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goldenrefundretrievers · 8 months ago

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Reclaim Your Surplus: Expert Tips on Foreclosure Recovery

Dealing with foreclosure can be tough, but there’s a positive aspect many people miss: surplus funds. When your home is foreclosed and sold at auction for more than you owe, the extra money, known as foreclosure surplus funds, could be rightfully yours. Here, we provide expert tips on how to recover these funds and get back on your feet.

Understanding Surplus Funds

Surplus funds, also known as surplus money or excess proceeds, refer to the amount of money left over after a foreclosure sale when the property sells for more than the outstanding mortgage debt and associated costs. When a possession is foreclosed, it is usually sold at an auction. If the winning bid exceeds the total amount owed on the mortgage, including any interest, fees, and legal costs, the excess amount is considered surplus funds.

The Importance of Foreclosure Surplus Funds Recovery

Recovering foreclosure surplus funds can provide a much-needed financial cushion during a challenging time. These funds can help you:

Pay off debts

Cover moving expenses

Secure a new home

Rebuild your financial stability

Steps to Recover Your Foreclosure Surplus Funds

Identify Surplus Funds Availability

First, determine if surplus funds are available from your foreclosure sale. You can do this by contacting your county’s clerk of court or visiting their website. Look for the surplus funds list, which is often publicly available.

2. File a Claim

Once you’ve confirmed the availability of surplus money, the next step is to file a claim. This usually involves submitting a formal application or petition to the court. Be prepared to provide documentation such as:

Proof of identity

Foreclosure sale details

Mortgage payoff information

3. Understand the Deadlines

Each state has specific deadlines for filing claims for surplus funds. Missing these deadlines can result in losing your right to claim the money. It’s crucial to act promptly and follow the legal timelines.

4. Seek Legal Assistance

While it’s possible to handle the claim process independently, consulting with a foreclosure recovery expert or attorney can simplify the process. They can help you navigate the legal requirements, ensure all paperwork is correctly filed, and represent your interests in court if necessary.

Tips for a Smooth Foreclosure Surplus Funds Recovery

a) Keep Accurate Records

Maintain detailed records of all foreclosure-related documents, including notices, sale details, and any correspondence with the court or lender. These records can be vital when filing your claim.

b) Monitor the Status

Regularly check the status of your claim. Some courts may take several weeks or even months to process surplus funds claims. Keeping yourself updated can help you quickly deal with any issues.

c) Be Suspicious of Scams

Unfortunately, the foreclosure surplus funds recovery process can attract scammers. Be cautious of unsolicited offers from companies or individuals promising to recover your funds for a fee. Always verify the legitimacy of anyone you choose to work with.

Wrap Up

Foreclosure can be a challenging experience, but reclaiming your surplus funds can provide a crucial financial boost. By understanding the process and following these expert tips, you can navigate the foreclosure surplus funds recovery process with confidence. Remember, acting promptly and seeking professional assistance can significantly increase your chances of successfully reclaiming your money.

If you’re feeling overwhelmed or unsure about how to proceed, connect with us for guidance. Golden Refund Retrievers LLC team of foreclosure recovery experts can provide personalized advice and support to help you reclaim your surplus funds. We understand how complicated this can be and are here to help you every step of the way.

For more information or personalized assistance, connect with us today. We’re dedicated to helping you recover your surplus funds and move forward with financial stability.

#surplus funds

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heircrown-blog · 1 year ago

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#UnclaimedProperty #Foreclosure

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getmanlaw · 1 year ago

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SCHUYLER COUNTY GIVES TAX-FORECLOSED PROPERTY OWNERS ANOTHER CHANCE.

Schuyler County’s annual property tax auction is scheduled to begin Monday, October 2. However, county officials are giving foreclosed property owners one last chance to avoid the loss of their land.

On Monday (August 14), the Schuyler County Legislature voted to allow former owners who lost their properties in this year’s foreclosure to submit offers to County Treasurer Holley Sokolowski to buy back the land. If accepted, County Attorney Steven Getman is authorized to prepare a deed to the former owner, returning the property.

The offer must be accompanied by payment of “the full amount of taxes, penalties, interest and other county expenses involved with the property,” the legislature held.

Offers can be accepted up to two weeks prior to the auction, or September 18, Sokolowski said.

“After the deadline, any remaining properties will be sold to the highest bidder at the county’s tax auction,” she explained.

Prior to the deadline, the county provides written notice of the buyback option to the former owners, Getman noted.

“The notice reminds them of the foreclosure and provides a way to avoid the sale,” Getman said. “Notices are sent by mail and, in addition, copies of the court’s foreclosure judgment are served on the properties by the sheriff’s department.”

The foreclosure order transferring ownership of each property to Schuyler County was entered by the New York State Supreme Court on June 27, Getman said.

The August 14 resolution is the latest step in the county’s efforts to collect overdue taxes while keeping people in their homes, Sokolowski said.

