Charlotte Attorney's Informative Blog

By Tom Quinn

Question: The value of my home has gone way down and is now worth less than what I owe. A friend is recommending I do a short sale saying it won’t hurt my credit score as much as a foreclosure. Is that true?

It’s not surprising this question comes up quite often considering that over 11 million households (23 percent of all mortgaged homes), were underwater in the Oct-Dec 2010 quarter according to a report released by Corelogic. With so many consumers evaluating their options, it’s important to understand the difference between a short sale and a foreclosure, and how each option may impact your credit scores.

So, what’s the difference between a short sale and a foreclosure? Simply put, a short sale occurs when the lender agrees to accept less than the total amount owed on the mortgage loan. A foreclosure on the other hand, is the legal termination of all rights of the borrower as the owner of the home and the lender in essence repossesses the home. In a foreclosure, the estate becomes the absolute property of the lending institution.

The presence of either a foreclosure or short sale on a credit report is considered negative by credit scores because it is predictive of future credit risk. Generally speaking, the impact on the score will be similar for both a foreclosure and a short sale.

The exact score impact of a foreclosure or a short sale will depend on several factors:

• Any additional information being reported on the mortgage account being included in a foreclosure or short sale. (For example, any late payments associated with said mortgage account prior to the foreclosure or short sale and how recently those past due payments took place.)

• The current credit profile of the consumer. How the consumer is managing all their other credit obligations (credit cards, car loans, student loan, etc.) Are these other bills being paid on time or have missed payment been reported on these as well? Are credit cards showing high balances?

The negative impact on a credit score appears more severe if a foreclosure or short sale is reported on a credit report that has little or no history of missed payments and/or derogatory information, and has low balances on active credit accounts. In these scenarios, the number of points lost can be 150 or greater. The impact may be less noticeable if there are any indications of high-risk behavior (missed payments, etc.) already being reported in the credit report. This is because the negative history is already impacting the credit score which will be lower as a result, reflecting that higher risk behavior.

The perception that a short sale will always have less impact on a credit score compared to a foreclosure is simply a credit score myth.

Bottom line, the score considers both items to be negative, high-risk behaviors, so both options will have a negative impact on the score.

Read more: http://www.credit.com/blog/2011/04/credit-qa-short-sales-foreclosures-and-your-credit-score/#ixzz1J9yhJtWE

If you are in danger of foreclosure, bankruptcy maybe the best option for you. It is a good idea discuss bankruptcy and all your options with an Attorney.  There is life after bankruptcy at most of the time its much more hopeful than before.

Maxwell Law Firm is a Bankruptcy Law Firm in Charlotte North Carolina

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Traffic Attorney, Charlotte traffic tickets, Concord traffic tickets, Cabarrus County traffic attorney Mecklenburg County traffic attorney, nc speeding tickets, nc speeding ticket lawyer, charlotte speeding tickets, concord speeding tickets

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Posted by Mecklenburg Traffic Lawyer

From associatedpress.com

SIOUX FALLS, S.D. — A Sioux Falls businessman wants the city and Redflex Traffic Systems to pay back the money to people ticketed after getting caught on their red light traffic cameras.

The Argus Leader reports that I.L. Wiedermann, who sued the city over the automated system’s constitutionality in 2006, appeared in court on Monday with his lawyer to ask Judge Kathleen Caldwell to turn his case into a class action for a third time.

The goal of the class action is to force the city and Redflex Traffic Systems to refund more than $2.48 million in fines collected since the cameras were installed at 10th Street and Minnesota Avenue in 2004.

Caldwell already has denied a similar request on two separate occasions, saying those who paid their tickets had admitted their guilt and waived their right to contest the fine.

An amended version of Wiedermann’s complaint identifies two classes of people affected by the traffic cameras: those who have paid fines and those who have contested them.

The cameras were shut down in June after Caldwell ruled that the city violated state law when it issued civil penalties for the criminal act of red light running.

About 20,000 vehicle owners had received $86 tickets since May 2004.

Caldwell said she will issue a ruling in about two weeks.

Traffic Attorney, Charlotte traffic tickets, Concord traffic tickets, Cabarrus County traffic attorney Mecklenburg County traffic attorney, nc speeding tickets, nc speeding ticket lawyer, charlotte speeding tickets, concord speeding tickets

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Posted by Cabarrus Traffic Attorney

From thebluebanner.com

For some local drivers, a lead foot could lead to a light wallet.

