Archive for July, 2009
Jul
31
How to Find Honest Advice About Colorado Mortgages
Posted by: | CommentsHow to Find Honest Advice About Colorado Mortgages
It’s safe to say there are many places to find a deal for a Denver mortgage or Colorado mortgages these days. But the mortgage crisis has made things a little more complex. It’s not just about finding the best deal, but finding someone to work with who will give you honest advice and help you get into a mortgage that you can afford. But are there experts out there you can give you that sort of Colorado mortgage advice? Is there someone who will get you into the best Denver mortgage product, while still remaining ethical? The answer is yes.
Watch Out When Colorado Mortgage Experts Offer The World
One of the problems that got so many people into a mortgage mess is that their Denver mortgage expert or Colorado mortgage expert made them an offer that would fix all of their problems. These mortgage experts put customers into deals that just didn’t work out and now people are liable to lose their homes. If you want to get into the right mortgage product now, then you need to look for someone who will look at the Colorado home loans available and tell you the ones you can’t have.
Sounds strange, doesn’t it? But that’s the way you can tell a Denver mortgage lender with credibility from one who is more unethical.
In the recent past, when it seemed like everyone was buying a home, too many Colorado mortgage professionals weren’t being honest with their clients and the result was bad loans that have turned into foreclosures. The lenders involved weren’t looking out for their clients, instead they were just interested in getting them started on a loan which may have been low at first, but now has turned into trouble. Instead, a mortgage pro has to look at what will happen to a customer now and in the future.
How do Ethical Denver Mortgage Professionals Work?
In the midst of this crisis, ethical Denver mortgage professionals are working hard to gain back the reputation lost by bad lenders. Unfortunately, the names of everyone working in the business were hurt by the people who worked on bad loans. It will take hard (and ethical) work to repair that.
If you are a potential customer, then you need to be looking out for the professionals who are out there, coming up Colorado mortgages while fighting to be ethical. They have good products that will help a homeowner and they are working in that person’s best interest. Seek out the Colorado mortgage experts who are client-focused and who have been in business for a long time thanks to that philosophy. You want an expert whose business focuses on:
• Selling reasonably priced Denver mortgage products
• Finding many good options in Colorado mortgages for customers that will last throughout the years
• Making sure the clients remain credit-worthy homeowners
• Putting customer service first, so their business grows thanks to referred and repeat customers
The mortgage crisis may have knocked some bad mortgage providers out of the business, but that doesn’t mean there aren’t still traps for customers. They need to keep looking for reliable home loan experts. The key is the kind of Denver mortgage advice you get and whether it’s honest enough to really tell you what kind of program you can get into. If an offer is too good to be true, it probably is.
This article is written by J.B. of 1st American Mortgage and Loan, LLC, a Colorado mortgage lender who offers access to information on obtaining a Colorado mortgage loan as well as other information on loans in Colorado online mortgage quotes, and rates through his website TrueMortgageQuote.com http://www.truemortgagequote.com).
Sell House Quick
Jul
29
Bankruptcy: A Concise Guide
Posted by: | CommentsDefinition of bankruptcy:
Bankruptcy is one method of getting out of debt. It is a court order that transfers responsibility for dealing with creditors to the Official Receiver, who also takes control of the debtor’s money and assets and distributes them fairly to all their creditors. Once all debts have been paid or written off or an agreement reached, the individual is able to make a fresh financial start.
A bankruptcy order is granted by the court when it receives a petition (application) from either the debtor or one or more of their creditors if the amount owed is more than £750 in unsecured debt.
Bankruptcy has its advantages and disadvantages although it’s an extreme measure and should be considered very carefully. Just because you’re in a lot of debt, it doesn’t mean that bankruptcy is your only option. You’ll need to speak to a financial expert who’ll advise on the best course of action for you. Some useful sources of help are the Citizen’s Advice Bureau, the government Insolvency Service, the National Debtline or the Consumer Credit Counselling Service.
