Tag Archives: Fail

Whilst HAMP and Other Programs Fail the Law Firm United Law Group Continues to Aid Property owners by Pursuing Legal Channels

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Irvine, California (PRWEB) May 25, 2010

United Law Group right now announced that they have helped over 5,500 property owners to date. The law firm continues to help property owners get final results on circumstances with their residence loans, such as permanent modifications, trial modifications, forebearances, and several extensions on sale dates. This national law firm uses every available legal channel to help the households and men and women it serves.

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Juan Loera of Camino Island, WA, is a single of thousands of property owners helped. This common contractor ran a multi-million-dollar company just before the financial downturn. His loved ones residence, which he bought over 12 years ago on a fixed loan, was threatened when his business and his income have been lowered to practically nothing. He turned to United Law Group so that he, his wife, and his 3 youngsters wouldnt lose that home.

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The firm fought the banks for over a year on our behalf, stated Loera. Thanks to United Law Group, our payment of $ two,796.84 was reduced to $ 1,705.17. My wife went back to function and Ive worked on smaller projects lately. That savings of $ 1,092 per month will enable us to remain in our residence.

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John Rubens and Lucia Garcia-Rubens found themselves in a similar predicament. Possessing utilized their savings and credit cards to survive, the couple contacted United Law Group to aid the save their property from foreclosure.

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Our payment was scheduled to reset inside the subsequent year and we desperately required assist, stated Mr. Rubens. The banks produced it not possible to perform with them directly. When you go against Goliath, you need somebody with shields and weapons on your side. The staff at United Law Group gave us hope and helped us when we didnt consider anybody could.

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Garcia Ware retained United Law Group in February of 2009. Hed been laid off and the value of his home had plummeted.

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United Law Group worked for an whole year to get me a loan modification, stated Mr. Ware. Without the knowledge, skill and persistence of our legal group I dont know exactly where wed be.

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These stories are not unique, stated United Law Group Managing Director Robert Buscho. There are thousands much more homeowners just like them who have come to our firm when the banks abandoned the promises they made to the American men and women.

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This news comes at a time when the United States Government has stated that the Home Affordable Modification Program (HAMP) has failed. On February 25, 2010, Ranking Members of the U.S. House of Representatives Committee on Oversight and Government Reform Darrell Issa (CA-49) and Jim Jordan (OH-four) published a report titled: The Treasury Departments Mortgage Modification Applications: A Failure Prolonging the Financial Crisis. The report tracks the history of the Obama Administrations foreclosure mitigation programs, focusing on the Home Reasonably priced Modification Plan (HAMP).

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Calling federally-imposed mortgage modifications a questionable use of taxpayer sources the report focuses on HAMPs failure to assist anyplace near the 3-4 million distressed home owners to whom the Administration promised aid

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The executive summary of the report asserts that, HAMP has failed HAMP may really hurt far more property owners than it helps and even a lot more distressing, Treasury is trying to hide the failure of HAMP, stated Mr. Buscho. When a system of this size fails it calls into questions the policies and practices of the monetary institutions that benefitted financially by pledging compliance with the terms that would assist distressed property owners.

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HAMP was tasked with helping 3 to four million property owners stay away from foreclosure in March of 2009. Numbers reported at the end of January 2010 show that the program helped significantly less than three% of home owners it was told to support. Further numbers are not accessible since the Treasury stopped reporting a important number in January, which means the public can no longer calculate the applications accomplishment or failure price.

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Since of the intense resistance from banks to provide true solutions, United Law Group continues to file suits against banks, including many higher profile instances against Bank of America and its subsidiary Countrywide House Loans, JP Morgan Chase, and others, stated Buscho. When a client retains United Law Group we pledge to pursue every single feasible legal channel to come to their aid. We honor that pledge and the proof is in the quantity of property owners who have received assist from our firm.

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About United Law Group&#13

United Law Group represents shoppers in complicated litigation regarding abusive banking practices, breaches of contract and violations of state and federal laws. United Law Group also litigates cases involving bankruptcy, IRS settlements and debt settlements in state and federal courts across the nation. Employing a group of leading-notch attorneys, United Law Group leverages leading-edge technology to manage instances, assistance investigative efforts and make sure accurate, frequent communication with its clientele. The firm is presently forming numerous class action lawsuits.

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Uncover Far more Loan Modification Press Releases

Property owners Consumer Center Fears Millions of Underwater US Property owners Could Owe New IRS Taxes If Obama and Congress Fail To Extend Mortgage Forgiveness Debt Relief Act

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(PRWEB) December 20, 2012

The Homeowners Consumer Center is urging President Obama, and the US Congress to immediately extend the Mortgage Forgiveness Debt Relief Act now, ahead of time to do so comes, and goes. Without having an extension of this law over ten million existing US homeowners, who owe far more on their house than it is worth could get hit with a enormous IRS tax bill, should they do any variety of loan modification, a deed in lieu of foreclosure, a short sale, or anything else that entails a mortgage principal reduction from their mortgage lender in 2013. The Home owners Consumer Center says, “We worry most US property owners are not conscious of the truth that without having an extension of the Mortgage Forgiveness Debt Relief Act by President Obama, and the US Congress, any sort of principal reduction by a bank involving a loan modification, a brief sale, a deed in lieu of foreclosure, or foreclosure will be treated as ordinary earnings by the US IRS. Just as an example if you live in Las Vegas, Los Angeles, Oakland, Miami, Chicago, Cincinnati, Phoenix, Saint Louis, Atlanta, Minneapolis, Memphis, Boston, or any other US city, and town, and your lender, or mortgage loan servicing firm agrees to a mortgage principal reduction as part of a loan modification, or a short sale-the mortgage principal reduction will be treated by the IRS as ordinary revenue by the US IRS. Is this actually what President Obama meant when he mentioned Forward for the duration of his 2012 presidential campaign?” http://HomeownersConsumerCenter.Com

