Sub-registrar, Assistant in ACB Trap

by Shelton on October 13th, 2015

filed under House Loan

SRIKAKULAM: The Anti Corruption Bureau (ACB) officials arrested the sub-registrar of Rajam, S Tavitayya, and his assistant, Venkata Ramana, for demanding and accepting bribe in return for an official favour from a person Tuesday.

According to Srikakulam DSP ACB A Rangaraju, complainant V Rambabu had taken a house loan from AGVB bank six years ago.

Despite finishing the loan about six months ago, Tavitayya refused to hand over the receipt of cancellation to Rambabu.

Tavitayya demanded Rs 10,000 bribe for providing the receipt. Upon constant negotiation the official settled for Rs 4,000.

Vexed up with the official’s treatment, Rambabu approached the ACB.

On Tuesday evening, Tavitayya accepted the bribe money of Rs 4,000 through his assistant Venkata Ramana, and was caught red-handedly by the ACB team led by Rangaraju.

The duo would be produced before court Wednesday.

Oklahoma’s Top Lender Earns Honor for 6th Consecutive Year

by Shelton on October 3rd, 2015

filed under House Loan

OKLAHOMA CITY, Sept. 22, 2015 /PRNewswire/ –Mortgage Executive Magazine has named Heather Bomar of Cornerstone Home Lending, Inc. as #1 Mortgage Originator in Oklahoma this year. As a Senior Mortgage Advisor, Bomar has earned this recognition for six straight years, and serves as an example of service excellence to her fellow loan officers in the Oklahoma region. Many loan officers have modeled their image after the Bomar Team, which Heather began with her husband, Brian Bomar, who serves as a Senior Vice President and Regional Sales Manager for Cornerstone.

In addition to the Mortgage Executive Magazine recognition, Heather Bomar has also earned the distinction of Top Producer for Cornerstones Presidents Club. The Bomar Team has a long history of customer satisfaction which is illustrated by numerous complementary client testimonials, as well as its contribution to Cornerstones status as Oklahoma City Metros Most Trusted Lender on new construction loans according to Marketrac data.

The Bomar Team uses tools including convenient and secure online prequalification, in-house loan approval control, and multiple warehouse lines of credit from major banks, to assist with smooth on time closings for its clients. It is based in one of the more than 100 branches Cornerstone has in 19 states.

About Cornerstone Home Lending, Inc. (NMLS 2258)
Cornerstone is a private, full-service mortgage company based in Houston, TX that provides home loans to customers across the US Since 1988, Cornerstone has strived to make a positive difference in their clients lives by treating their clients with the utmost respect and providing the highest quality of service possible. As an Equal Housing Opportunity lender, Cornerstone Home Lending, Inc. is a refreshingly unique national home lender with thousands of highly-satisfied clients who return to Cornerstone year after year, loan after loan. For more information on Heather Bomar (NMLS 208983) and Cornerstone Home Lending, Inc., please call 405.445.5445 or visit www.thebomarteam.com.

SOURCE Cornerstone Home Lending, Inc.

RELATED LINKS
http://www.thebomarteam.com

Financial Adviser | Buying a house on $7750 weekly salary

by Shelton on September 29th, 2015

filed under House Loan

ADVISORY COLUMN: PERSONAL FINANCE

QUESTION:

I am earning $7,750 per week but I am paid every two weeks. I would like to purchase my own house and would like your expertise on the matter. If you can, please advise me on the best way to go.

– Reader

FINANCIAL ADVISER:

It does not seem that your income would enable you to purchase a house readily on the local market, but I dare not say it is beyond you for I do not know what resources you have access to. The National Housing Trust (NHT) seems to be your best chance of getting a mortgage.

If you are a contributor to the NHT, its Open Market Loan and Scheme House Loan would seem to be your best options. In the former case, the facility is for buying houses from sellers other than the NHT. The latter is for contributors who buy houses directly from the NHT.

