Senin, 30 September 2013

Five things you should know about flood insurance

1) Your homeowners policy doesn't cover floods. Flood damage is not a covered peril on standard homeowners policies and most commercial policies, although many people assume that it is. That can be a costly assumption.

2) You can get an estimate of your property's flood risk online with a "one-step flood risk profile."

3) You may have to have flood coverage. Mortgage lenders often require flood coverage if a home is located in a flood-prone area (also known as a "special flood hazard area.")

4) Most people buy flood coverage through the government. Flood insurance is widely available through the National Flood Insurance Program, which is run by the Federal Emergency Management Agency, or FEMA. There are limits, however, on how much damage they'll cover. Many local agents sell NFIP policies.

5) Rates may be going up. In July 2012, Congress passed the Biggert-Waters Flood Insurance Reform Act, which will change the way the National Flood Insurance Program is run. Among those changes: premiums will increase for some policyholders. That's being done to make the program more financially stable.

Rabu, 25 September 2013

We're looking for a communications and social media manager

Please help us spread the word - do you know a communications expert who's looking for a new challenge? We're currently recruiting for a Public Affairs Communications and Social Media Manager.

This position reports to the Deputy Commissioner for Public Affairs and manages select agency-wide public affairs strategies and communication projects. It also oversees the agency's social media efforts, represents the agency as senior writer and editor on legislatively required reports and high-profile projects for the commissioner and is primary spokesperson for news media and stakeholder groups on agency administrative, civil and criminal enforcement actions.

Here's the full job announcement. Please share with anyone you think might be interested.

We're taking applications through Oct.8.

Dismissal for Delay at Status Hearings

The Court of Appeal has answered a question that arises fairly frequently in civil litigation: under what circumstances should an action be dismissed by the court following a status hearing?

In Faris v. Eftimovski, 2013 ONCA 360 (C.A.), the action was commenced in 2007 alleging damages from real estate transactions in 2003 and 2005.  At the time of the status hearing in 2012, pleadings had not been finalized, no documentary productions had been exchanged, and no examinations for discovery had occurred.  Two of the defendants had died.  The status hearing judge dismissed the action, holding that there were unexplained delays in the action and there was non-compensable prejudice to the defendants since parties had died.

The Court of Appeal dismissed the appeal.  Justice Tulloch distinguished between r. 24, which permits a defendant to take a deliberate procedural step to have the action dismissed, and r. 48, which allows the court to control the pace of litigation. The onus is on the plaintiff to demonstrate there was an acceptable explanation for the delay and that, if the action was allowed to proceed, the defendant would suffer no non-compensable prejudice.

There has been much discussion recently about lengthy delays in trial lists.  Could the Court of Appeal be signalling an attempt to clear out cases that are slowing down the system?

How to contact Washington's Health Benefits Exchange


Earlier this month, the Washington Healthplanfinder (our state's health insurance exchange) opened its toll-free hotline to start answering questions about health coverage options, how to access financial help and what you need to know about the Exchange's enrollment process. The phone number is 1-855-923-4633 or TTY/TDD 1-855-627-9604. They're available from 7:30 a.m. to 8 p.m., Monday through Friday.

The Healthplanfinder can also help you find other people -- a broker in your local community, say, or a nearby in-person assister -- to help you through the process. Click on the link or image above to find out more.

Minggu, 22 September 2013

Financial Openings Without Warranty Alias Unsecured Personal Loans

Isn't it the trillionth article on unsecured loans? All are filled with details - extended, exhausting. It looks like that the flood gates have opened and innumerable loan providers are ready to offer you unsecured personal loans. You want unsecured loan and you still haven't found that information that makes you say - 'Yes, this is the unsecured loan, I want.' Statistics make it more than obvious that unsecured personal loans demand has increased rapidly over the past few years. If so many have found the unsecured personal loan in this elaborate network of loan borrowing, so can you.
According to statistics there has been a major increase in the unsecured personal loans as compared to other loans. According to FLA monthly statistics there has been a 21% increase in unsecured loans from the same time a year ago. Unsecured personal loans are the loans that are not secured against your assets. You don't have to place your home, your property or any other substantial possessions as security for the loan amount. An unsecured personal loan gives no guarantee to the loan lender in case of non repayment. The loan lender relies entirely on the loan borrower's ability to make repayments. Yet it will be thoroughly naïve on our part if we believe that lender won't be pursuing his money. A lender can pursue any loan through the civil procedure and which will eventually lead to your home being at risk.
Unsecured personal loans directly lead us to the subject of interest rates. Unsecured personal loans charge high rate of interest. Therefore your monthly payment on unsecured personal loans will high. Therefore take a loan amount that is realizable according to your budget. Extending loan term will most probably make your loan a financial burden. Usually, interest rate on unsecured personal loans depends on many things like your circumstances and the amount you want to borrow. This means that the 'typical' interest rate that is advertised may not be offered to you. Your credit ratings are also crucial and will be decisive when the interest rate is offered. Enough on what is the intimidating about interest rate on unsecured personal loans. Now, the good news! With so much competition in personal loans market, the interest rates offer huge variation which is anywhere between 9 to 15%.
Large loans amount for unsecured personal loans are not treated very sympathetically. For large amounts a secured personal loan is more appropriate. Under no circumstance borrow money that is more than what you need, because every loan needs to be repaid. Always make concrete repayment plans while taking a loan. Every unsecured personal loan comes with a hidden caption 'PAY BACK'.
The upside with unsecured personal loans is that the loans are approved faster. It is due to the fact that there is no collateral to be reviewed for unsecured personal loans. Unsecured personal loans can be applied for any reason like a holiday, or new car, home improvements, wedding, debt consolidation etc. financial institutions are not concerned about the use of unsecured personal loans as long as you can prove to be a good candidate in terms of payback.
Unsecured personal loan a small catalogue of what to look out for -
Unsecured personal loans rate, loan term, reputation of lender, pre payment penalties, your credit rating. An unsecured personal loan should not be settled exclusively on the basis of interest rate.
What else can you do? Research! Get written quotes from money lenders and settle on the loan lender which provides you with the lowest interest rate. Improve your credit rating. A good credit rating will enable a speedy approval of your unsecured personal loan application.
Unsecured personal loans have been known to provide speedy financial assistance to when you don't have any collateral to place for the loan claim. Unsecured personal loans are like rain when you are going through a financially parched time. Your savings are hitting a bottom low, your car is not working, your kitchen tap is dripping, you have to take a much needed break, or may be you are buying some thing through a check and need financial help to cover up for your bank account. So, do you remember the loan type? It is unsecured personal loans

