(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-NHW25TH'); window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-BPZENKSMDF');

Archive | James H MaGee

RSS feed for this section

Is your Mortgage Safe?: NY Times August 31, 2011 “Nevada Sees Violations Of Mortgage Agreement”

On August 31st, in an article by Gretchen Morgenson of the NY Times, it was reported that a complaint was filed with the United States District Court on August 30th. That complaint, filed by Attorney General Catherine Cortez Masto, accuses Bank of America of violating a broad loan modification agreement it presented in 2008 to state officials.

The settlement between Bank of America and several states was first reached in October of 2008, and then later with Nevada in 2009. The settlement was originally reached to satisfy accusations of predatory lending against Bank of America. Part of this deal was to help troubled borrowers with loan modifications and other financial relief. Bank of America set aside $8.4 billion for just this purpose.

Masto claims that Bank of America has not upheld their end of the agreement, and wants to end Nevada’s involvement with the above agreement. If permissions are granted, Masto states that she will be allowed to sue the bank over what she calls “dubious practices”.

These practices were uncovered by an investigation by the Attorney General’s office that started shortly after the agreement was meet, when complaints about the bank’s loan servicing methods flooded into Masto’s office from some of the 262,622 loans originated in Nevada.

The investigation claims that Bank of America raised interest rates when making loan modifications, even though they previously negotiated to lower them. Along with that claim, it is stated that Bank of America also proceeded with foreclosing on pending loan modifications, and did not offer qualified borrowers loan modifications to begin with. Bank of America also neglected to meet the settlement’s 60-day requirement on granting new loan terms. Loans would be pending for months on end with no resolution.

According to the complaint, Masto discovered that Bank of America had “materially and almost immediately violated the terms of the settlement”.

Some very smart people think that it is slowing again and many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at staff1 . To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Credit CARD Act of 2009 – what it means to you – Part 2 of 7 – Protections re: rate increases for future transactions

Under the Credit CARD Act of 2009, lenders are now a bit more limited in how they can go about raising your interest rate for future transactions. Mind you, they can still be raised, though:

-Notice – Lenders must give you a written notice before increasing the rate. The rate applies only to purchases made on and after fourteen days following the date that the notice is sent.

– One year (first year) ban – Lenders cannot raise interest rates even on existing purchases on the account nor future purchases and transactions on the account until after one year has passed on the account unless one of several exceptions applies. The exceptions are (a)variable rate cards (e.g. prime rate plus 7.0%); (b) teaser rate cards, but the rate cannot increase for the first six months, it should be noted and (c) if your minimum payment is more than sixty days late.

-Mandatory review and adjustment every six months – Commencing August 2010, a lender increasing a rate must review the account ever six months and should reduce the rate if things have changed such that a reduction might be appropriate. Note: This should give you the opportunity to argue with them if the interest rate is not decreased.

Special thanks to the National Consumer Law Center’s "Guide to Surviving Debt", 2010 edition, pages 74-81, available at www.consumerlaw.org for a mere $20.00 or so. I highly recommend it.

Hiring a lawyer for your business: NY Times December 30, 2010 “In the New Economy, Use New Strategies To Hire Law Firms”

A recession has changed the business side of law.

"…you are really hiring an individual lawyer. ‘Make sure that the chemistry works…ask about the attorney’s experience and the law firm’s prior cases in that area of law. Ask for an estimate of what the costs are likely to be.’" reports James Flanigan, of the NY Times, pursuant to an interview with Brian Davidoff, managing director of Los Angeles law firm Rutter Hobbs and Davidoff.

There is recognized to be a traditional distrust of lawyers by many entrepreneurs, says Sanford I. Millar, a Los Angeles tax attorney: "They see the lawyer as saying ‘no’ to daring business moves. THe truth is, lawyers are there to advise on what has been posible and not been possible in law. No business owner wants to be ignorant on that score."

Last fall, according to the NY Times article, page B6, December 30, 2010, "In the New Economy, Use New Strategies to Hire Law Firms", Concord Law School (Kaplan affiliated) is reported as recognizing that lawyering in small business practice needs some fine tuning, and thus began to offer a two year degree course in busines practice, focusing initially on comercial real estate and employee benefits.