Other facilities include the Build on Own Land Loan, which is for persons who own land or have legal permission to build on a plot of land. All are Non-Homeowners Loan facilities, which are for persons who do not own their house and have never received a loan from the NHT.

To qualify for a loan from the NHT, you must be a contributor at the time the application is being made, must have made 52 weekly contributions, 13 in the 26 weeks just before the date of application, and must have paid up, with interest, all outstanding contributions due for the last three years.

Applicants should be between the ages of 18 and 65 and should be earning an income which allows them to repay the loan. Your age determines the term of the mortgage, that is, for how long you will be able to borrow the money. The rate of interest payable is dependent on your income, as you can see from the following salary bands and rates:

ï Minimum wage J$7,500.99 1%

ï $7,501- J$10,000.99 3%

ï $10,001- J$20,000.00 5%

ï $20,001 amp; more 7%

The rate applicable to you would be three per cent, but because you have not stated your age, I am not able to say how much you would be able to borrow and what your monthly mortgage payment would be. This figure would also take account of the cost of repaying the five per cent service charge which the NHT charges on its mortgages.

This is less than the charges that would apply when borrowing funds from other mortgage-lending institutions. It covers administrative costs and legal fees are added to the loan amount and is included in the mortgage payment, so you would not have to find that amount upfront.

Because the NHT lends up to 95 per cent of the market value or valuation of the property, to purchase a home on the open market, you would have to find at least five per cent of the cost for the deposit to the vendor.

Ultimately, even if you can source a loan from the NHT, you would need to have the deposit and the difference between what the NHT will lend and the rest of the purchase price. Given the price of houses on the local market, you could be facing a tall order.

Oran A. Hall, a member of the Caribbean Financial Planning Association and principal author of The Handbook of Personal Financial Planning, offers personal financial planning advice and counsel. finviser.jm@gmail.com.

The Age Paradox: Older people want to work, but age discrimination stands in …

by Shelton on September 12th, 2015

filed under House Loan

Walk into Ron Di Giorgio’s house in suburban Newcastle and the first thing you’ll notice are the knick-knacks and curios covering every flat surface of the house: the kitchen table, the coffee table, even the stairs. There are samurai swords, art deco signage, a gramophone, vintage children’s toys. Ron says he’s always been a collector, but after losing his job 12 months ago, he now has to sell some of his collectibles as a source of income.

“I’m not looking to make a huge amount of money on stuff, I just want to turn it over and make a little bit,’ he says. “That’s what keeps me going.”

Di Giorgio, 52, has worked for over 30 years as a maintenance electrician. For the last 10 years, he did contract work in the mining and manufacturing sectors. However, when the last project he worked on was cancelled, all the contractors on the job were sacked. Since then, it’s been a struggle for him to find work.

“It’s not for a lack of trying,” says Di Giorgio, who estimates he’s sent out over 250 resumes in the last year. “I started off really pushing for work but after eight or nine months of doing that, I was over it. I’m just sick and tired of doing it, because there’s no one out there who wants you. I haven’t had one call back,” he says. “It’s depressing. It gets to you.”

Di Giorgio is on Newstart, but it doesn’t cover all his expenses. Selling his collectibles at the weekend markets and doing odd handyman jobs for family and friends are the only things keeping him afloat.

“I keep the bills away. That’s all I do. The dole, the $250 a week, that’s my house loan and little bit left for petrol. I have no money for food and no money for bills,” he says.

Di Giorgio has a partner, Judy, but they don’t live together. Judy works part-time and is on a pension. She looks after Di Giorgio by making him dinner every night but it’s difficult for her to support the both of them. Di Giorgio also has two daughters, 22 and 18. While they’re adults, both still need to occasionally rely on him for support as they study and begin their careers.

“They still need money, they still need help. You don’t lose that responsibility. That’s another stress that goes onto you, you sort of feel like you’re not doing your job, by not looking after them.”

