Archive for June, 2009
Jun
30
Five Reasons That Banks Reject Commercial Mortgages
Posted by: | CommentsThis article highlights the five main reasons that banks decline commercial mortgage loan applications. The reasons provided below do not represent obscure issues, so it is likely that two or three of the reasons described will be important for typical commercial mortgage situations. The first two reasons (business plans and tax returns) will potentially impact all commercial borrowers. Many commercial loan officers will start their loan review process by stating some variation of “Can you show me your business plan?” and “We will need to see several years of tax returns”.
Many commercial projects are too unique for traditional commercial banks. In these situations (even if a commercial borrower has favorable tax returns and an adequate business plan), it is not unusual for commercial borrowers to be declined for a commercial mortgage loan by a traditional commercial lender. Commercial borrowers are likely to be confused when they are turned down and will be unsure as to why it happened and what to do next. For each of the five major reasons that a bank might decline a commercial real estate loan, a strategy is provided for converting the declined loan into an approved commercial mortgage.
Reason # 1:
A bank’s loan officer or loan underwriter is not satisfied that the business plan provided by the commercial borrower supports the requested loan.
Strategy # 1:
Most commercial borrowers will benefit directly from dealing with a commercial lender that does not require a business plan due to the following major benefits:
(1) Reduce commercial mortgage costs by thousands of dollars. A common range for an average business plan (prepared to typical bank specifications) would be $5,000 to $10,000.
(2) Reduce mortgage closing time by several months. Business plans can be prepared before or after applying for a loan, but either way the net extra time required will probably be 1-2 months or more.
(3) If the lender does not require a business plan, there is one less item standing between the commercial borrower and their approved loan.
Reason # 2:
Loan underwriters find something on a tax return that disqualifies a borrower under the bank’s lending guidelines. This “something” will frequently be insufficient net income, but when loan underwriters look at tax returns, there are many other possibilities which produce a similar result. For example, IRS Form 4506 (which authorizes the lender to obtain tax returns directly from the IRS) is routinely required by most traditional banks. Some lenders require this form in addition to current tax returns.
Strategy # 2:
Business loan borrowers will NEVER have Reason Number 2 to worry about if they are applying for a “Stated Income” commercial real estate loan. Very few traditional banks use Stated Income (no tax returns, no income verification, no IRS Form 4506) for a commercial mortgage. Commercial borrowers should seek out lenders using Stated Income Commercial Loans and “Limited Documentation Requirements”. This strategy will not work for all commercial mortgages since there is a maximum loan amount of $2-3 million for most Stated Income Commercial Mortgage Programs.
Reason # 3:
The bank does not generally make business loans for the type of business involved or imposes special requirements that make the loan impractical for the commercial borrower. Fewer and fewer banks are making loans to bar/restaurant properties. Similarly, auto service businesses are frequently given unnecessary (and expensive) environmental reporting requirements. There are many “special purpose” properties such as funeral homes, nursing homes, assisted living facilities, RV parks, marinas, golf courses, bed and breakfast, day care centers, churches and car washes that most traditional banks will not include in their business lending portfolio.
Strategy # 3:
For most business borrowers that can get approved at a traditional bank, there are better options available elsewhere. And “better options” are clearly available ONLY elsewhere when the bank won’t make the business loan in the first place! There are very capable commercial lenders that are interested in unique or special purpose properties.
Reason # 4:
When a business is refinancing their current commercial mortgage and wants to get a significant amount of cash out for various uses, it is not unusual for the bank to limit the amount of cash to amounts as small as $100,000. Even though the bank might make the loan, if they won’t provide the amount of cash needed by the commercial borrower, this is equivalent to declining the loan.
Strategy # 4:
As mentioned in Strategy Number 3, there are better options available elsewhere! The commercial borrower’s mission (and it is not impossible at all) is to use a commercial real estate lender that will allow them to get much larger amounts of unrestricted cash out of a commercial refinancing, i.e. more cash out and no restrictions on what they do with it.
Reason # 5:
The bank will not provide a business loan without adequate collateral, usually in the form of a lien on personal assets such as the commercial borrower’s home.
Strategy # 5:
Commercial mortgage borrowers should seek out lenders that do not “cross collateralize” assets as a condition for obtaining a business loan. This will provide greater flexibility for the commercial borrower and avoid unnecessary (and unwise) connections between personal and business assets.
