Wells Fargo Pays $42 Million in Fair Housing Case

Failed to maintain foreclosed properties in minority neighborhoods, turning the vacant houses into dilapidated eyesores

But no one went to jail and Wells Fargo still made money.  Its the same old, same old.

To see BLT's full post mouse over & click on the BLT logo

BLT reports:

Mouse over and Click the Dodd / Frank Logo for its Post

Pro se homeowner [representing herself] wins rare federal stay of sale in foreclosure case

Representing herself in federal court without the help of a lawyer, a Colorado homeowner has won a rare ruling staying the auction sale of her home after she lost a state-court mortgage foreclosure case.

U.S. District Judge William Martinez on Monday issued an order temporarily staying the sale of Lisa Kay Brumfiel's home in Arapahoe County, which had been set to go to auction on Wednesday, reports the Denver Post.

Brumfiel, 43, who works as a part-time saleswoman, is now scheduled to argue on May 15 why Colorado's mortgage-foreclosure law violates the equal-protection clause of the 14th Amendment to the U.S. Constitution. She is up against not only U.S. Bank but Larry Castle, a powerful state foreclosure lawyer.

At issue in Brumfiel's federal case, the newspaper explains, is whether the foreclosure plaintiff has shown in the state-court case that the mortgage and note for her Aurora home were validly transferred to U.S. Bank. She originally took out her loan from First Franklin Mortgage.

"Colorado is the only state in the country that allows an unsworn statement by an attorney for a foreclosing party—without any penalty—to say, 'Trust me, judge, these guys are the qualified holder for this deed of trust,' " Martinez said, giving a glimpse of his thinking so far. "Is there another state that has lowered the bar for a foreclosure any lower?"

Representing herself in federal court without the help of a lawyer, a Colorado homeowner has won a rare ruling staying the auction sale of her home after she lost a state-court mortgage foreclosure case.

U.S. District Judge William Martinez on Monday issued an order temporarily staying the sale of Lisa Kay Brumfiel's home in Arapahoe County, which had been set to go to auction on Wednesday, reports the Denver Post.

Brumfiel, 43, who works as a part-time saleswoman, is now scheduled to argue on May 15 why Colorado's mortgage-foreclosure law violates the equal-protection clause of the 14th Amendment to the U.S. Constitution. She is up against not only U.S. Bank but Larry Castle, a powerful state foreclosure lawyer.

At issue in Brumfiel's federal case, the newspaper explains, is whether the foreclosure plaintiff has shown in the state-court case that the mortgage and note for her Aurora home were validly transferred to U.S. Bank. She originally took out her loan from First Franklin Mortgage.

"Colorado is the only state in the country that allows an unsworn statement by an attorney for a foreclosing party—without any penalty—to say, 'Trust me, judge, these guys are the qualified holder for this deed of trust,' " Martinez said, giving a glimpse of his thinking so far. "Is there another state that has lowered the bar for a foreclosure any lower?"

The Right Way to Clean a Deck

There is a difference in what you do between cleaning a hardwood deck and a softwood deck!!

If you have a wood deck…skip the bleach, and use oxygen cleaner.

In our climate  [southern Virginia (SV)] , anything over two [2] years between 'painting/treating '  a wood deck' is a bit on the long side for the oil based products that are used. 

You should oil my your hardwood deck about every 18 months or so — spring one year, fall the next. 

You can oil your entire 200 sq feet or so deck [the average deck size per real estate tax assessment records] in about 3 hours. One late afternoon’s works is not that big of a time commitment.  SV weather has a lot of moisture that results in a  moisture abuse that causes heavy soiling and mildew.

Oxygen based cleaner

Penofin’s cleaner is the most reliable and easiest cleaner. For the techs/chemist/critics among you the primary ingredient in Penofin’s cleaner  is sodium percarbonate.

When mixed with water it yields Hydrogen Peroxide and Soda Ash (the other main ingredient). 