Jumat, 20 September 2013

"I'm on Medicare Part A and B. I want to drop Part B and buy a health plan through the Exchange so that I can get a subsidy"

Don't do it.

That's worth saying again: Do Not Do This.

Here's why: Most health insurance plans have language in their policies that lets them drop anyone who is eligible for Medicare. As a result, even if you manage to sign up for the plan, the company will likely eventually figure out that you're eligible for Medicare and will drop you.

Then, if you go back onto Medicare Part B, you'll have to pay a penalty for as long as you continue to have Medicare. The penalty is 10 percent for each full 12-month period that you could have had Part B.

And that's not all. If you are Medicare-eligible and you purchase a plan offered on the Exchange, you are not eligible for an Exchange plan subsidy. (If you are on Medicare, you are already getting a subsidy, because the federal government pays far more in Medicare costs that current Medicare recipients paid into the program.)

Rabu, 18 September 2013

"I just got a letter from my insurer saying that I have to switch health plans because of Obamacare. What can I do?"

Tens of thousands of Washingtonians are -- or will be soon -- getting letters from their health insurers telling them that their plans are going away and that they'll need to pick a new one.
"In order to comply with the new health care law, your current health plan will be discontinued on Dec. 31, 2013," reads one of the letters, which are being sent out by about half a dozen insurers. "But don't worry. You have lots of options."
What's going on? Under health care reform, each health plan has to cover 10 essential benefits. Some of those benefits -- such as prescription drug coverage -- aren't included in many health individual health plans today. The new plans also have to include numerous preventive services, and meet standards for what they'll cover.

In some cases, those benefits mean that the premiums for the new plans will cost more, or that deductibles will be higher.

So what can you do?

1) Remember that as part of health care reform, many consumers will now qualify for subsidies to help offset costs. If your household income is less than 400 percent of the federal poverty level (e.g. $62,040 for a family of two, or $94,200 for a family of four), you may qualify for those subsidies. Also, expanded Medicaid coverage will be available -- for free -- for households that are at less than 138 percent of the federal poverty level ($21,404 for a family of two).

In other to get the subsidy, which is technically a tax credit, you would need to buy your health coverage through the Washington Health Benefit Exchange. Enrollment begins Oct. 1, with coverage starting Jan. 1, 2014. Here's a map with links to the rates for health insurance in the Exchange.

2) Shop around for a better deal. You do not need to stay with the insurance company you're with now, although that fact isn't necessarily trumpeted by the insurers in the letters they're sending out. So go on the Exchange -- you can still shop there, even if you don't qualify for a subsidy -- or check with a broker to see what else is available, and what it costs.

What if you have a pre-existing condition and have been turned down for health coverage in the past? It no longer matters. As part of health care reform, insurers must take all applicants. No more health screenings or questionnaires.

3) Remember that the premium is only part of the cost of insurance, particularly if you use the coverage. Your actual out of pocket costs are determined by how much of a deductible you have to meet, how much the co-pays or coinsurance charges are, what drugs are covered, etc. We calculate, for example, that the preventive care included in these policies without any copays, etc. is worth about $500.

Timing of Summary Judgment Motions

At what point in a lawsuit is it appropriate to bring a summary judgment motion?

In Stever v. Rainbow International Carpet Dyeing & Cleaning Inc., 2013 ONSC 4054 (S.C.J.), the defendant brought a summary judgment motion prior to discoveries, alleging there was no issue requiring a trial as the limitation period had expired.  Justice Morgan held that summary judgment motions typically proceed after discoveries are complete, or with affidavit evidence and cross-examinations that "go a long way to replicating what will be produced at discoveries."  Justice Morgan adjourned the summary judgment until after discoveries had been completed.

Stever is in line with the Court of Appeal's decision in Combined Air, which held:

58     Moreover, the record built through affidavits and cross-examinations at an early stage may offer a less complete picture of the case than the responding party could present at trial. As we point out below, at para. 68, counsel have an obligation to ensure that they are adopting an appropriate litigation strategy. A party faced with a premature or inappropriate summary judgment motion should have the option of moving to stay or dismiss the motion where the most efficient means of developing a record capable of satisfying the full appreciation test is to proceed through the normal route of discovery. This option is available by way of a motion for directions pursuant to rules 1.04(1), (1.1), (2) and 1.05.

In many cases, especially where there is an issue of discoverability, summary judgment is likely not appropriate until discoveries are complete.

"I was turned down for life insurance due to my health. Does this mean I can't get life insurance at all?"

Not necessarily. Different life insurers have different underwriting standards, so another company might insure someone with your health condition.

So try a different company, or try going through a broker, who might know more about which companies might be the best match for your individual situation.

Also, it's a good idea to check with your employer. Some employers offer some life insurance coverage (say $25,000 or $50,000) to their employees without requiring employees to answer health questions.

Selasa, 17 September 2013

Pierce County man charged with insurance fraud and attempted theft

A University Place man, Leandre Garner, has been charged by the attorney general's office with felony insurance fraud and second-degree attempted theft for filing a bogus claim with State Farm.

