...In theory, mortgages are designed to help people out in financially tight situations; however, there are more and more cases detected, where instead of helping the mortgages bring a tight grip onto people’s lives. Ownership has always been important to people, and quite often the wealth of a family is closely tied to the home equity (Carswell, Seay, & Polanowski, 2013). People often invest all their money in their houses and the result of that is they become cash poor. This is where reverse mortgage comes in. The journal article Reverse Mortgage Fraud Against Seniors: Recognition and Education of a Burgeoning Problem defined reverse mortgage as “ (it) allow(s) homeowners to remain living in their homes by providing access to their home’s equity, with repayment differed until they move out or the home is sold” (Carswell et al., 2013). This paper will discuss the general idea behind reverse mortgage, and further explain why people struggle with reverse...
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...HSBC’s Mortgage Lending Decisions and the Big Melt It isn’t often that the American financial system, and its world counterpart, has a near- death experience. The last time was the 1930s. Beginning in 2007 and extending through 2009, American and global financial systems failed, melted down, and were rescued only by concerted central bank interventions in all the major industrial countries. The United States directly invested about 1 trillion dollars in U. S. financial institutions, and guaran-teed an estimated $ 14 trillion dollars in private debt. The complete history of this period has not been written. Many causes, involving many different actors, have been identified. Some have likened the big melt to a “ perfect storm” where a number of storm systems just happened to combine to form a much larger, lethal storm. But one cause was the failure of decision- making models, both the model builders and the financial man-agers who relied on those models. One of the major players in this crisis was HSBC Holdings PLC, the third largest bank in the world based on market value, and the largest bank in Europe. In the financial meltdown of 2008— 2009, HSBC joined the other major money center banks in a collective failure. HSBC weathered the turmoil in the financial markets better than most of its rivals, mainly because it had profited from continuing growth in Asia, where it generates about 65 percent of its pretax profit. But the company’s stock prices have fallen by half from their...
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...University for overall supervision of this work, valuable suggestions, reviews and comments during the program. We are also extremely grateful to (Advocates abul hossen ) , Advocates of high court who has sacrificed his valuable time in providing me necessary information and made detailed comments that has contributed to the planning of this report. In addition, we gladly acknowledge the valuable cooperation and assistance we have received from the employees of high court. It will be really injustice if we do not thank them because without their cooperation we could not do anything. Table of content Part -1 • IMMOVABLE PROPERTY ONLY • SALE • MORTGAGE • LEASE • EXCHANGE • GIFTS • ACTIONABLE CLAIM Part – 2 • Definition of Mortgage • References to mortgagors and mortgagees to include persons deriving title from them. • Rights and Liabilities of Mortgagor Right of mortgagor to redeem. • Obligation to transfer to third party instead of re-transference to mortgagor. • Right to inspection and production of documents. • Right to redeem separately or simultaneously. • Accession to mortgaged property • Right of usufructuary mortgagor to recover possession. • Accession acquired in virtue of transferred ownership. • Improvements to mortgaged property. • Renewal of mortgaged lease. • Implied contracts by mortgagor. • Conclusion: Transfer Of Property (Executive Summary) The most usual way of acquiring an interest...
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...IN THE CIRCUIT COURT OF THE _________ JUDICIAL CIRCUIT, IN AND FOR ______ COUNTY, FLORIDA CIRCUIT CIVIL DIVISION BANK ____; Plaintiff, vs. JOHN SMITH, et al., Defendants. _________________________________________/ Case No.: _____________ MEMORANDUM OF LAW IN SUPPORT OF ADMISSION OF BUSINESS RECORDS AT TRIAL COMES NOW the Plaintiff, BANK by and through its undersigned counsel, and pursuant to Fla. Stat. 90.803(6) files this Memorandum of Law in Support of the Admission of its Business Records at the trial of this case held on March 7, 2012. MEMORANDUM OF LAW This is a mortgage foreclosure action which was tried on March 7, 2012. At the trial of this case, Plaintiff’s representative appeared as the Records Custodian and corporate representative of the Plaintiff, Bank. In seeking to introduce the admission of the Note, Mortgage, payment history, demand letter (Intent to Accelerate), and The Plaintiff’s Records Custodian testified under oath: a. That the records sought to be introduced were made at or near the time of the event; b. The records were made by or from information transmitted by a person with knowledge; c. The records were kept in the ordinary course of a regularly conducted business activity; d. And that it was a regular practice of Bank of America to make such a record. Pursuant to Fla. Stat. 90.803(6) this testimony is sufficient for the introduction of the Plaintiff’s records under the Business Records exception...