The situations described above represent five common examples of commercial mortgage problems that can be avoided. Please see http://steve.bush.googlepages.com/home for a review of twelve commercial real estate loan problems that commercial borrowers should (and can) avoid. Another practical summary ( http://aexcommercialfinancing.com/_wsn/page9.html ) provides 14 reasons that a commercial borrower might not go to a bank for a commercial real estate loan.
Copyright 2005-2006 AEX Commercial Financing Group, LLC. All Rights Reserved.
Sell and Rent Back
Jun
30
Fast Property Sale
Posted by: | CommentsFast property sale is something that many homeowners are interested in for a number of reasons. First of all, the real estate market fluctuates and the price of real estate can change considerably in just a matter of weeks. Second of all, there is a significant amount of cash tied up in that property. The sooner the property is sold, the sooner you have the money, which you can invest in something and generate considerable profit. Time is money, so holding on to a property that you have no use for instead of opting for fast property sale makes no sense. Moreover, you never know when might a large amount of cash urgently, at which time you will probably be sorry that you have never considered fast property sale. Furthermore, the traditional sale process can take a lot of time and possibly some investments. In order to find the perfect buyer of your property, you may need to do some renovating or repairs, which, in turn, equals investment of both time and money. These are just some of the reasons why fast home sale is a better solution in many instances.
If you are already in a situation where you need a large amount of cash that no loan or sale can provide, fast home sale is once again a very wise decision. However, many homeowners dismiss this option on account of misinformation. At first sight, fast home sale equals selling your home for less than it is actually worth, and, of course, the dreadful prospect of losing your home and having to relocate. It’s needless to say what impact that would have on all the members of your family. Fortunately, things can be completely different, provided you make the right choice. You can opt for fast home sale, and get the cash that you need, and then rent the property back and continue to live in it together with your family as tenants. In many ways, this is like getting a loan from a financial institution, except for the fact that you will no longer have ownership of the property. This may seem like a radical action, but in fact it is a very sound decision when no other options are available. However, you should know that fast property sale and the sell and rent back scheme are not widely available. In fact, there is a relatively small number of companies that can help you with fast property sale, and also offer you the chance of renting your property and even buying it back a few years later.
In conclusion, if you are interested in fast property sale, either to overcome a difficult financial situation or to release the cash tied up in the property and invest it in something else, going directly to investors is the best option. Given the fact that fast home sale has grown in popularity a lot over recent years, you should be able to find at least a few interested investors in your area. They will ensure that the sale process is completed in the shortest time possible, giving you what you wanted or needed in the first place: a large amount of cash and fast property sale.
Rent Back Fast
Jun
30
Expunging Criminal Histories in Illinois
Posted by: | CommentsEXPUNGEMENT OF CRIMINAL CASES IN ILLINOIS
The arrest record of anyone ever arrested remains available to the public unless it is expunged. This is true even if the case is dismissed or there is a verdict of not guilty.
Expunged or Sealed: Most criminal records without convictions can be expunged or sealed and even some records with convictions may be expunged or sealed. When a record is expunged, it is erased, as if it never existed. When a record is sealed, only law enforcement may view it. Others, such as the general public, may not. A record is best expunged, but is still beneficial to have it sealed. For a record to be expunged or sealed, it must qualify.
Necessary Information: To start the process of expunging or sealing a criminal record, it is best to locate all the paperwork relating to the case or cases. The following information is needed:
· Defendant’s contact information
· Case number
· What happened in court – a guilty plea, dismissal, etc. This is called the “disposition” on the court record and it can be found at the courthouse where the case was heard.
· Date of arrest
· Agency or Police Department conducting the arrest.
Additionally, it may be necessary to obtain a criminal history. Criminal histories can be obtained from the following places:
· Illinois State Police, Bureau of Identification,
260 North Chicago Street, Joliet IL 60432, · The FBI, U.S. Department of Justice, 1000 Custer Hollow Road, Clarksburg WV 26306. · The circuit clerk of the court where your case was handled. The clerks only have records for their counties not for the entire country or the State of Illinois. Information for Illinois Circuit Clerks can be found at: http://www.state.il.us/court/CircuitCourt/CircuitCourtJudges/CCC_District.asp
Records that can be Expunged: To determine whether a record qualifies to be expunged or sealed, it is best to consult an experienced expungement attorney. Some qualifying situations are listed below:
· If the defendant was acquitted, released without conviction, found not guilty or there was a no probable cause finding, or nolle prosequi (dismissed by the State’s Attorney).
