I had 14 apartments in the Wilkes Bare PA area. Two parcels under one blanket mortgage. Due to an administrative oversight/error/etc, only one parcel was foreclosed on in Oct 2007. The other was just foreclosed on in June. I tried REPEATEDLY, both via email and phone to give a deed in lieu of providing all my financial and personal info (as the loan was in my name) but was just brushed off by my assigned rep and the lender in general. As a result, both parcels were foreclosed on. Do I have any legal recourse both in terms of their original mix up which resulted in 2 foreclosures on my credit when it should only be 1, and with their complete negligence in helping to deal with the problems to avoid the foreclosures? I was told originally there were options, but when trying to pursue those options I got nothing but a cold shoulder and unreturned messages. ANY insight would be greatly appreciated. Thank you..
Also, my email is zane31_2000@yahoo.com

Any answers sent there would be appreciated as well.

i am finding out it seems very hard to get a line of credit for a job today. does any one have any type of idea on how to get a line of credit for a job that has funds all ready allocated for the work. the funds are to cover labor and materials until a 45 day draw is released for the work. i use to just give the bank the contract and they would give me 100,000 no problem. do i need to look at banks in other country’s or what. is the American dream dead. please help

In order to reduce risk and increase the safety of financial institutions, commercial banks and other financial institutions are prohibited from:

A. owning municipal bonds.

B. making personal loans.

C. owning common stock.

D. making real estate loans.

I think the answer is B am I right?

I want anyone looking for a commerical loan to stay away from this company. TX Southwest Business Solutions in Allen, TX is run by Richard and Maria Orozco (214-715-2777). They are loan sharks, who pose as commercial wholesale lenders who ask for 0 deposit — and say (in the application) they will return your deposit if they cannot secure a business line of credit. They are referred business by other wholesale lenders in Texas and Colorado — if you work with Maritime Commercial or anyone else, ask them FIRST to whom they refer business, if at all.

I have filed complaints with the BBB of Greater Dallas, FTC, and Consumer Protection Agency. They have not responded to multiple attempts by the BBB. Now, I am filing with the State Attorney General and State Office of Consumer Affairs.

Don’t let these people delay the start of your business or run away with your money.

I would like to do this for free.
Set my company up with all 3 business credit agencies
Get my business 5 vendor lines of credit that report to the agnecies
Help me get 3 business credit cards in my business name only
Show me how to get 1 bank loan that reports to the credit agencies

Looking to get an apartment building but I don’t have the money, credit or documentation, therefore I need something secured such as a asset based. I live in nyc and the property is there as well. No upfront fees. i can’t afford any fees that the property can’t cover.

also do you have to pay on your principal every month or can you pay on line of credit and wait until the end of the year?

I’m 45 and have an extensive professional resume & CPA license. I’m currently working as a commercial loan officer for a bank. I like what I do now.

I’ve just be offerred an opportunity to join a competing bank as a lender. From what I can tell, it is a better opportunity. I’ve also just been offerred an opportunity to join an established consulting firm to open my own consulting practice. I’d be using more of my CPA background in the consulting position and it would take me out of banking/commercial lending.

I have to make a decision this week. I need some input from seasoned professionals. I know I have the potential to make more money and be my own boss as a consultant, but I’ll lose the retirement and stock options, not to mention the other benefits, regular pay and hours. I’m not afraid to work hard and long hours to establish myself, I just need to hear from those of you who’ve had experience working for yourself. Is it really worth it and why? Thank you!!

I am about to start my own LLC and need a small line of credit. Instead of trying to get a business loan, I was thinking of a small business credit card. I only need about 00.00. Does anyone know how long a company needs to be in business to qualify for a decent small business credit card?

The Washington Post carried an article last week outlining the immense consolidation that has taken place in the US banking system as a result of the policies of the Bush and Obama administrations in response to the financial crisis.

The article, entitled “Banks ‘Too Big to Fail’ Have Grown Even Bigger,” reports how the largest banks have consolidated control over a greater share of financial markets and are using their monopolistic position to increase their profits by raising fees and interest on consumers and small businesses.