According to Sokolowski, each November, the county mails out Foreclosure Notices and Petitions to properties with back tax liens from the prior year. Those notices go out by both regular and certified mail to property owners, mortgage holders and others with identified interests in the delinquent properties. The notice warns that failure to pay the back taxes can result in a court order foreclosing on the property.

The county also publishes a list of the delinquent taxes in two local newspapers and, in certain cases, posts warnings on the properties that they could be sold for back taxes, she said.

In addition, though not required by law, in February, Sokolowski and Getman sent letters, with handwritten notes on the envelopes, to property owners who still had not paid their back taxes, in an effort to prevent foreclosure.

“That cut the delinquent list by more than half,” Sokolowski said. “A lot of people came in and paid when they got the letters.”

Finally, property owners were invited to attend an online conference with state-appointed court attorney/referee, to discuss settlement options with county officials.

Only after each of those steps occurred, Getman explained, did the court enter a judgment foreclosing on the property.

Under the law, after the foreclosure order, the county conducts a tax auction in order to satisfy delinquent property taxes, Getman said. At the auction, the property will go to the highest bidder. The successful bidder must pay the taxes due with any other lawful charges and fees and, is given a quitclaim deed to the property. Sale proceeds are then used to make the county whole for missed taxes, he explained.

“Pursuant to a recent U.S. Supreme Court decision, any surplus funds obtained as a result of the sale will be held in escrow, pending a determination of claims to those funds, above and beyond the county’s costs,” Getman said.

The properties to be auctioned will be posted on the county's website and in pamphlets available at the treasurer's office, Sokolowski said.

As County Treasurer, Sokolowski is the fiscal officer of county government and enforcement officer for unpaid property tax liens.

As County Attorney, Getman is the chief legal advisor for county government and responsible for the prosecution and defense of civil actions brought by and against the county, including tax matters.

The current chair of the Schuyler County Legislature is Carl Blowers. The resolution to allow the buy-back was introduced by the county’s “management and finance” committee, chaired by legislator Phil Barnes. For more details on the buyback program, the tax auction and other aspects of the foreclosure process, interested persons can contact the county treasurer (607-535-8181) or visit the county’s website.

#steven getman schuyler county #holley sokolowski #tax liability #foreclosure

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hakesbros · 2 years ago

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kennethherrerablog · 4 years ago

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Home Equity Loan vs HELOC: Pros and Cons and How they Really Work

Contents For This Post (Click to Open)

What Is a Home Equity Loan?

How a Home Equity Loan Works

Pros of Home Equity Loans

1. Predictability

2. Fast Closing Times

3. Low-Interest Rates

4. Keep Your Mortgage Payment

5. High Loan Amounts

Cons of Home Equity Loans

1. More Interest

2. Less Flexible than HELOCs

3. Potential Home Foreclosure

4. Overextend Your Budget

What About a HELOC?

How a HELOC Works

Pros of HELOCs

1. Cheaper Than Home Equity Loans

2. No Unused Interest Payments

3. Low Introductory Rates

Cons of HELOCs

1. Variable Interest Rates

2. More Complex

3. Repayment Period

4. Possible Lender Issues

How to Get a Home Equity Loan or HELOC

Check Your Credit Score

Know What You Intend to Borrow

Have Equity in Your Home

Be Ready for Closing Costs

Using a HELOC to Pay Off Your Mortgage Faster

FAQs for Home Equity Loans and HELOCs

Are HELOCs and Home Equity Loans Tax Deductible?

How are Home Equity Loans Paid Out?

What Type of Loan is Best For Debt Consolidation?

Are All Home Equity Loans 30 Years?

Are Home Equity Loans a Good Option For Retirement?

Evaluate If a Home Equity Loan is Right for You

Do You Currently Have a Budget?

Not only is owning a home considered one of the American Dreams, it’s can also be a great investment . However, on the surface, it may not look great compared to stocks.

Historically, the stock market has produced between 9-10% returns, whereas real estate has averaged just above inflation at about 5.5% since 1940.

In addition to the lower returns, there is also the downfall of your equity being “trapped” in the home, making it very hard to access.

The solution — a home equity loan.

A home equity loan allows you to borrow against the equity in your home’s value. This type of loan can give you access to a large amount of money for big expenses. There are two common types of home equity debt: home equity lines of credit (HELOCs) and home equity loans.

Equity is the difference between how much your home is worth and how much you still on your mortgage.

There are a few common rules about home equity loans. First off, your home must be worth more than you owe on it. Otherwise, it wouldn’t make sense for the lender to loan you any money. Secondly, you do still have to go through a similar process and paperwork as when you originally bought the home.

What Is a Home Equity Loan?

A home equity loan is a type of loan in which you can use the equity of your home as collateral.