· Most cases qualify if there was *supervision ordered AND two years have passed since the successful completion of supervision. The cases listed below require five years.
· Cases in which an order of supervision or terminating probation was entered AND at least five years have passed since termination. This applies to the following:
o Uninsured motor vehicle
o Suspended registration for non-insurance
o Display of false insurance
o Reckless driving
o Retail theft
o Certain cases involving Cannabis/Marijuana and Drugs and Alcohol.
· Cases in which a conviction or sentence has been set aside and the court later determines you are factually innocent
· Cases in which the governor has issued a pardon
Records that cannot be Expunged:
· A finding of guilt, with judgment on the finding, based on either a plea or verdict resulting in a sentence. This does not apply to probation under the Cannabis, Controlled Substances, Steroid Control, or Alcohol and Drug Dependency Acts.
· Probation (except under the acts listed above)
· Supervision or conviction of a sexual offense against a minor under 18 years of age
· Conditional discharge
· DUI supervision
Records that can be Sealed: Below are some general requirements to have a record sealed. However, to make sure, it is best to consult an attorney.
· An adult or a minor prosecuted as an adult for a misdemeanor or municipal ordinance violation, and the defendant:
o Was Acquitted (Found Not Guilty)
o Was Released without being convicted
o Had a conviction was reversed either on appeal or by the trial judge
o Received supervision for a misdemeanor AND had no convictions AND was not placed on supervision for a misdemeanor for three years following the termination of the case you are seeking to seal.
o Had a case that was a qualifying Class 4 felony (possession of marijuana, possession of a controlled substance, and prostitution).
o Received a misdemeanor conviction AND had no convictions or supervisions for a felony or misdemeanor for four years following your sentence.
· Court Supervision may follow a guilty plea or a finding of guilt after trial. Supervision, if ordered by the judge and successfully completed, means there is not a record of conviction on the charge. It should be noted that while supervision does not constitute a conviction, the supervision itself will stay on your public record unless expunged or sealed. Court Supervision is like a continuance, pending the defendant’s good conduct, with dismissal of the charges upon acceptable compliance. If the conditions are complied with, there is no conviction. Supervision can be for up to two years and eliigibility for expunging or sealing does not begin until two or five years after the supervision is over.
If you have further questions about Illinois Expungement Law, please go to:
http://shestokas.com/Ask_an_Attorney.html
Only matters charged as crimes or business offenses are covered by the information on this page. Traffic tickets, divorces, or orders of protection are not covered by the rules above.
© 2008 Shestokas, Raines & Malavia
Rent Back Fast
Jun
29
Home Insurance - Why You Need Quality
Posted by: | CommentsWhen you use the services of top and leading comparison sites online you will notice that it will not be wise for you to put into consideration only the cost of your home insurance coverage, there are other important factors to consider also, the disadvantage here is that many times customers are truly under-insured since they do not take the time to get the best out of their insurance companies. In the event of an emergency you may find yourself responsible for the settlement of all the bills rather than the insurance company.
The pay-back rate is very important considering some financial uncertainties; not withstanding people need to consider seriously that at the event of any happenstance and there is no adequate insurance coverage, it may be much more expensive to recover from the situation. For this reason comparison sites and a popular high street building society have teamed up to persuade both home owners and tenants to make sure they are fully insured with complete coverage and policies. The final decision on this was that home owners and renters will have to compare services from different sources and policies before they settle for the one they consider being of cheapest rates with a great service.
Even UK households that opt out for cheap home policy instead of better insurance coverage qualities could be at the risk of not having adequate cover. The building society has explained and they agreed with this that there is no one policy that suits all and it is what you pay for that you will get.
You may want to ask where you can get a fast-high-quality service online.