The unemployment rate in the Hunter Region is the highest in NSW, at almost 12 per cent, with Newcastle and Lake Macquarie sitting at 8.4 per cent. “The number of people getting sacked at the moment is just incredible, especially electrical,” says Di Giorgio.

Disadvantaged by age

Di Giorgio thinks his age puts him at even worse disadvantage in this already tight market. “When I was in my 20s or 30s, I could pick up a job next week. These days I don’t even get asked,” he says.

As part of the requirements for Newstart, Di Giorgio has had to apply for jobs outside of the electrical field that he may also be eligible for. Recently Mission Australia, a Job Services Australia provider, called Ron with an opportunity to do some labouring work on a residential building site. He accepted. However, later that day, they called him back to withdraw the offer, saying the employer thought he didn’t have enough experience.

“What experience do you need to shovel a bit of dirt, really? They look at the fact I’m 52 years old. They want young blokes who are fit, who will break their backs for them. Maybe I won’t. They don’t know you until you work for them, until they give you an opportunity,” he says.

The stress and pressure of looking for work has taken it out of Di Giorgio. After 12 months of looking for full time work, he’s all but given up. “I don’t care anymore. If I make a bit of money here and there just to live, that’s enough. I’ve given up looking for work, because I know there’s none.”

Di Giorgio says he would happily work for at least another 20 years if he was given the opportunity. “It’s a joke, talking about retiring people at 68 to 70 years old. That’s wonderful if you’ve got a job that’ll take you there. But most people won’t have a job that will make it that far.”

Barriers for people over 55

Riding self balancing scooter brand Airwheel A Good Way to Release Stress

by Shelton on August 31st, 2015

filed under House Loan

Learning stress, employment stress, promotion stress, house loan stress, etc. There are so many different kinds of stress in modern people’s life. The overweight stress may cause listless, low-spirited and even depression. Therefore, people have to find ways to release their stress. Riding Airwheel electric scooter is a good way to release stress.

Bankruptcy in Malaysia Hits the Young Hard

by Shelton on August 29th, 2015

filed under House Loan

“Parents don’t want their children to struggle like how they did when they were growing up. Many of them don’t teach their children to live within their means but subsidise their children’s expenses. This makes the situation worse,” Ms Lee, chief executive officer of Financial Planning Association of Malaysia, tells The Establishment Post.

Many parents continue to support their children even after they have started work by paying for their car loan, personal insurance and other expenses. “So when will these young people learn to manage their own finances?” she asks.

Ms Lee tells of a young graduate who was earning RM2,500 (US$655) a month but spends RM30-RM50 (US$8-13) a day on fancy meals. She thought she could go on with the kind of lifestyle her parents gave her but soon realised she was having problems making ends meet. It was only after she started budgeting that she saw some savings, and is now saving towards a down payment for a house.

Ms Lee says effort needs to be made to ensure financial literacy reaches the far ends of society and that literacy education should start very early in the education system. This is a sure way of arresting bankruptcy in Malaysia, she adds.

Living on credit

A factory worker had an under-aged brother who wanted a car to start a car rental business. She took a car loan and got him a car with the promise that he will take care of the loan repayments. The brother rented out the car one day and it never came back, but his sister has been made a bankrupt.

A couple working as waiting staff bought a house way above what they could afford. They figured they could pay for it because they were promised jobs overseas by an agent and had paid him his commission. The bank gave them a loan more than the value of the house so they could pay for the lawyers’ fee and renovation. But they fell victim to a job scam and they did not get their overseas jobs and they were unable to pay the house loan repayments. They were declared bankrupts.

Ms Lee, in relating these stories, says it is so easy to be drawn into financial commitments that are way above affordability. She says it is this and the desire to have a certain lifestyle that makes the young generation so vulnerable. “It is about delayed gratification and giving yourself small rewards for achieving bite-sized milestones which will lead to the bigger life goal.”

Lawyer GK Ganesan also believes that bankruptcy has all to do with the individual and little with external factors. “It is not poverty that drives people to bankruptcy, but love of credit,” says the author of Bankruptcy Law in Malaysia and Singapore.