The loan is usually determined by the value of your property and how much equity you have in the home. Lenders tend to let you borrow up to 75% – 85% of your total home value.

Example:

Let’s assume your home is worth $400,000 and you owe $150,000 on your mortgage. This means you have $250,000 of equity in the home. Typically, your lender will allow you to borrow 75% of the equity you currently have in your home.

$400,000 (home value) x 75% = $300,000

Next…

$300,000 – $150,000 (current mortgage balance) = $150,000

This means you are eligible to receive a $150,000 for your home loan. Again, this is a rough estimate but it shows you how to determine the amount of a home equity loan.

Simply plug in your specific mortgage numbers or use a home equity calculator to determine your estimated home equity loan amount.

How a Home Equity Loan Works

A home equity lump sum loan will give you all of the money at once, unlike HELOCs which we will cover next. This makes home equity loans great for projects where you know the total amount needed.

Home equity loans are generally used to finance big expenses such as a college education, medical bills, and home remodels. Most of these expenses are pre-determined and a home equity loan can help pay for those major expenses all at once.

Home equity loans are also typically fixed interest rate loans and become a second mortgage to the home. Like your primary mortgage, you pay a fixed amount each month for a set period of time. Home equity loans are true amortized loans, meaning you are paying part interest and part principle for the life of the loan.

Pros of Home Equity Loans

Like any type of loan, there are pros and cons. Here are the biggest advantages and benefits of using a home equity loan.

1. Predictability

One of the biggest pros of a home equity loan is the payments are the same amount each month. You won’t have to worry about fluctuating interest rates as you might with a HELOC. This makes it much easier to budget for the remaining term of the loan.

2. Fast Closing Times

Home equity loans are usually paid out much faster than other types of loans like a cash-out refinance. Most home equity loans only take 2-4 weeks to go from application to receiving the cash.

3. Low-Interest Rates

Another benefit of a home equity loan is the low interest rates. If you have a major expense, such as medical bills or a major home renovation a home equity loan can give you a much better interest rate than your credit card or personal loan.

Most credit cards average between 10-25% APR and have much smaller limits as well.

Personal or unsecured loans tend to have a higher limit but also much higher interest rates. Home equity loans give you the best of both even if you have to pay for closing costs.

4. Keep Your Mortgage Payment

If you have a low mortgage rate currently you don’t need to sacrifice it for securing a home equity loan. While you can refinance to get a lower home loan interest rate as well, if it doesn’t make sense you can keep the original lower mortgage rate.

5. High Loan Amounts

Compared to other loans, you can borrow a much larger amount with a home equity loan. With the rising cost of tuition, this makes a home equity loan a great option to pay for education expenses or high ticket items.

Cons of Home Equity Loans

While there are plenty of perks to home equity loans there are some downsides to be aware of as well. Here are the four greatest concerns for home equity loans.

1. More Interest

When you get a home equity loan you receive a lump sum, even if you don’t need the entire amount right now. For example, if you are paying for college annually or a remodel in stages you will pay bits of it over time. However, a home equity loan will start accruing interest on the entire amount borrowed even if you don’t need the entire amount right now.

2. Less Flexible than HELOCs

As number one showed, home equity loans aren’t very flexible if you don’t need all the money at once. HELOCs are a better option if you need the money on a revolving basis like a credit card.

3. Potential Home Foreclosure

While home equity loans are secure for the lenders, as your home is used as collateral, this can be a potential risk you could face. If you are unable to repay your loan the bank can take action to recoup.

They can sell your home to recover their funds by foreclosing and forcing you out. This is one of the worst things that can happen to your credit score as well!

Also, it’s always a good idea to automate your loan payments so you never miss a payment and risk potential foreclosure. Many banks will offer a perk such as a lower interest rate or cash back bonus if you do choose to set up automatic payments.

4. Overextend Your Budget

A home equity lump sum loan can give you a huge cash surplus and make it tempting to spend on unnecessary items. Instead, only tap into a home equity loan if you need the money to improve your life. This could be through education, paying off high-interest credit card debt or remodeling your home, which will increase the resale value.

What About a HELOC?

A home equity line of credit (HELOC) is both similar and different to home equity loans. Both of the loans are borrowing against the equity you have in your home, however a HELOC does not force you to take out the entire loan at once.

A HELOC (home equity line of credit) is an open line of credit, backed by the equity in your home, where you can draw from the loan at any time, pay off the balance, and re-draw off the loan again.

You also have a certain equity limit (like your credit card limit) that is available to you to borrow and eventually pay back. HELOCs aren’t one-time transactions and you only pay interest on the amount that you actually withdraw from the loan. The other major difference is that HELOCs come with variable interest rates.

Variable interest rates simply mean your rates may rise and fall over the life of the loan. They follow market conditions and will go up or down based on what interest rates are currently doing.

