Homeowners Protected by Bankruptcy in Order to Modify a Loan, Seek Principal Forgiveness, and Even Eliminate a Second Mortgage or Credit Cards

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COSTA MESA, Calif., Feb. 22, 2012 /PRNewswire-iReach/ – Financial Relief Law Center (FRLC), a firm focused on bankruptcy, foreclosure relief and client-centered legal counseling, is implementing a new “LIEN ELIMINATION AND MORTGAGE RATE REDUCTION” service that combines several processes that are designed to meet the needs of our clientele who are facing foreclosure, uncontrollable debt, and outstanding mortgage payments. 

(Photo: http://photos.prnewswire.com/prnh/20120222/CG56042)

Many homeowners are seeking help because they are unable to afford their mortgage and have incurred delinquencies. Often these homeowners are also unable to continue paying on a second mortgage or Home Equity Line of Credit (HELOC) and may also be facing foreclosure. FRLC’s Loan Workout and Lien Elimination service is a combination of the protection of a Chapter 13 Bankruptcy and the savings of a Loan Workout. When a homeowner files for Chapter 13 bankruptcy, the property is protected by an automatic stay that prevents the lender from foreclosing on the property and allows the homeowner to keep the property safe while the mortgage past due amounts are repaid over time.  Additionally, if there is no equity in the property to cover the second mortgage, that homeowner may be eligible to remove or “strip” an unsecured second mortgage. That means that at the end of the bankruptcy, a second mortgage would be fully eliminated. The combined effect of the Loan Workout and Lien Elimination is that homeowners can save thousands of dollars each month, freeing up cash flow and creating future home equity. 

The Loan Workout and Lien Elimination plan does not however end with only removing a second mortgage.  Homeowners in need of payment relief on a first mortgage can also protect their property from foreclosure and remove a second mortgage and credit card debt, then take advantage of the Loan Workout element of this service, which is essential to obtaining an affordable payment.  Once in an active chapter 13 bankruptcy, homeowners may also be eligible for a loan modification with the lender. While there are many options available when modifying a loan, the most important factor is protecting the home within the Chapter 13 Bankruptcy. This provides the necessary time to evaluate the loan and determine the best options available with little risk.

If the homeowner is not ultimately eligible for a modification, the home is still protected during the duration of the bankruptcy. Under FRLC’s new service, any individual eligible for a loan modification is represented at bankruptcy court to approve the lender-approved loan modification so that the home is saved from foreclosure, the second mortgage and credit card debt is eliminated, but also so that the homeowner is approved for new first mortgage terms that reduce existing monthly payments.

Horror stories in the media over the past months and years have spotlighted individuals who were approved for a temporary or “trial” payment plan and made all of the required payments, only to have the bank foreclose on them anyway. The Loan Workout and Lien Elimination at FRLC avoids this by combining the bankruptcy to protect the homeowner. For any homeowner with approval for a trial modification they can afford, FRLC initiates the bankruptcy with a stay injunction that prevents the Lender from later denying the trial modification and foreclosing on the property. In these cases, a confirmed Chapter 13 binds all parties and guarantees the loan modification accepted is fully honored by the Lender to avoid heartbreak later.

For Homeowners who either do not have a second mortgage or who know they can only afford to keep the property if a loan modification is approved, FRLC also offers a combination of Chapter 7 Bankruptcy and Loan Workout services together called Debt Elimination after Modification.  This approach first offers a loan modification to address the inability to continue to maintain the mortgage payments, and then if successfully modified, FRLC subsequently represents the homeowner within a Chapter 7 Bankruptcy. Like the Chapter 13 Bankruptcy, Chapter 7 will remove and eliminate all of an individual’s unsecured debt, potentially placing thousands of dollars in credit card bills back into the debtor’s pocket each month.  This savings from the bankruptcy is often over and above the payment savings a homeowner could potentially receive on a loan modification. 

Despite the fears and stigmas many homeowners have about the topic, filing for bankruptcy protects most of an individual’s assets, including 401k, automobiles, and also offers thousands of dollars in exemptions for jewelry, tools, annuities, and other “wild card” possessions during the bankruptcy process.  ”Any time bankruptcy is filed, the foreclosure process is automatically delayed and other collection activities such as creditor calls and harassment cease immediately,” said, Mark Alonso Lead Attorney and CEO of Financial Relief Law Center. “So while bankruptcy in general has negative stigma attached in popular culture, it is often the best tool available, giving time to determine the best course of action moving forward and legal protection that saves individuals thousands of dollars yearly and ultimately saves homes from foreclosure.”  

About Financial Relief Law Center

Financial Relief Law Center (FRLC) is a legal corporation providing specialty financial services that is committed to the success of our cases. Utilizing Net Present Value software, which is similar to the analysis lenders will perform in order to determine loan modification eligibility, our process includes initial due diligence with mortgage lenders to determine potential options prior to submitting a modification request.  Our staff is highly trained and experienced in bankruptcy, foreclosure defense, loan modification programs, short sales, property records evaluations, and debt settlements and our attorneys have an impeccable record with the state bar. FRLC provides quality legal representation to eligible homeowners and has the knowledge, experience and advocacy skills to help homeowners navigate the bankruptcy and loss mitigation processes so they can achieve their goals. For more information please visit www.lawcenter.com.  

Media Contact: Mark Alonso Financial Relief Law Center, 1-(866)-504-3752, malonso@lawcenter.com

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SOURCE Financial Relief Law Center

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Article source: http://www.prnewswire.com/news-releases/financial-relief-law-center-launches-lien-elimination-and-mortgage-rate-reduction-program-139946633.html

DISCUSSION:  Hagan addressed several bills focusing on jobs.

“The focus remains on jobs and will continue to remain on jobs,” she told council. “I am currently working on bills that I think will sort of draw attention to the state of Ohio and hopefully Stark County. Obviously, we cannot directly create jobs, but we can certainly work on creating a climate that is better prepared for that type of economy.”

Hagan touched on:

• “Jobs Ohio 2,” which Hagan explained entails administrative changes and updates, “safeguards taxpayer dollars” so that no taxpayer dollars are going into privately funded businesses, and pilots a $5 million tourism program.