Advantages of bankruptcy:
your creditors will be dealt with by the receiver
court action against you to recover money may be stopped
your debts may be written off
you’ll be allowed to keep a certain amount of money and household items to give you a reasonable standard of living
you’ll be able to make a fresh start when the bankruptcy order has been cancelled
Disadvantages of bankruptcy:
you may have to pay a court fee of up to £475 for the bankruptcy order
not all debts can be written off - e.g. court fines
your details will be entered onto a public register of bankrupt individuals so other people will find out about it
you won’t be able to apply for any more credit while the bankruptcy order is in force
you may lose your home or any luxury possessions that you own if they have to be sold to repay your debts
if you own a business, it may be closed down and the assets sold
you could lose your job depending on your employer and what profession you work in - some don’t allow individuals who become bankrupt to continue working
you may be subject to a bankruptcy restriction order, which can make it very difficult to take out credit or other financial products in the future - this might happen if you have been reckless with your finances or have been dishonest or uncooperative with the Official Receiver
Petitioning for bankruptcy:
Bankruptcy orders are arranged by your local court. You’ll need to fill out a couple of forms - a petition and a state of affairs, which can be obtained from your local court or from the government’s Insolvency Service website (www.insolvency.gov.uk). You’ll need to list all your debtors and all your assets - from bank accounts to valuable possessions. It’s a criminal offence to make a false statement on these forms, so you must be truthful. It’s also illegal to sell any items before the bankruptcy order or to hide any goods that you own.
The court will review your case and will only grant you a bankruptcy order if it feels that you have no other means of solving your debt problems. Once the order is in place, your accounts and assets will be frozen and the Official Receiver will investigate your finances. First they will interview you. Then they’ll give notice of your bankruptcy order to various bodies, such as your local authority, sheriff court, land registry, utility companies, banks, insurance companies, landlords and solicitors, in order to determine what debts you owe and what assets you have. Once the Official Receiver has compiled a comprehensive report on your finances, a copy will be sent to all your creditors and your assets divided equally among them.
You’ll normally be discharged from your bankruptcy order within a year, by which time your debts will either have been paid back or written off.
Alternatives to bankruptcy:
If your debts haven’t gone too far down the line, it may be possible to come to an informal arrangement with your creditors that will allow you to repay your debt in a manageable way. You can try to negotiate a repayment plan in which you make your repayments in affordable regular instalments. It may cost you more in interest in the long term, but it could be a more viable option than bankruptcy.
If this doesn’t work, a formal, legally binding arrangement called an Individual Voluntary Arrangement may be able to be set up with your creditor. You’ll need the services of an insolvency practitioner to arrange this.
Alternatively, insolvency practitioners also offer debt management plans, in which they take on management of your debts for a fee.
If one or more creditors has obtained a county court judgement against you and the total owed is less than £5,000, you may be able to apply for an administration order at your local court, under which your repayments to your creditor are made via the court, which takes a portion of the repayment for administering the repayments.
Sell and Rent Back
Jul
28
Sell House Fast to Score a Point Over your Debt-ridden Situation
Posted by: | CommentsSeveral factors may come together to urge one to take the step of selling one’s house. Some of the reasons other than apparent financial difficulties can be divorce, illness, property inheritance and the like. It usually comes when you are trying to cope up with a situation which pops out of the blue to disarrange your normal life. And it is a change as such that usually requires cash for its resolution. Quick house sale is the recognised financial scheme to go about it when one needs to sell one’s house fast.
Likewise, if you have emigration plans, you may ideally want to sell your house. But then again, you surely would not want to do it in a traditional house selling mode through a common real estate agent. This is because it can take over six months at times, while you find yourself entangled in a sale chain. This is too slow a procedure, where there are several negotiations and formalities to be completed. And when the sale chain is long, you know what happens. It can collapse at any time due to disagreements or simply miscommunication or due to any one link in the chain not living upto his commitments. This not only results in a lot of time-waste as the procedure stretches on and on, it also causes frustration as much the uncertainty factor creeps in.
In today’s times, one needs to sell house fast. Situations are dynamic where you need to resolve things fast. It is no wisdom to linger on, hoping to finally make a sale, dependent on your real estate agent. It may be too late before you finally manage a sale.
With a quick sale scheme, you get a sale before the cows come home. In fact, it can be as quick a time, as a single day. So, within twenty four hours, you have the cash in your hands. To sell house fast thus, you can contact the special property agents online and then enjoy the quick affair.
Sell and Rent Back
Jul
26
Rent to Own - 21st Century Home Owning Idea
Posted by: | CommentsRent to own is used in many instances, for instance there are various types of products available in a rent to own facility.
