How to Address a Foreclosure

If you’ve ever been on the receiving side of a delinquent notice, you know the overwhelming feeling to shut down and ignore the world around you. Inability to make one’s bills is one of the most difficult side-effects of this downswing in the economy. The reality is that job loss and wage stagnation is occurring across the board, so know that you’re not alone!

The problem isn’t going to go away on its own, but that shouldn’t invalidate your years of hard work. Facing the reality of foreclosure is unimaginable, but you can begin to think clearly about your situation once you’ve gotten over your initial shock. The first thing you need to do is read the foreclosure notice in its entirety.

State Foreclosure Laws

Your next step is to research the laws in your state, to see what legal protections you have during this process. In Michigan, for instance, lenders must contact home owners regarding their delinquent payments at least 3 times before they are 90 days late. Where many people goof is by ignoring these notices and phone calls. Try to remember that this problem won’t go away, and realize that your lender often doesn’t want you in default.

A default for your lender would mean property on its books, which amounts to a loss. If you act early, you can try to negotiate your way out of the problem, and arrange for a payment plan to get caught up. The flip side is that not every lender is accommodating to your situation.

When Foreclosure is In-Process

If the process has already started, contact your lender to see what can be done to save the home or your credit. Lenders may be open to short sales so that they take a smaller loss. This leaves you free to walk away from the foreclosure and into something else without the ding to your credit.

 

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:: Kuba Jewgieniew is the CEO and founder of Realty ONE Group, a lifestyle brand focused on agents and buyers. Kuba Jewgieniew was a stock broker who now manages one of Inc. Magazine’s Fastest Growing Firms.

Don’t repeat these mistakes

Don’t repeat these mistakes that others have done. Whether it is an impulse buying decision or calculated and much thought out decision to buy a home, we all make mistakes that we later regret. They can impact your financial health and haunt you for years.

Not clearly understanding your credit profile is one of the biggest mistakes we all make. The biggest item in your credit is your credit score that is called FICO score. What is considered as higher credit score could result in lower interest rate on your new mortgage or a credit card. If you are in the market for a home loan or to get a new credit card you need to master your credit before you contact a lender or card issuer. Each one looks for a different benchmark when they consider extending credit or approving a loan to you. Often time your credit report comes with your FICO score or you may have to obtain the report from one of three major credit bureaus. Experts advise that you should review your credit report more often for mistakes and promptly take action to correct them. If you are in the market for a FHA loan to buy a home, poor credit as well as lower credit score could result in paying for expensive mortgage insurance.

Listing Requirements for the NASDAQ

Written by Phineas Upham

The NASDAQ is a major stock exchange. As such, it relies on the reputability of the companies it trades in order to remain legitimate. NASDAQ companies tend to have a solid corporate background, and top-notch management.

NASDAQ maintains three basic rules for joining the exchange, and companies must meet at least one of them.

All companies must have a minimum of 1,250,000 shares that can be publicly traded. These public shares exclude those held by company executives, and the initial regular bid price must be set at $4. Under certain conditions, initial offerings can be as low as $2.

Each member of the exchange must also follow NASDAQ’s corporate governance rules, which includes an average trading volume of 1.1 million shares monthly.

Companies must also have aggregate pre-tax earnings from the past three years totaling at least $11 million. If the company has less than that amount, or has experienced a net loss in the past three years, it is inelligible.

Companies should also have a minimum cash flow of $27.5 million, with an average market capitalization that totals more than $550 million. However, the cash flow requirement is abandoned altogether if the company is able to amass $850 million or more in market capital.

Once the company is on NASDAQ, it must maintain these rigid standards to continue in the exchange. The most common reason for a company to lose its place on the exchange is typically a falling stock price, but a lack of market capitalization is also to blame in some instances.

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Phineas Upham is an investor from NYC and SF. You may contact Phineas on his Phineas Upham website