• Fiscal Officer Integrity Act, which Hagan said “works on setting safeguards to keep our taxpayer dollars protected … holds public officials’ feet to the fire and (sets) more guidelines on education and training.”

• Ohio Asset Modernization Management Act, which focuses on “bringing our judiciary trust, our asset protection and our management up to date with states across the nation.”

OTHER ACTION

Mayor Richard Currie and council scheduled a public hearing for 6:30 p.m. April 3 to consider a zoning change at the corner of Market and Maple Street. The Board of Zoning Appeals recommended changing the zoning from N1 light industrial to B2 general business. Sheet Inc. has proposed building a gas station there. The council will vote on the Board of Zoning Appeals’ recommendation after the public hearing.  

Council members Tom Hough and Bob Blythe were absent from the meeting.

UP NEXT  Meets at 7 p.m. March 6 at the Village Hall.

Article source: http://www.cantonrep.com/news/x248719993/Hartville-Village-Council-meeting-for-Feb-21

Sustaining the Legacy conferences also help people who seek
transition of their farm or ranch from one family member to
another. Extension staff and industry professionals will help
participants develop the tools they need in order to face
estate-planning challenges with less stress.

The sessions will be hosted in Aberdeen March 12, 19 and 26 at the
Aberdeen Regional Extension Center at 13 2nd Ave. SE; in Sioux
Falls March 13, 20 and 27 at the Sioux Falls Regional Extension
Center at 2001 E. 8th St.; and in Mitchell March 14, 21 and 28 at
the Mitchell Regional Extension Center at 821 North Capital
St.

The training costs $75 per person. Registration is required by
March 6. To register, call livestock business management field
specialist, Heather Gessner at 605-782-3290. Find the brochure and
registration form at www.igrow.org.

“Each session is filled with important information that can help
farm and ranch families address questions they may face as parents
or grandparents get older and consider their legacy,” Gessner said.
“Producers have told me that the value of this program was $1
million, due to the changes they made to their estate plan and the
reduction of potential estate taxes.”

Each day of the three-session programs is full of tools and how-to
information families can use to create and implement their
individualized plan, no matter how big or small the operation.
Topics for the sessions cover communication styles, business
structures, goals, asset distribution, wills and probate,
retirement planning and funding, fair versus equal distribution,
tax implications for the operation, life insurance, long-term care
insurance, trusts and other topics as determined by the
audiences.

“Many of the past participants have utilized the information from
the conference to reduce potential estate taxes and ensure that
their operation is passed down to the next generation in a smooth,
hassle-free transition,” Gessner said.

All family members are encouraged to attend the sessions, and on-
and off-farm heirs are also invited to learn about the tools and
participate in the discussions.

“Past participants have used this conference to interview attorneys
and insurance agents while they are presenting the basics of using
the many tools available to them,” Gessner said. “If you are making
plans to retire or becoming a partner in the operation, or if you
own farm or ranch assets, this program is a great start for you.
Our goal is to give you the tools to develop your estate plan and
the motivation to get started, combined with some gentle nudging
that keeps you moving forward with the process.”

Partial funding for this program is provided by the South Dakota
Soybean Research and Promotion Council.

“SDSRPC is proud to be one of the sponsors for this year’s estate
planning workshops. With rising land values and profit margins,
estate planning has never been more important,” said Doug Hanson,
an SDSRPC board member and a past participant of the conference.
“My wife and I have attended these workshops in the past and have
found them very informative.”

Call Gessner at 605-782-3290, or email her at
heather.gessner@sdstate.edu.

Article source: http://www.tristateneighbor.com/news/regional/article_0c7427bc-5ccf-11e1-b027-001871e3ce6c.html

Article source: http://www.darientimes.com/news/darien-features/local-news/5002366.html

Image by Getty Images via @daylife

The IRS has announced its annual “Dirty Dozen” tax scams for 2012. There are some familiar scams making the list this year with a handful of new-ish ones thrown in for good measure. The best way to protect yourself is to know what you’re up against. Be informed. Here’s the dish on this year’s Dirty Dozen tax scams:

1. Identity Theft. It’s no surprise to see identity theft at the top of the list for 2012. There’s been a definite increase in efforts across the board to steal identities. With respect to IRS, the information is used to file fraudulent tax returns in order to get a bogus refund. And it can happen to anyone – trust me, someone did this to my mother (grr).

As an effort to get a handle on the problem, the IRS is cracking down. Now, together with the Tax Division of the Department of Justice and local U.S. Attorneys’ offices, the IRS is actively investigating instances of fraud and identity theft and prosecuting those responsible. If you believe your personal information has been stolen and used for tax purposes should immediately contact the IRS Identity Protection Specialized Unit.

2. Phishing. Also near the top of the list: phishing. Phishing scams usually involve fake emails and bogus web sites. The idea is to get you to turn over personal information or to click on a link that may install malware on your computer that can track your keystrokes or otherwise glean access to your financial information. Recent examples can be found here and here.

I’ve preached it before: the IRS does not initiate contact with taxpayers about your tax account by email. Ever.

3. Return Preparer Fraud. Most tax pros are good people. Some are not. Some will take your refund, charge too much for services or talk you into claiming deductions or credits for which you are not entitled. I’ve seen it all. And it usually comes back to haunt you.

Make good choices when you seek out your tax professional. If you don’t feel good about your preparer, it is perfectly okay to walk away. You’re not in a committed relationship, you don’t have to lie about staying home to wash your hair. Find someone who has proper credentials, returns calls and answers your questions. Avoid preparers who are rude and patronizing, hard to locate when you have a question and who bases their fees on percentages of your refund. You can find more tips on finding a tax professional here.

4. Hiding Income Offshore. Offshore accounts are totally legitimate. However, using offshore accounts to hide income for tax purposes is illegal. Identifying taxpayers using offshore accounts to evade taxation is a top IRS priority. Reporting offshore income is mandatory for U.S. taxpayers. Reporting offshore accounts is required if the aggregate of those accounts reaches $10,000 in any calendar year. Failure to comply can result in some pretty nasty penalties and potential criminal prosecution.