Rent to own is an agreement, which offers the home buyer the opportunity to live in a house, for a fixed and confirmed period of time. There are monthly rental payments to be made to ensure the renter stays entitled to live in the apartment or building.
The owner of the property and the person who is renting to own, sign a binding contract. The renter has the option to purchase the house or apartment from the owner in the closing stages of the contract. This part of their agreement is a lease option.
The lease option refers to the option given to the renter to purchase the house after the expiration of the terms of the contract. The renter pays the rent and after a specific time period, the house belongs to him or her.
The agreement to rent to own, enables the renter to save up for the cost of the house, while benefiting in various ways, including being able to afford the house.
Houses are put up on the local market. Rent to own agreements begin as a traditional lease and then becomes available for sale, if and when a renter decides to purchase the house. The owner and renter work together to propose an agreement, while the agreement may last for quite a few years down the road. When you rent out a house, you still pay any applicable sales taxes as well, this means the renter can save on a down payment.
Rent to own does carry some disadvantages, since the renter may pay much more than that of a bargain. A renter may be short on money, with the regard of financial stability. Meanwhile there is plenty of time to turn his or her luck around and then when everything is favorable, he or she may purchase the house. Time is precious and in these types of cases, there is an allowance of plenty of time for the renter.
Rent to own property is a good idea for those who have a credit rating which is not up to par. Rent to own property allows the renter to make an improvement in his or her financial conditions, which will improve their credit rating and their future financial conditions.
As their future prospects improve, the renter many be able to purchase the house they are currently living in, while making an improvement in various other aspects of his or her financial condition as well.
Rent to own does have its disadvantageous since the renter eventually pays a good deal more. For instance, in cases of a mortgage, the renter will pay a much higher amount than in a rent to own agreement. Generally, rental property is to small and rather cramped at times, whereas a rent to own house may offer lots of benefits, the least of these being spacious and providing lots of room to move around and live.
If you are interested in rent to own, check out various local media, such as the newspaper, ask your family, friends and other associates if they know of any rent to own opportunities. You can always go online and use the search engines to find something you would like to rent to own.
Repossession
Jul
26
Refinance Bad Credit Home Mortgage
Posted by: | CommentsWhat Bad Credit Means to Your Refinance
Home refinancing is very easy for people with good credit scores, but can be challenging for someone with a less-than-desirable credit history. This doesn’t mean you should give up, though, because while applying and qualifying for home refinancing is tough, the benefits are more than worth the hassle. Read on to find out more.
While refinancing with bad credit is ideal for receiving cash from your home’s equity, if you have a low credit rating, finding a suitable lender and rate is challenging. People refinance for various reasons. This includes obtaining a lower interest rate, switching to a fixed rate, lowering the length of their mortgage, etc. However, if you refinance with poor credit, lenders may not offer the best terms or rates. In fact, you may receive quotes with a higher rate.
A bad credit score can lead to several problems for the home owners as they are not able to avail the programs mentioned . Generally all home owners are looking for the best possible deal but problem persists with people having a bad credit score as there is no bank or financial institution to refinance their bad mortgage loan with best deal in the market. There are many people in United States who are looking to opt for credit home mortgage refinance so that they can pay affordable monthly payments. It helps home owners to refinance their bad mortgage loans at lower monthly payments which they can afford to pay.
Do you have a credit score of 615 or lower?
The credit score consumers see on their credit report can range from approximately 300 to approximately 900. (A credit score can also be referred to as a FICO score). Most people fall somewhere between the 600 and 700 range. According to Bankrate, those with a 620 credit score or lower tend to have a history of late or missed payments on their existing debt and most likely will not qualify for a conventional mortgage. These consumers are considered subprime, and the mortgages that are granted to them are called subprime mortgages.
Every 50 point drop, on average, adds a point or two to that loan. If you have bad credit and are looking into a home mortgage refinance, you may be wondering if you will have problems finding a lender who will work with you. For the most part, depending on your situation, you will most likely be able to find a lender willing to assist you in a refinance.
Getting Approved with a Low Credit Score
Individuals living with bad credit know how difficult it is to obtain a home loan. Traditional mortgage lenders and banks consider you a high risk and may deny your loan application. However, it is not impossible to get a loan with bad or poor credit. Individuals who cannot receive traditional financing may be able to obtain a home loan with a sub prime mortgage lender.
