Monthly Archives: November 2015


Filing Bankruptcy


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How Chapter 13 Bankruptcy Stops Foreclosure and Eliminates Debts

This press release was orginally distributed by SBWire

Los Angeles, CA — (SBWIRE) — 11/23/2015 — It is still a common occurrence in California for lenders to foreclose when borrowers fall behind on mortgage payments.  Many California homeowners are having trouble keeping up with mortgage payments and with credit card debts.  In the event of a sudden illness or job loss, many people have no savings and fall behind on mortgage payments.

File chapter 13 bankruptcy is a way to reorganize debt and stop foreclosure.  Many homeowners file chapter 13 when foreclosure auctions are scheduled, as a way to stop the foreclosure and receive the full benefit of eliminating credit cards, medical bills, and personal loans.  Bankruptcy can eliminate unsecured debt, which is the type of debt that is not attached to collateral such as the home or a car.

There are many benefits for filing bankruptcy.  There is an automatic stay that happens at the time of filing which immediately stops foreclosure and all debt collection efforts.  In addition to stopping foreclosure, bankruptcy wipes out debts, such as medical bills, IRS debts more than 3 years old, personal loans, and can be used to strip 2nd loans or 3rd loans on a home [HELOCs].  Bankruptcy also stops automobile repossessions, wage garnishment, and collection calls.  Filing bankruptcy can also remove a judgment resulting from a collection of debt.

How to qualify:

In order to file bankruptcy, there is a means test, excluding people who make too much income from filing Chapter 7, while requiring people filing Chapter 13 to make enough to afford payments for secured loans [such as home and auto loans] as well as monthly expenses and a repayment plan.  A petition must be filed, including schedules that disclose all debts and income and assets.

How much / How long / What happens after filing bankruptcy:

When filing bankruptcy, attorney fees are charged up front, and sometimes included in a payment plan for payment of arrears on a home or car loan that is delinquent.  Depending on the payment plan, which average 3-5 years, a discharge can take quite a while for a Chapter 13 filing.  Upon discharge, all unsecured debts are forgiven [such as credit cards, medical bills, etc.]

The goal of filing a bankruptcy is usually to discharge debt, catch up on missed home or car payments, and have the full protection of the court from creditors for the duration of the bankruptcy.

Bankruptcy Attorneys in Los Angeles explained how Chapter 13 Bankruptcy work

According to bankruptcy attorney Lauren Rode: foreclosures are filed everyday because homeowners lose their jobs, run out of their savings, and fall behind on mortgage payments when they cant keep up with all the household expenses.

It is best to find a lawyer who has the experience and qualifications to stop the foreclosure process.

A record of success includes a high number of confirmed bankruptcy plans and experience in all of California.  The Los Angeles bankruptcy attorneys at Consumer Action Law Group take the time and effort to make sure that their clients understand what the process involves and exactly how much it will cost to file.

By filing chapter 13 bankruptcy, the creditors will be ordered to stop collection efforts immediately.  A foreclosure bankruptcy attorney will stop the foreclosure process by filing chapter 13 bankruptcy. To find out more about options to save a home from foreclosure homeowners are encouraged to call Consumer Action Law Group and discuss their situation with a Bankruptcy attorney for free. Anyone who need bankruptcy advice should visit or call 818-254-8413

About Consumer Law Action Group
Consumer Law Action Group is a law firm with offices in Los Angeles, dealing with consumer issues such as wrongful foreclosure, auto dealer fraud, and employer violations.  The attorneys within Consumer Law Action Group focus on lender litigation, bankruptcy, and lawsuits against car dealers, as well as claims against employers who violate labor laws.

For Media Inquiries:
Contact Person: Lauren Rode, Esq.
Telephone: 818-254-8413

For more information on this press release visit:


Establishing Credit


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TRID Webinars Galore; PIMCO Increases Mortgage Presence While Others Scale Back

morning I am in Detroit, which has seen its share of population
movement. The Census Bureau has released statistics for movers between
metro areas between 2009 and 2013. The migration flows tables show how
many residents move (or flow) from one county or metro area to another
during the course of a year. In addition to the new metro-to-metro migration flow tables, the annual county-to-county migration flow tables are now available. The county flows can also be accessed through the Census Flows Mapper. About 8.5 million people moved between metropolitan areas. The county-to-county migration flow tables show there were about 16.7
million people, or 5.4 percent of the US population age 1 or over,
who lived in a different county within the US one year earlier.

