What is the new mortgage settlement? Are you included?

Who are these five big banks?

-Ally Financial
-Bank of America,
-Citibank,
-JPMorgan Chase and
-Wells Fargo
How much they are willing to pay? Terms:
-a total of $5 billion in cash.

They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years.

How about refinancing?

Borrowers who qualify will get $3 billion in refinancing arrangements.

Improper foreclosure?

Those who were improperly foreclosed on will get a combined $1.5 billion. That probably nets out to less than $2,000 a person.

Impact?

Of course, this would have a sizable impact. Afterall, bank were not the only one to be blamed. The homeowners should except some responsibility (if not a lion’s share) and part of the blame as well. This would rejuvenate the economy but the banks have to be serious with this and not play game as usual and as they had continuously done before. Let the complainants suffers and naysayers should see the light of the day. Pay your mortgages folks on time. Enough is enough, let the good time roll. Everyone is suffering because few of us are not paying their mortgages regardless of the low interest. Lots of us are savings these mortgage payments. The result most of us suffering who are current on their payments and on commitments. It is a contract. Because of many non payers, the economy cannot progress. Like Ross Perot used to say, “if you don’t like the heat in the kitchen, move out”. People who do not like to pay, they would object if this is zero percent interest. Most of them are looking for free money. Yes, it is true. Produce the note was nonsense which was spread by paralegals and crooks. Most of them are languishing in jails. Initially, there was some fiasco when banks were rapidly purchases and notes were not produced. Now, they have solved this ‘storage” problem. Banks have notes, and they can produce. Most of the notes and promissory notes have run out their statutory limitations. We should learn how to be responsible again and accept where the blame lies. The banks have done their job, it is the homeowners who needed to take their part of the responsibility and help improve the economy. Stay in your homes, pays the bills, cut the chase, and be a proud homeowners.

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Are Federal Owed Taxes Dischargeable in Your Bankruptcy?

How to Get Rid of Back Federal Taxes in Bankruptcy?
We have been asked this question many times. As a matter of fact, Congress has already provided this important tool in the Bankruptcy Code but the important thing is that one should carefully use it without any collateral impact on the bankruptcy case. Let us visit them one more time. In order for those taxes to be discharged, the following conditions must be met.

1. First of all, the tax at issue must be of the dischargeable kind (income taxes for instance) and the tax must have been due and owing for a period of more than 3 years from the most recent date the tax return was due.

2. The tax return for the tax delinquent debt must have been filed more than 2 years before the current bankruptcy case was filed.

3. The tax debt relief at issue has been assessed by the taxing authority for more than 240 days prior to the filing of the bankruptcy case (federal taxes are usually assessed within 6 weeks of the filing of the return, the States vary).

4. The debtor, in filing the return must not have attempted to evade the paying of the tax nor can the return filed by the debtor be a willfully “fraudulent” return.

Effect of Offer in Compromise
An extension of the time period and offer in compromise stops any action from the IRS. Tax Return Must be Prepared Properly. Again, the “tax return” filed must actually be an acceptable tax return and not just a mere ruse of filing.

How defendant can request discharge of attachment in Nevada?

NRS 31.200 Grounds for discharge of attachment.

1. The Defendant may also, at any time before trial, apply by motion, upon reasonable notice to the Plaintiff, to the court in which the action is brought or to the judge thereof, for a discharge of the attachment, or the money or property attached through the use of a writ of garnishment, on the following grounds:

(a) That the writ was improperly or improvidently issued.

(b) That the property levied upon is exempt from execution or necessary and required by the Defendant for the support and maintenance of the Defendant and the members of the Defendant’s family.

(c) That the levy is excessive.

2. If the court or the judge thereof on the hearing of such motion shall find that any of the grounds stated in subsection 1 exist, the attachment and levy thereof shall be discharged. If the motion is based upon paragraph (c) of subsection 1 only, and the fact is found to exist, the discharge of attachment shall be only as to the excess.