Click Here: Discount Home Insurance
Repossession
Jun
29
Bad Credit Mortgage Loans:
Posted by: | CommentsBad credit history is a big problem in everyone life you are under financial problems and your credit history is not good moreover you want to avail the loan to fulfill your financial needs then apply for Bad Credit Mortgage Loans. If you are under financial crisis and the problems become deep when you have already borrowed the loan and now you are unable to apply for the loans. To face that type of problems you can mortgage your property and you can avail the amount enough to fulfill your financial problems as well as repay the loan amount. Bad Credit Mortgage Loans are found in two types. Long term Bad Credit Mortgage Loans and short term Bad Credit Mortgage Loans. The advantage of long term Bad Credit Mortgage Loans is that you can also choose for fixed rates and save considerably on the interests. Interest rates for Bad Credit Mortgage Loans can be significantly lower if your credit score is high. Interestingly, people with high credit scores are also offered Bad Credit Mortgage Loans with no down payment. There are a large number of Bad Credit Mortgage Loans available hence getting an affordable and easy Bad Credit Mortgage Loans should not be a problem. Even if you have a bad credit history, you should shop around a bit and surely will come across a suitable Bad Credit Mortgage Loans. Bad Credit Mortgage Loans are funds that are advanced from a lender to a borrower upon the latter are application for a loan. The loans are secured by real property. A mortgage is the document that serves as proof of the property being pledged as security. In the Bad Credit Mortgage Loans agreement, the person who pledges the property and secures the loan is termed the borrower. The institution or the individual that issues the loan is called the lender. The pledged property can be seized in the event of the borrower defaulting on payment of the monthly mortgage payments. The process of Bad Credit Mortgage Loans works by the borrower receiving the loan first and then making periodic payments, usually monthly, over the term of the loan. Once all the installments have been paid, the title to the property passes to the borrower. Repayment process of Bad Credit Mortgage Loans is for the long term. You can repay the mortgage loans with in 25 years. Rate of interest depends on the amount of the loan and the security that you have to place against the cash. You can solve all the financial problems easily with the help of the Bad Credit Mortgage Loans.
Real Estate Professionals
Jun
29
Sell Your Home Fast for Cash at Another Quick Sale
Posted by: | CommentsFor over a decade now Another Quick Sale has specialised in providing a fast, friendly and highly efficient Quick-Home-sales service. We buy property in any condition anywhere within the UK. All property is considered no matter the size, lease length or uniqueness.
Selling a home can be potentially stressful and time consuming but not with Another Quick Sale. We have created a selling process that is simple, discreet and very fast. Our emphasis is on offering our customers a second to none quick-sale service that brings peace of mind, Quickly!. No matter what the reason, we know circumstances change and when you tell us, ‘Sell my house quickly’ , this is often the best solution.
Benefits of selling to Another Quick Sale
• No selling costs for you , It’s that simple!
• No public viewings
• Guaranteed Offer
• No ‘For Sale’ boards outside your home
• Complete and total discretion and confidentiality
• Stay in your own home as a Tenant for a period that suits you (rent back scheme)
• Buy back option also available (ask for more details)
• Leaving your past and stepping into your future
Selling to Another Quick Sale eliminates delays, time wasters, buyers in chains and the unexpected disappointments that can occur half way through the sale process of your house.
Another Quick Sale buys property fast and for cash at 70% to 85% of the current market value. So if you want to enter the ‘Going Going Gone’ quick sell process contact Another Quick Sale Now and we’ll make it fast and simple.
Sell and Rent Back
Sometimes people simply want to raise some cash and at the same time stay in their property, no problem! Another Quick Sale will buy your property fast and simultaneously tailor a tenancy agreement that suits you. So that you can sell the property and rent it back.
Releasing locked in equity, paying off debts or stopping repossession can be fast, smooth and professionally organized by us. Another Quick Sale to organize and can be facilitated very quickly, We will arrange a solution that will suit your needs perfectly.
Real Estate Professionals
Jun
28
The Mortgage Forgiveness Bill of 2007: Will it Raise or Lower your Taxes?
Posted by: | CommentsOne of the most controversial and paradoxical real estate and mortgage finance stories to hit the media in recent weeks was that of a newly crafted real estate tax bill – the so-called Mortgage Forgiveness Bill of 2007. The bill, which may help you hold onto your money if you face foreclosure but will likely hit you hard in the wallet if you own a second home, was drafted by Democrats and approved by the powerful House Ways and Means Committee.