To start the process for your bad credit mortgage refinance loan you should call a reputable mortgage broker to discuss your options. Mortgage brokers are the primary source for bad credit refinance loans, and a good mortgage broker will be able to guide you through credit clean up as well. Although having bad credit may seem like you are trapped and running in circles there are ways to fix and improve it. The best part is is that once your credit history is improved know one will ever know the difference except you!
Nonetheless, numerous lenders (sub prime, high risk) offer refinance mortgages to individuals with bad credit or no credit. Before signing the paperwork, carefully weight the advantages and disadvantages of a refinanced mortgage. Moreover, you must thoroughly consider the savings. Refinances involve huge fees. If your overall savings are marginal, refinancing is not a good option. Attempt to improve your credit score, and then refinance your home loan.
Sometimes when you get a home mortgage refinance with bad credit, you end up paying more in interest than you would like. If this is the case, you will want to consider refinancing in another year or two. By then, you will have improved your credit score by making regular payments on your refinanced mortgage. In today’s financing market, you don’t have to be worried about getting approved or not for a refinanced mortgage. You should be concerned over finding the lowest costing financing. Luckily, online lenders make the search so much easier.
DON’T LET THEM TAKE YOUR HOUSE!
It’s sad, but it’s true. Whether you are a homeowner who experienced a sudden loss of job or income, a first home buyer stuck with a mortgage you can no longer afford, a person who suffered a critical injury or illness and now has overwhelming medical bills, or even an investor who was unable to sell before the bubble burst, the skyrocketing numbers of foreclosures will devastate millions of people personally and financially, not to mention ruin their credit for many years.
What You Don’t Know About Foreclosure Could Cost You Much More Than Just Your Home. You Need To Know The Foreclosure Defense Secrets!!!
Real Estate Professionals
Jul
26
Statutory Basis for Appointing a Receiver in Federal Court
Posted by: | CommentsThe Federal Rules of Civil Procedure outline statutes which also regulate the appointment and duties of a receiver in federal courts across the country. Rule 66 states that “The practice in the administration of estates by receivers or by other similar officers appointed by the court shall be in accordance with the practice heretofore followed in the courts of the United States or as provided in rules promulgated by the district courts.”
Other federal regulation of appointed receivers is evident in the United States Code, which governs court procedures. Title 28, Section 959 states that “Trustees, receivers or managers of any property, including debtors in possession, may be sued, without leave of the court appointing them, with respect to any of their acts or transactions in carrying on business connected with such property.” So, if a court determines an appointed receiver was fraudulent or negligent in their duties of maintaining real property, they could face litigation themselves.
The conduct of a receiver when overseeing receivership property located in a district other than that of the court that appointed them is discussed in Title 28 Section 754 of the United States Code.
One important distinction between the federal court system and the State of California’s is that federal courts rely on decisional law, or the reported usages of the property in question. California courts rely upon statutes to determine in which cases and at what capacity a receiver should or may be appointed.
Depending upon whether the case is presented in a federal district court or a court of the state and locality, this will determine which rules will govern the appointment of the receiver. Divorces and real estate issues will most likely be determined in the local courts, but federal violations such as tax evasion or fraud will likely be presented to a federal court of law.
Federal law also allows for federal agencies and commissions to ask the court for an appointed receiver to help them perform their regular duties, much like the agencies in the State of California. Some of these agencies may use receivers as a form of injunctive relief, to simply enforce a court’s decision or order – this is commonly achieved in the federal court system, allowing these agencies to pursue additional cases versus regulating those which have been determined already. Others, like the Securities and Exchange Commission, could use a receiver to control a party or business which is violating securities laws.
Repossession
Jul
25
Know What Mortgage Type Works for You to Avoid Foreclosure
Posted by: | CommentsIt seems like Freddie Mac CEO Richard Syron is getting the blame for the housing crisis that hit the country terribly. Former chief risk officer David Andrukonis claims that we could have prevented the crippling housing crunch had Syron listened to him in 2004 when he warned the CEO against investing in risky mortgages – loans that can cause financial problems in the future.