On Nov. 8, 2012, Garner got coverage online with the company for his 2007 Chrysler 300. Prior to that date, the vehicle was uninsured.

On Nov. 9, 2012, Garner said, he returned home from an appointment and discovered that his car had been hit by an unknown vehicle. The damage was estimated at $4,339. Garner filed a claim.

The problem: half a dozen people subsequently told investigators from State Farm and our Special Investigations Unit that Garner's car was damaged well before November. His ex-girlfriend said it happened around September, not November. A nearby tenant, an apartment office worker and an apartment groundskeeper also said the accident happened well before Nov. 8. So did the body shop that did the estimate.

Asked if he'd taken photos of the damage, Garner showed a State Farm investigator cell phone images he'd taken. He was surprised when the investigator pointed out that the metadata embedded in the images showed that they'd been taken Sept. 19, 2012.

When asked about this, Garner said that the must be a problem with the phone.

Arraignment is scheduled for Pierce County Superior Court on Sept. 24, 2013.

Senin, 16 September 2013

Personal Loans For Homeowners - One Of The Numerous Rewards For Being A Homeowner

You no longer look at the pictures of homes cause you yourself bought one. Well, you know how you got that, it was a huge investment. Now that you are facing some financial issues and you are thinking of taking a loan to cope with monetary crisis. Taking loans is a growing phenomenon. And this has a lot to do with the changing configuration of the current economic scene. Monetary and fiscal requirement of the people have increased and in turn led to increase in loan borrowing. So, it is not exceptional that you are looking for loans. If you are a homeowner in the pursuit of personal loan, all I can say is “you are fortunate”.
Personal loans for homeowners are one of the most universal loan types available. You must have encountered it in its one form or another. It is know by many names like homeowner loans, secured loans, homeowner personal loans, mortgage etc. Personal loans for homeowners are straightforward loans which can be moulded to fit in any circumstances whatsoever.
Personal loans for homeowners exclusively deal with homeowners which mean they are unavailable to tenants. Homeowner personal loans are a great instrument for exploiting the equity in your home, to further your interests in any fashion you desire. Equity is difference between the market value of the home and the total debt against it in the form of mortgage or lien. Lien is the right to take another’s property if an obligation is not discharged. Personal loans for homeowners can be highly profitable and can save a lot in terms of your money. In case you are taking personal loans for homeowners you need to look carefully for one erroneous step would land you on alien grounds.
Keep some things in mind while looking for personal loans for homeowners. First sort out why you need homeowner personal loans. Personal loans for homeowners are offered for many reasons like home improvement, wedding, education, debt consolidation, buying a car and cosmetic surgery. The thing worth appreciating about personal loans for homeowners is that the loan lender is not concerned about the purpose the loan is taken for. Thus, homeowner personal loans cater freedom along with many other things.
Personal loans for homeowner allow you to borrow amount from £5,000 to £500,000. The amount you can take is dependent on your income and the equity in your property. Taking money that is more than you require or that is beyond your ability to repay is a serious slipup that should be avoided. Homeowner personal loans allow you to borrow upto 125% of your property. With personal loans for homeowners you might be tempted to borrow more than required. Avoid not fall into this lure for there is nothing worse than an unpaid debt.
Personal loans for homeowners would invite lower interest rate, in fact the lowest in the market. Homeowner personal loans require your property as a security. Under no circumstances forget the fact that you can lose the property under non repayment condition. The terms and condition along with repayment terms are very pliable. The interest rate on homeowner personal loans is dependent on many things like the loan amount, the loan term etc. Start by researching about interest rates. Keeping an eye on the current interest rate trends and key economic indicators will anticipate good chances of finding lower interest rates and saving money.
Personal loans [http://www.chanceforloans.co.uk/secured_personal_loan.html] for homeowners are appealing due to the fact that they offer money to even sub prime borrowers. 9% of the mortgages in the last year were sub prime, amounting to 388bn pounds in money. Bad credit with homeowner personal loans is compatible. Bad credit with homeowner personal loans would mean comparative higher interest rates. Loan lenders are eagerly considering homeowner loans applications with bad credit. If you are in the loan race for homeowner personal loans, it would require you to know your credit score. You would be paying more as interest rate if you have bad credit score.
With online application process, you get quotes from various loan lenders to compliment your financial condition and expectation. The options with personal loans for homeowners are stretched along the length and breadth of the loan market. Personal loans for homeowners are easy on interest rates, they conform to your loan expectations and you can protect your repayment in case of adversity by applying for payment protection. Is there more? Yes – you can have personal homeowner loans even if you are sub prime borrower or self employed or unemployed. With personal loans for homeowner, everything is possible. Isn’t that promising? All I can say is “if you are a homeowner, you are fortunate.”

"I heard I can keep my adult child on my health insurance until age 26. But do I have to?"

Q: I heard I can keep my adult children on my health insurance until they turn 26. But what if I don't want to?

A: Then don't. Health care reform permits -- but doesn't require -- parents to keep their adult children on the parent's health plan up to age 26, unless the children have coverage through their own employer.

That said, you may want to provide coverage if you can afford it. No one is immune from bad luck, and rates for medical care when a person has no insurance can be very high indeed.

Also: if your child doesn't have a job or has a job that doesn't offer health coverage, you may be able to extend your coverage to him/her more cheaply than they could buy an individual policy on their own.

Rabu, 11 September 2013

Woman who pretended to be employer in lost-wage claim pleads guilty to insurance fraud

A woman who pretended to be an employer to help her son allegedly file a fake lost-wages insurance claim has pleaded guilty to insurance fraud.

Sherryl Rose Brongil pleaded guilty on Monday in King County Superior Court to one count of insurance fraud.