Rising Foreclosures Led to the Drafting of the Bill
During the past two years, a number of economic factors have conspired to create a perfect storm of problems for many homeowners. First of all, prices of residential real estate fell precipitously. Then, as interest rates rose, the monthly payments for many adjustable rate mortgages jumped. Next the mortgage industry hemorrhaged, thanks to the volume of bad loans and delinquencies, and this trouble spilled over into other areas of the financial industry. In an attempt to control losses and appease government regulators and investigators, mortgage lenders tightened their guidelines for approving loans – after a long period of lax standards and “easy money”.
Just as homeowners realized the imminent danger of rising adjustable rates and rushed to refinance into more affordable conventional fixed-rate loans, the ability to refinance got harder as loan applications became much more stringent. As the challenges for homeowners increased, so did the number of foreclosures.
Lenders May Show Leniency, but the IRS Does Not
Sometimes banks and mortgage companies will forgive a portion of the debt owned to them, in order to process delinquent loans in the most cost effective manner. Lenders typically lose about 50 percent of their investment when a property goes to foreclosure. So forgiving debt can actually save them money in the long run, by encouraging third-party investors to step in and buy the house before it goes to foreclosure and fetches less money on the auction block. And many government officials – including the President – have asked that lenders show flexibility to homeowners faced with foreclosure, so there is an added incentive for banks and mortgage companies to work out arrangements that are mutually beneficial for lenders and borrowers.
Most homeowners who have part of their debt forgiven are relieved. But many are shocked to find out that under current tax law the forgiven debt is taxed as ordinary income. In other words, if your lender forgives $20,000 of your mortgage debt, the IRS will immediately tax that $20,000 as extra income. Those taxpayers recovering from mortgage problems are already in financial crisis, so paying a hefty tax can easily make a bad situation even worse.
The New Bill Would Cut Out the Tax but Repay it by Curbing a Tax Break
If the Mortgage Forgiveness Bill of 2007 passes and becomes law, homeowners facing foreclosure won’t be responsible for paying taxes on debt forgiven by lenders. That is the main focus of the bill, and is great news for those homeowners.
But in order to make up for tax revenues that will be lost if the bill goes through, a major tax break for those who own second homes will be drastically trimmed.
Under current tax law, a married couple is entitled to a tax break of up to $500,000 worth of profit on the sale of a second home, as long as they have lived in it for at least two consecutive years within the five year period before they sell. Single people can claim a tax exclusion worth half as much, or a maximum of $250,000. (Of course gay couples still face tax discrimination in the USA because it is illegal for them to marry, so gay and lesbian couples who buy a second home together are only eligible for the $250,000 tax break offered to singles.)
One clever way to take advantage of the current law is to buy a second home – for instance, a vacation property – and live it for two years. Then you sell and take your profits – and your tax break – before moving back into your first home. But under the proposed new legislation, the tax exclusion would instead be based upon how many years you live in the second home. The longer you live there, the bigger your tax perks. For the most part, the big tax break offered to those who sell their second homes would be severely curtailed, and numerous opponents of the provision say it undermines a tax incentive that promotes investment that helps the economy.
But, ironically, the bill has the support of many of America’s largest real estate industry organizations, including the National Association of Realtors, the Mortgage Brokers Association, and the National Association of Home Builders. One reason they support it is that while it does slim down the tax exclusion, it nevertheless preserves it – instead of totally eliminating it.
When buying, selling, or financing property, get expert help from professionals committed to the global GLBT community at www.GayRealEstate.com. and www.GayMortgageLoans.com. Or call toll free 1-888-420-MOVE (6683).
Quick House Sale
Jun
28
Produce the Note: How to Save Your Home From Foreclosure
Posted by: | CommentsWhat is “produce the note”? Why is everyone talking about it? Does it apply to me? How can it help to save my home from foreclosure? All these questions will be addressed in this article.
What It Is: Produce the note is a defensive strategy that you can use to fight foreclosure and force the bank to prove that you owe it any money at all. In courts of law, the plaintiff has a “burden of proof”, meaning that it has to put forth evidence that shows everything it says is actually true. However, when the plaintiff makes claims that the defendant does not challenge, then the court usually accepts the Plaintiff’s claims on face value on the basis that you had a chance to contradict them and didn’t.