Years later, we found ourselves immersed in the very thing that Andrukonis warned about: a housing crisis caused by risky mortgages. From a homeowner’s perspective, it’s frustrating to know that a large-scale problem like this could’ve been avoided had concerned officials been more receptive to signs.
But there is no use in pointing fingers now. The damage has already been done; we must focus more on solving the problem and making sure that it doesn’t happen again. Fortunately, the new housing bill, which provides a number of housing assistance measures for troubled homeowners, was signed into law last month. That takes care of solving the problem.
Now, how do we make sure it doesn’t happen again?
The answer is simple. We just have to be careful with the kinds of mortgages we purchase. Now that we know how risky mortgages can contribute to the problem, we must think of ways to avoid them. And we can do that by acquiring knowledge on the different types of mortgages to eliminate the possibility of being duped by lenders. Be familiar with the following:
· Adjustable rate mortgages (ARMs) – rates change depending on the interest rates in the marketplace. The amount you pay for this kind of mortgage will depend on the interest rates on the loan, meaning, you pay more if the interest rate rises, and less if it falls. There are 10/1 and 7/1 ARM. 10/1 ARM means that your rate is fixed for ten years and then adjusts each year. 7/1 ARM is the same; your rate is fixed for seven years and then adjusts every year. This however, has a high chance that payments will shoot up drastically.
· Option adjustable rate mortgages – you can choose the payment scheme for your mortgage each month. You can either pay a low minimum payment, pay-only the interest, or choose a 15-, 30-, or 40-year amortization schedule. This allows you to base your payment scheme on your monthly budget. However, there is a possibility that you don’t build equity for your house because you’re only making small payments, making you owe more on your house at the end of each month.
· Negative amortization loans – these sometimes result from option ARMs. This type of loan doesn’t lessen your balance because you pay so little that you don’t even cover the interest, making your balance stay the same. This will make you owe the bank more money, because aside from the principal balance, the interest rate you didn’t pay is added to your loan.
· Interest-only loans – allow you to make small monthly payments, especially if you have a varying income. You don’t pay off your balance right away because you only pay for the interest, so you end up not building any equity for your home. However, this makes it possible for people to purchase more expensive homes without paying a lot. You can also customize your amortization schedule with interest-only loans.
Hopefully, you’ll be able to make a sound decision in case you are planning to buy a house, now that you have an idea of how each type of mortgage works. This will allow you to identify which type works well for you. Another thing that would greatly help is communication with your lenders and brokers. If there is something that you need to clarify, ask. It never hurts to ask especially if you don’t want to be the one suffering from all the hurt in the future.
MortagesForEveryone.com ( http://www.mortgages-for-everyone.com ) is a site that aims to provide information about mortgage-related concerns like refinancing your home, interest rates, using your home equity, down payments, home improvement loans, and many others.
Article source: http://www.mortgages-for-everyone.com/news/how-to-identify-risky-mortgages/
Sell and Rent Back
Jul
24
Cheap Home Insurance - How to Find Cheap Quotes Easily
Posted by: | CommentsCheap home insurance is certainly something every home owner is looking for. Because you know nothing is better than protecting your home with an insurance and saving lots of money on it too.
So how can you get a cheap home insurance? Here are some factors that your home insurance costs depends on and how to save money…
1. How Big Your Home Is
You know that obviously, insuring a one bedroom flat is much cheaper than a 10 bedroom mansion. So the cost of your insurance depends on how big your house is.
2. Choosing Your Home Insurance Company
You know how many different home insurance companies are out there and each have their own different home insurance quotes, conditions, policies and rates.
So doing enough research and comparing them is very important before you choose one.
Actually, did you know some of them have rates as much as 250% different? So just imagine how much money you can save by simply choosing the right insurance company for you.
The goal is, finding a cheap home insurance company that is also reliable with a great service and protection.
3. Your Home Safety History
Are you a careful person and haven’t had any accidents happen to your home in the past? Of are you or your children usually careless and you have had several accidents happened in the past?
This all has an effect on how much your insurance company will ask you to pay.
Of course natural events like an earthquake are certainly out of your hands, but for the rest that we usually cause by our own mistakes, your home safety check is important to determine how much you’ll pay for your home insurance.
How to Find the Cheapest Home Insurance Deals?
Internet is not the easiest and fastest way to do research about almost anything including finding cheap home insurance providers.