The course "will teach about succesion issues anda bout taxation and protecting intellectual property" with the goal of helping lawyers offer small businesses the services they really need at a price they can afford, according to M. Ellen Murphy, director of the program.

Credit CARD Act of 2009 – what it means to you – Part 5 of 7 – Payments to be applied to portion of balance with highest interest rate.

[Categories: Washington Bankruptcy Attorney]

Finally, any amount that you pay in excess of the minimum payment must be applied to the balance with the highest interest rate, except in the last two months before a deferred interest plan expires.

Previously, many credit card companies would seek to apply payments to the lowest interest bearing portion of the debt. E.g., the creditor would leave high interest rate "cash advance" portions without any change, and would apply payments to the low interest rate "normal" purchases portion. Thus, you would rack up interest charges unnecessarily.

Credit CARD Act of 2009 – what it means to you – Part 4 of 7 – Finally! Some limits on penalty fees.

[Categories: Washington Bankruptcy Attorney]

There are now (finally!) some limits on penalty fees – such as pesky and expensive late payment and over-the-limit fees.

(1) Penalty fees must be "reasonable and proportional" – and the CARD Act requires the Federal Reserve Board to issue rules by August 2010 in order to define and effectuate this mandate.

(2) Over-the-limit opt-in. This is important! Now, no over-the-limit fees may be charged unless the consumer has agreed that the lender may approve transactions that will exceed the credit limit.

(3) Limitations on number of over-the-limit fees. Lenders may charge only one over the limit fee per billing cycle (e.g. usually just one per month). In addition, lenders may only charge the fee in the next two billing cycles unless the consumer uses the card again, or goes below the limit and then exceeds it again. This is a big improvement – you can’t be penalized again and again, billing cycle after billing cycle if your balance stays in excess of the limit.

Special thanks to the National Consumer Law Center’s publication "Guide to Surviving Debt" 2010 edition, page 78, available at www.consumerlaw.org for about a mere $20.00.

Credit CARD Act of 2009 – what it means to you – Part 3 of 7 – Minimum payment protections

[Categories: Washington Bankruptcy Attorney]

When the prohibition against a retroactive rate increase applies (e.g. the payment is late but not more than 60 days late) the CARD Act limits how much the lender can increase your minimum payment. The lender’s options are limited. The lender may either: (1) use the existing minimum payment terms; give you five years to pay off the outstading balance at the old interest rate or (3) increase the minimum payment to no more than twice as much of a contribution to paying down the balance as the old minimum payment.

Special thanks to the National Consumer Law Center www.consumerlaw.org, "Guide to Surviving Debt" chapter 5, page 78. 2010 editions.

Credit CARD Act of 2009 – what it means to you – Part 1 of 7 – Protections re: rate increases

Eight protections (among a number of others) include the following. Here is the first protection:

– Protections against rate increases for future transactions. The Credit CARD Act prohibits credit card lenders from increasing the interest rate that applies to the balance you’ve already incurred on your credit card, a practice known as "retroactive rate increase". There are several exceptions to this rule, which are the following:

(a) Varaible rates – if it is a variable rate card, (e.g. prime plus 7.0%) then the rate can change on all purchases/cash advances when the index changes;

(b) Teaser rates – a lender may raise the rate after the expiration of a teaser rate, but only to the post-teaser rate previously disclosed. Also, teaser rates cannot last fewer than six months.

(c) Sixty-plus days late – a retroactive rate increase on existing balances is permissible as a penalty rate when you are more than sixty days late in making the required minimum payment. NOTE: You can get the old non-penalty rate back and reinstated if you make the next six months worth of minimum payments on time.

Special thanks to the National Consumer Law Center’s "Guide to Surviving Debt", 2010 edition, available at www.consumerlaw.org for a mere $20.00 or so. I highly recommend it.

Fields of Tears: Two of Two: Reflections on unemployment and the Illegal immigration “problem”.