When you say “produce the note” what you are doing is challenging the bank’s assertion that you owe it money, that it has a mortgage on your house, and that it has the right to foreclose on you at all. One attorney has estimated that nearly 50% of mortgages have been lost or destroyed in the carnage of all the selling, pooling, servicing, tranching, and defrauding that went on in the years from 2001-2008 in the American Secondary Mortgage Market. 50-50 is pretty good odds of YOUR note coming up missing.
When Its Used:
Generally, during the discovery phase of litigation is the best time to employ “Produce the Note”. That is, after you have sued the bank (say, for Quiet Title), or the bank has sued you (i.e., foreclosure). Discovery is the process by which each side of a pending lawsuit gets to ask the other side for all of the pertinent information with which it intends to prove its claims. For example, if you sue the bank for Quiet Title, then both parties have a right to request all the evidence in the other party’s possession. The most basic piece of evidence here would be a “Note”, which is the financial term for “mortgage” or other debt. Without a mortgage, then there is no document proving that you and the bank have an agreement, and therefore, the bank cannot prove its foreclosure claim against you.
Some proponents of “Produce the Note” suggest that ANYTIME is a good time for “Produce the Note” - even if there is no lawsuit going on. In some cases it may work, but the problem here is that there is no right to discovery outside of litigation. therefore, if you are not in foreclosure and you want to get the bank to have to produce the note, then find an attorney to evaluate your case for a quiet title case against whichever entity has a mortgage recorded against your home. Chances are, if the mortgage was sold more than once, SOMEONE forgot to make all the proper recordations, and you may just end up with your home free from any outstanding liens.
Third, an alternative used in bankruptcy, is to file Chapter 13 and list the bank note - NOT AS SECURED DEBT - but as UNSECURED DEBT. Similar to the discovery tactics above, this puts the bank of having to PROVE its mortgage in order to get the bankruptcy court to treat the debt as secured rather than unsecured debt.
How To Do It Right:
As hinted at above, if you want to get the most out of Produce the Note, you will wait until your guns are fully loaded: i.e., you are a party to an ongoing case, with a due process right to discovery. Send a “Request for Production of Documents” to the lender or servicer and demand examination of the original mortgage note at a place of your choosing. If the bank hasn’t complied within 30 days, file a Motion to Compel Discovery. In your motion, refer the court to your proper Request for Production of Documents and to the bank’s responses. Point out the bank’s failure to comply with your request for it to produce the mortgage which it claims gives it a right to record a claim against your title, and ask the judge to compel discovery. If the bank has lost the note, then it will further fail to comply. At that point, file a motion to dismiss the bank’s foreclosure action or at the very least to bar any evidence of a mortgage note as penalty for failure to comply with the court’s order. It will be impossible for the bank to win. In the alternative, in a quiet title action, if the bank cannot comply, then you will be primed to win.
Word to the Wise: DO NOT rely solely on “Produce the Note.” There are MANY possible claims and defenses that may come up in each case, and if you put all your eggs in one basket, you may get a rude awakening if your bank actually HAS your note. See an attorney, know your rights, and have a back-up plan.
The above article is not intended as legal advice, and is for informational use and entertainment only. If you are in need of legal advice or counsel, consult a licensed attorney in your jurisdiction who is competent in the area you need.
Sell and Rent Back
Jun
28
Sell And Rent Back: An Alternative To Repossession
Posted by: | CommentsOne scenario today is a great worry for every home owner; regardless of how healthy that home owner was, personally and financially, when buying their home. That worry is this: “Over the next thirty years, will I be able to keep my home if I become sick? What if I have an accident, or lose my job? What if my mortgage goes into arrears? Will my home be subject to repossession?”
Unfortunately, for too many people, that worry becomes a reality, and the end result is that a family loses a home they love. The good news is that there is an alternative, and it is an alternative which allows the family to stay put.
Circumstances like these can happen to anyone, and when a home has no income coming in, it’s easy to fall behind on mortgage. Once one falls behind in mortgage payments, it can become difficult or even impossible to catch up. At that point repossession is a strong possibility, and the home can be lost forever.
The first reaction of many people is to deny there’s any trouble. It’s very tempting to “bury one’s head in the sand.” The problem with this approach is that when one looks up, the problems of mortgage arrears not only haven’t gone away, they’ve gotten worse! At this point the next knock on the door could possibly be bailiffs with an eviction order.