You will also notice variable interest rate loans tend to offer an introductory rate of 6-12 months or may offer some kind of bank promotion for opening a HELOC. However, after the introductory period the interest rate goes up to match the current market.

How a HELOC Works

HELOCs are structured differently than most loans. The length of the loan can be anywhere from 5 – 30 years but has two separate phases known as the draw period and the repayment period.

The draw period is when you can borrow money from the credit line and varies depending on the term (years) of your line of credit. During this draw period, you can borrow when needed and are only required to make payments on the interest, not principal.

After your draw period is over you enter the repayment period, which means you can no longer draw money from your line of credit. Your repayment phase is the period of time to pay for both interest and principal.

Pros of HELOCs

Most of the cons of home equity loans are the pros of HELOCs and vice-versa.

1. Cheaper Than Home Equity Loans

HELOCs can be cheaper than home equity loans and depend on how long you hold the loan and the interest rates. While it’s listed as a pro, variable interest rates are also a major con as well as markets fluctuate.

2. No Unused Interest Payments

One major pro of HELOCs is that you don’t have to waste money on unused interest. If you are paying for your child’s education you will only pay interest once you tap into your line of credit for each tuition payment.

3. Low Introductory Rates

Another big pro of HELOCs is the low introductory rates. The terms usually range from 6-12 months which makes the interest payments very low for the few months to a year.

Cons of HELOCs

1. Variable Interest Rates

The biggest con to HELOCs are the variable interest rates. After the repayment period a lot can change in the market and interest rates can fluctuate both up and down.

No one can predict the future, but a safe bet is to keep in mind that we have seen historically low interest rates over the past decade and things tend to go both up and down. Therefore, variable interest rates do make it difficult to plan ahead and budget accordingly.

2. More Complex

With a fixed rate rate home equity loan, you know what the payment is going to be every month. But a variable interest rate loan is much more complex. The introductory offer is lower and easy to understand but gets more complex as the loan ages.

3. Repayment Period

Once your draw period is over and you enter the repayment period your payments can grow substantially. This again depends on if you paid extra principal in the draw period. If not, your payments can increase and be a huge financial burden on your budget.

4. Possible Lender Issues

With a home equity loan, you receive the money and don’t have to worry about much else once it’s been deposited. But with HELOCs lenders can abruptly freeze or reduce your amount with little notice. Additionally, some lenders require you to draw a minimum amount once the loan is approved, even if you don’t need the money yet.

How to Get a Home Equity Loan or HELOC

To apply for a home equity loan or HELOC, you should apply with several different lenders and shop around for the lowest interest rates and the best bank promotions. You may find the best rates and promotions at local banks and credit unions.

Check Your Credit Score

The first thing you need to do to get a home equity loan is to check your credit score. On average, the minimum credit score to get approved for a HELOC or home equity loan will be around 620. Of course the higher your score the lower your interest rate will be and vice versa. Additionally, HELOCs tend to want a higher average annual credit score than home equity loans.

Know What You Intend to Borrow

Once you have your credit score at a high enough level figure out what you intend to use the money for. Try to be detailed and figure out the exact amount you need for education, medical bills, a home improvement project, a business venture, or whatever it is you will need the money for. This will help determine which type of loan you should get so you can factor in repaying the loan in the future.

Have Equity in Your Home

If you just bought your home you probably don’t have much equity in your home yet. Make sure that you have enough equity in your home or live in an area with rising home prices to ensure you have enough equity. Most lenders want at least 20% of your current home value in equity before offering a loan.

Be Ready for Closing Costs

Like your original mortgage, you will have to pay closing costs for your loan amount. Closing costs pay for the same expenses as your original mortgage. They include title search, appraisal, attorneys fees, and an application fee. Don’t forget to factor that in by saving money or lumping it together into your loan amount.

Also, closing costs are never set in stone, so make sure to shop around or ask for a better deal than your initial offer. If you don’t ask, the answer is always a “no”.

Using a HELOC to Pay Off Your Mortgage Faster

Jordan Goodman came on the Money Peach Podcast to discuss how you can use a HELOC to pay off your 30 year mortgage in 5-7 years. Not 5-7 years earlier, but paid off in 5-7 years.

How is this possible? It all has to do with the interest. Mortgages are amortized loans where the interest is calculated based on the balance on the first day of the month. HELOCs are not amortized loans and the interest is based on the average daily balance.

To learn more, listen the the podcast with HELOC and mortgage expert, Jordan Goodman.

FAQs for Home Equity Loans and HELOCs

Are HELOCs and Home Equity Loans Tax Deductible?

There were some changes in the Tax Cuts and Jobs Act of 2017 which now only allows you to deduct the interest from a HELOC or home equity loan if the loan is used to “buy, build, or substantially improve the taxpayer’s home that secures the loan”

How are Home Equity Loans Paid Out?