Training and events of note? There are plenty!

the final countdown for TRID implementation and a shocking number of
people are still in the dark on how the new regulations will impact the
industry. Are you ready? HomeBridge will be hosting its final webinar on TRID implementation this Thursday, September 24, at 2PM EDT.
The webinar will recap HomeBridges last five webinars on the subject
and highlight the critical things you need to know regarding TRIDs
October 3 implementation. More information, along with educational
videos, can be found online here.
(HomeBridge is one of the nations largest non-bank mortgage lenders
and is looking for new branches to join its growing family. Experienced
branch managers who share HomeBridges dedication to customer service
and quality in the lending industry should visit for more information.)

If youre tired of TRID, joinNational Mortgage Professional MagazineonThursday, September 24 at 2PM EDTfor a free webinar on, Expanding Homeownership Opportunities in Todays Restrictive Lending Environment. This
webinar, presented by Caliber Home Loans, addresses the current credit
and guideline requirements and how to solve for them while creating new
opportunities for prospective homeowners.Attendeeswill learn financing
options returning to the marketplace while restrictive guidelines are
now expanding, the reintroduction of risk-based pricing … Higher rates
associated with non-agency products versus the potential cost of
waiting, and the return of private capital and how it can help todays

LDWholesale rolled out its TRID Thursdays.
Every Thursday for the month of September, LDWholesale is focusing on
all aspects of TRID and detailing the positive effects it has on the
company, the industry and American borrowers.

Compliance Ease is hosting a live, complimentary webinar titled, Are You Ready to Pinpoint TRID Issues?
on Wednesday, September 23. Speakers will include Donald Lampe (Partner
– Morrison amp; Foerster, LLP), Jason Roth (SVP Product Management –
ComplianceEase), and Lisa DeFors (attorney – ComplianceEase).

On September 22, 23, and 24, 2015, AmeriHome will present a TRID webinar addressing its approach to implementing the TRID requirements. Click here to access Seller/Web login prompt and choose
Resources/Training tab.Click the Click Here to Register link that
displays to go to the registration site. AmeriHome sales representatives
are also sending a TRID Webinar email invitation. A registration link
is provided at the bottom of the email. In
addition, AmeriHome has provided a TRIDreferenceguide in word format
which can be re-branded for your internal use. Both word and PDF
documents can be accessed via the sellerweb under the resources tab.

Broker partners with Mountain West Financial Wholesale are encouraged to sign up for its implementation of TRID Training September 23rd. Instructional materials and videos are also available at the MWF Compliance Resource Center.

Agents are required to coordinate with MWF regarding fees for
disclosure in the CD via the Collaboration Portal.Training will be made
available to Settlement Agents in advance of the October 3
implementation date.Additionally, during October amp; November, an
email with a link to pre-recorded training on how to use the
Collaboration Portal will be provided to the Settlement Agent at the
loan level. This short pre-recorded training from MWF vendor on using the Collaboration Portal is available for review. In addition, a more detailed video is available here.

Stonegate Mortgage still has one TRID webinar available today, Tuesday September 22nd.

Specific company news?!

It isnt the first, and wont be the last. PIMCO added to its PHH stake (PIMCO owns about 11% of PHH) by purchasing a steak, uh, stake in First Guaranty Mortgage Corp., a $4 billion a year lender. Yes, bond investing giant PIMCO has purchased a sizeable stake
in First Guaranty Mortgage Corp., Frederick, MD, a nonbank that is on
track to originate at least $4 billion in home mortgages this year. The
acquisition was made through PIMCOs Bravo Fund II and the investment
represents a huge infusion of capital which will allow FGMC to make an
exponential move in growth very rapidly. A few of the big players have
been trying to better get more vertically integrated so as to control
the collateral from start to finish. Different pools of money can own different parts of the risk and their Alternatives platform can invest in Equity such as this. The small independent mortgage bankers competing with the likes of PIMCO and Blackstone will be interesting.