If you need to comply and you haven’t yet done so, the IRS has a limited amnesty program available for taxpayers. Ask your tax professional for more information.

5. “Free Money” from the IRS Tax Scams Involving Social Security. C’mon folks. If the government were giving out money, would it stay a secret for long? Be wary of scams touting “free money” from the IRS or Social Security rebates; these have been popping up all over the country but have seemed to focus on churches as a way of sucking you in. Don’t fall for it.

6. False/Inflated Income and Expenses. There are lots of ways to couch this scam. The IRS refers to it as “including income that was never earned… in order to maximize refundable credits such as the Earned Income Tax Credit.” I call it plain ol’ lying. There’s a simple way not to get caught up in this scam, often proposed by unscrupulous preparers (see #3 above): don’t make stuff up.

7. False Form 1099 Refund Claims. I can’t understand why this scam won’t die. The premise underneath this scam is that the federal government maintains secret accounts for taxpayers and all you have to do to get it is file a fake form 1099 Original Issue Discount (OID) with the IRS. Read that out loud and see if you can do it without bursting out laughing halfway through. Secret accounts. Fake tax forms. It sounds like a bad movie. If you get involved with such nonsense, you will be subject to penalties and possible criminal prosecution.

8. Frivolous Arguments. You have every right to make a legitimate argument to reduce your tax liability. You don’t have the right to just make stuff up (see again #6). The IRS has heard just about every crazy argument under the sun and time after time, these are shot down in court. They range from “The filing of a tax return is voluntary” to “Only foreign-source income is taxable” to my personal favorite, “Compelled compliance with the federal income tax laws is a form of servitude in violation of the Thirteenth Amendment.” All bogus. So are the notions of reparation tax credits, corporation sole, Social Security refunds and the form 1040 not being legitimate because it doesn’t have an OMB control number as required by the Paperwork Reduction Act. Don’t waste your time with these arguments. Doing so can subject you to penalties and possibly land you in prison.

9. Falsely Claiming Zero Wages. Again, if it has the word “fake” or “phony” or “false” in front of it, you know it’s wrong. So filing a phony information return is wrong and illegal. There is a scam that suggests that if you file a federal form 4852 (Substitute Form W-2) or a “corrected” Form 1099, you can reduce your income to zero and get a refund. Um, no. This never works. Ask Wesley Snipes.

10. Abuse of Charitable Organizations and Deductions. There are a couple of scams stemming from charitable deductions. In one arrangement, donors don’t really relinquish control over assets for which they claim a deduction. Let me help you out on this: if you don’t actually give it to anyone, not a gift, ‘kay? And when you do make a legitimate donation, make sure the value is stated correctly. Nobody’s paying $100 for those nasty acid-washed jeans. And that china set that’s missing a few tea cups and a serving platter, not a full set anymore. Let’s be honest: there’s a reason you’re getting rid of most of that stuff. Note it appropriately.

11. Disguised Corporate Ownership. Lawyers like me like to set up corporate entities for all kinds of reasons from liability protection to gifting opportunities. Setting up corporate entities to try and confuse the IRS for purposes of tax avoidance or money laundering, however, is not a legitimate corporate purpose. The general rule here is that you can’t do something one way for tax purposes that you couldn’t do another: you can’t make something deductible simply by tossing it into a company.

12. Misuse of Trusts. I love trusts. I think they can be really great ways to plan for incapacity, consolidate and manage assets, provide privacy for beneficiaries and effectuate distribution from an estate. Structured properly, trusts can even assist with asset protection and tax savings. They can’t be used to hide assets from creditors or avoid paying legitimate taxes on income and estates. If it sounds too good to be true, it probably is. Make sure you understand the real benefits of any trusts before you sign on the dotted line.

Inevitably when a taxpayer comes to me after getting pulled into one of these type scams, they start out by saying something like, “It didn’t sound right but…”  Stop right there. That’s all you need. If it doesn’t sound/feel/smell right, walk away. Or ask for a second opinion. I know an extra phone call feels like a hassle but look at it this way: would you rather be calling your tax lawyer now or your criminal lawyer later… from prison? I think we know the answer to that one.

–

Want more taxgirl goodness? Sign up to receive posts by email, follow me on twitter (@taxgirl), hang out with me on Facebook or check out my new YouTube channel.

Article source: http://www.forbes.com/sites/kellyphillipserb/2012/02/20/irs-warns-taxpayers-to-avoid-scams/

A: Keep in mind that there are a lot of different kinds of taxes
associated with a decedent and his or her estate. Because there are
multiple types of taxes that can be imposed, there are a lot of
different types of returns that may need to be filed.

Now for most of us, April 15 is the big day when it comes to
taxes.

When a person dies, chances are pretty good that a final life
return will need to be filed for the decedent by the April 15
deadline. Just like in life, Uncle Sam wants to know if there was
any income that is subject to tax.

In addition, if an estate was opened, a fiduciary income tax may
be required. If the estate earned more than $600 in taxable income,
an IRS form 1041, fiduciary return, should be filed.

A 1041 might also be required if the decedent had a trust that
became irrevocable when she died. A revocable living trust becomes
a taxable entity when the settlor, or the surviving settlor in the
case of a joint trust, dies. In the not-too-distant past, when
there was a probate estate and a trust, we would often have to file
a fiduciary return for the estate and one for the trust. Now, under
certain circumstances, the trust and estate income can be reported
on one return.

But none of this answers you question about why the estate would
have until August to file its tax return. What I think your
attorney is referring to is the Indiana Inheritance Tax Return and
possibly the Federal Estate Tax Return.

When a person dies, an Indiana Inheritance Tax Return (IH–6) may
have to be filed within nine months of the date of death.
Ironically, although the return is required to be filed within nine
months, the tax doesn’t have to be paid until 12 months following
death. However, if you pay estimated tax within nine months, you
get a 5 percent discount so most attorneys try to get the return on
file and the tax paid timely.

If I was a betting man, this is the tax return that your return
is referring to. However, if you still have concerns, call the
attorney at ask.