With just a few clicks you can find and compare lots of insurance offers, deals, and quotes to find the cheapest and best one for you.
You can also read other people’s reviews about each company to find out which one is reliable and credible and which one may be a scam, so you can protect yourself all the way.
Repossession
Jul
24
We Buy Houses - Do YOU Know The Top 5 Ways to Sell Your House Fast in Austin Texas?
Posted by: | CommentsThink listing your home with a Realtor is the only way to sell?
Think again! With today’s glut of underpriced foreclosures on the market and house values dropping steadily, there is not only a lot of competition out there, but houses must be priced right to compete! In reality, in Austin Texas it can take many months to sell a house through a Realtor. After all, it is a “Buyer’s Market” right now.
But what if you don’t HAVE months to wait to sell your home?
What if your Austin Texas house needs repairs or updating to attract buyers your Realtor brings over?
What if, like many Americans, the mortgage is a little behind and you want to see if you can “get out from under it”…and fast!
What if the property was 100% financed and you owe more than it’s worth?
What if the house is in foreclosure, an auction date has been set, and time is running out?
The good news is that there ARE ways to sell your Austin Texas home fast, and it may be even easier than you thought!
Yes, even in today’s market it is possible to sell your home fast, though it may not be through a Realtor.
There are alternatives that many folks are just not aware of. Believe it or not, there are ways to sell your Austin house fast, without having to use a Realtor, while paying ZERO fees, commissions, buyers’ concessions, or repair costs!
When you sell your Austin Texas house to us, you’re offered at least FIVE programs to ensure your house is sold FAST, and the anxiety is gone!
We can pay all cash to you. If you need us to, we can pay you all cash for your property and close quickly! How can we do this? Unlike a traditional buyer who is at the mercy of the banks trying to qualify for a loan, we’re a professional house-buying (investment) company, which means we have the ready funds to quickly buy your Austin Texas house ALL CASH. There is no waiting and wondering like there would be with a traditional buyer who needs to get qualified for a loan, cancel their existing lease, etc, etc.
Plus, we buy properties AS-IS, meaning even if it needs repairs (big or small) or updating, we don’t care! We buy houses in any condition, and we won’t try to make you pay us extra at closing toward repair costs, like you would with a traditional sale of a less-than-perfect home. What a hassle!
And we buy Austin houses FAST! If you simply can’t, or don’t want to, make another mortgage payment, we can close in as little as 24 hours! No more waiting and worrying when, or if, your house will sell! We can make you an offer immediately, and we close when we say we’re going to close, which is often lightning fast!
We can take over your payments. We can buy your house in Austin Texas by making the payments going forward and give you cash to move into a new place. We pay for any fix-up costs if needed and if payments are behind, we are responsible for catching up the payments to save your credit and relieve your anxiety.
We can buy your house for less than you owe (if you have little to no equity)! We do this by negotiating the mortgage balance with your lender on your behalf. If you wouldn’t be able to sell your house with a real estate agent without having to write a big, fat check at the closing, then this is likely your solution. We have an experienced team of negotiators who KNOW how to deal with tough banks! We know exactly what lenders are looking for!
We can help you with a house swap! If you want to buy another house, but you can’t until you’ve sold your house, we can help you with a “house swap.” Not only can we buy your house, but we’ll help move you into a new one that you like.
We can repair or update your Austin Texas house to sell it fast! And you get the satisfaction of knowing your house sold in great condition at a higher price.
We buy houses from people in every situation imaginable and we make the process fast, fair, and friendly. RedBuysHouses.com is a team of local Austin Texas home-buyers that purchase properties as investments. We can relieve you of your mortgage payments and give you money to move on and be free. RedBuysHouses.com - The fastest way to see if your house qualifies for our “Quick House Purchase Program” is to complete our confidential, risk-free “Seller Questionnaire” and we will contact you within 24-28 hours.
So remember, even if you owe more than (or almost as much as your house is worth), we are your best chance at getting you out from underneath your home and freeing you to get on with your life…We work with an experienced team that has helped over 900 homeowners sell their no-equity houses, and if that’s your position, we can do the same for you! Call us locally at 512-945-6006 so we can research the value of your property and tell you honestly what your options are. Call today - You have nothing to lose and everything to gain!