When applying for a home equity loan ask the lender if there is minimum withdrawal amount and the maximum amount after your account is opened. Also be sure to ask how you can spend your money from a HELOC. Usually, it’s a combination of credit cards, checks or both.

What Type of Loan is Best For Debt Consolidation?

If you have a credit card or another type of high-interest rate I’d recommend choosing a fixed-cost, lump sum home equity loan. This will ensure you can access the money quickly, pay off your debt, and have a fixed interest payment. The last thing you want after paying off debt is a variable interest rate that will fluctuate in the future.

Are All Home Equity Loans 30 Years?

No, home equity loans can range from 5-30 years. Make sure you ask your lender for rate differences for each length of the loan before you move forward with your loan.

Are Home Equity Loans a Good Option For Retirement?

While technically you can use the funds from your home equity for living expenses or retirement I recommend checking out a reverse mortgage only as a last option if you really need money in retirement.

A reverse mortgage is a type of loan for seniors over 62 years old that allows them to convert home equity into cash with no monthly mortgage payments. One thing to keep in mind are the fees associated with reverse mortgages can be extremely high.

Evaluate If a Home Equity Loan is Right for You

Hopefully you now fully understand the two main types of home equity loans. There are pros and cons to both types of home equity loans and will depend on your own circumstances when choosing.

If you need a large amount of money quickly, a lump-sum-fixed-cost home equity loan is your best option. The repayment is simple, easy, and you will enjoy a fixed rate for the entire length of the loan.

If you need more flexibility and don’t want to overpay interest, then a HELOC might be a better option. Remember that HELOCs are a more complex loan and have more uncertainty with variable interest rates but you also benefit from having an open line of credit without having to pay interest if your balance is zero.

The biggest thing is to make sure that you absolutely need a home equity loan. Please don’t use one of these options just to take a vacation or buy a new car. The best bet is utilize a home equity loan or HELOC to make smarter decisions with your money…not things you may regret years down the road.

Do You Currently Have a Budget?

Whether you’re looking to open up a HELOC or get a home equity loan, having a budget in place beforehand will only help you.

Here is the same budget I use everyday which allows me the freedom to manage my money in a simple way.

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Home Equity Loan vs HELOC: Pros and Cons and How they Really Work published first on https://justinbetreviews.tumblr.com/

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ivosellmyhouse-blog · 5 years ago

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arizonataxadvisorssinw · 6 years ago

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Understanding financial statements is not always the easiest of things, but certainly one of the more important parts of ensuring you are making the best financial decisions for your business. As the business owner you should know enough to create a solid base of understanding from which you make decisions for managing your business finances.(We at Arizona Tax Advisors– your Corporate Tax Consultantrecommend utilizing the expertise of your accountant to fully understand your numbers and the impact of those decisions.) Let’s take a look at the basics.

A financial statement provides an accounting-based picture of a business’s financial position. There are four statements that make up your financial overview package. These include the Balance Sheet, the Income Statement, the Statement of Cash Flows, and the Statement of Retained Earnings.

Basics of Balance Sheets– ALE’s…grab a beer and let’s talk about Assets, Liabilities, and Equity!

The balance sheet reports a business’s assets, liabilities, and equity at a particular pointintime. It “balances” the assets with the liabilities and equity, thus the name “Balance Sheet”, (Assets = Liabilities + Equity).

Assets are the items you own which are convertible into cash, your total resources; all property available for payment of debts. (Dictionary.com)

Liabilities are the moneys you owe – your debts.(Dictionary.com)

Equity includes the monetary value of a property or business beyond any amounts owed on it in mortgages, claims, liens, etc. It also means ownership, especially when considered as the right to share in future profits or appreciation in value. Additionally, it refers to the interest of the owner of common stock in a corporation, and finally, the excess market value of the securities over any indebtedness.(Dictionary.com).

Now that we understand the players, let’s move on!

Remember, to do its job, the balance sheet has two sides - Total Assets, and Total Liabilities and Equity. These two sides must be equal.

The total assets side of the balance sheet starts by listing Current Assets. A current asset will usually convert to cash within one year. Current assets include Cash and marketable securities, Accounts receivable, and Inventory.

Listed next are the Fixed Assets, also known as Non-current Assets. A fixed asset has a useful life exceeding one year. In other words, it most likely will not be converted to cash within a year. Fixed assets include physical (tangible) assets such as net facility and equipment, and other long-term assets. The net facility and equipment total is calculated by taking the original cost of your non-current assets (land, buildings, vehicles, furniture, equipment, etc.) and subtracting the accumulated depreciation. (Methods of depreciation are a discussion for another time! We might need a refill on that beer!)

The total liabilities and equity side of the balance sheet first lists Current Liabilities. A current liability represents the company’s obligations due within one year. This includes Accrued wagesand taxes, Accounts payable, and Notes payable (those coming due within the year). Current liabilities also include the Current Portion of Long Term Debt (CPLTD) such as the payments required on your mortgage within the year, etc.