According to an investigation by State Farm and our Special Investigations Unit, Brongil's son, Larry Kwant, was accelerating out of a parking lot in her Cadillac when he lost control of the car and caused $26,000 in damage to it. He filed a claim, including 23 days of lost wages at $25 an hour. The form was signed by a "Linda Lee."

Linda Lee turned out to be Sherryl Brongil. Not only did she sign the form, purportedly showing that her son had worked at a company where he'd never worked. She'd also pretended to be administrative assistant "Linda Lee" when contacted by a claims adjuster.

She was sentenced to three months in jail.

As for Kwant, he's been charged with insurance fraud and identity theft.

Discount Rate

The new discount rates have been posted on the Attorney General's website.  They can be found at:

http://www.attorneygeneral.jus.gov.on.ca/english/courts/civil/pecuniary_damages.asp

For 2014, the discount rate is 0.3% for the first 15 years and 2.5% thereafter.

Selasa, 10 September 2013

Common questions about Medicare and health care exchanges


We've been getting a lot of questions about whether the new health care exchanges affect people on Medicare.

The short answer is no. If you have health coverage through Medicare, you don't need to do anything. It will not affect your coverage.

Among the other questions we're hearing frequently:

Do I need to re-enroll in my Medicare plan through the new health insurance Exchange?

Nope. Medicare's open enrollment is not part of the Exchange. If you are on Medicare, do not sign up for a plan in the Exchange.

Will I lose my Medicare coverage due to health reform and the Exchange?

No. Health care reform and the Exchange do not affect your Medicare coverage. You still have the same benefits and security you have now with Medicare.

Will people on Medicare be fined for not buying a health insurance Exchange plan?

No. In fact, it's against the law for someone who knows you have Medicare to sell you an Exchange plan.

Can I go to the Exchange and get a subsidy to help pay for my Medicare coverage?

Sorry, but no. If you're on Medicare, you're not eligible for the subsidies, which are for people buying coverage through the Exchanges.

For more questions -- including how the Exchange and Medicare work for recent immigrants, for those about to turn 65, etc. -- please see our new "popular questions about Medicare and the Exchange" web page.

Changes mean quicker responses to your insurance complaints

We've launched a new complaint response system that's speeding up the time between consumer insurance complaints and resolutions.

As Washington state's insurance regulatory agency and an advocate for consumers, we help with thousands of consumer complaints each year. Typical complaints involve wrongly denied claims, delayed payments and cancelled coverage.

The new online system, which is a secure link between our office and insurance companies we regulate, allows us to quickly get those complaints (along with our questions or concerns) to insurers. They'll look into the case and often reconsider their initial decision.

For years, largely in the interest of protecting complainants' private information, this process was handled by mail. Insurance companies were allowed 30 calendar days to respond to a complaint. 

The new online system is also secure -- and it's dramatically faster. Now insurers must respond electronically within 15 business days.

In other words, we've cut the time to process consumer complaints against insurers by more than 25 percent.

Got a complaint about your insurer? You can file a complaint online or call our Consumer Hotline 1-800-562-6900.

Senin, 09 September 2013

Try Unsecured Loans! If The Word 'Secured' Doesn't Fit Your Financial Statement

Big financial goals, no security to supply - it is the perfect circumstances to opt for unsecured loans. Online lending ways have made unsecured loans both accessible and full of innovative options. Unsecured loans have created a niche for themselves in the loan industry and providing good relief from financial restraint.
More and more people are giving their verdict in favour of unsecured loans. They form one-fifth of the total loans borrowed. Unsecured loans are meant for people who do not have any asset to place as a guarantee. In simple words you don't require collateral to secure the loan. Thus unsecured loans are ideal for tenants and can even work wonders for those homeowners who don't want to risk their property. That is the beauty of unsecured loans, you don't have to be a homeowner to get a loan.
Unsecured loans are a category of personal loans. The lender has no claim on the borrower's property and trusts solely the borrower's ability to repay the loan. Due to this particular reason the interest rates on unsecured loans tend to be higher. Unsecured loan enable you to borrow loan amount that is as low as £500 and go upto £25,000. Since the money borrowed is not secured usually loan lenders would limit the loan amount on unsecured loans to £25,000.
The money from unsecured loans can be used for any purpose like wedding, education, vehicle purchase, home improvement, vacation and debt consolidation or any other personal purpose. Unsecured loans are prepared to serve your financial need of any kind.
Repayment term would usually range form six months to ten years. A long loan term for unsecured loans would mean paying more so think wisely before deciding on loan term. Interest rates on unsecured loans are generally dependent on circumstances and loan amount. Competition has lowered interest rates of unsecured loans, which can range anywhere between 9 to 15%.
Interestingly the typical rate advertised in unsecured loan ads might not be offered to you. So be prepared. It would only serve the purpose of giving you an idea of unsecured loans rates in market. Unsecured loans rate are highly dependent on the loan amount, personal status and financial condition. You can ask for a free quote, which would certainly give you insight about the rates charged for your circumstances.
An
Unsecured loan like all other loans entails paying back. Even though you haven't pledged your assets, the loan lender can make sure he gets his money back and could mean risk for your property. Making errs in your monthly payments would corrupt your credit report.
Credit report is critical while applying for unsecured loans. Positive credit history people are instantaneously approved for unsecured loans. Bad credit history would not prevent you from taking unsecured loans though they would increase your interest rate. CCJs, arrears, defaults, foreclosure, bankrupts - all can apply for unsecured loans. Unsecured loans are approved faster for no collateral are required to be reviewed. So fast cash is one of the encouraging aspects of unsecured loans.
Self service - this will initiate making your unsecured loan quest promising. Pay attention on facts like how you would be paying the loan. Taking money makes sense only if you can accommodate monthly payments with your budget. Shop around for the best deals, there are many lending companies offering unsecured loans. Be open about your financial status and any other details like bad credit and et al. An unsecured loan lender would provide you with a better plan if he knows where you stand. Look out for additional charges like prepayment penalties.
Unsecured loans popularity has increased rapidly in recent times. They seem less problematic for they don't require collateral to be placed for the loan amount. Yet keep in mind that loans themselves deal with a very fundamental thing - your money. Take control of your finances by making use of one the most sought after financial service namely unsecured loans.