Opinions are solely the writer’s. Christopher W. Yugo is an
attorney in Crown Point Indiana. Address questions to Chris in care
of The Times, 601 W. 45th Ave., Munster, Indiana 46321 or to
Chrisyugolaw@gmail.com. Chris’ information is meant to be general
in nature. Specific legal, tax, or insurance questions should be
referred to your attorney, accountant, or estate–planning
specialist.

Article source: http://www.nwitimes.com/business/columnists/christopher-yugo/estate-planning-tax-filing-deadlines/article_2490a64b-61b1-5740-8861-403bcaf7b9a6.html

Benton County saw a steeper decline, with a drop of about 17 percent to a total of 624 filings last year.

In 2010, new bankruptcy cases fell by 1 percent compared with 2009, according to the Spokane office of the U.S. Bankruptcy Court.

Franklin County saw a larger decline in 2010, when filings dropped by almost 14 percent; and just a 5 percent drop last year, to 271 cases.

Seeing bankruptcies drop reflects the overall strength and diversity of the Tri-City economy, said Don Paddock, a Columbia Basin College business department instructor.

The community has diversified, with agricultural production and processing, and the medical field helping to make the Tri-Cities less dependent on Hanford jobs, he said.

And the area has become a retirement community, with the income of retirees exceeding Hanford payroll, Paddock said.

Nationwide, bankruptcy filings fell by about 12 percent to almost 1.4 million in the past year, according to the National Bankruptcy Research Center’s December bankruptcy filings report.

Smith, who has represented clients declaring bankruptcy since 1992, is hopeful that shows the economy is beginning to recover.

“Normally if people aren’t able to get back to work, there are going to be more filings, not fewer,” she said.

The extension of unemployment benefits may have kept some people from filing bankruptcy. There also has been an aggressive campaign by debt reorganization companies on TV, Smith said.

Those businesses can negotiate with creditors to come up with payment plans, Smith said. But people should check the business out first, such as checking for complaints with the state Attorney General’s Office and the Better Business Bureau.

In the Tri-Cities, the most common kind of bankruptcy, Chapter 7, dropped by almost 15 percent in 2011 to 746 cases. Unsecured debts can be discharged, but debts such as student loans and child support, still have to be repaid in Chapter 7 bankruptcies, Smith said.

If someone is having wages garnished by a creditor, filing for bankruptcy can usually stop that, Smith said.

The ability to use Chapter 7 is limited by income, Smith said. Washington has the fifth-highest income limit in the nation, at $51,671 for an individual. For a family of four, the income limit is $80,404.

Chapter 13 bankruptcies, where someone repays a portion of their creditors, dropped by nearly 8 percent in 2011 to 146, according to the court.

Filing Chapter 13 can keep a home from being foreclosed or a car from being repossessed, Smith said.

Foreclosures were the lowest they have been in eight years, with 355 foreclosures in 2011 compared with 755 in 2010, according to a report by Benton-Franklin Title Co.

Fewer people have gone to Consumer Credit Counseling Service of the Tri-Cities for the required pre-bankrupcy one-on-one counseling session, said Laurie Tufford, the nonprofit’s regional director of partnerships.

On Wednesday, the center rolled out the Restart program, where clients can receive bankruptcy counseling online using a chat session with a counselor, Tufford said. It adds convenience because it can be done from their own home and outside of normal business hours.

A change in circumstances, such as losing a job or medical bills, are the most common reasons people consider bankruptcy, Tufford said.

“Unfortunately, a lot of people are living paycheck to paycheck,” Tufford said.

One crisis can be enough to put someone behind in bills and unable to catch up, she said.

Health insurance is getting so expensive and copays and deductibles also are getting higher, Smith said. Some people can’t afford the premiums even if they are employed and their employer offers health care plans.

For others who have insurance, sometimes it doesn’t cover enough of the cost for medical care, Smith said.

“It’s really a mad cycle,” she said. “Something needs to be done.”

People need to get an accurate idea of their expenses and should talk to creditors rather than trying to avoid them, Tufford said.

With so many people struggling, credit companies are willing to work with people, she said.

“When in doubt, ask for help,” Tufford said.

Article source: http://www.bellinghamherald.com/2012/02/19/2400650/richland-lawyer-worries-many-area.html

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Editor’s note: Some of the transactions do not include a transfer price because no money was exchanged for the property. All deeds are recorded in the Berks County recorder of deeds Office and are a matter of public information. There is a delay between when the deeds are filed and their publication. Transactions are based on a file created by the recorder of deeds. For questions, call 610-478-3380 or send email to recorder@countyofberks.com.

Alsace Township

Joan E. Sowers and Joan E. Kline to Joan E. Kline and Wayne D. Sowers, 2000 Lance Road.

Amity Township

Jarred B. Koch to Robert Daniel Stenger and Kelsy Stenger, 79 Horseshoe Drive, $132,500.

John P. Guarino and Antoinette Gabriel to John P. Guarino and Antoinette Gabriel-Guarino, 905 Maplewood Drive.

Michael and Amee Hartman to Amee Hartman, 104 Queen Anne Circle.

Heritage-High Meadow LP and HBG-High Meadow Inc. to NVR Inc. and Ryan Homes, 137 Meadowside Drive, $73,500.

Kristin L. Murphy-Owen to Kristin L. and John K. Collis Jr., 59 Horseshoe Drive.

Arthur A. and Wendy S. Lastoskie to Wendy S. Lastoskie, 708 Monocacy Creek Road.

Bally

Frank E. Kemp and Virginia M. Kemp to Brian M. Sands, Elm Street, $2,750.

Bern Township

The George L. Hafer and Patricia B. Hafer Revocable Living Trust, Joanne R. Boyer and Brenda Lee Boyer to Alicia M. Flood, 529 Butter Lane, $80,000.

Bank of New York Mellon, Bank of New York, Ocwen Loan Servicing LLC and Ocwen Federal Bank FSB to Birabaharan Thuraisamy, 1206 W. Leesport Road, $324,199.

Bernville

GMAC Mortgage LLC to David Willman, 411 N. Main St., $44,900.

