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Archive by category 'Budget & Debts'
Written by: Timothy McFarlin | Publish date: May 20th, 2012
There are many different situations which can lead to a business bankruptcy filing including a reduction in revenues, loss of customer base, increased competition and increased business costs. Small business owners know all too well that a slight disruption in revenues can have major ramifications if not managed carefully. Of course in some cases, a business owner is left with no choice but to seek the protection of the bankruptcy court by filing a business bankruptcy. Business Bankruptcy Signals The first signs of trouble for a small business typically come in the form of a “bad month” in which business [...]
Written by: Timothy McFarlin | Publish date: March 14th, 2012
You may have been one of those to receive an “offer letter” to settle your second mortgage recently. These typically go out to homeowners when they are substantially behind on payments (over 6 months). Alternatively, you may just be curious to know if your second mortgage can be settled for a lump sum, as so many have been recently. Why Do Lenders Settle Second Mortgages? For most homeowners, their second mortgage is not attached to any real equity. This common situation results when the value of the property has declined in value. The common scenario is that the home value [...]
Written by: Timothy McFarlin | Publish date: March 1st, 2012
Falling behind on your payments or having a delinquent account can be a very stressful situation for most people. The majority of people want to pay their bills on time, pay their credit cards off, and maintain a good credit score. However, sometimes things that are out of our control leave us financially unable to make our payments. The loss of a job, or a medical emergency might be the reasons behind your late or absent payments, but the debt collectors don’t care about what your reasons are. All the creditors want to know is when you will be making [...]
Written by: Timothy McFarlin | Publish date: June 10th, 2011
The economic recession has affected the financial plans of many retirees and has caused many seniors to delay retirement all together. Senior citizens like many other Americans, have relied on their credit cards to pick up the financial slack of a sluggish economy. For seniors however, the amount of credit card debt has been compounded by healthcare and medical expenses. According to a recent CESI Debt Solutions Survey, 56 percent of retired people had debt when they left their jobs, and of those who had debts, 96 percent chose to retire regardless of their debt. Tips to Get Rid [...]
Written by: Timothy McFarlin | Publish date: October 18th, 2010
As a loan modification attorney, many people ask me “what debt to income ratio is need for loan modification?” There is, unfortunately, no universal answer that applies to all lenders and all situations, but a few themes have developed in regard to home loan modification. For homeowners seeking to apply for a home loan modification, here are a few things you may not know about what lenders are looking for when it comes to your debt to income ratio: “Debt” is Broadly Defined for Loan Modification Most lenders define “debt,” for purposes of what debt to income ratio is need [...]
Written by: Timothy McFarlin | Publish date: October 17th, 2010
The most common reason homeowners get turned down for a workout with their lender is: “income too low for loan modification.” It sounds backwards in that if the borrower’s income were higher, they wouldn’t be asking for assistance in the first place, but turn downs citing income too low for loan modification are unfortunately quite common. The best way to overcome this issue is to show more income. Here are some options and suggestions: Overcome the Income Too Low for Loan Modification Issue: 1. Take on a Renter. A renter doesn’t have to be a stranger, it can be a [...]
Written by: Timothy McFarlin | Publish date: October 16th, 2010
One of the biggest concerns for homeowners looking to keep their property out of foreclosure is the financial worksheet for loan modification. The loan modification financial worksheet is a critical document because it tells the mortgage company the borrowers’ story in a nutshell. For that reason, the financial worksheet for loan modification must be completed carefully, diligently and completely. I’ve compiled some tips to help homeowners complete their financial worksheet for loan modification to give themselves the best chance of success on their loan modification. Loan Modification Financial Worksheet Tip 1: Make Sure there’s Plenty of Income I’d say the [...]
Written by: Christopher Gordon | Publish date: August 10th, 2010
The Dolan Company, formally known as Dolan Media Company, has recently purchased the Federal News Service. The move makes sense as Dolan provides services and business information/news to law, finance and real estate professionals throughout the country. Federal News Service is best known for transcribing major events in Washington—from congressional hearings to speeches and White House briefings, the service is employed by a wide variety of clients. On the publishing side of Dolan’s business, they maintain a portfolio of over 40 daily and weekly periodicals. Meanwhile, Federal News Service has been around for the past 25 years; they also provide [...]
Written by: Christopher Gordon | Publish date: July 16th, 2010
The Riviera Holdings Corporation has recently filed for bankruptcy protection. A pre-negotiated deal will pass on ownership of the company to senior, secured lenders. Riviera Holdings is the owner of the Riviera Hotel & Casino in Las Vegas on its infamous Strip. Just about five years ago, the company had approximately $200 million in annual revenues and employed 1,600. There was nothing new in the court papers: the large gaming company, like so many other casinos in Las Vegas, has felt the effects of a weak economy. Visitor traffic is next to nil in the Riviera, as their presence on [...]
Written by: Christopher Gordon | Publish date: July 13th, 2010
In light of internet porn and a major decline in all magazine sales across the board, Hugh Hefner is still looking to purchase the part of Playboy he, himself, doesn’t already own. Hefner is convinced Playboy can still turn profit despite the famous magazine’s drop in sales. According to Playboy, Hefner is in no way interested in selling or merging and is concerned selling Playboy may “threaten the brand and its legacy.” Hefner suggested joining forces with Rizvi Traverse Management LLC, a private equity firm, to assist in making Playboy private. Not long after Hefner’s offer was announced, Playboy’s competitor, [...]
