Wiki on Loan Modifications

For my Wiki Assignment in my CIT 198 class I searched for a topic that was closest to my blog topic. Since my blog topic was about everything related to law which an emphasis in Nevada law I settled on the following wiki page to review, “Loan Modification Wiki”:

http://loanmodification.wikia.com/wiki/Loan_Modification_Wiki

This is not a long site but it definitely gives you a no frills guide to the homeowner who is considering a loan modification when they are having financial difficulties making payments. The first step as mentioned in this wiki article is to contact the lender to see what the guidelines are to getting approved for a loan modification. And, as the article mentions, there are certain requirements that must be met before a loan modification can be approved. This wiki highlights he most important requirement that must be met before a loan modification is approved: financial hardship.

The type or extent of financial hardship that must be demonstrated depends in the lender. One lender may set the floor as a certain percentage of your household income. For example, Lender A might require that the payments for your mortgage exceed 50% of your household income. Other lenders may require that you demonstrate a change in financial condition such as loss of a job, illness or divorce.

My Trip to Georgia: A Screencast

http://www.screencast.com/t/3GURjUmn0R

The Twitter Book - A Book Review

               This post seems out of place but this blog and the following book review were prepared as part of a series of class assignments from a class I am taking on web 2.0 applications. 
    

              The Twitter Book by Tim O'Reilly and Sarah Milstein is a must read for those that are serious about using Twitter to promote their business, stay on the cutting edge of news, trends, and hot issues, and also staying connected with friends, and connecting with other Twitter users that are like-minded.

                This book opens your eyes to a new world of social media and maximizes your potential to share news, commentary, stay connected with others, and make new connections with those with similar interests. It is concise, easy to digest, and visually appealing. Don't be surprised if you can read this book in just a few hours and be able to retain much of the information. There is no need to sit in front of a computer and simultaneously engage yourself online while reading the book. The authors are creative and utilize computer screen shots to guide you step by step from creating your username and password to, learning how to "retweet," and link interesting websites and images to your Twitter account.

                Twitter speak is finally demystified. The terms, "hash tags," "fail whale," "tweetup" and "retweet" and among others are explained and applied in the book through computer screen shots. There are never ending tips and shortcuts that would be undiscovered and unknown even to the Twitter savvy. The authors sprinkle various websites throughout the book to enhance the Twitter experience. For instance, enter a long URL address on bit.ly.com to shorten it to a much shorter link which will maximize the use of the 140 characters that a user is limited to on Twitter; go to whatthetrend.com orr twitscoop.com to learn what the hot trends are on Twitter and why they are trending; or go to twitturly.com or tweetmeme.com to see the top ranked and tracked URLs on Twitter.

                The Twitter Book also guides the novice user from making common mistakes and to avoid common pitfalls. It tells you that if you want to maximize  your tweet, don't limit it by using the "@" symbol at a user. This symbol will direct your tweet to that specific person rather than show the world that its intended for everyone to see. Also, you will learn how to "DM" or direct message someone and it prevents you from making a mistake in thinking that your direct message is private when it may not be. It also tells you that the best days to tweet a topic are Tuesday, Wednesday, and Thursday because most people will be paying attention on those days.  

                The Twitter Book is so comprehensive that the novice user, Twitter savvy, business focused and marketing conscious will be interested in reading this book. It is truly a "go to" book for those that want to learn how to use Twitter and get the most out of it. Novice users will be thankful because the book teaches you how to create a profile and reveal the person behind the name with a compelling description that will garner interest in you. The Twitter savvy are sure to pick up a few tips and shortcuts to enhance their use. For those that want to use Twitter as a marketing tool, this is definitely a book that must be read and careful attention must be paid to Chapter 6. There, the authors go into painstaking detail on how to start slow and build your Twitter account into a powerful tool that will humanize your company through an individual voice and with emotion through a conversational tone, and also strengthen branding. It will tell you that the best way to market your business is not to tweet about your business. Also, learn how to manage Twitter staffers and how to attract the interest of public relations firms and the news.

                The strong points of the book are mainly detailed above. The Twitter Book is not intimidating to read, but it is rather enjoyable; thus the reader audience is very large. While it is concise, it is not lacking in details. It is a comprehensive book that is laden with many details, tips, links to try, shortcuts and common pitfalls. There seems to be no stone unturned in this book when it comes to Twitter. Additionally, one personal favorite strength I have of this book is the introduction of the Twitter terms that many Twitter savvy might not even know. I also like how the book demysitified the "@," and "#" symbols that turned me off from using Twitter before. This book truly gives Twitter a new life in my eyes and it wants me to join a social network that is interested in following the latest trends and news. As for the weak points of the book, it is very difficult to come up with a list. One negative is that as with the nature of social media applications, it is always evolving constantly changing to the needs and demands of the user. Thus, this book which was written in June 2009 needs an update. As we are nearing the end of 2010, a second edition will be needed soon to respond to the updates of Twitter. Additionally, this book fails to tie in the influence and application on the lives of the users, it is a bit too technical at times. For instance, it would have much enhanced the reading experience if the authors were to come up with several true stories that revealed the use and impact of Twitter on someone's life, whether it be a heartwarming story about how family members were able to stay connected in some unique way or how a major business deal was able to be initiated via Twitter. Once again, at times, the book might have been too technical and detached in that respect.

