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Posted by Gaston County Foreclosure

From www.wsj.com

Foreclosures are once again on the minds of many. After a summer of record lows in home sales and widespread pessimism in the economy, many market-watchers say the next leg down in home prices may come from pressure brought by foreclosed home inventory hitting the market, writes Nick Timiraos in today’s WSJ.

So how do foreclosures drive down prices? Well, banks want to get bad loans off of their books, so they put their supply of foreclosed homes up for sale at super-low prices. If a foreclosed house on your block sells for $100,000, when your own house is appraised at $250,000, good luck getting your asking price, once the Realtors and appraisers take a look at the neighborhood’s recent comparable sales.

Another complication: Fraud. Take Monday morning’s announcement from the Department of Justice about the case of Christopher J. Deans.

Mr. Deans, a Raleigh, N.C.-based real estate investor, pleaded guilty Friday of rigging bids in foreclosure auctions by paying co-conspirators not to bid on certain properties, then buying them at low prices and receiving the benefits of a quick re-sale, or rental income from the property. He faces up to a $1 million in fines and up to 10 years in prison.

It’s unclear exactly how many homes Mr. Deans allegedly bid on fraudulently, but the DOJ, which investigated the case, along with the FBI, through its antitrust division, said the effect is bad for home-sellers: an artificial depression of prices.

“The conspiracy resulted in the suppression of competitive bidding on foreclosed properties which caused foreclosing lienholders and certain homeowners to receive a lower price for properties sold through foreclosure actions,” the DOJ said in a statement.

There have been a number of high-profile foreclosure bid-rigging schemes uncovered this year. In May, Anthony B. Ghio, a 43-year old real estate investor from Stockton, Ca., pleaded guilty in a similar scheme. That same month, Harvey Nusbaum, a Baltimore lawyer, pleaded guilty to rigging tax lien auctions in Maryland.

As the feds decide the future of the government’s involvement in the housing market, whether it’s reforming Fannie and Freddie, another stimulus, or more assistance to banks weighed down by foreclosed houses, the fraudsters may seem like just another nit in their hair to weed out. But for local markets, they’re a pretty pesky bug.

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Posted by Debt Attorney

Debt Free Solutions – 6 Ways to Prevent a Debt Settlement Fraud

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Posted by Charlotte Attorney

From walletpop.com

We here at Walletpop have warned you before about the practices used by debt settlement companies and how to avoid being taken in by pie-in-the-sky promises of magically-erased debt. Now, finally, the law might be catching up. According to the Center for Responsible Lending, the FTC — after a lengthy public comment period — is considering implementing rules that would prohibit these operations from pocketing consumers’ money without actually helping them get out of debt.

The FTC would technically invoke an already-on-the-books telemarketing law, which would apply to debt settlement companies due to the fact that phone contact generally takes place between the two parties, and the Center says it expects a final decision by the agency to come next month.

According to the Center’s spokeswoman, Kathleen Day, “We think it would go a long way to curbing most of these scams.”

The attorney generals of 41 states came together to declare their support of regulations that would prohibit upfront payments to debt settlement firms. In a letter sent last summer to the FTC, the National Association of Attorney Generals said, “…[T]he actions of debt relief companies have resulted in substantial increases in consumer complaints being filed with the States across the country.”

Somewhat surprisingly for financial reform rules, the American Bankers Association also came out in favor of the FTC taking action.

Day told Walletpop in a phone interview (and this article confirms) that the debt settlement industry is proliferating, thanks to the recession that has put more Americans than ever into debt. “We’re beginning to turn our attention, as are the regulators, into looking into companies that are preying on people who have been victimized by bad lending practices,” she says.

The problem with debt settlement companies, as we’ve pointed out before, is that they take payments from customers — sometimes for months — before applying any of that money to the actual debts. In the meantime, consumers are harassed with collection calls, letters and even the threat of lawsuits from their creditors. Sending your payments to a debt settler instead of to the lender also makes penalties, fees and other expenses skyrocket, increasing your already-high debt even further.