Bethel Township

John A. Braithwaite Jr. and Jennifer M. Braithwaite to Wells Fargo Bank N.A., 8491 Old 22 aka 8491 Old Route 22.

Boyertown

Jeremy S. Horn and Andrea L. Horn to Jeremy S. Horn, 142 W. Philadelphia Ave.

Kyle Zimmers and Debra Zimmers to Desiree Moyer, 241 Shaner St., $67,000.

Brecknock Township

Earl L. Swartz, Ruth E. Swartz and the Earl L. Swartz and Ruth E. Swartz Trust to Earl L. Swartz and Ruth E. Swartz, 1634 Alleghenyville Road.

Carl Buchter and Carolyn Buchter to Jamie Stoudt, 796 Alleghenyvile Road, $189,900.

Caernarvon Township

Carlo DiFrancesco and Antonietta DiFrancesco to Austin C. Mattson III, 3 Lincoln Court, $262,000.

Centre Township

Martin Schaffer and Lindsay Schaffer to Dennis J. Dejesus, 182 Meadow Drive, $167,000.

Colebrookdale Township

Cabot Corp. to Global Advanced Metals USA Inc., County Line Road, $10,030,000.

Cumru Township

Sheriff of Berks County to Deutsche Bank National Trust Co. and Argent Securities Inc., 530 Hunters Road, $3,700.

Richard Joseph Ketter, the Ketter Family Living Trust and Sally Ann Ketter to Kimberly Dietzel, 2807 Welsh Road.

Christine L. Emery to Matthew S. Emery, 747 Tamarack Trail.

M. Stephen Johnston and Margaret M. Johnston to Nicholas Quirin and Jessica Katz, 102 Eric Ave., $179,900.

Ricky J. Glovenski to Rick J. Glovenski and Debra Ann Glovenski, 1844 Cedar Top Road.

Earl Township

Virginia B. Kuser to Ryan F. Davidheiser, Terrace Road, $500.

Edward F. Miller and Lynn Ruth Miller to Ryan F. Davidheiser, 171 Terrace Road, $100.

Ryan F. Davidheiser to Laine J. Bechtel and Rebecca Boone, 1255 Ironstone Drive, $209,000.

Exeter Township

Michele McCartney and Rodney Simmons to Warren E. Everett and Melanie Everett, 5790 Washington Drive, $175,000.

Razvan Andrei and Julian D. Mihaita to Razvan Andrei and Ligia Andrei, 4524 Delmar Drive.

Vera Sigmund to Franklin E. Shaffer Jr. and Shannon T. Shaffer, 60-2 Mint Tier, $89,900.

Harry Harville and Deborah M. Harville to Eric R. Harville, 1213 Fox Run, $106,000.

Anatoliy Kinel and Galina Kinel to Harry A. Harville and Deborah M. Harville, 4739 Farming Ridge Blvd., $169,000.

Kenneth P. Esterly to Kenneth P. and Ann Marie Esterly, 150 Hartman Road.

Sukhvir and Kimberly Lalh to Kimberly Lalh, 5-6 Willow Way.

Sheriff of Berks County to KAB Loan Services LLC, 100 Christine Drive Unit 6, $51,200.

Wendy L. Miller and Junior A. White to Citimortgage Inc., 1115 Strawberry Run.

Citimortgage Inc. to Secretary of Housing and Urban Development, 1115 Strawberry Run.

Fleetwood

Jennifer L. Fosbenner to Jennifer L. Curry, 140 W. Washington St.

Greenwich Township

Fannie Mae (Federal National Mortgage Association) and Phelan Hallinan Schmieg to JVTR Investments LLC, 71 Gensinger Road, $101,000.

Hamburg

Carl W. Balthaser Jr. and Nancy L. Faust to Paul A. Danser, 739 Girard Ave., $125,000.

Brian S. Hoppes to Brian S. and Melanie Hoppes, 210 Washington St.

Wells Fargo Bank N.A. to Secretary of Housing and Urban Development, 454 Arch St.

Hereford Township

Harriett Ann Mirth to Kathryn Ann Mirth, 2927 Seisholtzville Road.

Tim Mathalia and Crecia M. Mathalia to Federal National Mortgage Association, 7981 Chestnut St.

Jefferson Township

Glenn R. Lessig and Mildred R. Lessig to Hunter M. Addis Jr., 116 Cross Key Road, $210,000.

Kenhorst

Sheriff of Berks County to Federal National Mortgage Association, 422 S. Kenhorst Blvd. aka 420 S. Kenhorst Blvd. , $3,400.

U.S. Bank N. A., Wells Fargo Bank N.A. and Structured Asset Investment Loan Trust 2005 to Annabelle Owczarzak and Maria V. Dejesus, 1435 New Holland Ave., $92,500.

Kutztown

William R. Miller and Barbara Johnson to Wynn Greiss, 333 Highland Ave., $120,000.

Laureldale

The Gloria A. Stebbins Living Trust, Cathy L. Mallon, Barry W. Stebbins, Robert F. Stebbins and William E. Stebbins Jr. to Bryan M. Sunday and Jeffrey R. Nelson, 600 Belmont Ave., $138,000.

Leesport

Scott A. Rickert, Kemmy R. Rickert, Scott Rickert and Kemmy Rickert to Paul E. Purcell, 312 Miriam Ave., $153,000.

Longswamp Township

Charles Savidge and Arlene H. Savidge to Donald C. Savidge and Richard B. Savidge, 35 Rohrbach Lane.

Lower Heidelberg Township

John White and Matilda White to Christopher W. Evans and Argetime Evans, 13 Foxtail Place, $324,900.

Michael S. Niedrowski and Tiffany B. Niedrowski to Michael S. Niedrowski, 100 E. Charles St.

Maidencreek Township

Norman L. and Catherine Pettiford to Norman L. Pettiford, 29 Villa Circle.

Fern M. Eschbach to Brandon Gallo, 40 Mountain Spring Road, $103,000.

Henry Inc. to Jason Bailey, 117 Hill Road, $60,500.