“The oligopoly has tightened,” said Mark Zandi of Moody’s Economy.com, who is quoted in the Post article. “There’s been a significant consolidation among the big banks, and it’s kind of hollowing out the banking system,” he added.

The newspaper reports that JPMorgan Chase, Wells Fargo and Bank of America now each hold more than 10 percent of all deposits in the country. These banks, plus Citigroup, issue half of all mortgages and two-thirds of all credit card loans. In the past year alone, the ten largest banks have increased their share of bank deposits from 40.6 percent in 2007 to 48.2 percent today.

The large banks are taking advantage of their increased control over the market to drive up fees. The Post noted that in the last quarter these banks raised their deposit fees by an average of 8 percent, while the smaller banks lowered their fees by 12 percent.

In promoting and subsidizing the takeover of failing banks by the biggest banks and investment houses, the Post notes, the government violated federal antitrust regulations, which prohibit any single bank from controlling more than 10 percent of deposits nationwide. They also violate Justice Department antitrust advisories on the degree of control over regional financial markets by individual banks.

In addition to these major acquisitions, more than 80 smaller banks have been seized by the FDIC this year and many have been incorporated into larger banks, with the aid of government subsidies.

As a result of this process, three major competitors of the largest Wall Street firms—Bear Stearns, Lehman Brothers and Merrill Lynch—have disappeared, and major commercial banks such as Wachovia and Washington Mutual have vanished, leaving such giants as JPMorgan Chase and Goldman Sachs in a position to dictate market conditions.

The growth of the remaining big banks has been staggering. Bank of America grew by more than 138 percent after acquiring Merrill Lynch and Countrywide Financial, according to the Washington Post report. JPMorgan Chase grew by 50 percent after appropriating Bear Stearns and Washington Mutual, and Wells Fargo expanded by 43 percent after snapping up Wachovia.

Prior to the crisis, Wells Fargo, JPMorgan Chase and Bank of America controlled 4.4, 7.0 and 9.6 percent of bank deposits, respectively. Now, they control 11 percent, 10 percent, and 12.9 percent.

This consolidation, together with the Obama administration’s pledge to spend whatever public funds are required to prevent the failure of the remaining mega-banks, has enabled these banks to borrow funds at significantly lower rates than their smaller rivals, creating the conditions for a further concentration of financial power in the hands of a few super-banks. Banks with 0 billion or more in assets are borrowing money at interest rates on average 0.34 percentage points lower than their smaller rivals, according to the Washington Post. That advantage was only 0.08 percent in 2007.

The process of government-mediated consolidation continues. The Wall Street Journal reported Monday that the FDIC has been subsidizing the purchase of distressed banks by larger institutions by guaranteeing virtually all of the potential losses of the bigger banks.

The article reports that the FDIC has assumed up to 95 percent of the risk on billion in assets of failed banks bought by other banks. The FDIC’s total potential losses are close to billion, compared to the .4 billion it currently holds to guarantee the deposits of millions of consumers.

The FDIC’s deposit insurance fund has fallen from more than billion a year ago and is being further depleted by new bank failures. Officials say they expect over 300 more bank failures in the coming months. The agency expects to cover billion in losses on the takeover subsidies it has already extended. It is widely expected that the FDIC will tap billions of dollars in public Treasury funds to shore up its deposit insurance system.

As the Wall Street Journal notes, the FDIC’s policy of engineering bank takeovers at public expense “amounts to a subsidy for dozens of hand-picked banks.”

The vast concentration of financial power is the result of a deliberate policy of both the Bush and Obama administrations. It is one component of a program to utilize the financial crisis precipitated by the speculation and profiteering of the major banks to carry out a massive restructuring of the
I am not "you guys." He is absolutely a waterboy for the corporate oligarchy. He’s no socialist. He’s emptying the federal treasury into the coffers of private corporations, by the trillions! Follow the money, not the rhetoric.