The Center for Responsible Lending has an online overview of the debt settlement business and the enforcement being considered. In the meantime, keep this advice in mind if you’re trying to get your debts erased, Day says. “Don’t pay money up front, and don’t stop making your payments and divert the money to someone promising to fix it for you, because all that does is increase your penalties.”

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<p>By <a href=”http://www.americanchronicle.com/articles/yb/147801521″>Miletsky, Robert J </a></p>

<p> Good times or bad, there is always the chance
that an owner/ developer, subcontractor, supplier or other critical
construction party files for <a href=”http://charlottebankruptcync.com”>bankruptcy</a>. Having a plan and strategy in
place before the filings occur, or setting up the right plan and
strategy once a filing does occur, can go a long way to protect your
rights and help minimize the impact that the filing can have on your
project and your operations. The issues that a bankruptcy filing can
create are, as they say, far and wide. If the filing is by an owner/
developer, then the major questions are: </p>

<p> * First – looking back – will you be paid for the work performed? and, </p>

<p> * Second – looking forward – will the project go forward? </p>

<p> Of course there are other issues as well: </p>

<p> * Will you continue to work under the same contract? </p>

<p> * How do you make sure that you will be paid for the new work as it is done? </p>

<p> If the filing is by a subcontractor or supplier then somewhat similar issues come up: </p>

<p> * Should you pay them amounts owed for work done before the filing? </p>

<p> * Can you fire them based on the filing of the bankruptcy? </p>

<p>
* Most important will the subcontractor or supplier be able to perform
the remainder of the work in an effective and timely way? </p>

<p> * If they do continue to work, should you continue to pay them as usual and as if there were no filing? </p>

<p>
A number of these complex issues were discussed in detail at the very
informative seminar on “Bankruptcy” given by Lorman Education Services
(www.Lorman.com) in Seattle, on May 14, 2010. Although the seminar
highlighted issues in the Pacific Northwest, many of the rules and
strategies that were discussed apply more broadly throughout the entire
country. An especially informative presentation on contractors and
subcontractors’ rights was given by Glenn R. Nelson, Esq., a bankruptcy
attorney who concentrates on contractor and subcontractor’s rights in
bankruptcy. (Oles, Morrison Rinker &amp; Baker, LLP, 206-623-3427;
NeIson@oles.com.) </p>

<p> From our perspective, in order to do this
topic justice and avoid glossing over important issues, this month we
will take a look at some of the major issues concerning mechanics liens.
Let’s save the rest for an upcoming issue. </p>

<p> Lien rights: For
now, let’s take a look at a very significant topic that has affected the
industry for quite some time: What right does a contractor,
subcontractor, or supplier have to file a mechanics lien, when the
owner/developer files for bankruptcy? This is not to say that lien
rights is the most important issue in this area. It is, however.
something that comes up very often and can have a major impact on those
who file, and those who are being hurt by the bankruptcy filing. </p>

<p> Our “to do” list: That still leaves a host of majortopicsforustolookatinthefuture. For example: </p>

<p> 1. What collection efforts can a contractor or subcontractor make once a petition is filed? </p>

<p> 2. What should your company do once you learn of a filing by an owner, subcontractor, or supplier? </p>

<p> 3. Can you reject or confirm a contract or subcontract if the owner or subcontractor files bankruptcy? </p>

<p> 4. What information should you look for from the bankruptcy petition and related filings? </p>

<p> 5. What are preferences? </p>

<p> 6. If you are offered a payment that may be a preference, should you accept it? </p>

<p> 7. Should you attend the creditors committee meeting? </p>

<p> 8. Should you work with the trustee? </p>

<p> 9. How should your strategy differ if the owner’s or subcontractor’s filing is Chapter 7 versus Chapter 11? </p>

<p> 10. What effect does categorizing payments as “trust funds” have on your strategy? </p>