Marion Township

Anarose Tomaszewski and Brett A. Koslow to Brett A. Koslow, 31 Shady Cabin Circle.

Stone Group Inc., Landmark Builders Inc. and Landmark Homes to Robert C. Baum and Sandra L. Baum, 43 Apple Blossom Lane, $247,655.

Maxatawny Township

John H. Weaver Jr. and Edna Z. Weaver to Harold Z. Weaver and Bertha B. Weaver, Bowers Road.

Mount Penn

Bank of America N.A., BAC Home Loans Servicing LP and Countrywide Home Servicing LP to GME Investments LLC, 30 N. 25th St., $57,600.

Muhlenberg Township

U. S. Bankruptcy Court District of Massachusetts, Ground Round Inc., GRXR of Hagerstown Inc. GRXR of Frederick Inc. and GRXR of Charles County Inc. to U. S. Bankruptcy Court District of Massachusetts, Ground Round Inc., GRXR Of Hagerstown Inc. and GRXR of Frederick Inc. and GRXR of Charles County Inc., 3050 Fifth Street Highway North.

U. S. Bankruptcy Court District of Massachusetts, Ground Round Inc., GRXR Of Hagerstown Inc. and GRXR of Frederick Inc. and GRXR of Charles County Inc., American Hospitality Concepts Inc. and Ground Round of Baltimore Inc. to U. S. Bankruptcy Court District of Massachusetts, Ground Round Inc., GRXR of Hagerstown Inc., GRXR of Frederick Inc., GRXR of Charles County Inc., American Hospitality Concepts Inc. and Ground Round of Baltimore Inc., 3050 Fifth Street Highway North.

Michael R. Bush to Jason E. Devlin, 4325 Glenside Drive, $160,500.

Daniel V. Groff III, Derise A. Groff and Daniel V. Groff to Derise A. Groff, Herb Road.

Daniel V. Groff III, Derise A. Groff and Daniel V. Groff to Derise A. Groff, 2303 Herb Road.

Sheriff of Berks County to U.S. Bank N. A., 624 Cody Drive, $2,200.

Sheriff of Berks County to Federal Home Loan Mortgage Corp., 965 Pine Heights Road, $2,400.

Christina A. Cawley to Christina A. Longenecker, 1013 Netherwood Drive.

Karl Richard Stoyer to Joshua R. Baez Vargas, 520 Muhlenberg St., $88,000.

Ann Desantis and Brenda Reedy to Brenda Reedy, 4248 10th Ave.

CNL Funding 2000-A LP and CNL Funding 2000-A LLC to Jeffrey Ross, 3050 Fifth St., $1,160,000.

Consuelo Taveras to Consuelo T. Ayala, 1001 Daisy Drive.

Janet L. Kloeffel Firestone to Janet L. Kloeffel Firestone, 707 El Hatco Drive.

Velma E. Haas and Justin M. Huyett to Justin M. and Velma E. Huyett, 4232 Danor Drive.

Oley Township

Kimberly A. and Jeffrey E. Dierolf to Jeffrey E. Dierolf, 2611 W. Philadelphia Ave.

Ontelaunee Township

Suzanne M. Fitzgerald to Jeffrey Scott Kulp and Diane M. Czerwonka, 19 Grube Lane, $40,000.

Reading

The Carrol L. Deeter Revocable Living Trust to Hilda Zavala-Gonzalez and Modesto Gonzalez, 1135 N. 10th St., $40,000.

Sovereign Bank to Fred M. Sarmiento Salinas, 102 Oley St., $10,500.

Maria C. Adame to Maria C. Adame and Rosalva Adame, 1122 N. 13th St.

Daniel L. Derrer and Adrienne M. Derrer to Adam M. Young and Gabrielle L. Young, 1022 Meade St., $110,000.

Kenneth A. Kauffman to Alejandro Chavez Alvarez, 1022 Union St., $35,000.

Steven Franckowiak to Thomas C. Franckowiak, 808 Franklin St.

Richard E. Weitzel to Richard E. Weitzel, 124 Kenhorst Blvd.

Christine Embery Waltz, John F. Hoehn and John F. Hoehn III to Marion C. Hoehn, 1318 Birch St.

Wells Fargo Bank N.A., Raymond R. Comess, the Raymond R. Comess Revocable Trust, Elvina P. Comess and the Elvina P. Comess Revocable Trust to Oleksandr Martynov and Kristina Rytsar, 1801, 1803 and 1717 Eckert Ave., $99,900.

Redevelopment Authority of the County of Berks to Thomas E. List and Nancy I. List, 113 and 115 Wunder St., $1,200.

Paul A. Neider and Susanne S. Neider to Susanne S. Neider, 913 Rose St.

Marie Antoine to Amrad LLC, 323 Elm St., $4,100.

Lois Scheiffley and Jennifer Dinatally to GCN Properties LLC, 411 S. 16th St., $10,100.

Frank C. Formando to Amrad LLC, 913 Pike St., $4,400.

Jorge Aguirre and Fatima G. Gallo to KAB Loan Services LLC, 1055 Union St., $20,600.

Carpenter Technology Corp. to Carpenter Technology Corp., 2105 River Road.

Arthur C. Scholz and Mary E. Scholz to R J Properties Inc., 1519 Cotton St., $21,000.

Adam J. Graczyk and Judy A. Graczyk to Judy A. Graczyk, 1232 Cotton St.

Eastern Development Property Trust to On The Slope LLC, 438 S. Sixth St, $3,800.

First Commonwealth Federal Credit Union to Raqeb Ahmad and Hejaz Ahmad, 535 Spring St., $18,500.

Dean Fitrakis to Nationstar Mortgage LLC, 725 N. 12th St.

Richmond Township

John A. Rupp and John J. Morozin to John W. Yost and William W. Yost, 169 Virginville Road, $244,000.

Nevin C. Hill, Sandra P. Hill, Jane L. Reppert and Doris M Hoffman to Crystal Cave Company Inc., 94 Crystal Cave Road, $190,000.

Roger B. Taney and Gregg A. Taney to Keystone Berks II LLC, 1833, 1835 and 1837 Moselem Springs Road, $90,000.