He says the credit culture is so ingrained in society that it is regarded as the most logical thing to do when cash-strapped. What exacerbates this is the full credit offers given for buying houses and vehicles. It is these two loans that are the main causes of bankruptcy in Malaysia.

Calls for review

For years there have been calls for more stringent policies when offering loans, especially for hire purchase. Why punish the bankrupt Mr GK feels a bankrupt has slim hope for bettering himself under the present system in Malaysia. He says the system keeps the bankrupt poor.

“The system of bankruptcy is overzealous in its application. It is unable to distinguish between the irresponsible borrower and the honest man who has fallen into hard times or who is born into poverty,” he tells The Establishment Post. “Bankruptcy labels the reckless borrower as an irresponsible person. Is this justified?”

The Bankruptcy Act 1967 does not allow a bankrupt to hold a bank account, run his own business, accumulate assets or even work for his spouse of family members without the consent of the Director-General of Insolvency. He is not allowed to leave the country, stand for elections or be a company director.

All it takes is as little as RM30,000 (US$7,880) for the creditor to initiate bankruptcy charges. “By today’s standards even a RM100,000 (US$26,267) debt is not that large,” says Mr GK.

He also suggests that bankruptcy laws put more consideration on the plight of the debtor than the creditor who already enjoys a fair amount of protection. “Why do we need bankruptcy laws when all banks and financial institutions have insured themselves (against bad debts)?” A more educational and rehabilitative approach would help the debtor and will go a long way in national productivity.

Bankruptcy laws needs to keep up with the times

There are suggestions that pre-bankruptcy rehabilitation measure be included in Malaysia’s bankruptcy law. A moratorium can be introduced for debtors to explore debt settlement with their creditors to avoid bankruptcy proceedings.

Then there is the long wait for discharge – nothing less than five years. A bankrupt will have to make full repayment of the debt or get a haircut from his creditors. He will be released when the Insolvency Department has all the evidence. Or when he comes out smelling of roses after the department puts him through a barrage of tests on his credibility and trustworthiness.

Over the last few years there has been talk of an automatic discharge after the bankrupt has lived a certain amount of time as a bankrupt. Just like how it is in Singapore, UK, Canada and Australia. “Our bankruptcy provisions are old and decrepit, and have not kept up with the modern commercial world,” says Mr Ganesan.

Therein lies the problem – our laws should give bankrupts a chance to redeem themselves and become productive again, especially the younger generation. This is what tackling bankruptcy in Malaysia is all about.

About the Web

  • Becoming bankrupt before 35 (The Star) 
  • Nancy Shukri: Selangor records highest bankruptcy cases last year (The Sun Daily) 
  • Malaysia Department of Insolvency 
  • What’s my sin that I’m a bankrupt? (Business Circle) 

Will this woman farmer’s family get compensation?

by Shelton on August 24th, 2015

filed under House Loan

It was constant harassment by moneylenders that pushed Jayalakshmi of Thamlapura in Hassan taluk to end her life. She is among the very few women farmers to have committed suicide in the State in the recent days.

Significantly, whether or not the family will get compensation remains uncertain because the land is not owned by the woman and the loan was not taken in her name.

Following her death, officers of the Revenue and Agriculture departments visited her family and collected details of loan. However, the family members are not sure of getting compensation from the government. The guidelines meant for providing compensation state that those who commit suicide should possess agricultural land in their name, and should have borrowed loan and received notices for repayment.

In this case, the deceased did not own land nor had she borrowed loan in her name. Chances of her family members getting relief are less. However, that will be decided by the committee constituted for the purpose, said an official in the Agriculture Department.

Jayalakshmi’s husband Some Gowda had borrowed Rs. 70,000 from a moneylender to clear his house loan borrowed from a bank in 2011. I could neither return the money nor pay interest to the moneylender due to no earnings in agriculture. The moneylender had been demanding money for many days. He often visited my house and raised his voice against us. On July 24, he came again but I was not at home. The next day she committed suicide, Mr. Gowda said.