do Wells Fargo and Chase have in common? They are both trying to send a
message to HUD. Yesterday the commentary discussed recent Wells Fargo
moves, and later in the day Chase turned heads with a story on CNBC mentioning what many in the industry believe about comparing FHA loans to subprime.
Smaller companies to originate FHA loans cant help but notice. Some in
the industry believe that the FHA has lost its target market and it is
just randomly targeting irrational avenues for business and to take
market share from Fannie amp; Freddie. And some suggest that the FHA
would be better off raising the FICO min to 600, increasing the reserves
to 4-6 months, and removing some of the existing restrictions such as
those involving short sales, foreclosures, and re-establishing credit.

NewLeaf Wholesale
is requiring properties located in six different counties (Amador,
Butte, Calaveras, Lake, Napa and Solano) to provide evidence that the
subject property did not experience any fire damage due to the Northern
California wildfires. If a property is located in one of the counties
with a completed appraisal before September 11th, a 1004D re-inspection
completed by the appraiser is required. For appraisals on or after
September 11th the appraiser must comment on the condition of
the property and any effects to the marketability. If there is fire
damage, the extent of the damage must be indicated. If the subject
property sustained minor damage, repairs must be completed before
closing or if damages are structural or major, the loan will be

Homestead Funding
discontinued its one close construction disbursement product due to the
lack of guidance by the CFPB. (Remember Wells did something similar
with that product.)

Titan Capital Solutions is leaving the jumbo space,
rumored to be winding down the pipeline rather than any dramatic shift
in strategy. Sources say that there is no concern that investors will
not purchase those loans, and attention will be shifted to Titan Lenders
Corp. (Editors note: yes, the jumbo space is crowded, the tolerance
for any error is so very low, and pricing is always an issue – its the
mortgage industry!)

Up in California CalHFA will be discontinuing the CHDAP product on September 24.
Lenders such as Mountain West Financial alerted clients that all loans
with a CHDAP must be locked on or before Sept 24th. There will be no
exceptions beyond these dates. The longest lock available for a CHDAP is
30 days, so plan accordingly. We would like to thank all of our
lending partners for helping to make the CHDAP program a success over
the years. CalHFA is proud to say that since its inception in 2000, this
program has successfully contributed over $360 million in down payment
assistance to help over 54,000 families achieve the dream of

are rates going? No one knows for sure, and if someone charges you for
forecasts, well, whats that worth? But there are plenty of smart folks
who have some guesses, and Mike Fratantoni, MBAs Chief Economist,
writes, We continue to expect that rates will trend up over the medium
term. Mortgages
rates, which have been just above 4 percent recently, are likely to end
2015 closer to 4.3 percent, and could reach 5 percent by the end of
2016. This
increase in rates will lead to a reduction in refinance activity. The
continued strengthening of the job market, however, will more than
offset the gradual increase in rates, and we continue to forecast
stronger housing markets in the year ahead. There we have it – check
back with Mike at Christmas time.

didnt want to go down any more on Monday so they decided to go up.
Frankly, I didnt hear any better reason, although oil prices tracked
higher and the US stock market rebounded somewhat from Fridays
sell-off. And looking at today things were pretty quiet overnight and
the only news is the July FHFA Housing Price Index at 9 AM Michigan time
and a $26 billion 2-year note auction. We saw a 2.21% close on the
10-year Monday and this morning were back down to 2.16% with agency MBS prices better between .125-.250.

Jobs and Announcements

The fourth quarter of 2015 will be one of growth for Overland Park-basedCapWest Mortgage,
who announced earlier this year it is being acquired by Prospect
Mortgage, one of the nations largest independent mortgage lenders. CapWest is hiring several Senior Loan Officers with
proven track records of consumer direct selling to join its Sales team
and take advantage of its industry-leading technology. CapWest is also seeking to hire Producing Sales Team Managers
who are interested in both a leadership opportunity and the ability to
generate personal production. To inquire about these opportunities, go
to joincapwest. com or contact Tony Thole, National Sales Manager.