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...Why is corporate finance important to all manager? Corporate finance is important to all managers due to the priority capital has in a company. That is, without effective financial management, a company will be unable to develop products, get them to market and grow the business. Organizational forms a company may have as it evolves from start up to major corporation are: Sole Propietorship. Effectively a person “hangs a shingle” and becomes a business. It is subject to few government regulations and income is taxes as the proprietor’s personal income. However, its structure makes it difficult to generate growth capital, the proprietor has unlimited personal liability for company debts and the company only lives as long as the propietor. Partnership: This can take the form of a limited partnership and a general partnership where liability and control is divided along these lines. A limited liability partnership or limited liability company is structured to where all partners have limited liability with respect to the business’s liabilities. This works well for the partners but is an area of concern for the partnerships lenders, customers and suppliers. Corporation: This is created as a separate legal entity under law and as such is “separate and distinct” from its owners and managers. The advantages are is has unlimited life and can continue after the death of the owners. It also has easy transferability of ownership interest through transfer and sale of shares...
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...Provisions Common to Pledge and Mortgage(PM) 2085. Requisites 1. They are created to secure a principal obligation. 2. The pledgor or mortgagor must be the absolute owner of the thing. 3. Persons constituting pledge or mortgage must have a free disposal of thing or have legal authority. Note: Characteristics: 1. Real - perfected by delivery of thing 2. Accessory- can’t stand on its own. It follows principal. 3. Unilateral- obligation of creditor to return thing upon fulfilment of principal obligation. 4. Subsidiary- 2087. When principal obligation becomes due, creditors may ALIENATE the thing. (alienate-foreclosure; not disposal) 2088. Creditors can’t appropriate/dispose/sell thing. Stipulation to contrary is null and void, and this is known as “pactum commissorium.” 2089. Pledge or mortgage is considered indivisible even though debt may be divided. * If debtor’s heir paid part of debt, there is no partial release/extinguishment of pledge or mortgage until it is fully paid. * Creditor’s heir who received his share of debt can’t return the thing or cancel mortgage. * Exception: Partial release of obligation is possible when each of the thing guarantees only a determinate portion of the obligation. 2090. Pledge and mortgage is still indivisible even if obligation is joint or solidary. 2091. PM can secure all kinds of obligations (voidable or unenforceable)(pure or subject to suspensive or resolutory condition) ...
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... Mortgage Industry Business Communications Underwriting Training Manual ( 3L’s Training Services 12345 Main Street • Suite 100 Atlanta, GA 30303 Phone 404.555.0167 • Fax 404.555.0168 Table of Contents Introduction 1 Training-at-a-Glance 1 The Writing Process 2 Planning Business Messages 3-9 Defining Your Purpose 3-4 Understanding Your Audience 4-5 Gathering Information 6-7 Establishing a Good Relationship 8-9 Writing Business Messages 10-16 Organizing Your Message 10-13 Understanding the Need for Organization 14 Composing and Shaping Your Message 15-16 Answer Key 17-20 Lesson 2a 17 Lesson 2b 18 Lesson 2c 18-19 Lesson 3a 19-20 Introduction W elcome to the Underwriting Training Course. This course will help you to determine the relevance of effective business communications in your Underwriting job. Good communication skills are important in any business because these skills help the organization succeed. “Only through effective communication can you anticipate problems, make decisions, coordinate work flow, supervise others, develop relationships, and promote products and services” ( Thill and Bovee 4). While only a portion of the Underwriter’s responsibility is to write correspondence to various audiences such as mortgage companies...