Quick Property Sale
Jul
23
One Month Hence Nandaram Rises From Ashes: the Burrabazar Massacre
Posted by: | CommentsIt has been a month since the worst fire in living memory gutted the Burrabazar trade hub in Kolkata. But the signs of devastation are still manifested at every step. The charred remains of the Nandaram complex in the area bear a testimony to the universal fact that nothing in this world is permanent. Still, like the Phoenix, Nandaram complex has risen from its ashes, and is trudging towards starting a fresh episode of business and livelihood.
Last month, when the fire demon had unleashed its fury on the trade hub located in the heart of the Metropolis, Headlines India had taken its readers on a journey inside the complex- right up to the thirteenth floor, giving them a lucid picture of the ravaged building. A month after the fire first broke out in the area, Headlines India visited Nandaram complex once again, and decided to do a reality check into the state of affairs in what happens to be the largest trade zone of Kolkata, and also the lapses on part of the administration.
The facts we came across with are astonishing, and reveal the extent of deterioration the once-loved ‘City of Joy’ has undergone, thanks to state’s laidback administration.
For anyone who has never visited Kolkata, the old-world charm of Burrabazar would seem alien. The scene in the trade hub - millions of people walking past dingy lanes full of potholes; daily wage earners running around with heavy loads on their heads; auto rickshaws, hand-pulled rickshaws, scooters, bicycles, cows and dogs alongside a horde of pedestrians, hawkers and traders; dilapidated buildings and claustrophobic shops - might even sound scary to many. But for Kolkatans, the true spirit of shopping lies in Burrabazar. They can brave the jerky rides, they can brave bumping into someone after every step, and they can even brave getting suffocated. But they cannot do without shopping at Burrabazar, which sells everything one can imagine, at wholesale prices.
Till exactly a month back, the same scene could be seen everyday at Nandaram complex. Now, the complex looks more like a ghost house from a horror film. On visiting the complex, one is filled with a sense of shock and fear, tinged with a heavy dose of sadness. The yellow walls have turned charcoal black, and the grilled windows are now lying as nude hollows in the walls.
Inside the building, there is pitch darkness, as electricity has been disconnected. The shops still lie in a damaged state, with collapsed shutters, charred walls and burnt goods. Although a large portion of the debris has been removed, at every floor inside the building, fire has left indelible signs.
The elevator in the building is out of order, and traders and labourers are in constant movement along the stairs, which are lit by the sun peeping through the windows. A police picket is positioned on the fifth floor, beyond which no one - including the media - is allowed to go. They tell Headlines India that the building is extremely unsafe, and hence the floors above the fifth floor have been locked away from public eye. Large chunks of the building are being thrown down from the top floors, after Kolkata Municipal Corporation (KMC) passed orders to demolish the unsafe portions of the building.
And amidst all this chaos, business has already begun in the lower floors of the building. Although the goods have been destroyed, and there are hardly any takers, the traders who have lost it all in the fire, are trying to pick up the bits and pieces of their shattered lives, and move ahead. The same old scene of traffic congestion, hodge-podge of people, sound of horns mingled with the shouts of traders and hawkers has returned to areas adjoining Nandaram. But one still feels something is lacking. It is the old spirit of the Nandaram complex, which now stands engulfed in an eerie silence.
The gory sight that greets any person passing by Nandaram complex in Burrabazar area of central Kolkata, is enough to make one’s stomach churn and eyes moisten. The market, which operated in full swing till a month ago, has now been reduced to a pile of bricks, rubble and debris of goods that were ravaged in the devastating fire that engulfed the complex on January 12, and kept rearing its ugly head for more than 100 hours.
The fire has been doused, but the pain as well as the scars of the burn still remain - on the building, which has forgotten its trademark yellow colour, and worn a sooty cover, on the area adjoining the complex, which bears an ominous look, despite the business having returned to near normalcy, and in the hearts of traders who were reduced from riches to rags in less than a week
On a recent visit to Nandaram market, Headlines India stumbled upon many facts, which mainly reflect the laidback attitude of the administration. Perhaps, the fire could have been averted, or maybe controlled, had the administration been a little more alert! Perhaps, the damage would not have reached to such an extent, had the administration realised the consequences of a disaster in an area like Burrabazar.