<p> 11. How can you address fraudulent transfers? </p>

<p>
Lien rights. We have a number of contractor clients who recently dealt
with this issue or who are dealing with the issue as we speak. The
owner/developer promised to pay, but then reneged. The owner/ developer
then filed for bankruptcy. The contractor’s questions: Can I file a
mechanics lien? If I file a mechanics lien, then do I violate the
automatic stay imposed by the bankruptcy law? Once I file a mechanics
lien, can I do what is necessary to continue the lien orto enforce the
lien. For example, can I start a lien foreclosure lawsuit and still not
violate the automatic stay? </p>

<p> I represented an architect a few
years ago who held off filing a lien because the owner promised that he
would pay the balance owed – $250,000 (does that scenario sound familiar
to you?). We held off filing the lien until just a few days before the
property was going to be sold through the bankruptcy court. However,
just before the sale, we filed the lien. I went to bankruptcy court and
got yelled at by the judge. He wanted to know if I was aware that my
architect client’s lien held up the sale. “Not only was I aware that it
held up the sale,” I said, “but that was the whole purpose of filing the
lien.” I admit that discretion is not my strongest trait. I thought the
bankruptcy judge was going to send me to bankruptcy iail right then and
there. But, more important, was I right to file the lien or did my
architect client and I violate the automatic stay? </p>

<p> The life of a
mechanics lien. Mechanics liens pose cascading issues for the
bankruptcy court. The questions and analysis usually vary depending on
which stage of the lien’s life is being looked at. Typically, the
bankruptcy court will ask, at each stage, does the anticipated action
violate the well-nigh sacred automatic stay. If the action does violate
the sacred stay, then the action will not be allowed. Generally, the
stages of the lien that are looked are: initial filing; perfecting the
lien after filing (by, for example, service of notice); continuing the
lien; and foreclosing on the lien to get paid. </p>

<p> What is this
automatic stay? You’ve no doubt heard of the “automatic stay” that
occurs once an entity files a petition in bankruptcy. That stems from
Section 362 of the Bankruptcy Code, which says: </p>

<p> A [bankruptcy]
petition operates as a stay, applicable to all entities, of – (1) the
commencement or continuation, including the issuance or employment of
process, of a judicial, administrative, or other action or proceeding
against the debtorthatwas or could have been commenced before the
commencement of the case or to recover a claim against the debtorthat
arose beforethe commencement of the case; (2) the enforcement, against
the debtor or against property of the estate, of a judgment obtained
before the commencement of the case under this title. . . . </p>

<p>
Basically, the section is designed to stop any efforts by any of the
creditors of the bankrupt entity from collecting or trying to collect on
any debts. The “automatic stay” works – as it says – automatically and
is self-operative. As soon as a debtor files a petition for Chapter 7 or
Chapter 11 (or any other chapter) all collection efforts must stop. Any
collection efforts that continue after the filing of the petition are
generally ineffective. Not only are the efforts ineffective, but a
creditor who is owed money and continues to try to collect can be
punished by the bankruptcy court. </p>

<p> Even though the bankruptcy
stay is designed to prevent any collection efforts, there are a number
of exceptions to the stay. One exception essentially allows a contractor
whose mechanics lien rights arise before any bankruptcy is filed, to
“perfect” those lien rights after the bankruptcy was filed. So if a
contractor has lien rights that arose or were created before an
owner/developer filesfor bankruptcy, then the contractor can “perfect”
those lien rights after the owner/ developer files for bankruptcy. </p>

<p> How does the exception affect the right to file a mechanics lien against a bankrupt owner? </p>

<p>
Filing: By and large most states appear to allowthefilingofa mechanics
lien to protect an unpaid contractor or subcontractor even though the
lien is being filed against the property of an owner in bankruptcy. The
theory – which at first glance seems like a stretch – is that a
mechanics lien is created when the work at the site is performed and
when materials are delivered to the site. (I read some older court cases
where the judges actually say that a contractor who performs work and
improves a site, effectively gets an ownership interest in the property
until he or she is paid.) The theory goes on to hold that since the
mechanics lien rights arise when the work is performed, the filing of
the mechanics lien at a county clerk’s office or prothonotary’s office
simply “confirms” or “perfects” the lien. </p>