Many economic downturns have been accompanied by a good dose of anti-immigrant sentiment.

I ask that before you say, write, post, preach or ponder things for which you may some day be embarrased, that you take a short moment to pause about the reasons for and origins of immigration. Economics is the key driver of immigration, it seems.

Yes, immigrants do adapt and I do not suggest that immigrants need not adapt a bit and become multi-lingual…but "we" can adapt, too. America his hispanicizing, like it or not. You can’t stop it, I can’t stop it, the government can’t stop it.

With immigration comes a great opportunity. If you offer a good, skill or service, consider learning the immigrant’s language and reach out. You may be enriched both personally and financially. If you speak Spanish and English as an Anglo, I doubt you will ever be unemployed again with such a foreign language skill.

This second of two blog posts focuses on The Economist artice at page 39 of the Decembert 18, 2010 edition covering the time period 12/18/10-12/31/10, entitled "Field of Tears". Economist articles are written and published without author attribution. However, whoever wrote these articles "gets it".

The story focused on the journey and life of Teresa Vega and Marco Lopez, a married couple from Oaxaca, Mexico. They came to the United States illegally in 2005 when their oldest son died after a flood contaminated their town. They wished for a better and more sanitary life with health longevity for their family. I provided a summary of this story in the earlier post.

Now, on to the "meat" of this post.

Many Americans are convinced that undocumented workers take jobs that American nationals would otherwise perform.

To disprove this notion, the United Farmworkers Union ran a promotion called "Take Our Jobs".

In the "Take Our Jobs" promotion this past summer of 2010, Americans were invited to work in the fields harvesting fruit. In the following three months of the promotion, 3,000,000 people visited the website www.takeourjobs.com. But 40% of the visits/postings resulted in hate mail.

Only 8,600 people expressed an interest in working in the fields reports Maria Machuca, the United Farm Workers’ spokesperson.

As of late September 2010, only seven American applicants in the "take our jobs" campaign were actually out picking crops.

Perhaps the failure of the "Take Our Jobs" program may mute some of the complainants who deride hispanic immigrants as "taking" jobs away from Anglos.

I have had the humble and sobering experience of being of assistance to anglo and hispanic families and singles as far north as Snohomish County and Whatcom County, and as far south as Clark County, Washington and Skamania County, Washington. I have with pleasure helped many stressed-out people in Aberdeen, Hoquiam and Gray’s Harbor County, along with the Kitsap County area and the Key Penninsula; Tukwila, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; and Olympia, Washington; Federal Way, Washington; Bremerton, Washington; Gig Harbor, Washington; Silerdale, Washington; Bangor, Washington; and Tacoma, Washington.

I have helped thousands of people since the mid-1990s.

It doesn’t matter where you are in Western Washington. I regularly help stressed-out people in a diverse number communities in and around the Puget Sound area of Washington, including but not in any way limited to Seattle, Washington, Everett, Washington; Renton, Washington, Kent, Washington and Auburn, Washington.

Please don’t hesitate to give me a call if you find yourself in trouble with a home or investment property. We can set a brief no-obligation in-person consultation.

Don’t forget that it does not matter where tyou live in Western Washington, be it Bellevue, Olympia, Chehalis, Aberdeen, Olympia, Lacey, Graham, Puyallup, Orting, Fife, Milton, Edgewood, Pe Ell, Raymond, Onalaska, Tenino, Tumwater, Chehalis, Centralia, Gig Harbor or Tacoma., I can often be of foreclosure and/or short sale assistance. I offer a brief, thirty minute no obligation/no cost obligation. You have nothing to lose!

Remember, in Western, Washington, I am here to help you, regardless of where you are facing financial problems, be it Federal Way, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; Graham, Washington; Orting, Washington; Spanaway, Washington; Lacey, Washington; Burien, Washington; Seatac, Washington; Des Moines, Washington; Bremerton, Washington; Silverdale, Washington; Tacoma, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Federal Way, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Kent, Washington; Bremerton, Washington; Silverdale, Washington; or Olympia, Washington.