According to a report released Sept. 2 by the group Speedtrap.org, Asheville was named the worst speed trap city with a population less than 100,000 in North Carolina.

Speedtrap.org operates the National Speed Trap Exchange. The site provides an online forum where users can pick from all 50 states and most of Canada, and find speed trap locations in virtually any city or town.

According to the National Motorist Association, which sponsors Speedtrap.org, the data used to determine which cities to name as the worst speed traps came directly from the National Speed Trap Exchange.

The worst speed trap city overall in North Carolina, according to the exchange, is Raleigh.

However, local law enforcement defended their patrol tactics against this title.

Melissa Williams, spokeswoman for the Asheville Police Department, said unlike speed traps, Asheville patrol officers write speeding tickets to save lives, not to increase profits.

“We’re out there enforcing speeding from a public safety standpoint,” Williams said. “As far as revenue, that’s not even on the table because we don’t get revenue. If you get a speeding ticket, the department doesn’t make any money from that.”

Sgt. Curtis Jones of the APD’s traffic safety unit said he felt perception had a great deal to do with Asheville’s image as a speed trap city.

Jones said once a month the police force conducts radar training and radar calibrations on sections of Merrimon Avenue and I-240. However, officers are not allowed to pull drivers over during these tests. Jones said he thinks people misinterpret these training exercises as speed traps.

“The illusion that we’re conducting speed traps is actually radar training where officers are not permitted to do any enforcement activities,” Jones said.

Williams said these locations were used because they offer straight roadways for officers to test their equipment.

They also give officers a safe place for training.

“It’s a good gathering place for law enforcement. It’s a safe roadway to sit beside and get the training they need, but they do not enforce,” Williams said.

Summer Sprouse, UNC Asheville junior political science student, recently got her first two speeding tickets in the past few months. She said she felt a greater police presence on the roads recently.

“I think they are patrolling a lot more. I’ve seen multiple officers sitting on both sides of 240 recently,” she said.

Jones said I-240 is a prime location to make sure radars are correctly calibrated before they do the official radar training on Merrimon Avenue.

Trooper Gene Williamson, a traffic safety officer for the N.C. Highway Patrol, said he deals with speeders every day, but doesn’t view Asheville as a speed trap.

“I’m a little surprised,” Williamson said. “I didn’t know that we’d had that honor, if you can call it that. Speeding is one of the leading factors we see in collisions, so in that respect I guess I wasn’t surprised.”

Williamson said speeding is defined as going over the speed limit, but other factors often affect an officer’s decision to take enforcement action against a driver.

“We don’t have a set number over the limit where we start writing tickets. Each officer has their own threshold based on traffic volume, weather, road conditions and other factors,” Williamson said.

He also said construction zones were given extra protection against speeding and that officers patrol those areas heavily, even if workers are not in plain sight.

Jones said although he understood that getting a ticket was never fun, Asheville patrol officers were out to prevent tragedies, not ruin a person’s day.

“Do people like getting tickets? Of course not, but we’re out there to change driving behaviors, which hopefully will reduce motor vehicle crashes and potentially save lives,” he said.

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 Posted by Concord Traffic Lawyer

From www.chicagotribune.com

Drivers, beware: It will soon cost quite a bit more cash if you’re caught breaking the rules of the road.

Beginning Sept. 15, tickets for minor offenses such as speeding up to 20 mph over the limit, running a stop sign or making an illegal turn will carry a $120 penalty, up from $75, under rates set by the Illinois Supreme Court.

Topping the speed limit by 21 to 30 mph will cost $140, up from $95.

The increase in fines is the first since 1993, said Champaign County Circuit Court Judge Jeffrey Ford, chairman of the Supreme Court subcommittee that recommended the increases.

The panel investigated the cost of tickets in other states and found that Illinois’ were lower, Ford said.

“We were a bargain,” he said.

The set increases apply only to offenses that don’t require a court appearance. The cost of many tickets requiring a court date — such as speeding more than 30 mph over the limit — will also go up. But those hikes aren’t definitive because a traffic court judge decides the fines.

A ticket’s cash penalty actually represents a bond rate set by the state Supreme Court. The bonds for minor offenses are accepted as fines for convenience’s sake, Ford said.

Reaction from drivers to the ticket hikes was predictable.

“It stinks,” said Chris McManus, 45, who works for a nonprofit.

“I don’t know where people are supposed to get that money from,” said Joshua Horsley, 32, a computer repairman.

 But pedestrian Bea Penate saw the increase in a different light.