Next listed is Long-term debt, things like long-term loans, and bonds with maturities of more than one year.

When a company has issued stock, the next on the list is the Stockholders’ equity.

Understanding the balance sheet allows for better management of many underlying issues such as using the best fixed asset depreciation method,ensuring appropriate levels of liquidity are maintained, calculatingnet working capital, etc.

The Idea Behind Income Statements

Income statementsshow the total revenues that a firm earns and the total expenses the firm incurs to generate those revenues over a specific periodoftime. Again, your balance sheet reports a company’s financial snapshot at a given time while the income statement covers a specific period of time.

The income statement calculates your operating income, interest paidon financing, and taxes. This report ultimately gives the net profit available to equity holders in the company. For managerial decisions, this means understanding things like if your expenses are too high, if it is time to improve your processes, if you are not charging enough for items or services, or if you need to talk to your venders about better pricing.

Income statements and balance sheets are the most common financial documents, and they give us critical information to help us run a successful business. They show us how we have been doing.As a financial decision maker, we also need a tool to show us the flow of cash in and out of the business. As they say, “Cash is king”(and that is not a reference to Johnny Cash, one of the kings of country music!)Having cash puts you in a more stable position with better buying power, and affords you greater protection against loan defaults and foreclosures. This is where we need our“Statements of Cash Flows”.

To someone reviewing a company’s statement of cash flows, a comparison of the cash from operating activities to the company’s net income can tell them if the company’s earnings are “high quality” (consistently greater) or raise a red flag as to why the reported net income is not turning into cash (consistently less).

Investors may note that the company is consistently generating more cash than it is using and will be able to increase dividends, buy back some of the stock, reduce debt, or acquire another company. These are perceived as good for stockholder value.

So now let’s look at the portion of the company’s profits that it keeps to reinvest in the business or pay off debt. These dollars are reported, not surprisingly, on a Statement of Retained Earnings.

Understanding a Statement of Retained Earnings

The Statement of Retained Earningsshows the changes, duringareportingperiod, of a company’s net income (profit) minus the monies (dividends) paid out to shareholders. The balance is retained by the company for internal use. These are your retained earnings, and may also be referred to as retained profit or accumulated earnings.Retained earnings do not represent surplus funds, but rather redirected funds often reinvested in the organization. Retained funds are used for things like paying debt obligations,promoting growth and development, improving liquidity, orpurchasing an asset. A typical reporting period is one year (ex. December 31, 2018 vs. December 31, 2017).

The purpose of releasing a statement of retained earnings is to improve market and investor confidence in the organization. It is used to analyze the health of the company.

The information included in this brief article is meant to inform. It is not meant to replace expert advise from your accountant. The fundamentals explained here will not fix all that “ALE’s” you, but it is a start.

Cheers to you, for understanding your financial statements and putting them to great use to manage your company! As always, we are here to help with any questions and concerns you may have.

At Arizona Tax Advisors we offer: personal tax service, tax accounting services, business valuation, small business tax preparation, online tax preparation services, specialty tax services, personal tax return preparation, corporate tax preparation, tax and bookkeeping services, taxation accounting, cryptocurrency tax, us tax return preparation, local tax preparation services.

The Importance of Statements of Cash Flows (Cash Flow Statements)

Cash flow statements show the cash flow of the company over a given periodoftime. They report the amount of cash a company has generated and distributed during a particular time period; bottom line, the difference between cash sources and uses.

A cash flow statementdiffers from an income statement in that it looks at cash and cash equivalents without adding the noncash entries of theIncome Statement, like depreciation. The income statement also uses Generally Approved Accounting Principles, commonly known as GAAP. GAAP procedures require a company to use accrual-based accounting meaning the company recognizes revenue at the time of sale, and shows their production and other expenses on the income statement as the sales takes place. Sometimes, however, the company receives payment before or after the time of sale, while the expenses related to making the product for the sale often occur much sooner than the actual sale. Again, this is where the statement of cash flowstells its story.

The statement of cash flows includes Operating Activities, Investing Activities, Financing Activities and Supplemental Information. What exactly does that mean?

1. Operating Activities – converts the items reported on the income statement from the accrual basis of accounting to cash. (Remember GAAP procedures mentioned above.)

2. Investing Activities – reports the purchase and sale of long-term investments and property, plant and equipment.

3. Financing activities – reports the issuance and repurchase of the company’s own bonds and stock, and payment of dividends.

4. Supplemental information – reports the exchange of significant items that did not involve cash, and reports the amount of income taxes paid and interest paid.

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mostlysignssomeportents · 8 years ago

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America's gargantuan new corporate landlords evict the shit out of Americans

The housing recovery has been famously uneven, in every way: for one thing, it's allowed hedge-fund and publicly listed landlords to acquire a greater proportion of America's housing stock than ever, even as mass foreclosures created a new class of desperate tenants who pay rent to these corporate giants, who charge higher rents than ever.