Hello and thanks for helping! I have had a hardship situation since May due to my small son carrying an infectious disease. I have had unexpected medical expenses and other related (diet, care, etc). I have never been late or missed mortgage payments. After being shut down for any options, like trying to get money out of my retirement account or try to refinance, I applied for a temporary loan modification with Wachovia. I called today after 3 months and they told me to update the financial documents. Now, in these 3 months, something else happened. My husband business partner decide to retire and asked him for ,000 to sell his part or he would go and sell it to someone else. We tried to get any commercial loans thru banks but they were denied (and we still have excellent credit). We ended up taking the money form our home equity line. My question is: What is the best way, if any, to document that new situation when updating my hardship letter and financial statements for Wachovia? Thanks a lot.

I owned a small corporation and my mother took out a interest only line of credit loan against her free and clear house and loaned it to me for my buisness. my buisness did not work and was forced to shut down.Is thier any way my mothers loan can be forgivin with either because of a "bad investment" without losing her house.Is thier anything i could do or any channels i may go down to investigate this further? I at this point am paying only the interest on it personally every month.

Also what is the best bet? I’m just trying to get a used car. Or is buying a used car the best option altogether? This will be my first car and I’m working with a limited budget since I’m paying off student loans, looking for a new apartment, and other bills.

I have a business credit card with a high credit limit, but this account does not show up on credit reports from all three crediting agencies. I asked the card issuer why this is, and they tell me that it will only show up if i have negative history (late payments, bankruptcy) but it does not show my on time payments or any sign i even have this available credit line in my name. I am trying to build good credit history, but this doesn’t even add into the evaluation of it, and it is the best thing i have going right now. Any one know why this is?

I want to request a loan on Prosper.com for ,000, to study a foreign language abroad for a year and a half, with the ultimate goal of landing a job as a translator with a DoD contractor, the recruiter for which I’ve already lined up the slot for. I get the training, I get the job. I can’t get a "conventional student loan" because this school is not on the "approved" lists. I have good credit, so I’m sure I can get the loan.

Here’s the thing: It’s a full time study course. I can’t be employed while I study there. So I need the repayment of the loan to be deferred at least 6 months after I graduate. I can complete my studies in 1.5 years.

Will I be able to defer my first payment until after I graduate? I know conventional and private education lenders (like the Astrive student loan commercials say) will defer, but will Prosper lenders do it?

If not, can you point me in a direction?

Thanks for any responses.
I figured they wouldn’t. The name of the school is The Fajr Center For The Arabic Language. www.fajr.com. Maybe someone can point me in the direction of a lender who handles this kind of situation.

Thanks for the response.

I am in the process in opening a large daycare from home. I am currently renting the house. I live in Southern CA.
My goals are to build my business, build a line of credit for my business, and purchase this house within a year. (The house is worth 0,000 in today’s market, down from 0,000 last year at this time).
I spoke to some companies that promise me lines of credit, but they also want me to incorporate my business and give them 00.00 to help me. I simply do not have that kind of money, and I do not want to waste money on something that is not necessary.
Specifically, I do not see why I need to incorporate my daycare. Can I still build credit without it? I also do not understand how to establish a business line of credit, nor do I know if I will be able to buy a home with it later on.
Lastly, my personal credit is not good, so I cannot rely on that to purchase a home.
Any comments? Suggestions?
Thanks!

I would like to sell shoes, clothing and handbags.

Seems like people would be extremely concerned about a bankrupt govt. who can’t cover money they’ve already insured spending trillions more.

I understand FDIC could borrow money to cover any shorfalls (like the post office and a number of other debt creating federal agencies) but how long can this possibly last??

http://news.yahoo.com/s/ap/20090922/ap_on_bi_ge/us_banks_fdic_bailout

Regulators have approached big banks about borrowing billions to shore up the dwindling fund that insures regular deposit accounts.

The loans would go to the fund maintained by the Federal Deposit Insurance Corp. that insure depositors when banks fail, said two industry officials familiar with the conversations, who requested anonymity because the plans are still evolving.

Regulators also are considering levying a special emergency fee on all banks, charging regular fees early or tapping a 0 billion credit line with the U.S. Treasury, the officials said.