Fields of Tears: One of Two: Reflections on unemployment and the Illegal immigration “problem”.

Historically, it seems that many economic downturns have been accompanied by a good dose of anti-immigrant sentiment.

I ask that before you say, write, post, preach or think things for which you may some day be embarassed, that you take a short moment to pause about the reasons for and origins of immigration.

People migrate. Every continent except Antarctica had natural migration. From wherever the craddle of homo sapien is ever found to be, we have moved and dispersed. Humans are very adaptable. As immigrants come to the United States, no amount of hate, border security or legislation is likely to dislodge them. Yes, they can adapt…but we can too.

With immigration comes a great opportunity. If you sell or marke a good or service, consider learning a little of the immigrant’s language and use this to reach out. You may be enriched personally by the mental challenge and financially by an increase in revenue. You might even make a new friend.

Spanish is probably the most common immigrant language at present. Spanish is a beautiful language, and just a fun blast of a language to speak. Learn a little of it…and embrace the inevitable hispanicization of America. Try it Mikey, you might like it!

This post focuses on The Economist artice at page 39 of the Decembert 18, 2010 edition covering the time period 12/18/10-12/31/10, entitled "Field of Tears". Economist articles are written and published without author attribution. However, whoever wrote these articles "gets it" about what is going on demographically in North America.

The story is of Teresa Vega and Marco Lopez, a married couple from Oaxaca, Mexico. They came to the United States illegally in 2005 when their oldest son died after a flood contaminated their town. They had no money to hire a doctor, so they watched their two year old son die as he vomited, got diarrhoea and ran a high fever. They left a child behind with his grandfather (little Erminio), as that child was too small to make the journey. It has been nearly six years since either Ms. Vega or Mr. Lopez has seen Erminio.

Ms. Vega and Mr. Lopez failed three times before finally being able to cross the border on their fourth try. Ms. Vega endured the hardships of trying to cross notwithstanding her pregnancy.

On one try they were intercepted by bandits and stripped naked. Ms. Vega’s fear of rape was great, but with great relief, it never came to pass.

The hostile vastess of America provided its own challenge. 80% of America’s crop workers are Hispanic, and more than half are undocumented workers.

In contrast, however, Rob Williams director of the Migrant Farmworker Justice Project (which represents farmworkers in court) estimates that 90% of farmworkers are undocumented "illegal aliens".

It is not against the law in a criminal sense to be an illegal alien, so that term "illegal alien" is syntactically incorrect. It is a crime to cross the border illegally, but to be in the US without visa or "papers" is actually just a civil infraction, not a criminal act, according to The Economist.

Many Americans are convinced that undocumented workers take jobs that American nationals would otherwise perform.

To disprove this notion, the United Farmworkers Union ran a promotion called "Take Our Jobs".

Read the next blog post to read about "Take Our Jobs"….it will suprise you! I will post the "Take Our Jobs" blog post on Friday, June 3, 2011.

Local police are not supposed to enforce immigration laws (that is what all the fuss is about in Arizona, where a state law was enacted directing that local police had to enforce federal immigration law). The Arizona law has been at least partially suspended by a federal court order.

Nevertheless, for the Vegas/Lopez family, any brush with the law is potentially disasterous. Mr. Lopez was pulled over by local police while in his car and his car was impounded for lack of a drivers’ license. The fine was $1,580 and the car was impounded and seized. Mr. Lopez had to buy a replacement car for $1,500. These expenses set the family’s finances back by years, according to The Economist.

Mr. Lopez indicated to the corresponent that the mood in America has grown darker and more hostile this past year 2010.

Crop workers (documented and undocumented) earn so little that many farm workers, even as they spend their waking hours picking food for other people, can sometimes barely afford to eat. Grape picking pays about $8.00 per hour, and on a good day, one can earn $65.00, but there is child care of about $50.00 per day to consider for the Vegas/Lopez family.

Also, not every day is a work day as there is substantial "off time" between seasons.