IMPORTANT: This list is not all‐inclusive, but is provided to the public as a Fair Housing reminder when writing any public forum or CR only listing description. A rule of thumb is that the listing agent should promote the features of the listing and not use any language for describing the type of buyer or tenant, or the type of neighborhood. Competition Realty is not offering legal advice; if you have any questions you should consult with your own legal counsel.

Shop your refi loan 

you can refi with any institution.

By JOHN CRUDELE

Last Updated: 11:01 PM, February 16, 2013

Posted: 10:33 PM, February 16, 2013

John Crudele

Mouse over and click the NYP logo for full article

John Crudele

DEAR JOHN...THE ANSWER MAN

DEAR JOHN...THE ANSWER MAN

Dear John: I think you missed a point last week in advising the woman in "refi hell."

Your answer should have stressed to people (some of whom apparently don’t know) that you can refi with any institution.

This lady got jerked around for over six months by IndyMac (or what’s left of it), thereby risking losing out on historically low rates. You should tell your readership to shop around, as it usually makes more sense to refi with someone else.

The original institution has no vested interest in knocking 3 percent or 4 percent off what you are paying. I know you know this; I just hope you will stress this in the future.

I was practically yelling at this woman to go shop somewhere else. I wouldn’t even bother trying to "contact" them as you apparently did so for her.

I have refi’d twice in past 16 months here on Long Island. When Wells Fargo jerked me around the first time (I had a 30-year mortgage at 5 percent), I said, "Keep your appraisal fee" and hit the Internet and some brokers.

This took me to 25 years at 4 percent. And then last month, to 20 years at 3.375 percent on a roughly 550,000 loan.

Anyway, keep up the good work. C.S.

Dear C.S. Thanks for reminding readers of this. I’ve told readers to shop around before, but the woman you are talking about from last week’s column specifically wanted to deal with IndyMac Bank because she thought it would take too long to start over with another bank.

Dear John: I have not missed or been late with a bill payment in 40 years, and I pay my bills in full. The last time I checked, my credit rating was in the low 800s.

In return, I now get my bills two or three days later than I used to, and most have moved up the due date.

Most notably, my cable bill due date has gone from the 7th to the 1st of the month. The net result is that I now have two weeks to pay bills, not the former three to four weeks.

Is this a general trend? Are vendors trying to get late payments and hence late fees?

Or are they not-so-subtly trying to force me into scheduled e-payments, which I detest and will continue to avoid as long as possible? J.W.

Dear J.W.: Those are interesting questions but quite frankly, I don’t imagine anyone will admit to squeezing you for money quicker than normal. But it seems you already have the evidence to prove this is being done.

And why not?

Most businesses are about cash flow. And the quicker a company gets money out of your pocket and into its hands, the better for it.

Maybe they are also trying to get you to pay online. Electronic payments save them money and — again — get them the cash quicker than the old way.

I suggest you call up the companies that send you bills and ask, "What’s up, Bub?" If you tell them you think you are being treated unfairly — and "unfairly" is the key word — I think they will come to some sort of agreement with you.

Send your questions to Dear John, The NY Post, 1211 Ave. of the Americas, NY, NY 10036, or john.crudele@nypost.com.

Virginia Number 2 in Business Rankings

In the Nation Says Forbes

Competition Realty is proud to offer is Business Broker Services in the Commonwealth

Virginia has ranked among the top two during each of the seven years of our annual Best States for Business study.

It ranked first between 2006 and 2009.

The state ranks on top of the regulatory category because of its strong incentive offerings and business friendly government policies.

Virginia has a widely diverse economy that includes local and federal government, military, farming and manufacturing.

The state is nicknamed Old Dominion and the Mother of Presidents after the eight U.S. presidents born there.