But it's not just higher rents that distinguish corporate landlords from the mom-n-pop rentiers of yesteryear: it's also the propensity to evict tenants.

The mass evictions are helped along by increasingly streamlined eviction processes, and the phenomena are related. When a small number of landlords capture a large proportion of rents, they are left with surplus capital they can use to lobby to dismantle tenant protections.

Making life harder on tenants also makes property values go up; it's like the coach/business dichotomy in aviation: the worse coach gets, the more travellers will do to get themselves into business class, from making demands on their corporate travel departments to signing up for expensive airline-issued financial products that deliver upgrades as perks.

The worse life is for tenants, the more debt people will go into to become homeowners, and the more people borrow to buy houses, the higher house-prices climb. (See also: university tuitions climbing as employment prospects for uncredentialed workers decline and credit gets easier and defaulting on student debt gets harder).

Also: the people most likely to be evicted are brown.

https://boingboing.net/2017/01/05/americas-gargantuan-new-corp.html

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mayarosa47 · 5 years ago

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What Happens To Equity In Foreclosure?

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowner association dues or assessments.

How Foreclosure Works

When you buy real estate (also called real property), such as a home, you might not have enough money to pay the entire purchase price up front. However, you can pay a portion of the price with a down payment, and borrow the rest of the money (to be repaid in future years).

Homes can cost hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Why are lenders willing to offer such large loans? As part of the loan agreement, you agree that the property you’re buying will serve as collateral for the loan: if you stop making payments, the lender can take possession of the property in order to recover the funds they lent you.

To secure this right, the lender has a lien on your property, and to improve their chances of getting enough money, they (usually) only lend if you’ve got a good loan to value ratio.

First, the trustee’s fees and attorney’s fees are taken from the surplus fund. Included in the trustee’s fees are mailing costs, services rendered and filing fees. Next, the trustee distributes money to pay the obligations secured by the deed of trust, which is the remaining balance on the loan. After the lender is paid, the trustee distributes funds to any junior lien holders, such as home equity lines of credit. Finally, the homeowner may claim surplus funds from the equity in the property. You must notify the trustee within 30 days of the foreclosure auction to place a claim on the surplus funds.

What Happens to Equity During Foreclosure?

Home equity stays the property of a homeowner even in the event of a mortgage default and foreclosure on the home. But the foreclosure process can eat away at the equity. The following five points explain what home equity is, what happens to it during foreclosure and options to protect.

What Is Equity?

Equity is the difference between the current market value of your home and the amount you owe on it. It is the portion of your home’s value that you actually own. For example, if you purchased a $200,000 home with a 20 percent down payment of $40,000 and a mortgage loan of $160,000, the equity in your home is $40,000.

Equity is the value of the property minus any liens or amounts owed on it for mortgages and liens. When your mortgage loan balance drops below the appraised value of your property, you have equity in your home. Conversely, if you owe more on the mortgage than your home is worth, you have no equity. Unless you have significant equity in your property, you can expect to lose that money during the foreclosure process.

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In Foreclosure, Equity Remains Yours if there is any to get

Foreclosure is a legal preceding that follows your being in default on your home loan. What constitutes default varies with each loan and with the laws of each state. But in every case, if you have not made a determined number of payments, the lender places your loan in default and can begin foreclosure.

If you cannot get new financing or sell the home, the lender can sell the home at auction for whatever price they choose. If the home does not sell at auction, the lender can sell the home through a real estate agent.

Remember that equity is what you own of your home’s value. In any of the above cases, if the house is sold and there is money left over after the loan and all fees and penalties are paid, that is equity and that is yours.

Fees Cut Into it

your equity is being reduced before foreclosure starts. For most home mortgages, there are late-payment penalties. So, if you are late on your loan and it goes into default, for example, after four months of missed payments, the late-payment penalties for those months are added to the total loan amount and will be subtracted from the proceeds of any sale. That reduces your equity.

Additionally, the lender can charge fees related to processing the late payments, the declaration of default, the foreclosure proceedings and expenses of the sale against your equity. This can amount to tens of thousands of dollars, which will be subtracted from anything owed you after a foreclosure sale.

Low Home Appraisals Reduce it

if your home goes into foreclosure, the lender will have the home appraised for an auction sale. Typically, a lender will accept an offer of 90 percent of the home’s appraised value. Lenders do not want to own your home, particularly if it is a time of declining home values. It is typical for the lenders to accept low home appraisal values so that the home will sell at auction and not have to be listed with an agent. That reduced appraisal value means a lower sales price that yields a lower amount of money left over after the loan and fees are paid.

When You Foreclose, You Still Get Your Money, If There Is Any

Alright, let’s talk through a scenario. You bought a house 15 years and got a 30-year mortgage. You lost your job 6 months ago and have fallen behind on your payments. You decide that foreclosure is the best option for you.