I have had the humble and sobering experience of being of assistance to families and singles as far north as Snohomish County and Whatcom County, and as far south as Clark County, Washington and Skamania County, Washington. I have with pleasure helped many stressed-out people in Aberdeen, Hoquiam and Gray’s Harbor County, along with the Kitsap County area and the Key Penninsula; Tukwila, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; and Olympia, Washington; Federal Way, Washington; Bremerton, Washington; Gig Harbor, Washington; Silerdale, Washington; Bangor, Washington; and Tacoma, Washington. ; I have even had clients in and around Port Townsend, Jefferson County.

I have helped thousands of people since the mid-1990s.

It doesn’t matter where you are in Western Washington. I regularly help stressed-out people in a diverse number communities in and around the Puget Sound area of Washington, including but not in any way limited to Seattle, Washington, Everett, Washington; Renton, Washington, Kent, Washington and Auburn, Washington.

Please don’t hesitate to give me a call if you find yourself in trouble with a home or investment property. We can set a brief no-obligation in-person consultation.

Don’t forget that it does not matter where the property is located in Western Washington, be it Bellevue, Olympia, Chehalis, Aberdeen, Olympia, Lacey, Graham, Puyallup, Orting, Fife, Milton, Edgewood, Pe Ell, Raymond, Onalaska, Tenino, Tumwater, Chehalis, Centralia, Gig Harbor or Tacoma. I can often be of foreclosure and/or short sale assistance. I offer a brief, thirty minute no obligation/no cost obligation. You have nothing to lose!

Remember, in Western, Washington, I am here to help you, regardless of where you are facing a foreclosure or short sale, be it Federal Way, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; Graham, Washington; Orting, Washington; Spanaway, Washington; Lacey, Washington; Burien, Washington; Seatac, Washington; Des Moines, Washington; Bremerton, Washington; Silverdale, Washington; Tacoma, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Federal Way, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Kent, Washington; Bremerton, Washington; Silverdale, Washington; or Olympia, Washington.

Rent-a-kitchen – Beating unemployment.

I found this Wednesday, December 15, 2010, New York Times Article (page 1) by Fernanda Santos to be inspiring.

Ms. Santos writes about Marisa Angebranndt, once employed by a hedge fund, who rents space in a commercial kitchen to make "whoopie pies" for sale. She adapted her grandmother’s recipie, but made it more modern with butter cream filling.

Similarly, Shefalee Patel now rents space in that same commercial kitchen to make Indian sweets.

Miguel Urrego, uses the kitchen, renting space to make a diverse menu of catered food items.

The kitchen is known as the Entrepreneur’s Space, is on 37th street near Northern Boulevard in Long Island City, Queens, New York.

Aspiring chefs and cooks can rent space by the hour in a commercial kitchen which meets all applicable health and building codes. It is quite large, at 5,000 square feet. Rent is high during the day, at close to $231 for an 8 a.m. to 4 p.m. shift, but drops to $154 for the 1 a.m. to 7:30 a.m. shift.

The people using the kitchen sell what they make for a living in a number of different networks. THe Entrepreneur’s Space has no retail outlet – so you cook your food in it and then go out and sell it, or you secure orders and then you cook the food in the Entrepreneur’s Space.

The Entrepreneur’s Space is recognized as a place to combine an interest in food, and an income.

The Entrepreneur’s Space almost closed down last year in late August, but had it closed, it would have displaced some 100 small busineses reports Ms. Santos.

The kitchen was originally started with the Consortium for Worker Education, a union-backed nonprofit group. It was recently extended a lifeline with an infusion of funds from the Queens Economic Development Corporation, plus a number of other city and small group participants.

I was once introduced to a lady who made wedding cakes in a little-used kitchen space that had fallen into disuse when a social club quit using the kitchen space. The cakes were beautiful and she developed quite a little sustainable business in the old kitchen space, paying a small amount of rent.

Many people who are not presently employed have plenty of skills to contribute. I found this article encouraging and interesting, so I mention it for your inspiration.

http://www.nytimes.com/2010/12/15/nyregion/15kitchen.html?_r=1&scp=1&sq=A%20kitchen-for-rent%20is%20a%20lifeline%20for%20the%20laid-off&st=cse