While the homeowner’s options may be limited, there are options, and some of these options will allow the home owner to stay in the home, with a goal of getting ownership back. For example, there are specialist companies which can pay cash for the home, then rent the home back to the homeowner for a monthly payment which is less than the current mortgage.
The best aspect of the sell and buy back option is that when the homeowner’s situation improves, there is the opportunity to buy back the property. The price at which the home owner would be able to buy back the house is set at the time the home owner sells, and that price won’t change regardless as to what happens in the economy. The rent and buy back company will usually be able to offer a verbal quote on a purchase price for the house in as little as 24 hours. If the homeowner is interested at this point the next step would be a valuation of the home and the extension of a written quotation on the purchase price. The rent and buy back company will be able to give the homeowner directions on how to proceed with the sale, as well as how to stop any court proceedings that have already begun.
Mortgage arrears can be devastating, but they can be avoided. It costs nothing to apply for a sell and rent back program, and such a program can make the difference between staying in a home or being forced out, between continuing to work toward owning the home outright or being forced to start over.
Repossession
Jun
27
Dribbling Your Way Out of Trouble
Posted by: | CommentsLearning to play basketball is a lot of hard work. One of the most basic things a player has to learn is dribbling. Dribbling is the act of bouncing the ball continuously with one hand in a repetitive motion which ends when the continuity is disturbed or when the player touches the ball with both hands simultaneously. The ball must be continuously redirected to the floor so that the dribble isn’t ended. It can also end when the ball is allowed to rest on the hands of the player and when the ball is allowed to be moved parallel or fractionally to the court using one hand.
The following measures are observed to ensure that dribbling is done properly in basketball.
The use of finger pads. The padded part of the fingers is used by the player to control the basketball. Using the palms to dribble the ball should be avoided. Spread the fingers across the ball when dribbling. The fingers should be spread for better control of the basketball. The forefinger should be in the same direction as the direction the player’s body is facing. Hand always on top. When dribbling, the player should ensure that the hand is on top of the basketball to prevent the player from committing a violation, which is carrying the ball. Hand leaves the basketball first before the pivot foot leaves the floor. If the foot leaves the floor before the basketball leaves the hand, a violation may be called, which is traveling.
Both hands should be able to dribble. Practice is needed in order for the player to dribble with either the right or the left hand.
Shield with the other hand. While dribbling with the active hand, the free hand should be used to keep the defender from getting contact with the ball. The body should also be used as a shield.
Keep eyes open and head up. This way, the player is able to see the whole court and take an appropriate action so the player is more effective with the basketball.
Quick stop. When the player wants to end the dribble, it should be done quickly to avoid any violations. Keep it low. The body of the player together with the ball is kept low so that the defender won’t be able to get hold of the ball easily.
Avoid wasting a dribble. This is done by dribbling once or twice and then ending the dribble. This will lead the player in a difficult situation.
Always have a purpose and know the intention. The player should know what action to take next after dribbling. Avoid dribbling with double teams. Dribbling should be avoided if there are two defenders trying to take the ball at the same time. The ball could easily go to their possession if this is done. Avoid the corners. Dribbling at the corners of the court would be of advantage to the defenders because the player dribbling the ball can be trapped by the defenders at the corner of the court.
Keep it alive. Dribbling should be done in a full of life manner before the player decides to pass or shoot. This technique makes it difficult for the defender to steal the ball but caution should be observed.
Practice makes perfect. The player should do dribbling drills on his own so the dribbling skills learned during practice can be incorporated in the team play.
Proper stance. The player stands erect. When dribbling with the right hand, the left food should be parallel and in front of the right with the knees slightly bent. Leave it to the hand and wrist. The hand and wrist should be used when dribbling. The arm should be near the upper body and kept close to it. Let the waist be the basis of the height. The ball should be dribbled not higher than the waist, in front and side of the foot that is on the rear. Learning how to handle the ball is crucial in playing basketball.
Dribbling is one of the ways the player can use to control the game while the ball is in possession. It is definitely one of the skills needed in ball handling. A lot of dribbling practice will pay off if the player has the ball in possession and it is up to this player to ensure that the ball remains in the possession of the team before the player shoots, makes the basket and scores. Learn the dribbling basics first and get the game going.
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