You have a bunch of equity on the home and the value of your home has slowly increased over the last 15 years. So, let’s say you bought it for $200,000, and now it values at $265,000. You have been a faithful mortgage payer for 15 years and only owe just over $120,000 on the home. Well, that means you have $145,000 in equity on the home.

Now that you are foreclosing though, don’t you think you should get that money back? It would only make sense.

Alright, first off, because you are so behind on your mortgage, you have late fees. Those end up affecting your equity. With those fees affecting the equity, your equity will start to decrease. So, if we use the above scenario, let’s say those late fees equated to $10,000. You now only have $135,000 in equity.

On top of those fees, the process of foreclosing actually costs money too. So, you start to lose more and more of your equity. This could be upwards of $20,000, leaving you with only $115,000 in equity. The Home Appraisal

When a home goes up for foreclosure, the lender wills often the take the lowest appraised values. This way they can sell the home quickly. So, let’s say the lowest appraised value of your home ends up being $250,000 now. Well, that is a $15,000 decrease in your equity. You are looking now at $100,000 in equity.

On top of that, the lender usually will take an offer of only 90% of the appraised value so that they can sell the home quickly. So, the house then sells for $225,000. This would leave you with only $75,000 in equity.

Options to Consider

As you can see, you just lost half of your equity by going forward with your foreclosure. But, what if we told you there was another way? You can put your house on the market with a real estate agent and sell the house before the foreclosure sale. This would be best as you can protect and get your equity from your property. If you don’t want to sell, look at filing a bankruptcy case. You can file a chapter 7 or a chapter 13 bankruptcy case which will stop the foreclosure.

Before facing foreclosure, refinance your loan to an affordable payment if you can or take advantage of a loan modification program. If this is not possible, sell the home as soon as you can. By selling the home, you are reducing the fees and penalties you owe, setting the price yourself at which you want to sell and avoiding the legal costs of foreclosure. All of this can add to the equity you take out of your home.

Consequences of Foreclosure

The main problem with going through foreclosure is, of course, the fact that you will be forced out of your home. You’ll need to find another place to live, and the process is stressful (among other things) for you and your family.

Foreclosure can also be expensive. As you stop making payments, your lender will charge penalties and legal fees, and you might pay legal fees out of pocket to fight foreclosure. Any fees added to your account will increase your debt to the lender, and you might still owe money after your home is taken and sold if the sales proceeds are not sufficient (known as a deficiency).

Foreclosure will also hurt your credit scores. Your credit reports will show the foreclosure, which credit scoring models will see as a negative signal. You’ll have a hard time borrowing to buy another home for several years (although you might be able to get certain government loans within one to two years), and you’ll also have more difficulty getting affordable loans of any kind. Your credit scores can also affect other areas of your life, such as (in limited cases) your ability to get a job or your insurance rates.

Let’s say you own a home currently valued at $500,000, that you owe $200,000 on it, and that you have a 6% loan. Now, for whatever reason, you can’t make the payments, and for whatever reason, you don’t sell while you have the opportunity before the trustee’s auction.

In California, you are going to be four months behind before the Notice of Default happens. So that is four payments of $1200. Furthermore, when you are fifteen days late you owe a 4% penalty, or $48, and when you are thirty days late, the missed payments start accruing interest. So at the point that the Notice of Default is possible, you owe $204,777.83.

From Notice of Default to Notice of Trustee’s Sale is another 60 days, but before that happens, the bank is going to hit you with $10,000 to $15,000 in administrative fees for going into default. Check your contract; it’s in there. Let’s say $12,000, and now you owe $216,777.

Add another two months of delinquent payments, and penalties as of 15 days after. So as of the time the Auction actually happens, you owe $219,447. Furthermore, to make the auction happen, they will charge you about another $15,000. This covers the expenses of making the auction happen, of which the most noteworthy is the appraisal. At this point, you owe $234,447.

The appraisal bears special mention. Not only is there zero pressure to get a good value, the bank wants that appraisal to come in nice and low. They want the property to sell at auction, and if maximize the chance of it selling at auction. Every once in a while questions about low appraisals at trustee sales hit the site. The short answer is Microsoft Standard: “It’s not a bug, it’s a feature!” and from the bank’s point of view, it is. So even though the property might sell for $500,000 in the normal course of things, the appraisal might come in at $440,000, meaning that someone has to bid $396,000 in order to buy the property at auction. The appraisal might be even lower, but let’s say $440,000.nobody bids 90% of the appraisal price, and then they own it and have to go through the rigmarole of hiring an agent and selling it. So that appraisal is going to come in as low as is reasonable.

Foreclosure Real Estate Attorney Free Consultation

When you need help with a foreclosure, quiet title case, eviction, boundary dispute, or other real estate law matter, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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