Robeson Township

Sheriff of Berks County to Deutsche Bank National Trust Co. and Residential Asset Securitization Trust 2006, 392 Old River Road, $3,200.

Anthony S. Marsalo and Jennifer L. Marsalo to Craig Geibel and Colette Geibel, 14 Willow St., $250,000.

Jane Mitchell Nitti to Christopher M. McHale and Heather Hinnershitz, 667 Weaver Road, $449,900.

Robesonia

Lisa Ann George to Wendy A. Hague, 36 N. Linden St., $119,900.

Ruscombmanor Township

George W. Reider and Annabelle N. Reider to Nathan A. Christman, Seyler Road, $100,000.

Sinking Spring

Barry E. Neiswender and Marilee A. Neiswender to Nicholas W. Ortiz and Amy L. Ortiz, 38 Michigan Drive, $199,900.

F. Daniel Fisher and Bonnie G. Fisher to Sandra J. Krick, 4040 Penn Ave., $192,000.

South Heidelberg Township

Nancy W. Ashton to Barry E. Neiswender and Marilee A. Neiswender, 304 Kappa Court, $200,000.

Spring Township

Grande Land LP and Grande Management Corp. to the Charles P. Boylan Revocable Trust, Charles P. Boylan, the Teresa A. Boylan Revocable Trust and Teresa A Boylan, 403 Eden Court, $309,000.

William Eyrich to West Wyomissing Chapel and West Wyomissing Non-Sectarian Church, 2051 Reading Blvd., $88,000.

Nancy S. Keiser to West Wyomissing Non-Sectarian Church and West Wyomissing Chapel, 2049 Reading Blvd., $128,000.

Kathleen A. May to Dale J. Winchester, 2127 Highland St., $119,900.

Scott Yeager and Scott A. Yeager to Scott A. and Janelle J. Yeager, 116 Glenfield Court.

Strausstown

Franklin J Rothermel and Essie M Rothermel and Jack Keim Rothermel and Jack K Rothermel to Jeremy M Lafountain 25 Main Street, $150,000.

Tilden Township

Louis J. Pormilli Jr. to Lisa M. McDanial and the Louis J. Pormilli Jr. Gloria J Pormilli Irrevocable Asset Protection Trust, 209 Bachmoll Rd.

Tulpehocken Township

Burnell M. Rossini and Catharine E. Rossini to Harold L. Shirk and Rose M. Shirk, Witman Road, $310,000.

Burnell M. Rossini and Catharine E. Rossini to Thomas A. Wise and Sylvia H. Wise, 31 Witman Road, $440,000.

Marianne D. Fritsch and Stephen D. Fritsch to Stephen D. Fritsch, Marianne D. Fritsch and Dorothea E. Pike, 17 Kurr Road.

Union Township

Joan M. Astle and Ronald P. Astle to Linda Hornstein and Tammy Astle, 11 Shed Road.

Upper Bern Township

Nathan Grim and Aimee Grim to Annalee Galvin, 29 N. Second St., $195,000.

Upper Tulpehocken Township

Wells Fargo Bank N.A. and the Irving Lampert 2010 Living Trust to William W. Lesher and Laura B. Lesher, 36 Pine Hill Road, $575,000.

Washington Township

William L. Heydt, William Leroy Heydt, Linda R. Fronheiser and Debby L. Needam to Thomas P. Rudzenski and Bonnie G. Rudzenski, 380 Lenape Road, $64,000.

Wernersville

David B. McWreath and Jessica McWreath to Andrew Blass and Kady Blass, 210 W. Wilson St., $229,900.

West Reading

Susan E. Groening to Linda M. Ingram, 427 Oak Terrace, $85,000.

Fannie Mae (Federal National Mortgage Association) and Phelan Hallinan Schmieg to Daniel L. Derrer and Adrienne M. Derrer, 307 Reading Ave., $170,000.

Paul E. Purcell to Erika Doerrman, 215 Spruce St., $90,000.

Vincent G. Heist Jr., Susan Dewald, Thomas Heist and the Heist Family Trust to Vincent G. Heist Jr., 227 S. Fourth Ave.

Windsor Township

Brett L. Burkey to Brett L. Burkey and Elizabeth E. Burkey, 1 Woodland Court.

Gregory S. Muntz, Sharon L. Muntz, Jane L. Leibensperger and Grant J. Stetzler to Joshua D. Youpa and Joshua A. Breslin, Blue Rocks Road, $8,000.

Jane L. Leibensperger and Grant J. Stetzler to Joshua D. Youpa and Joshua A. Breslin, Mountain Road, $2,000.

Womelsdorf

Jean L. Hoover to Michael Fleischman and Lynne S. Anspach, 501 W. Franklin St., $127,900.

Wyomissing

Lissette Zimpelman and Marcial A. Feliciano to Debbie A. Homan, 918 Franklin St., $145,000.

Fiorino Grande to Chester Q. Mosteller and Janet C. Mosteller, 1536 Rose Virginia Road, $185,000.

Andrey Koretsky to Tatyana Koretsky, 120 S. Park Road.

Merlyn J. Jenkins and Diane F. Jenkins to Scott L. Fausel and Christina L. Gehris, 1506 Parkside Drive South, $295,000.

Article source: http://readingeagle.com/article.aspx?id=365853

Whitney Houston: Estate planning lesson in a sad, untimely death

By Liz Skinner

February 19, 2012 6:01 am ET

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Photo: Bloomberg

The premature death of pop star Whitney Houston should serve as a concrete reminder to financial advisers to make sure that wealthy clients properly fund the trusts that they have set up for their heirs and that they update estate documents every few years.

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“Celebrity stories like this are a great educational tool to share with clients and highlight what should be done, what was done wrong and what was done right,” said Andy Mayoras, a Michigan estate planner.

At this point, it is too early to say what kind of shape Ms. Houston’s estate was in when she died.

But the six-time Grammy winner, who died Feb. 11 in a Beverly Hills hotel at 48, had a will that names her only child, 18-year-old Bobbi Kristina Brown, as the main beneficiary, press reports quoted a family friend as saying.