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According to Bloomberg News on November 29th 2012, “The Mortgage Debt Relief Act of 2007 enables borrowers to avoid paying revenue taxes on the amount of principal thats forgiven as part of a loan modification or in the course of a brief sale in which they sell their houses for significantly less than they owe. If the measure expires, home owners would have to count such debt reduction as money they earned.” http://HomeownersConsumerCenter.Com

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The Property owners Consumer Center believes casualties from President Obama, and the US Congress failing to extend the Mortgage Forgiveness Debt Relief Act will incorporate:&#13

The Homeowners Consumer Center says, “What happens if President Obama’s Tax the Rich presidential campaign theme backfires, and the US economy tanks since of elevated taxes on little enterprise owners, or farmers? We think unemployment goes up. We also feel upside down homeowners will be forced to stroll away from their homes in droves. How does a newly unemployed person spend his, or her principal reduction IRS tax bill, if they no longer are employed?” &#13
More US property foreclosures, and far more instability in the US housing markets. &#13
Thousands of real estate agents that specialize in short sales could suddenly be unemployed. What homeowner is going to do a short sale on their below water house if they get taxed on the principal reduction-as ordinary earnings? &#13
Mortgage lenders, banks, mortgage brokers, and law firms that specialize in loan modifications will also be joining the unemployment lines-what homeowner-who owes more on their residence than it is worth would want to do a loan modification, if the principal reduction is taxed as ordinary revenue?

The Property owners Consumer Center says, “What happens to the 22.eight% of all US homeowners, who are upside down on their house mortgage when they all of a sudden understand-if they never stroll away from their houses now-they may well get taxed on any sort of principal reduction in 2013, if they do a loan modification, a brief sale, a deed in lieu, or something involving a principal reduction from their bank? At this moment we are saying if the US Congress, and the Obama Administration do not extend the Mortgage Forgiveness Debt Relief Act-now-its not just rich men and women who could be facing a enormous tax improve in 2013, it could also be almost 25% of our nations homeowners.” http://HomeownersConsumerCenter.Com

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69% of Working Americans Fail to Protect Their Paycheck Disability Awareness Month Ends, But Monetary Planner William Pitney Reminds Workers About Paycheck Protection

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Foster City, CA (PRWEB) May 31, 2013

Might is Disability Insurance coverage Awareness Month (DIAM) and is an excellent time for US households to get a disability check up. William Pitney, Certified Economic Planner skilled of FocusYOU says, As DIAM ends, its never too late to take stock of your disability requirements. He adds, Also many workers underestimate their chances of disability as effectively as the significance of disability earnings protection.

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According to the Council for Disability Awareness (CDA) disability counter, a lot more than 1,857,798 American workers have knowledgeable a disabling illness or injury considering that the begin of the year. Thats a staggering number and increasing, states Pitney. At that rate, Americans will endure more than four.five million disabilities in 2013. Envision if those numbers included you, Pitney continues, What would take place to the typical middle class household if 1 of the breadwinners couldnt function to earn a paycheck due to the fact they have been sick or injured?

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The lost income can be devastating. For example, a 40-year-old earning $ 70,000 in the San Francisco Bay Area who suffers a permanent disability could drop much more than $ 1.7 million in future earnings.

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CDA reports that one hundred,000,000 workers do not have any private disability insurance. CDA additional reports that 74% of staff are not financially ready to survive an illness or injury that benefits in a loss of income.

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The LIFE Foundation (LIFE) discovered that 60% of Americans are concerned about becoming in a position to support themselves financially if they have been unable to work. In addition, 25% of households would endure instant economic setbacks if the breadwinner became disabled and couldnt operate.

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These statistics are alarming, but even worse, far more than 50% of workers believe they dont need to have disability insurance, Pitney asserts. Too a lot of operating Americans mistakenly think a government plan, Workers Compensation or employer covers them provided insurance coverage.

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The Social Security Administration denies 45% of workers who apply for disability advantages. When authorized, workers receive an average disability benefit of a small more than $ 1,100 month-to-month. This quantity is hardly sufficient to make ends meet for the majority of Bay Location Households, claims Pitney.

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Only a handful of states supply brief-term disability insurance coverage programs, such as California. These programs normally spend advantages for up to six months.

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Workers Compensation covers operate-connected disabilities only. However, the National Security Council, reports that 73% of disabilities are not operate-related.

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The Division of Labor also reports that 70% of employers do not offer you any variety of extended-term disability protection to their personnel. Pitney urges all personnel, Discover out if your employer delivers disability coverage. If it does, take time to find out how it functions and if the coverage is adequate to meet your demands.

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For workers and households that need to have a small support understanding what they need to have and what disability income sources are available to them, Pitney encourages them to function with a CFP