Home Loans: To Substantiate Financial Possibilities On Your Land

Availability of Home loans is in full bloom. They are uncomplicated, tenable, easily available, very flexible and tailor-made for homeowners. They are offered by almost every loan lending or financial institution. Home loans are like omnipresent and yet encountering the requisite home loan is like a Gordian knot. Sometimes innumerable alternatives have the obvious effect of leaving you irresolute of which home loan to settle for.
Low interest rates, low APR, flexible loan terms, credit history not taken into account - you have heard all that before in context of home loans. As a layman you don't understand that enough. But you absolutely need a home loan. So where do you begin - with the meaning of home loan? That is perhaps the right place to start. Home loans are loans taken against your home and more often referred to as mortgages. In a home loan your home is your personal guarantee for the money that you are taking. The value of your property must have increased enormously since the time you bought this house. A home loan implies drawing on this value of your property to get to you the financial assistance that you necessitate.
Home loans are available in all configurations and contours. You won't find any more modifications anywhere except with home loans. Home loans in UK are obtainable in the form of adjustable rate home loans, fixed rate home loans, balloon rate home loans. Do your homework before you make your judgment about the home loans that is right for you, your future financial picture.
Homework? Well, yes there is a lot you can do to lead yourself to the home loans that you need. First try to understand the meanings of the different home loans. There are always two sides to a story. Therefore it is highly recommended to learn about the different home loans types. This is your homework.
Fixed rate home loans are perhaps the most frequently used home loans by homeowners everywhere. The interest rates on home loans are fixed or rather stable. The interest rates that you settle on will be the same rate that you pay for the entire home loan term whether it is 15 year or 30 year. Fixed rate home loans are inflation resistant. An increase in the loan rates or taxes or insurance costs won't effect your home loan payment. Fixed rate home loans are low risk home loans. Since you are aware of your monthly income before hand, you are free to sketch loan term financial goals.
Adjustable rate home loans start with low interest rate and low monthly payments. Adjustable rate home loans imply that the interest rate can change during loan term which will either increase or decrease your monthly payment. It is an unpredictable situation. Adjustable rate home loans have adjustment periods that will decide how often the interest rates will change. The popularity of this home loan lies with the fact that it start with low interest rates.
Balloon mortgage are based on a 30 year repayment plan which after 5 to 7 year term you can either repay the entire mortgage or reset the entire home loan. Balloon mortgages are again of two types - 7/23 and 5/25. The 1st number (7 or 5) is the number of years before the balloon maturity date. The 2nd number (23 or 25) is the balance of the term.
Home loans interest rate is dependent on your credit status. This simply means that the interest rate on your home loan will be high if your credit history is faulty. Poor credit score won't prevent your odds at finding the home loan but it will certainly have impact on the interest rate. Down payment is another interest oriented term. The more the down payment, the lower will be the interest rate. Don't hesitate to ask questions about your home loan and make sure you completely understand the terms and conditions.
Another factor is debt-to-income ratio. It is the amount you make each month as compared to the amount of your monthly debt. Finding a good home loan lender is also crucial. Pre qualifying for the home loans will negate the tediousness associated with the process of getting a home loan. Compare mortgage rates and mortgage services offered by various lenders to know the best home loan that befits your motives.
A 'right home loan' is not an idealistic phrase. On the contrary it is not only realistic but also has the ability to save a lot of money over the term of your home loan. Savings on home loans makes sense to every homeowner. Doesn't it? A home loan makes sense for every homeowner. With lender competing against each other why don't you go and catch the high tide. Catch the high tide i.e. your kind of home loan!

Loan Modification Vs FHA - Hope For Homeowners Program - Comparative Analysis!