On Monday, when
The Hindu
visited her house, her husband and relatives were busy preparing for the ninth-day ceremony scheduled for Tuesday. Mr. Gowda owns three acres of land in Thamlapura. For 25 years, they have been growing potato, maize and ragi. In the last four years, the yield in potato was negligible due to late blight disease. Meanwhile, the loan he borrowed had gone up to Rs. 6.25 lakh, including interest. The moneylender had charged exorbitant interest. He had also made me pledge my land, he said.

Jayalakshmi was worried over future of her two daughters. Besides the moneylender’s loan, the family had borrowed Rs. 1.38 lakh from banks.

Jayalakshmi was managing financial transactions in the family since last two years, said a neighbour adding that she was the one who always encountered moneylenders at home.

As the deceased did not own land or borrow loan in her name, chances of her family members getting relief are less

Railway line brings new life and opportunities to SW Tibet

by Shelton on August 19th, 2015

filed under House Loan

Kalzang Tsetans family business has been benefiting from the opening of the Lhasa-Xigaze railway.

Weve longed for the railway. The materials we used to produce sweet garlic are all imported from Chengdu. Road transport is very expensive. The cost has reduced greatly because of the railway, said the 27-year-old, whose family runs a garlic industry in Gyangze county, a Xigaze prefecture-level city in the southwest of the Tibet autonomous region.

The company produced 2.4 billion kilograms of garlic products last year. In March the company transported about 12,500 kg of sweet garlic products by train from Xigaze to Lhasa at a cost of about 20,000 yuan ($3,222). It was the first time the company adopted rail transportation. By road, 12.5 tons of garlic products cost about 30,000 yuan.

More importantly, train is much safer than trucks. If an accident happens, we would suffer heavy losses, he said.

It will be the first anniversary of the opening of the Lhasa-Xigaze railway on Sunday. As the railway linking the two largest cities in the Tibet autonomous region, also the second railway in Tibet, the Lhasa-Xigaze railway has not only increased locals quality of life but also boosted tourism.

Benefit locals life

The 251-kilometer high-elevation railway cut travel time between Lhasa, capital of Tibet, and Xigaze, the second largest city in the region, from five hours by bus to about three.

The first passenger train left Lhasa for Xigaze on Aug 16 last year. The fare ranges from 40.5 to 175.5 yuan depending on comfort.

The line, which began construction in January 2011, has 14 stations and a maximum train speed of 120 km per hour. It is capable of transporting more than 8.3 million metric tons of cargo each year.

Until June 30 the railway had transported 578,000 passengers.

Since the railway opened, Chungdak Tsering has taken the train more than 10 times between Xigaze and Lhasa.

It is much more convenient now and only takes three hours. In the past, it took five hours by bus, often longer because of traffic jams and the speed limit, and train is safer. I can either buy tickets online or at the station, the 29-year-old said, adding that this time, he went to the station a day before the trip and bought tickets in five minutes.

Chungdaks trip to Lhasa was to close a deal on a house loan. He is a government employee in Xigaze and bought an apartment in Lhasa.

Lhasa is a better planned city with a friendly environment, more parks and other resident friendly civil constructions, he said, adding that the railway makes the commute more convenient.

Chungdak is the youngest son in his family. Born and raised in Xigaze, he went to school outside Tibet since middle school at 13, and finished middle school, high school and university there. He returned to Xigaze in 2011.

Compared with the old days when he traveled between home and schools, he has found transportation much more convenient now.

Boost tourism

The railway has also boosted local tourism. As the home of Mount Qomolangmas base camp and the traditional seat of the Panchen Lama, Xigaze has its unique charm to attract tourists from China and overseas.

Yang Heng, 24, traveled from Daliang, Chinas northeast Liaoning province to Tibet by train. I spent about three entire days on a train¡­I love the views. It is almost the same as the view at scenic sites, both making me feel so close to nature, Yang said.