“At the very least, hopefully, a revocable living trust was set up and, even better, a series of trusts that are funded by the estate’s assets,” Mr. Mayoras said. “Would you want your 18-year-old daughter to inherit everything in a lump sum?”

Along with setting up insurance policies to fund the trusts, Ms. Houston should have updated her will, any trusts and her insurance beneficiaries after her 2006 divorce from RB singer Bobby Brown, Mr. Mayoras said.

Ms. Brown is the only child from their relationship, though Mr. Brown reportedly has five other children from different relationships.

LIFE EVENTS

Along with divorce, any life event such as the birth of a child, a move across state lines or remarriage should spark an updating of estate documents, Mr. Mayoras said.

Even without such changes, a wealthy client should review those documents every three to five years to account for new real estate or business ventures and to make sure that all assets are funded, said Mr. Mayoras, who co-wrote “Trial Heirs: Famous Fortune Fights” (Wise Circle Books, 2009).

The estate planning that celebrities and high-net-worth clients require is complex and time-consuming, and that is often why it isn’t done, advisers said.

Celebrities are used to having things done for them, and they don’t want to devote the time to reviewing their situation, said Jeremy Kisner, president of advisory firm SureVest Capital Management, which has some celebrity clients.

The planning also requires stars to make hard decisions about whom to support — and with how much — as well as how to deal with estate- or tax-planning changes that may require them to give up some control and flexibility, he said.

“I find that especially with celebrities, they start the planning but never actually finalize it. This type of planning isn’t just done over a lunch meeting,” Mr. Kisner said.

A number of music industry stars have died without completing a will. That list includes Sonny Bono, John Denver, Jimi Hendrix and Bob Marley.

Ms. Houston, the 20th-top-selling artist in the United States of all time, with 55 million records sold, hopefully realized the importance of proper estate planning as a result of the scuffle between her and her stepmother when her father, John Houston, died.

Stepmother Barbara Houston sued Ms. Houston in 2008 over a $1 million life insurance policy that Mr. Houston left to his daughter. Barbara Houston said the policy was supposed to pay off the money that John and Barbara had borrowed from Whitney Houston to buy their New Jersey condo.

The younger Ms. Houston, who held the mortgage on that property, countersued and asked for repayment of the mortgage with interest. In December, an appeals court judge ruled in the singer’s favor because her stepmother didn’t have any signed documents to prove the insurance policy was meant to cover the mortgage loan.

“You should never name anybody as the beneficiary of a life insurance policy unless you want that person to keep the money,” Mr. Mayoras said.

Details of the financial state of Ms. Houston — who signed a $100 million record deal in 2001 but also admittedly suffered with drug problems — are being closely held by the family, which buried the star Saturday. The cause of her death isn’t expected to be known for a couple more weeks.

Regardless of its current value, Ms. Houston’s estate is expected to gain from the giant boost in song sales since her death, the August release of a movie she filmed with Jordan Sparks called “Sparkle,” all future projects involving her unreleased recordings, as well as sales from other assets, including a Mendham, N.J., mansion reportedly on the market for $1.75 million.

“There were rumors that she was broke, but that will certainly change,” said Lynnette Khalfani-Cox, contributing editor to Moneyrates.com. “We can expect at least a seven-figure increase to her estate, maybe more.”

lskinner@investmentnews.com

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Article source: http://www.investmentnews.com/article/20120219/REG/302199980

Filed in U.S. Bankruptcy Court

North Dakota

Jan. 29 – Deb. 4

Chapter 7 is a petition to liquidate assets and discharge debts.

Chapter 11 is a petition for protection from creditors and to reorganize.

Chapter 12 is a petition for family farmers to reorganize.

Chapter 13 is a petition for wage earners to readjust debts.

Sandra G. Ryan, 810 S. University Drive, Fargo, Chapter 7, occupation, debts and assets not listed.

Heather Marie Vig, Grand Forks, accountant, Chapter 7, debts of $45,498, assets of $8,348.

Sommeral Turner, Minot, Chapter 7, debts of $48,981, assets of $6,495.

Paula J. Coppin, formerly known as Paula Lewis, 1858 34th St. S., Fargo, Chapter 7, debts of $30,825, assets of $12,541.

David E. Harrington, 3019 35th Ave. S., Fargo, truck driver, Chapter 7, debts of $157,087, assets of $145,110.

Richie A. Paulson, 923 N. University Drive, Fargo, custodian, Chapter 7, debts of $116,412, assets of $1,545.

Katie Jo Foster, 421 24th St. S., Fargo, Chapter 7, debts of $44,747, assets of $1,970.

Mark Cameron and Julie M. King, Kenmare, Chapter 7, debts of $57,933, assets of $41,784.

Jamie M. Lougheed, 3444 Loberg Drive, West Fargo, Chapter 7, debts of $310,263, assets of $24,3434.

John W. Dobbins, Dickinson, Chapter 7, occupation, debts and assets not listed.

Ashlie Danielle Vance, 4538 B. Bluestem, Fargo, Chapter 7, debts of $38,526, assets of $7,325.

Brent Allen and Nicole Elizabeth Kiner, Pekin, Chapter 7, debts of $60,888, assets of $16,650. Kiner is a laborer.

Hannah Marie Anderson, Devils Lake, Chapter 7, debts of $38,439, assets of $6,350.

Edith E. Watts-Nelson, 715 11th Ave. S., Fargo, Chapter 7, occupation, debts and assets not listed.

Benjamin A. Young, Fargo, truck driver, Chapter 7, debts of $46,268, assets of $6,592.

Bryan S. Cole, doing business as Bryan Cole Flooring, 1833 18ths St. S., Fargo, Chapter 7, debts of $72,364, assets of $8,918.

Roger A. Sell, 2835 7th St. W, West Fargo, Chapter 7, debts of $37,764, assets of $19,066.

Joseph F. and Luella J. Vakoch, 2012 49th St. S., Fargo, Chapter 13, occupation, debts and assets not listed.

Tags:
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Article source: http://www.jamestownsun.com/event/article/id/154907/