In the last 3 or 4 years, a large number of homeowners have been trying to complete a "loan workout" with their current mortgage lender to lower the interest rate and improve the terms of their loan. Many lenders have chosen not to accept any new terms, rather, let the property go into foreclosure.
Because lenders have an overwhelming number of properties in foreclosure, they are starting to accept loan modifications via their loss mitigation departments. The time is ripe for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate they can afford, if they have high interest rate sub-prime loans or are at risk for foreclosure.
Since, the rate of foreclosures is increasing, everyday, the federal government, congress and the president have approved and signed a new bill which will allow homeowners to take advantage of a new "FHA - Hope for Homeowners Program" designed to save more than 400,000 homeowners from foreclosure. This program will go "live" on October 1st, 2008.
The new FHA loan program will assist homeowners who are currently in foreclosure, close to foreclosure or those who have high interest rate mortgage loans like those called sub-prime loans. The program is different than a loan modification in several ways.
The following is a bulleted layout of the deference's between completing a loan modification and getting approved to do a FHA -Hope for Homeowners program.
Loan Modification:
1. You can recast your current loan into different terms, with the hope to benefit from a lower interest rate, which is fixed rather than an adjustable interest rate.
2. The costs of the loan modification are rolled on the "back-end" of the loan, which will increase the amount of money you owe.
3. The loss mitigation department may choose to keep the amount (that you own on your loan) higher than your current home value. Or they may choose to lower that amount, some, but not as much as it could be to make your new payment comfortable in the long term. This could mean that you may be in financial jeopardy, in the future.
4. It's a fact, what cause your current lender to be interested in keeping your loan on their books are the servicing rights. They make money servicing your loan over the term of the amortization schedule. The problem is that many lenders have filed for bankruptcy or just got out of the business (due to poor credits markets) and the servicing rights have been sold to other investors. This often causes a strain, since; the servicer does not actually have your loan documents at their facility, so they rely on others to get your original loan information to them for review. This process can cause the loan modification workout to be slow, in many cases. Timing is very important, since, homeowners are not knowledgeable in the process and they often wait to late to get the loan modification process started. It is important to communicate with your current lender and get the loan modification process stated, months before your home goes to foreclosure sale.
5. If your request for a loan modification is rejected, you may want to try it again in a few months, since; some lenders don't document the loan modification attempt you made. They are often motivated by changes in the housing market and their intent changes as more and more loans go into default. It does not hurt to try again. It is smart to work with a loan modification specialist, a seasoned loan officer or an attorney who specializes in real estate, mortgage lending and loan modifications. They understand how to speak to loss mitigation department, personnel and can get a general idea of the mood and trends of your lenders loss mitigation department.
6. Many loan modification specialist work together with attorney firms to get the loss mitigation departments to act in a timely manner. Those same attorney firms work with the loan modification specialist to make sure the original loan documents are not fraud ridden. This is a good approach, yet it can cost the homeowner additional money, since both the loan modification specialist and the attorney need to be paid for their services.
7. Homeowners are required to pay the loan modification specialists and attorneys for the services, provided. Many homeowners think that the cost will be included in the new loan amount, but this is not the case. Logically, lenders are already losing money when they agree to modify the loan terms and conditions for the homeowner, so, you can bet that they will not agree to "package" the costs of doing the loan modification into the new loan. That cost is paid by the homeowner, directly to the loan modification specialist and/or the attorney. The cost can range between $995.00 and $, 5000.00; as an average. Many loan modification specialist, senior loan officers and attorney firms can work out a payment plan, yet, many require at least 1/2 upfront before they start the loan workout. Understand, there is no guarantee that your loan modification or loan workout will be accepted. You will still have to pay your representation your agreed amount. A large percentage of loan modifications and workouts are accepted. So, it's a good bet, since, most people do not want to loose their homes to foreclosure.
8. Loss mitigation representatives, (most often) do not require you to pay for a new appraisal. Instead, they have your representative provide census track data, a BPO (broker price opinion) or a print out of valuation from title company market sales data. 9. If you are in foreclosure and costs have been incurred from posting your foreclosure sales data, attorney fees, title costs or other costs; you could be liable for those costs, if our current lender requires it (as a requirement to the loan modification).
10. Loss mitigation departments may choose to approve you for a new loan which is (another adjustable or tiered -fixed loan). Be careful. Do your homework or "talk-it-over" with your representation.
FHA- Hope for Homeowners Program:
1. The federal housing administration (FHA) has required that all homeowners who become approved for this program accept a 30 year fixed rate program. No other loan types will be accepted. You can only qualify for this program.
2. FHA will loan up to 90% of the current value of your property. This means that if you purchased your property for a higher purchase price and currently have a loan amount higher than what the value of the property is presently, you can become approved to do a loan amount at 90% of what your current house is worth.
3. If you have more than a 1st trust deed lien (subordinate liens) on your property and your property value has severely, diminished; your current lenders may take the loss when you get approved under the "Hope for Homeowners Program". Usually, the subordinate lenders loose, unless they purchase the primary lien. Most do not purchase the 1st trust deed lien. So, the subordinate lender takes a loose on their investment.
4. FHA's goal is to keep as many homeowners in their homes. They understand that it would be better to do a loan for a homeowner rather than have that property go into foreclosure, be place into the retail real estate marketplace, causing a further degrading of the housing market.
5. The FHA underwriting guidelines are currently more liberal than any other loan guidelines in the current market. FHA is more forgiving in their approach to mortgage lending.
6. The FHA underwriting guidelines have not been disclosed. As October, 1st, 2008 approaches, lenders, processors and underwriters will have a more clear idea as to what is required to get a loan approval.
7. Homeowners will (probably) be required to pay for a new FHA appraisal, as a condition for loan approval and closing. Underwriting guidelines will determine if this is true. The average costs for an FHA appraisal is ranges, $300 - $450.
8. Income to debt ratios will be determined and posted in the underwriting guidelines. Consult your loan modification specialist or loan officer.
9. The loan servicing companies that service, sub-prime loans will (probably) be more inclined to accept a loan modification, since they will want to transfer the lien to FHA, rather than keep it on their books. They have taken huge losses and have an overwhelming desire to get rid if their current problems. Have patience with these lenders, since, they do not keep your actual loan documents at their facilities. They will have to request them. Many loss mitigation personnel are stressed and will want to make a determination as to your file, fast. This is an advantage to you! Work closely with your loan officer to get the items needed for loan submission.
10. If you live in a heavily populated area like Los Angeles, Orange County, San Francisco, Seattle, Portland, Denver, Miami, etc., you will more than likely have a higher percentage of success with a loss mitigation department. This is because there are more homes in foreclosure in concentrated housing areas.
11. Even though we have not seen the FHA underwriter guidelines, (since they have not been delivered to the underwriters) they will be available on or before October, 1st, 2008. We can expect that the guidelines will probably focus on a person ability to make the new housing payment and not the persons credit score. We call this "ability to pay"!
12. If you're, FHA -"Hope for Homeowners Program" loan application is accepted by FHA; your current lender will still have to accept the condition which FHA places on the loan. This means that your current lender may to take a loss in equity by accepting the FHA loan buyout, offered.
13. The good news is that your current lender (already) understands that they will take a loss in equity, if the property goes into foreclosure. If they don't accept the FHA buyout, they may have to place your foreclosed property into the retail sales marketplace. This means that they may have to pay a Realtor up to 6% commission, wait for the property to be purchased, incur additional holding cost, pay a gardener, electricity and water bills. All the while, they realize that the property will probably be reduced in value even more as additional foreclosure properties come on to the marketplace. This is not a rosy situation for them, so, most will realize that it would be better to sell the loan to FHA and take less of a financial loss.
14. The main benefit to your current lender in accepting the terms of a FHA buyout is that under the FHA guidelines, they can benefit from a portion of any equity gain in the property for up to 5 years, at the time FHA buys the loan. If the homeowner chooses to sell the home within the 5 year period after the close of the new FHA loan; the lender can participate in a percentage of any equity gain. This single condition will cause many lenders to accept the FHA loan buyout. Ask your loan officer for information regarding lender participation in an equity gains.
15. Many lenders are fully; "FHA approved lenders" and will require that your loan be recast within the FHA loan department of your current lender. Therefore, ask your loan officer if your current lender (note holder) is FHA licensed. This will save you time and headaches, since; many loan officers will try to do the loan on your behalf without determining if your current lender wants the new FHA loan on their own books. This may be a condition for an FHA loan approval, by your current lender. If our current lender is already an approved lender, they might as well sell the loan to FHA, direct, correct?
16. Third party cost like, attorney fees, loss mitigation fees, foreclosure posting fees, etc., will be absorbed by your current lender under the FHA - Hope for Homeowners Program. You will not incur these fees under the program. The lender will take this loss, too.
17. As part of the Foreclosure Prevention Act of 2008, 1st time homebuyers are encouraged to purchase homes between April, 2008 and July 2009. They can receive up to $7500 dollars in tax credits from the federal government. This program has been established to speed up the housing recovery by getting people to purchase homes. Additionally, it will cause home sellers to purchase homes, as well, since they are often "move up" buyers. This program is part of the overall attempt to correct the bad housing market.
18. Credit Score vs. Your Ability to Make the Payment: These two factors will be outlined in the underwriting guidelines. I would expect that the ability to pay will override the credit score issue, since, most people having problems making their housing payments, already, have degraded credit scores. Consult your loan officer for details.
Summary:
Loan Modification:
Consumers, now have several options to preserve home ownership. If one option does not work try the other. Remember, time is of the essence, so act promptly to give your self time to use one or both options.
1. Loan modification is a good option for many, if your have proper representation and get a favorable deal. 2. You will have to pay the costs for this type of loan modification. 3. You will not have to pay for an appraisal, in most cases.
Visit this site for more information:
FHA - Hope for Homeowners Program:
1. This program may be a better deal for you, if your lender is no longer in business (sub-prime lenders and prime lenders). It can still be a great benefit to you if your lender is still in business and wants to remove some bad assets from their books (understanding) you might become one of those bad assets. Your loan officer can provide this information for you.
2. Since, FHA will go to 90% of the current value of your property; you can be the real winner. This simple fact means that you will have a better opportunity to qualify under a 30 year fixed loan and your housing payment will be more affordable, then what you are currently paying.
3. You will most likely, be required to pay for an appraisal. Ask your loan officer about this, since; the underwriting guidelines have not come out, yet.
4. You may or may not have to pay for the closing cost to procure the loan. It has not been determined, who actually pays for the closing costs. It will be in the underwriting guidelines, when they come out. Ask your loan officer.
5. Credit Score vs. Ability to Pay: Underwriting guidelines will determine these two factors. FHA underwriters will probably be more forgiving and weight their approval on your ability to make the monthly housing payment. We will have to wait for the underwriting guidelines. Ask your loan officer about these two factors.