<p> So what? This is a
major exception as far as bankruptcy laws are concerned. You start from
the premise that the contractor cannot take any steps to collect on a
debt from a bankrupt owner because of the Section 362 automatic stay.
However, a contractor can “perfect” lien rights if those lien rights
came up before the bankruptcy was filed by the owner. Since most states
say that lien rights arise when work is done, the contractor normally
gets the lien rights before the owner files for bankruptcy. Since the
contractor has lien rights before the owner goes bankrupt, then the
simple act of filing the lien only “perfects” those lien rights and is
allowed under the exception to the bankruptcy stay. </p>

<p> The New
Jersey exception: The key here is that the lien rights need to arise at
the time the work is done. Many states recognize that lien rights do
arise at the time the work is done. Therefore, in the different court
cases that I’ve seen from various parts of the country, the contractor
is allowed to file the mechanics lien, even though the owner filed for
bankruptcy. One notable exception is in New Jersey. There is a case
which was fairly recently decided (actually by a New York bankruptcy
court, looking at New Jersey law) in connection with the Enron
bankruptcy. That lower court said that New Jersey’s lien law is clear
that a construction mechanics lien does not arise when work is done, but
only when the actual lien form is filed with the clerk. In New Jersey,
then, the filing of the lien does not confirm or “perfect” lien rights -
the filing actually creates the lien rights according to the New York
court. Since, under New Jersey law, the filing of the lien is what gives
the contractor the lien rights and thefiling does not simply confirm
rights that had already existed, the filing of the lien violates the
bankruptcy stay. </p>

<p> The exception to the automatic stay, which
allows perfecting or confirming lien rights that arose before the
bankruptcy was filed, then, does not apply in New Jersey. There may be
other states that have a similar rule, but I have not seen cases that
hold that way. The cases that I’ve seen so far, covering California,
Washington, Alabama, New York, etc., allow for the filing of the liens
based on the logic that I mentioned earlier. </p>

<p> Don’t forget what
you should not forget. In many areas, the filing of the lien is not
enough and you need to serve the lien as well. (In New York, after you
file a lien on private job, you need to serve it and file an affidavit
of service.) It seems clear that in the states where you can file a
lien, and not have that violatethe bankruptcy stay, you can also serve
the lien and finish up what needs to be done to complete the filing,
without violating the bankruptcy stay. </p>

<p> What about continuing a
lien or foreclosing on the lien? Just because you can file a lien, that
does not mean you can act on the lien. It’s dicey, but there are some
cases that say that you can file the lien, but you need to hold off on
continuing the lien or foreclosing on the lien, unless you get
bankruptcy court permission. Please don’t understand this to mean that
you can file the lien, but then not do anything. That would be pretty
useless and that is not what I am saying. What I mean is that in most
states the law is that you can file the mechanics lien and not violate
the bankruptcy stay. However, after filing the lien you will need
bankruptcy court permission before you take actions on the lien -
actions such as continuing the lien or foreclosing on the lien. </p>

<p> Stay tuned – more good stuff in an upcoming issue. </p>

<p> Copyright Institute of Management &amp; Administration Jul 2010 </p>

<p> (c) 2010 Contractor’s Business Management Report. Provided by ProQuest LLC. All rights Reserved.</p>

<p>A service of YellowBrix, Inc. </p>

<p></p>

<p>Looking for a <a href=”http://maxwelllegal.com”>Bankruptcy Attorney in the Charlotte Metro Area</a> Call 704-461-1883</p>

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<p>Posted by <a href=”http://concordnclawyer.com”>Concord Bankruptcy Lawyer</a></p>

<p>by</p>

<p>                        </p>
<a href=”http://www.philly.com/dailynews/sports/20100724_Report__Vick_may_have_violated_bankruptcy_laws.html”>Daily News Wire Services</a>