Fifteen hundred miles away Frost Mortgage is seeking a branch partner in the San Diego area.Frosts entrepreneurial operating platform and revenue sharing business model is worth your serious evaluation. Click Here to schedule a confidential interview with Greg Frost.

Appraisal Management Solutions, one of the fastest growing AMCs in the
industry, is actively seeking a Regional Director-Sales for the Midwest
to assist with its continued strong growth. With a relentless focus on
risk management and compliance, Triserv AMC provides a differentiated
approach to appraisal management for lenders assuring that all
appraisals will be conducted by a Certified and FHA approved appraiser
who is local to the market, and is timely paid twice per month for all
completed orders.Additionally, Triserv provides a 100% manual review
of all appraisal orders by actual licensed appraisers who are full-time
employees.Triserv is fully integrated with the leading Loan
Origination Systems and provides lenders with an annual SSAE-16 audit
along with a CFPB/AIR business process audit. Please send your
confidential resumes or questions to Joe Bryant, President.

In other job news, eLEND, the technology driven consumer direct division of American Financial Resources, Inc. is searching for a National Sales Manager.
The candidate would lead the dynamic originations team and responsible
for the oversight of its channelized origination sales team comprised of
over 50 contact center loan originators. The job itself is located at
the companys national headquarters in Parsippany NJ or additional
locations. The person must be technology-savvy and have a forward
thinking mindset aimed at continuing AFRs amazing growth story. Please
email a confidential cover letter and resume to Robert Pieklo
or connect with an AFR executive at one of these upcoming industry
events: Originator Connect in CT, MBAMW Mid-Atlantic in Fairfax, VA, the
NAMB National in Las Vegas, or the MBA Annual in San Diego. AFR is an
equal opportunity employer.


Filing Bankruptcy


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Verso Considers Filing Bankruptcy, Sale of Duluth Plant


The struggling Verso Paper Corporation is considering filing bankruptcy and selling many of its paper mills, including the one in Duluth. 


Pay Day Loans


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Penryn operation is more than just a food bank

Rob said he started the service having carried out similar work when he was a member of a church in Penzance.

A woman and her young daughter had moved to the area and were living in a new home without curtains. Although they had been able to get curtains and a curtain rail, they did not know anyone who could fit them.

Rob said: “As a church, if you can’t help your community then what are you doing here? That’s what it’s supposed to be about, these are the people you’re supposed to be helping. If you don’t know what your communitys problems are then its a problem.”

The group, which is a community interest company, started with funds from the Highway Community Action Trust which is funded by charity shop Penryn Treasures, also takes in donations of furniture, which is then given out to people in need.

New addition

A new addition to the foodbank family is the Cornwall Befriending Service, another community interest company operated by former care worker Rowena Koning, which mainly provides face-to-face money and debt advice, along with job related advice. With a background in social work, Rowena also has links to a wide network and can often advise people on getting help with issues such as anxiety and stress, or other underlying mental health problems.

She gives one example: “A lady had a predicament with adopting a child practically overnight. She had problems with finances, was going to be a carer to a 14-year-old, and was worried about what the child would arrive with barely the clothes on her back.”

Rowena helped get her a carer’s allowance, as well as arranging for clothing, and of course help from the foodbank, and is keeping in contact with the pair so that she can also keep social services abreast of developments, if necessary.

She adds a new aspect is people finding it difficult to pay for funerals, with some families taking out up to four pay day loans to cover the costs of a basic burial.

But there is an answer for that too, in the form of another community interest company, the Little Cornish Funeral Company, which provides cheap reed or similar coffins, working with the hospital to keep costs down.

She said in a way she feels she is stepping into a void left by a shrinking public sector: “The Citizens Advice Bureaux were invaluable but they had cutback after cutback after cutback.

“Job centres have less computers for people. You haven’t got person to person contact.”

Sarah said she feels it is important that she has seen foodbanks from both sides. “You understand it if you used to use it, she said. “If we have come out the other side, there’s no reason they can’t.”

Laid off

Mark and Melissa Manship, parents of two young children, turned to the Cornwall Befriending Service due to a combination of Mark being laid off by a failing employer, increased living expenses, bank charges, and debt incurred at the height of the credit boom.