Jumat, 06 September 2013

Insurance questions: Does my homeowners policy cover lightning?

In most cases, yes. Lightning is a covered peril in standard homeowners policies. Typically, both direct physical damage -- like burns, shattered windows, melted wiring -- would be covered. And if the lightning sets your home on fire, your fire coverage would also kick in.

How about lightning-caused damage to your electronics, like a TV or computer? Also typically covered.

And what about your car? If that gets hit by lightning, is the damage covered? Again, in most cases yes -- IF you have comprehensive coverage. (A man riding his motorcycle near Chehalis yesterday was struck by lightning, but is apparently doing well, other than a partly melted helmet. Really.)


Rabu, 04 September 2013

Health care reform questions: Where can I get help?

Q: Will there be health care advocates for people who are not able to understand the complexities of the health care process? I have a family member who cannot work and is in dire medical need and struggling with doctor and drug costs. What help will they get from the health care reform?

A: Yes, there definitely will be advocates to help people navigate the complexities of finding the right health coverage. Health care reform includes a network of navigators and other people to help, and many insurance agents and brokers can help as well. Here's a list of the organizations that have received grants to provide in-person assistance here in Washington state.

Here in Washington state, you can sign up with the Washington HealthPlanFinder to be contacted by assistance staff within the first two weeks of October. They can answer your questions and help with enrollment in the exchange, if that's the best option for you. The coverage would start in January 2014.

In this particular situation, with your relative struggling today to pay for medical care and prescription drugs, feel free to give our consumer advocacy staff a call. They can walk you through the options, including free or low-cost medical, vision and dental clinics, help paying for drugs, and how to appeal when a health insurer won't pay for a treatment or prescription.

The hotline number is 1-800-562-6900. (Don't live in Washington state? Here's how to find your own state's insurance regulator.) You can also email us at AskMike@oic.wa.gov.


WA: Two more Exchange health plans approved for King, Pierce, Spokane counties

From a press release we put out this morning:

FOR IMMEDIATE RELEASE – Sept. 4, 2013
Media contact: Public Affairs (360) 725-7055

Kreidler settles with another health insurer – approves two more Exchange plans for King, Pierce, Spokane counties

OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler has reached a settlement with Molina Healthcare of Washington, Inc. (Molina) and approved its two plans for sale in Washington’s Health Benefit Exchange, the Washington Healthplanfinder.