“Maybe drivers will be more cautious,” the student, 28, said.

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Posted by Concord Attorney

From Lee Romanov

theglobeandmail.com

I’m asked constantly, “Should I go to court to fight a ticket?”

Yes, absolutely.

One ticket can be the tipping point between your insurance policy being renewed or cancelled, and often people don’t discover the terms of their policy until it’s too late.

Penalties vary, but the conditions for cancellation may be “two partially at-fault accidents and a ticket.” For example, this could be two fender benders over six years, plus a ticket for driving without proof of insurance. Other companies may discontinue your policy after just one at-fault accident and two tickets in six years. Most accidents where you are at-fault come with a ticket.

Even if you’ve had a clean driving record for 20 years, a $40 speeding ticket can become a big deal with your insurance company. Half of insurance companies charge up to $500 for one ticket and all charge extra for two tickets.

When it came to my $40 speeding ticket, I went to court last week to fight it.

First of all, I brought a legal representative with me to court as they are familiar with court proceedings, and I’m not.

What I saw happening at court was shocking and you need to be aware of the scare tactics which convince many people to accept the conviction they had planned to fight.

Before you enter the courtroom you will be greeted with a court representative suggesting that you can “Plead to a lesser charge, whereby no demerit points will affect your record?”

To me this seems to be presenting an inducement for a guilty plea. Understand, a ticket is still a ticket in the eyes of your insurance company, regardless of the demerit points.

The court representative should be adding “This acceptance of guilt could possibly initiate your insurance policy to be cancelled or cause your rate to skyrocket.”

It’s important to know that even if you’re convicted, the only way an insurance company will be aware of a ticket is if they run your Motor Vehicle Report. This costs them money, so instead many companies send out a form asking you to advise them if you’ve had any tickets in the last 3 years.

If you’re replying to this type of inquiry, be aware that a ticket, written up by a police officer, is not considered a conviction until you pay for it. When it becomes a conviction and counts against your insurance rate, it is effective the date of conviction. That’s why you’ll have drivers with poor driving records attempt to delay their court date so that their record has time to clear up.

When I entered the courtroom, all the drivers who had paid for a Traffic Ticket Representative to have them “get them off the ticket” all pleaded guilty to a lesser charge. The driver could have done that!

I was the only one that was there with my representative with a plea of not guilty. Remember, guilty with an explanation is still guilty.

My representative asked the court for a disclaimer of evidence, which is the officer’s notes. This is essential to see what evidence the officer has against you. I could have ordered this prior to the court date, but wasn’t aware that was an option.

The officer withdrew his charge citing a lack of evidence to proceed. When a driver has legal representation, it typically indicates there will be a not guilty plea and possibly a pretty aggressive cross examination. If their notes aren’t ship-shape, a conviction might be unlikely.

In my case, I was speeding to merge with the traffic and avoid hitting a car parked on the side of the road. My intention was to provide evidence that my actions were of safety not of negligence.

My record remains free of tickets and moving violations.

I highly recommend you fight your tickets and if you are going to go through the expense of hiring a representative, aim to be there too . . . and plead not guilty.

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Written by North Carolina Business Attorney

Most recently the State Legislature passed Section 88B of the North Carolina General Statutes or the “Cosmetic Act”. Under this act, North Carolina is following a string of other states, requiring “Natural hair Care Specitialists” or “hair braiders” or and “weavers” to be licensed, even though they do not apply chemicals to consumers hair.

North Carolina will accept reciprocity from other states requiring such licensure. The Natural Hair Care Specialists will be required to complete 300 hours of natural hair care cirriculum in an approved cosmetic school and pass an exam provided by the Board. Traditional cosmetology school is 1500 hours. Existing cosmetologists will have to complete this additional 300 hour natural hair cirriculum to be licesed to braid and weave hair, whereas hair braiders will only need to do 300 hours to continue braiding and weaving hair. Each Natural Care specialist will now have to pay an $10.00 privilege tax to maintain this license annually.

The new law not only targets unlicensed hair braiders, but unlicensed manicurists. Often times, unlicensed manicurists are allowed to polish nails but not apply accrylic tips and such. Well this law will require everyone to be licensed in some capacity or another. Temporary licenses will be issued for those who have completed the course, but have applied for the exam, and have not taken as of yet.

All in all it is not that North Carolina is considered of the health of its patrons and their hair. Its all about the M$oney that North Carolina will receive in the form license tax and exam application funds.

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