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...Nathalie Nouga January 20th, 2011 RE 4700 REVERE STREET (Case Analysis) Summary: Wanting to gain experience in the real estate field, Edward Alexander is looking to invest into a small income-producing apartment in the Back Bay-Beacon Hill area of Boston. He considers paying rent to someone else a waste of a capital building opportunity, given that he is building someone else’s equity. Analysis: Becoming familiar with the area is the first step Alexander did; therefore Edward Alexander checked the demographic data on age breakdowns, education, employment, marital status, income, and ethnic background of present Beacon Hill residents. He was also able to access the Multiple Listing Services to find out the price range of current properties for sale. Alexander’ search for an investment property led him to be able to find out a list of the 25 most recent sales in a particular neighborhood. Most brokers’ offices visited by Alexander were located around Charles Street, the major commercial street of Beacon Hill. He had shared that he had $80,000 in cash to invest in an income-producing property in which he hoped to live. With most properties selling for $700,000 or higher, and requiring an equity investment of about 21.5%, Alexander was about $70,000 short of cash if he found a property priced at $700,000. The market values of many building on Beacon Hill had doubled or tripled in the past ten years because it attracted engineers and doctors. Although Beacon...
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...– Week 3 Lauren Wilkes Mgmt 597 Chapter 22.10 In the case of Holly Hill Acres, Ltd. V Charter Bank of Gainsville, Holly Hill purchased land from Rogers and Blythe giving them a promissory note and purchase money mortgage. The note stated, “this note with interest is secured by a mortgage on real estate, of even date herewith, made by the maker hereof in favor of the said payee, and shall be constructed and enforced according to laws of the State of Florida” (HOLLY HILL ACRES, LTD., a Limited Partnership, Appellant, v. CHARTER BANK OF GAINESVILLE, a Banking Corporation, et al., Appellees., 1975). The promissory note was issued to Rogers and Blythe, Rogers and Blythe later took a loan from Charter Bank, in order to secure the loan, they transferred the promissory note they had created with Holly Hill. After Holly Hill defaulted, Charter Bank sued to recover on Holly Hill’s promissory note, the question being if the reference to the mortgage in the note makes it non-negotiable. First, it would have to be determined if Charter Bank was a holder in due course, they do fit the books description “a holder who takes a negotiable instrument for value, in good faith, and without notice that is defective or overdue” (Cheeseman, 2010). Which according the case the lower court did agree with. Although the court on appeal found the note was non-negotiable because it incorporated the terms of the purchase money mortgage. Now the bank was not a holder in due course, therefore was...
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...The Gold Mine Version 2.1 Your Step by Step System for Finding, Securing and Obtaining Surplus Funds From Mortgage Foreclosures, Tax Sales, Unclaimed Estate Monies, and Bankruptcy Courts. **Please NOTE – the Videos that will help you understand the written information that follows are now all on one page with titles describing what they address. Please be sure to check those videos out at http://www.surplusfundsriches.com/coursevids.htm YOUR BROWSER MUST BE OPEN IN THE BACKGROUND FOR THIS TO WORK! If you’re internet browser is open in the background while you are reading this, you can click the above link and go straight to the page. If not, cut and paste it into your browser. WATCH AT LEAST THE INTRODUCTORY – FIRST – VIDEO PLEASE! Also – if you are going to function as a researcher, using our funding, you are responsible for using this book to get the list of monies held, doing the research as outlined in the pages that follow, and sending that information in. The last part of this portion of the book has the Independent Contractor’s Agreement, the Referral Form and additional information. You do not do the negotiations or contact the individuals if you wish to function in this capacity. Please, before you ask for help on acquiring a list, follow directions to do so with the emails to the bookkeepers. GETTING THE LIST IS PRIORITY – USE THE VIDEO LINK ABOVE TO WATCH VIDEOS, IN ADDITION TO READING THIS BOOK! Finally, I get a lot of calls regarding new statutes/laws passed in each...
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...Lewicki−Barry−Saunders: Negotiation: Readings, Exercises, and Cases, Fifth Edition Cases 1. Capital Mortgage Insurance Corporation (A) © The McGraw−Hill Companies, 2007 Case 1 Capital Mortgage Insurance Corporation (A) Frank Randall hung up the telephone, leaned across his desk, and fixed a cold stare at Jim Dolan. OK, Jim. They’ve agreed to a meeting. We’ve got three days to resolve this thing. The question is, what approach should we take? How do we get them to accept our offer? Randall, president of Capital Mortgage Insurance Corporation (CMI), had called Dolan, his senior vice president and treasurer, into his office to help him plan their strategy for completing the acquisition of Corporate Transfer Services (CTS). The two men had begun informal discussions with the principal stockholders of the small employee relocation services company some four months earlier. Now, in late May 1979, they were developing the terms of a formal purchase offer and plotting their strategy for the final negotiations. The acquisition, if consummated, would be the first in CMI’s history. Furthermore, it represented a significant departure from the company’s present business. Randall and Dolan knew that the acquisition could have major implications, both for themselves and for the company they had revitalized over the past several years. Jim Dolan ignored Frank Randall’s intense look and gazed out the eighth-floor window overlooking Philadelphia’s Independence...