FDIC spokesman Andrew Gray said that while borrowing from the banks "is an option, it’s not being given serious consideration." The board meeting where the plans will be discussed is scheduled for next week.

But a government official familiar with the FDIC board’s thinking said earlier Tuesday that the plan was being considered. He requested anonymity because he was not authorized to discuss the matter.

The fund, which insures deposit accounts up to 0,000, is at its lowest point since 1992, at the height of the savings-and-loan crisis. Ongoing losses on commercial real estate and other loans continue to cause multiple bank failures each week.

FDIC Chairman Sheila Bair wants to avoid tapping the Treasury credit line, and Treasury officials insist that the strongest big banks have enough extra capital to operate, the officials said. Comptroller of the Currency John Dugan, who is a voting member of the FDIC board, has said he doesn’t want to levy another fee on banks while the industry is still recovering.

I am looking at investing in a very small way, maybe just one of the HUD single family units for rental income. I see that HUD multi family units have some financing assistance available. Is it possible for a very small investor to qualify for competitive funding from Fannie Mae in order to purchase a multi family property such as apartments?

…from private (non-commercial) lenders? What is it?

Well hopefully your eyes were opened to his deceitfulness:

WASHINGTON – Democratic presidential candidate Barack Obama was less than upfront in his half-hour commercial Wednesday night about the costs of his programs and the crushing budget pressures he would face in office.

Obama’s assertion that "I’ve offered spending cuts above and beyond" the expense of his promises is accepted only by his partisans. His vow to save money by "eliminating programs that don’t work" masks his failure throughout the campaign to specify what those programs are — beyond the withdrawal of troops from Iraq.

A sampling of what voters heard in the ad, and what he didn’t tell them:

THE SPIN: "That’s why my health care plan includes improving information technology, requires coverage for preventive care and pre-existing conditions and lowers health care costs for the typical family by ,500 a year."

THE FACTS: His plan does not lower premiums by ,500, or any set amount. Obama hopes that by spending billion over five years on electronic medical records and by improving access to proven disease management programs, among other steps, consumers will end up saving money. He uses an optimistic analysis to suggest cost reductions in national health care spending could amount to the equivalent of ,500 for a family of four. Many economists are skeptical those savings can be achieved, but even if they are, it’s not a certainty that every dollar would be passed on to consumers in the form of lower premiums.

___

THE SPIN: "I also believe every American has a right to affordable health care."

THE FACTS: That belief should not be confused with a guarantee of health coverage for all. He makes no such promise. Obama hinted as much in the ad when he said about the problem of the uninsured: "I want to start doing something about it." He would mandate coverage for children but not adults. His program is aimed at making insurance more affordable by offering the choice of government-subsidized coverage similar to that in a plan for federal employees and other steps, including requiring larger employers to share costs of insuring workers.

___

THE SPIN: "I’ve offered spending cuts above and beyond their cost."

THE FACTS: Independent analysts say both Obama and Republican John McCain would deepen the deficit. The nonpartisan Committee for a Responsible Federal Budget estimates Obama’s policy proposals would add a net 8 billion to the deficit over four years — and that analysis accepts the savings he claims from spending cuts. The nonpartisan Tax Policy Center, whose other findings have been quoted approvingly by the Obama campaign, says: "Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next 10 years." The analysis goes on to say: "Neither candidate’s plan would significantly increase economic growth unless offset by spending cuts or tax increases that the campaigns have not specified."

___

THE SPIN: "Here’s what I’ll do. Cut taxes for every working family making less than 0,000 a year. Give businesses a tax credit for every new employee that they hire right here in the U.S. over the next two years and eliminate tax breaks for companies that ship jobs overseas. Help homeowners who are making a good faith effort to pay their mortgages, by freezing foreclosures for 90 days. And just like after 9-11, we’ll provide low-cost loans to help small businesses pay their workers and keep their doors open. "

THE FACTS: His proposals — the tax cuts, the low-cost loans, the billion a year he promises for alternative energy, and more — cost money, and the country could be facing a record trillion deficit next year. Indeed, Obama recently acknowledged — although not in his commercial — that: "The next president will have to scale back his agenda and some of his proposals."