After the recent fire, the administration has been claiming that the building - from sixth floor to the twelfth floor - is illegal. Talking to Headlines India, S K Chowdhury, Secretary of Nandaram Market Traders’ Welfare Association, accepted that the top floors are illegal, but at the same time, alleged the administration of being negligent and claimed that it was the administration that did nothing to demolish the "illegal" structure.
Chowdhury said, "In 1988, the Supreme Court had declared the top seven floors of the building illegal. We accepted the honourable court’s order, and after that, we appealed to the authorities many times to demolish the illegal portions of the buildings. They came a couple of times, but ultimately, on grounds that the structure was solid, we came to a settlement and the demolition was deferred. Then, after some years, we again asked them to demolish the upper floors, but they never paid any heed. Then last month, the inevitable happened, and see what state the building is in now."
Chowdhury added, "Now, when a massive fire has gutted the building, and a big question mark has been put on the safety of the markets in Burrabazar, they are trying to cover up their negligence by saying that the building is illegally constructed. We agree that the building is illegal, but then again, they are to be blamed for not having done anything about an illegal establishment. Forget about demolition, the authorities have even been collecting tax from us. And to top it all, they have issued us trading license, and we are operating through these licenses."
S G Toshniwal, a trader who has lost two of his shops in the Burrabazar blaze, also has similar complaints against the authorities. He told Headlines India: "All of us in this area operate through valid trade licenses. The licenses have been issued by the authorities, so how can they say that the markets in Burrabazar are illegal? We are even paying taxes, but when it comes to getting some kind of support from them, we get nothing."
Perplexed at the tax collection and trade license issuance by the authorities for an establishment termed "illegal", Headlines India procured a set of trade licenses and tax collection documents from Chowdhury. We found that the license and other papers are authentic and valid, and to our utter surprise, Kolkata Municipal Corporation (KMC) had collected tax for the shops even till the end of 2007, that is, just a little more than a month before the fire broke out!
B D Mimani, Secretary of Chamber of Textile Trade and Industry, Kolkata, feels that this does not end here. Besides the lapses on part of the administration, Mimani is more disheartened by the lack of empathy the authorities have for the people who have lost almost a lifetime of their sweat and blood in the fire. Expressing his disappointment to Headlines India, he said, "We have been hearing that the affected people will get compensation, but nothing is happening so far. In fact, in the last 20 years that I have been associated with business in Burrabazar, I don’t remember people even coming to see how we are functioning."
Explaining the problems traders face in Burrabazar, Mimani said, "The buildings are old, there are not to many modern equipments to combat disasters. Moreover, we face problems of electricity, water and other infrastructure. But no body cares to think from our perspective. They just say that our establishments are illegal, and that they would demolish them. We are ready even for that. In fact, it will be a welcome change to all of us. But they are not even doing anything to create new structures."
Having heard all complaints and problems of the traders of Burrabazar, Headlines India reporter went to meet Dipankar Dey, Member Mayor-in-Council, Buildings and License. After much reluctance, Dey agreed to talk to us. When asked about the complaints of the traders, Dey shrugged off saying tax collection or issuance of license does not have anything to do with an establishment being illegal. "We offer trade license to anybody who has a possession of space and wants to start a business. And possessing a space means he will have to pay tax. All this does not have anything to do with a building being legal or illegal," Dey said.
When asked about the failure of KMC to demolish the building after it was declared illegal in 1988, Dey said, "We went there a couple of times to demolish the construction. But we were attacked by the traders and their friends. So we did not go again. Now we have given orders to demolish the upper floors and the work is already in progress". So after being attacked by the traders in Burrabazar, did the KMC officials file any police complaint? Dipankar Dey had no answer. He evaded the question, and left in a hurry.
So what is happening in the fire-ravaged Burrabazar now? The traders have started believing in the saying that "Self help is the best help", and are now fighting to build their shattered lives anew. The 693 tenants of Nandaram complex have formed Nandaram Market Disaster Management Welfare Committee, and are helping each other in every possible way. They have also formed a core committee named Burrabazar Fire Relief Committee, consisting of various associations, which are extending relief to the affected people.
Meanwhile, the administration has also formed a core committee, consisting of police, electricity department, fire department and KMC. The committee has ordered demolition of unsafe portions of Nandaram complex. Their long-term plans are not known yet, but all the traders are hoping that at least this time, something would be done to address their woes.
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