His destination is the base camp of Mount Qomolangma in Xigaze. First of all, I traveled to Lhasa by myself and met some outdoor enthusiasts there. I decided to join them for the adventure trip at the last minute. I did not really have a specific travel plan before, Yang said. He worked as a staff member in a university and enjoyed his summer vacation by traveling to Tibet.

Travel by train is less expensive, he said, adding that the Lhasa-Xigaze railway made his trip easier.

The Lhasa-Xigaze railway is the first extension of the 1956-km Qinghai-Tibet railway, the first railway in Tibet, which began operation in 2006. The new line plays an important role in the rail network in Tibet.

To the east, it connects the Qinghai-Tibet railway and also links Lhasa-Nyingchi Railway, a part of Sichuan-Lhasa railway, which is now under construction. To the west, it plans to link Jilong and Yadong pass neighboring Nepal.

Apart from the railway, road and aviation networks have also been improved in the past 50 years, as a small part of government investment spent on Tibets transportation infrastructure.

Homeowners agreeing to mortgage modification agreement with company saddled …

by Shelton on August 18th, 2015

filed under House Loan

LOS ANGELES (Legal Newsline) – A mortgage modification company is being sued for allegedly failing to tell borrowers about the cost of a balloon payment they would owe at the end of the term of the loan.

Dana D. Moody filed the lawsuit on July 9 in US District Court in California against Ocwen Loan Servicing, a mortgage modification company in California.

The lawsuit claims borrowers who agree to “in-house” loan modification agreements with Ocwen also agree to a “balloon disclosure” provision. The provision doesnt list the amount of the balloon payment the borrowers will owe at the end of the loan, however, it often exceeds $100,000, the lawsuit said.

“Ocwen has duped thousands of unsuspecting homeowners into accepting loan modification agreements that contain financial black hole balloon payment provisions,” the lawsuit said.

The lawsuit said Ocwen enters into the agreements with homeowners that are already struggling financially.

“These substantial balloon payments would require most borrowers to obtain a new mortgage loan to satisfy the balloon payment when it comes due, despite making monthly payments for more than 20 years,” the lawsuit said.

Moody is seeking class status for those who obtained a modification agreement with Ocwen. She is also seeking more than $5 million in damages plus court costs.

Moody is represented by Robert Ahdoot, Tina Wolfson, and Meredith S. Lierz of Ahdoot amp; Wolfson, PC in West Hollywood and Eric Lectzin and Todd S. Collins of Berger amp; Montague, PC in Philadelphia.

US District Court for theCentral District of California case number 2:15-cv-05186.

Arrest made in 2012 Brown County murder case

by Shelton on April 2nd, 2015

filed under House Loan

BROWN COUNTY — The Brown County sheriffs department has made arrested a suspect in an unsolved murder case. Matthew Moore, 30, appeared in a Brown County courtroom today facing charges including First Degree Intentional Homicide in connection with the death of Thomas Wick.

Moore and his fiancee Katie Heller were both arrested Thursday night for their suspected involvement in the crime.

Thomas Wick, 43, was found shot to death in the basement of his Howard home three years ago on February 27, 2012.

It was an emotional day in court for Wicks family.

Its been three years and you expect the emotion is running very high, said Brian Wick, Thomas Wicks brother.

Prosecutors say Moores handwriting matches gang symbols left at the crime scene and Moore also knew details about the shooting that were not previously public knowledge.

Heller also appeared in court today. She is accused of lying to investigators previously while they continued to look into this case. Her bail is set at $50,000.

It is believed money was the motive because Moore owed Wick a payment on a house loan.

Family members of all involved were in the courtroom today but only Brian Wick gave a comment.

Were very glad that the Brown County Sheriffs Department has kept diligent in this case and DCI and all other affiliated, Wick said. Were just glad of what happened so far and were just relieved to be at this point right now.

Moore has not been formally charged yet, that is scheduled for next week. For now he is being held on a $500,000 cash bond.