• At a Glance Population: 8,128,900 Governor: Bob McDonnell Median Household Income:$62,936 Job Growth (2012): 1.0% Cost of Doing Business: 5.1% below nat'l avg College Attainment: 34.0% Net Migration (2012): 56,900 Moody's Bond Rating: Aaa

  Forbes Lists #2 Best States for Business #22 in Business Costs #2 in Labor Supply #1 in Regulatory Environment #10 in Economic Climate #18 in Growth Prospects #4 in Quality of Life

Looking to Retire?

Want to Cash out your Business?

How Much is Your Business Worth?

Competition Realty | Virginia Business Brokers

Virginia Beach | Norfolk | Chesapeake

Virginia

Placing a value on your business's worth can be a difficult task with no clear path to an accurate answer. To be fair, there really isn't one "right" way to value your business; however, there are probably several "wrong" ways that could get you into trouble. It is prudent to seek professional advice when trying to determine the best valuation method for your business , but even before you speak to an expert, you should have a good understanding of what can be a very complex topic. Here is a brief overview of common business valuation methods:

Evaluate Your Assets

One way to evaluate your business's worth is to examine its assets. Think about everything you own, what equipment you've purchased, and any other assets that make your business possible. All these items increase thevalue of your business. Even though they don't come in the form of paper bills, any new business would have to spend

money to acquire these assets and therefore they are worth a great deal. Going over your business's books and balance sheets should give you a good idea of what you own and what it's worth. Take the value of your assets and subtract your business liabilities to determine a raw estimate of your net worth.

TIP- Estimating your business's value should serve as another reminder that keeping good records serves many purposes in running a successful business.

Revenue in Multiples

Another popular valuation method is based on a business's revenue. Many businesses are valued by

multiplying their revenue. Revenue * x = Business Value

Confusion often surrounds the actual equation because the multiple (x) is not the same for each business.

Many industries evaluate their businesses differently and therefore one may claim that a business is worth two times its revenue while another may claim it's only worth one. It's important to know your industry's standard before trying to use this method. Don't assume you know what you're dealing with because just one number off can create extremely different values.

TIP - In determining the right formula for your business, it would probably be beneficial to contact a local expert in the

area. Stock brokers, business managers, and small business experts are all appropriate sources to assist you with these issues.

Go for the Earnings

An argument can be made that it's more important to estimate value based on business earnings rather than just revenue. It's possible to continue producing a high annual revenue without turning a profit. Over time, this can be draining and put an intangible strain on your business's value. Therefore, another valuation approach would be to evaluate annual profit. One way to look forward is by looking back over the years to follow the record of your annual profits. Patterns are a good way to show that you've been able to produce a certain profit margin over a certain period of time. However, it is important to take into account "unknowns". Unpredictable events like increased competition, decreased demand, or a dip in the overall economy will all have an effect on your annual profit. Many businesses use a formula, similar to the multiples of revenue, to estimate business value based on profit. The long-term Treasury bill interest rate is often used to compensate for outside factors and the "unknowns". A vague estimate can be formed by dividing your current annual profit by the long-term treasury bill interest rate. Exact formulas vary and this should only be used guideline or jumping-off point.

TIP- Remember the intangibles.

Each of these methods places emphasis on assets and cash. It's important to take into account that value is often influenced by personal concerns and priorities. If Barbara wants to buy a restaurant on the street she grew up on, and you happen to be selling a restaurant in that exact location, your business's value would be much higher to Barbara than to Liz, who simply wants to buy a restaurant somewhere in town within the next few months. While this is just a simple example of how the same business can be valued differently to different people, don't underestimate non-financial concerns. In some situations, these intangible assets can end up being just as important to your business's value as its monetary worth.

Competition Realty / Business Brokers / Norfolk | Chesapeake | Virginia Beach | Virginia

757.424.5102 | broker@realtycom.net | www.realtycom.net

Portsmouth Improves the Quality of Life for its residents !!!

A success on many fronts

An Environmental Success Story

Wetland restoration site, covering 11 acres. 

It had been buried for decades in muck and mud dredged from the bottom of the Elizabeth River and dumped here in the 1890s.