Credit Repair - Disputing an Inaccuracy

Credit repair doesn't involve secret techniques. Unscrupulous credit repair businesses promote these ideas so that consumers will not only think they cannot repair their credit themselves, thus justifying outrageous fees.

The first step to repairing your credit is to know what is being reported on your credit report. Under federal law, each of the three major credit bureaus, Equifax, Experian, and Transunion are required to funrish you with a free copy of your credit report. Just go to www.annualcreditreport.com to obtain copies. As an aside, there are companies including credit card companies that will offer the same reports which can be obtained for free from the aforementioned website.

High credit balances, past due balances, late payments, lack of credit, and seriously delinquent accounts such as charge-offs or collections will negatively impact your credit score. These may also be referred to as derogatory marks or "derogs." Once the credit reports are acquired and reviewed, it is time to verify that all of the informaton on the reports are correct. If there is a "derog" that is inaccurate, it must be disputed to the credit reporting agency. Be aware that this inaccuracy could be on one  or all three of the major credit reports. So the dispute procedure must be followed for each to remove it from each inaccurate credit report.

If you order your credit reports online, you can dispute the inaccuracy online or by mail. Either way, keep careful records of what you are transmitting to the credit reporting agency. By law, the credit reporting agency must investigation the disputed inaccuracy and either "verify" the derogatory mark or remove it completely.

The verification procedure involves the credit reporting agency communicating with the creditor and asking whether the derogatory mark is accurate. If its not, or if the creditor fails to respond within 30 days, law requires that the derogatory mark must be removed and the credit reporting agency is required to provide a new accurate credit report to you free of charge.

Debt Consolidation: Another Scam?

Often times, people with good intentions consider consolidating their debt into a smaller more manageable payment as a way to finally get out of debt. With the multitude of commercials touting the ability to save thousands of dollars in interest and lower your monthly payment, it seems too good to be true, and it is.

The fact is that the debt consolidation companies are eager to "work with you" because they make money off of the consumer. The monthly payment is smaller but the overall amount paid to credit card companies, banks, and then the debt consolidation company is more than the amount of the original loan. The truth is the payment term is extended which lowers the monthly payment obligation.

This is a "buyer beware" to those well-meaning consumers who may fall wary to the tactics of debt consolidation companies in this economy.

California pleads not guilty before U.S. Magistrate Judge in Las Vegas for alleged Bankruptcy Fraud

The Las Vegas Sun reported on an alleged benkruptcy fraud case pending in the U.S. District Court of Nevada. See the full article here: http://www.lasvegassun.com/news/2010/oct/18/man-pleads-not-guilty-fraud-case-allegedly-hiding-/#comments


A California man, Dennis Territo, filed for Chapter 7 bankruptcy in 2005 and claimed that he had only $2,500 in assets. The authorities later learned that he had over $100,000 in assets in a corporate bank account in Nevada. He was arrested and charged with two felonies: concealments of assets and bankruptcy fraud.


He pled not guilty before a U.S. Magistrate Judge in Las Vegas and was released on a personal recognizance bond. The IRS Criminal Investigations unit represented by the U.S. Attorney's office alleges that Territo concealed assets and committed bankruptcy fraud to defraud the IRS and his creditors.


He faces up to five years in federal prison and up to $250,000 in fines.

Nevada Foreclosure Mediation Program

In the 2009 session of the Nevada Legislature, AB 149 amended Chapter 107 of the Nevada Revised Statutes. This piece of legislation was aimed to provide both homeowners and lenders with a fast, inexpensive, and cost effective process to reach a mutually acceptable resolution in lieu of foreclosure.


The Nevada Supreme Court passed Rules governing the Foreclosure Mediation Program (FMP). A mediation must take place within 135 days of the homeowner's request for mediation. The homeowner must request mediation within 30 days of receiving a Notice of Default. A $200 non-refundable mediation fee, and required Financial Statement and Housing Affordability Worksheet must be submitted.


The lender must also submit a nonrefundable mediation fee of $200 and other required documents. Among these documents, the lender must provide to the mediator and homeowner at least 10 days prior to the mediation: original or certified copy of the deed of trust; mortgage note; and each assignment of the deed of trust and mortgage note. The lender must also provide an appraisal and/or a Broker’s Price Opinion (with prior approval by the mediatordated ) not more than sixty (60) days from the date of the mediation; a confidential proposal to resolve the foreclosure; and the evaluative method used to determine eligibility/noneligibility for a loan modification.

Both parties must mediate in good faith. However, if either party is not satisfied with the outcome of the mediation, the Lender or the Homeowner may file a Petition for Judicial Review. The Petition for Judicial Review must be filed within fifteen (15) days of receipt of the mediator’s statement. Petitions must be filed with the District Court in the county where the notice of default originated.

Do you think that the FMP will be effective in providing homeowners and lenders with an long-term alternative to foreclosure?