Today I was doing errands and I noticed a business that I had frequented; I noticed this on the front door of the restaurant. The Massachusetts Department of Revenue had SEIZED the business and completely shut down the business. This establishment had been around for several decades and it is a sad situation. It takes a lot of effort for the Department of Revenue to seize a business. My 2cents; failure to pay meals tax. You always need legal representation when dealing with either the Internal Revenue Service or the Massachusetts Department of Revenue.
Massachusetts Attorney General settles with Ocwen Financial Pursuant to a settlement with Ocwen Financial, Ocwen will provide $2 million in penalties and restitution to mortgage borrowers in the Commonwealth of Massachusetts as part of the settlement with the state over alleged “widespread” mo...
SHELLPOINT MORTGAGE SETTLEMENT WITH MASSACHUSETTS ATTORNEY GENERAL
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The Consumer Financial Protection Bureau (CFPB),is an Federal agency of the United States government responsible for consumer protection in the financial services industry and businesses; this includes banks, credit union, mortgage companies and mortgage servicers such as Mr. Cooper, Bank of Ame...
Short Sale Explained The owner of a home wishes to sell the property. However, the value of the property is less than what the person owes. When the home is sold, the transaction is known as a short sale. This is a very difficult situation for the homeowner and usually, the person wi...
How do I discharge my student loans in Bankruptcy?
The introduction is truly an overall outline of junk youll discuss within the physique or your composition. A nicely structured describe is actually a requirement for generating a flourishing article. Expository documents may include distinct approaches, for example compartmentalization or cause...
There are times when you have to fill out a Form 1099 and will have to pay taxes on that amount because you earned an “income” on your debts. For instance: When you settle out a debt with a credit card company and the difference between what you pay and what you owed is greater than 600. When...
Recently, there has been another scheme put into place by people that want to steal your money; they are called mortgage audits. The FTC and many Better Business Bureaus have been receiving complaints. Yes, there are good mortgage audits. So how do you tell which ones are bad? Upfront Fees P...
They negotiate with the credit card companies or collectors for generally a single payment (can go up to 6 months) of which is for a percentage of what you owe. This can be anywhere between 80% to 20% of your original debt. They get their money in either a monthly payment plan or as a percentag...
Senator Patrick Leahy and Committee Member Richard Blumenthal are looking into “ongoing abuses and fraudulent practices by mortgage servicers are needlessly forcing foreclosures on families struggling to stay in their homes — slowing our economic recovery,” (Blumenthal). They are starting by requ...
The HAFA program gives homeowners the option of a short sale or a deed in lieu of a foreclosure in order to help them avoid a foreclosure proceeding. There are many homeowners who are unaware of this program and if they are running out of options, they should think about this. It is generally sai...
1. Your credit score will drop. Since you must be at least 90 days late in your mortgage payments your score will drop around 140 points.2. If your bank decides to, it can choose to sue you for the difference from the short sale and what you owe.3. The bank gets the final approval on the sale and...
Deficiency: If after the short sale there is a deficiency between what you owed on your loan and what the house was sold for you may be on the hook for that amount, unless there is a written agreement otherwise. In addition, if this amount is forgiven and it was larger than $600 you may have to p...
Short sales increased 19 percent in the second quarter of 2011 and account for 12 percent of all sales nationwide. Distressed property sales, including foreclosure sales and short sales, accounted for 31 percent of all U.S. residential sales in the second quarter, down from nearly 36 percent in ...
Deed in lieu of foreclosure: one voluntarily gives their home to the lender in exchange for cancellation of their loan Short Sale: where the lender allows the homeowner to sell their home for less than what is owned Foreclosure: where the lender takes the home through a court proceeding Is one...
55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent. Of proprietary loan modifications that were completed, 80 percent (44,413) included reduced monthly principal and interest payments with 60 percent (33,302) receivi...
OFFER IN COMPROMISE-Freedom from the IRS Offer in Compromise (or OIC) program is an internal IRS program which allows any qualified individual or business with an unpaid tax liability to settle their outstanding obligation for an amount MUCH less than what the actual balance is. It will 100% cle...
On Thursday a widespread principal reduction plan was announced by the Federal Housing Finance Agency. (FHFA) FHFA announced pans that will lower mortgage balances on as many as 33,0000 homeowners that are seriously delinquent and severely underwater. Also new rules were announced to investors t...
The story begins with a 50-year-old single woman in Middlesex County Massachusetts she bought a piece of property in 2003 and was able to make all her mortgage payments on time with no difficulties. Suddenly she loses her job and her elderly parents become extremely sick and needed extensive dail...
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