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...home for my child and I. Even though I am looking for something small, I believe it is important to comprehend the significant topics of the article. The key points related to the financial issue are Cash out Refinance, Home Equity Loan, Home Equity Line of Credit (HELOC), Credit Scores, and Interest Rates (Variable and Fixed). "As the broader mortgage market remains in the doldrums, banks are again touting home-equity lines of credit, which allow homeowners to draw down the equity in their home as they need the cash, as well as cash-out refinances, which involve taking cash out of a home while refinancing and ending up with a larger mortgage balance," (Andriotis, 2016). The reason TD Bank, and most likely other banks do this is because they know why people want to cash out of their homes. People cash out for various reasons, the majorities include home improvements, traveling, paying college tuitions, or they are interested in other investments, such as stocks and bonds. I find it astonishing the lengths TD Bank is going to in order to get people to refinance. If a borrower does take “cash out” from their existing loan, the new mortgage balance will be larger than the original. If people are not properly (Andriotis,...
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...principal reduction. In addition, this program will result in a market-supported level of homeowner debt in the shortest possible time with the least amount of loss to the mortgage note holder and least amount of negative credit impact to the homeowner. The even greater societal good of this program is that, if a commitment to place the vast majority of all distress homes into this program, our nations economic outlook will have a stronger foundation. Quick stats • Over 10,000,000 or 20% of all homes with mortgages in the United States have a value that is less than what is owed on the property. o Total exposure to potential losses for banks could exceed $1.5 trillion. • The average home that is overleveraged has a mortgage of $220,000 but has a value of $170,000. • The average home that has a 1st and a 2nd mortgage with a value of $225,000 but has mortgage obligations totaling $309,000. • There are over 5,500,000 homes that are in some stage of delinquency or foreclosure. Below is an example of a home that represents the average property in the US that is underwater (they owe more than the home is worth) with only a 1st mortgage. Current payment: $1,403.19 at 6.5%, based on a $220,000 loan New program based on Owner Occupied (mortgage only lien) |Payment | | | | | | | |...
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...are not met. Ad Valorem Taxes-is a tax based on the value of real estate or personal property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). Assessment-the evaluation or estimation of the nature, quality, or ability of someone or something. Assignment of Rents Clause- is a provision in a deed of trust or mortgage. Bearer- a person who presents a check or other order to pay money. Bona Fide Purchaser for Value- referred to more completely as a bona fide purchaser for value without notice – is a term used in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property. Broker Lien- a right to property or payment that a broker has if the buyer does not pay the money owed to the broker for a sale: Collateral- something pledged as security for repayment of a loan, to be forfeited in the event of a default. Contractor- a person or company that undertakes a contract to provide materials or labor to perform a service or do a job. Default Clause- a failure to act, esp. a failure to meet a financial obligation or to appear in a court of law at a time specified Deficiency Judgment- is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. Disinterested Intelligent Housekeepers- Due on Demand...
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...NCC BANK LTD. ANNEXUR- ‘A’ Loan Documentation Checklist |Borrower : |M/S.Chandra Spinning Mills Ltd. CD A/C# 0210008345 | |Registered Address : |240 Tejgao Industrial Area, Dhaka-1208 | |Status : |Private Limited Company | |Loan A/c. No.: |SOD(G) -0140000771, LTR, PAD,LFS. | |Sl No. |Nature of Facilities |Amount |Validity | |01 |LC/PAD |750.00 lac |30.06.2012 | |02 |LTR |700.00 lac |30.06.2012 | |03 |SOD(G) |50.00 lac |30.06.2012 | |04 |LDBP/FDBP |1000.00 lac |30.06.2012 | 01. General Documents: |Sl No. |Description ...
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