<div id=”body-content”>

<p>It seems Michael Vick will have some explaining to do in
bankruptcy court, according to a report on ESPN.com. The Eagles
quarterback is facing charges that he made unauthorized and illegal
gifts to friends and family in the months before he declared bankruptcy.</p>
<p>According to court records, Vick wrote and cashed 67 checks between
October 2006 and November 2007 that were made payable to “cash.” Records
show that the total cash he collected from his 31 bank accounts during
this period was $751,765, an average of nearly $54,000 in cash in his
pocket each month during the final 7 months of his dogfighting operation
and the first 7 months of investigations and charges that led to his
incarceration.</p>
<p>Court papers also show that Vick paid $150,000 to each of the three
lawyers representing his associates in the dogfighting operation.
Ultimately these co-conspirators pleaded guilty and added to the
evidence against Vick.</p>
<p>In the new proceeding filed against Vick in Newport News, Va., his
bankruptcy trustee asserts that instead of paying what he owed to
numerous creditors as he faced the dogfighting charges and likely
bankruptcy, Vick made payments to his mother, the mothers of his three
children, his sister and his brother, Marcus.</p>
<p>It is a violation of bankruptcy laws to give away assets to friends
and family on the eve of a bankruptcy. If, as the trustee says, Vick
gave away funds that could have gone to official creditors, then the
trustee can seek to void the payments and recapture the money for the
creditors.</p></div><br>Read more: <a href=”http://www.philly.com/dailynews/sports/20100724_Report__Vick_may_have_violated_bankruptcy_laws.html#ixzz0uypLeFR7″ style=”color: #003399;”>http://www.philly.com/dailynews/sports/20100724_Report__Vick_may_have_violated_bankruptcy_laws.html#ixzz0uypLeFR7</a>
<br> <a href=”http://www.philly.com/philly/sports/82985662.html” style=”color: #003399;” target=”_blank”>Watch sports videos you won’t find anywhere else</a>

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Gergana Koleva
Jun 10th 2010 at 2:30PM

// More

Filed under: Fraud, Consumer Ally

// New York Attorney General Andrew M. Cuomo sued several companies posing as immigration lawyers and service providers, taking advantage of Haitian immigrants desperate to extend their legal status in the U.S. after the January earthquake that killed almost a quarter-million.

The lawsuit alleges the Brooklyn-based companies and their owners, who are not lawyers, provided legal advice, immigration and representation services without being authorized. In addition, the complaint states, they demanded exorbitant fees — as high as $1,300 — for processing applications that could be submitted for free. The allegedly phony lawyers also took on cases even when their clients were not eligible to stay in the U.S., and charged them even when no processing or legal help were provided.
Chay Pa Lou Community Center, Inc. and Delegue Tax Consultant, both owned and operated by Jean Michel, as well as Rincher’s Multi-Service, also known as Rincher Bookstore, Rincher Associates, and Haitian American Entrepreneur’s Group, LLC, and its owners Deslande and Sharlene Seixas-Rincher, are named as defendants.

Cuomo’s office launched its investigation after receiving complaints that Haitians were being targeted by companies offering to file immigration applications at inflated prices. The offers were tied to a special immigration benefit called Temporary Protected Status, established in response to the natural disaster in Haiti. It would allow eligible expatriates to remain and work in the U.S. legally for at least 18 more months.

“In light of the recent devastating earthquake in Port-au-Prince, New York’s Haitian residents have sadly been a target for immigration scams, bringing further pain to a community that has already suffered so much,” said Cuomo in a public statement.

The state AG says Chay Pa Lou and its owner, Michel — also charged with mismanagement, waste, and self-dealing — simply disbanded after a subpoena, renamed itself Delegue Tax Consultant, and kept on defrauding clients. In the following three weeks, Michel personally withdrew $19,000 from the former company’s bank account, depleting it of virtually all funds, which the law requires to be used only for authorized charitable purposes.

An employee who answered a call to a phone associated with Chay Pa Lou said there’s no such company and that Michel was not available for comment.

The lawsuit is part of an ongoing crackdown on immigration scams by the state AG throughout New York. Recently, another fraudulent immigrant aid business in Colorado was similarly charged and penalized.

See full article from WalletPop: http://srph.it/cnQ3Vr

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