified for the loan.

In addition, student debt has now become a nightmare for Americans with the potential to explode as the next major US financial crisis as students and workers seeking retraining in a tough economic market are borrowing extraordinary amounts of money through federal and private loan programs to help cover the rising cost of college and training. Currently out of the $ 1Trillion student loan debt on the books, $ 300 Billion of that debt is currently 30 days or more past due.

CSA, LLC has recognized that the financial institutions are now foreclosing on America and are not helping Americans solve their financial debt crisis. Were on the securitization roller-coaster and its going off the tracks fast as consumers plunge deeper and deeper into debt and greedy financial institutions continue their wrongful debt collection practices. says Adam J. Meyer, CEO of CSA, LLC. The credit card provisions that have been identified as unfair, deceptive, and anticompetitive are not only sending American families further into debt, but standing in the way of economic recovery. The economic downturn and financial crisis have accelerated the adverse impacts of these practices on consumers, small businesses and our economy as a whole. CSA LLCs new suite of product offerings seeks to combat these financial institutions wrongdoings and give America back to the consumers. This is our country and we are not willing to give it up to the banksters.

Already known as a stalwart in mortgage securitization, this new suite of products will further enhance CSA LLCs position in the debt collection space and assist the millions of US consumers who are saddled with unsurmounting credit card, retail installment and student loan debt. It will only take 1analysis from CSAs new product offering suite to put homeowners and those in debt on the correct path to reclaiming their homes and protecting themselves against the wrongful foreclosure and debt collection practices of the financial institutions.

*Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010

**Calculated by dividing the total revolving debt in the U.S. ($ 801.0 billion as of December 2011 data, as listed in the Federal Reserve’s February 2012 report on consumer credit) by the estimated number of households carrying credit card debt (50.2 million)

About CSA, LLC:

Founded in 2010, CSA, LLC is the leading resource for consumers in debt. Our audits and analysis empower consumers and/or their legal advisors with effective and actionable strategies to defend against wrongful, and in many cases illegal debt collection. Our audits and analysis cover Commercial and Residential Real Estate Loans, Credit Cards, Retail Installment (Auto Loans and Student Loan) Agreements. For more information and a free debt analysis and evaluation of your current situation, please see http://www.1analysis.com or contact CSA, LLC at sales(at)1analysis(dot)com or call 1-888-715-0060.