Consumers in Washington will now have 43 choices in the Exchange when open enrollment begins Oct. 1. Molina’s two plans will be available in three counties: King, Pierce and Spokane.

Previously, Molina only participated in the Medicaid market. Its approval to sell inside the new Washington Healthplanfinder guarantees Medicaid enrollees continuity of care and creates even more competition in the marketplace.

Molina was one of five companies Kreidler disapproved for sale in Washington’s new Exchange. Molina, Coordinated Care Corp., Kaiser, and Community Health Plan of Washington (CHPW) all appealed Kreidler’s decision. Molina later dropped its appeal, but reactivated it Aug. 29.

The reactivated appeal allowed a settlement. Specifically, Molina corrected information in its provider contracts to gain approval.

Kreidler began discussions with only those companies he believed could make the necessary fixes in time before the federal deadline of Sept. 5. Ten plans from Kaiser and Community Health Plan of Washington were approved Aug. 30.

The Executive Board of the Health Benefit Exchange is schedule to certify the final list of approved plans today at 1 p.m. It is scheduled to submit its final list to the federal government Sept. 5.

“I made the tough decision to disapprove some plans on July 31 because I didn’t believe they were good for consumers,” said Kreidler. “I’m pleased that we’ve reached a settlement with some of these companies to bring more quality plans to the Exchange and that consumers will be protected.”

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Bifurcation

Rule 6.1.01 became effective on January 1, 2010.  It provides as follows:

With the consent of the parties, the court may order a separate hearing on one or more issues in a proceeding, including separate hearings on the issues of liability and damages. 

In Soulliere v. Robitaille Estate, 2013 ONSC 5073 (S.C.J.), the issue was whether a court may bifurcate a trial when one party does not consent.  The Court of Appeal held in Kovach (Litigation Guardian of) v. Linn 2010 ONCA 126 (C.A.) that a judge does not have the jurisdiction to bifurcate a jury trial when one party does not consent.  In Soulliere, however, the trial would be heard by judge alone.

Justice Smith held that r. 6.1.01 does not remove the Court's inherent jurisdiction to bifurcate a trial.  In keeping with the Court of Appeal's decision in Elcano Acceptance v. Richmond, Richmond, Stabler and Mills (1989), 55 O.R. (2d) 56 (C.A.), a Court may order bifurcation in the clearest of cases.  In the circumstances, Justice Smith declined to order bifurcation.  The case was not so exceptional as to warrant departure from the normal practice of hearing liability and damages together, and there was potential prejudice to the plaintiff if forced to wait.

Senin, 02 September 2013

Bridging Loans - Fulfilling Financial Shortfall between Real Estate Transactions

You are trying to buy a new property and selling the current one to raise money for the new purchase. It is usually difficult corresponding sale of one property with the buying of another. This almost always leads to financial gap. For this particular circumstance bridging loans are organized.
Bridging loans are another term for short term financing. It is meant for real estate financing until permanent financing is secured. Commercial real estate transactions require bridging loans to "bridge" in cash gaps.
Bridging loans can serve to fill up temporary shortfall while buying property, business or even paying for renovation. Bridging loans can serve the same function if you are buying property at an auction.
Bridging loans are secured loans, secured on property. The borrower would be required to place significant collateral. A Bridging loans lender would accept the following as security for the loan -
Residential properties
Auction properties
Commercial and semi-commercial properties
Development sites
Sites with planning permission
Buy to let properties
Retail shops
Overseas property
Heavy machinery, business equipment, inventory can also function as collateral. Bridging loans can be secured by getting a mortgage on the new property and taking out a second mortgage on the property being sold.
Bridging loans involve an evaluation of property. Bridging loans are offered on the value of the property and not the purchase price. Bridging loan approval process is the beginning of getting a bridging loan. If this is your first time at loan borrowing, start looking around for loan lenders that you are at ease with. Getting pre approved would give you an idea of how much you can get. Being pre approved, enables you to act quickly when the property is available. Loan amount on bridging loans can range from £25,000 to £500,000. The loan amount usually depends on loan lender so shop around for better deals. Higher amount can be arranged but usually takes longer time.
Bridging loans, loan term that can be anywhere between a week and six months. The maximum term is two year. The borrower must be certain of his situation and that he can repay it within a short period of time. Speedy finance is probably the most sought after benefit of bridging loans. Bridging loan can be made available within 24 hours, if you have all the necessary documents ready. Most bridging loan lenders do not ask for upfront legal and arrangement fees. Usually there are no redemption penalties with bridging loans. Self certification in the context of bridging loans is also possible.
Be prepared to pay more on bridging loans. A bridging loan poses a sizeable risk to the loan lender because the old home may not sell for some time. The interest rate on bridging loans is comparatively higher than conventional mortgages. The typical interest rate is one half of a percent. The interest rate is generally dependent on credit history, value of collateral placed and loan term. The borrower starts making interest payment at the end of the term, in case, the old property is not sold. After the old home is sold, the bridge loan is paid back. If the house is sold within the term limit, all the unearned interest is credited back to the borrower.
It is a short term mortgage and bridges in temporary shortage of finances in the face of a real estate transaction. The bottom line is bridging loans are for short term financing. They are devised for a specific purpose and therefore not meant for everyone. It is also available for bad credit. Thus, bridging loans can assist in forming a record so that you can apply for conventional mortgages. Having a trust relationship with the loan lender makes bridging loans process highly uncomplicated. However, if you can't boast of such an association, don't sign anything related to bridging loans without completely understanding the loan process. The market for bridging loans is constantly increasing. Healthy competition has resulted in keeping the bridging loans interest rate low. This has made bridging loans a realistic option for those who need funds quickly.