Melissa said: “We got into a spiral of living off the credit because all of the wages were paying back the loans and bank charges, and every time we got to an overdraft limit the bank gave us more.

Melissa, a nurse, said she tried working more hours to help with repayments, but the increased hours and stress made her ill and she could not continue like that.

They lost their home because they could not afford the upkeep and the mortgage payments, and moved into a rented house. They were evicted at around the same time Mark was made redundant, and had to register themselves homeless as they were unable to rent on Melissa’s wages alone, before being moved into emergency housing.

They were also using the foodbank at the same time.

“It meant we could put food on the table for the kids,” said Mark. “We only went three times, when it was that or not eat.”

Melissa added: “The kids had quite a few years of complete uncertainty.”

At one point, Melissa was even advised that it would be better for them if she was out of work and pregnant.

“But,” said Mark, “we pointed out that we need to work.

That’s the way we were raised andit’s for both of our sanity. For Mel, being a nurse, to give up 20 years service would be disastrous.”

They spent 18 months in emergency accommodation before being offered a house, but were still in a lot of debt.

They had tried the Citizens Advice Bureau, but said they had found it difficult to get through to speak to anyone, and had talked to debt management companies but there was no-one local for advice, before finding Rowena.

Melissa said: “We saw Rowena for debt advice but what she has done has been so much more. She’s gone through everything from emotional support to getting us to where we can liaise with these companies to try and resolve the debt situation, empowering us to stand up to them a bit.”

She has also helped with mental health support.

Mark is currently back in work, and said: “We’ve got to the point where we have licked our wounds, and are ready to start again.”

Melissa added: “It’s someone in your corner, fighting with you, for you.


Filing Bankruptcy


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WHY Louisville owner files bankruptcy

While he continues to struggle with health issues, troubled Louisville businessman Will Russell has filed for bankruptcy.

Russell, who suffers from a bipolar disorder, said in a Facebook post Tuesday that he is focusing on improving his health, which is why he closed his two WHY Louisville stores, at 1583 Bardstown Road and 806 E. Market St., at least temporarily. The stores phones went unanswered Wednesday morning.

In a Nov. 11 filing in US Bankruptcy Court, he listed liabilities of $1 million to $10 million and assets of $100,000 to $500,000.

He wrote on the Facebook page of WHY Louisville, a store that sells varied eclectic wares, that he recently has had a number of personal and business issues appear in the news. I am currently addressing these issues, and focusing my energies – first and foremost – on my family and my recovery.

He did not address the fate of the stores or the remaining merchandise.




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Hawaii Film Festival to host Asia Pacific Finance Forum

The Hawaii International Film Festival has partnered with Winston Baker to launch the first Asia Pacific Entertainment Finance Forum this month.

Winston Baker offers film finance forums across the globe.


Pay Day Loans


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Arlington Eyes New Rules for Payday Lenders

The Arlington City Council will vote Tuesday night on new rules for businesses that specialize in pay day loans, that council members hope will help people limit their debt and make better financial decisions. (Published Tuesday, Nov. 10, 2015)


Repairing Credit


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Voice acting brings Longview clerk to threshold of a dream

Joshua Passmore was sitting at a small sound mixing board one recent Sunday, scribbling something on a legal pad.

I dont know what voice I want to do, he said, his pen stopping briefly in the Tyler office building where Toginet Global Productions creates a weekly online show about some geeks who think they can conquer the world.

But Passmore, a 29-year-old Longview store clerk, wasnt working that afternoon on Paranoria, TX, a spoof he and producer George Jones hope will graduate into an animated series and comic book.

First-world problems, Jones deadpans his voice actors struggle over finding the right character for the radio spot they were about to lay down for Tyler Rose City Comic Con, which Jones also produced at the East Texas Fairgrounds. Why dont you do Ali?

The suggestion sets Passmore back to scribbling, and within minutes he is up on his flip-flops reading his newly penned script to Jones.

He doesnt sound like himself as he reads. He has become Ali, a character in Paranoria whose name rhymes with valley and sounds like a girl from one.

You should totes be there! Passmore/Ali chimed at the spots end. Sweet, Jones says, and the pair abandon the big room for a tiny recording studio down the hallway past a credit repair office and a health care agency.

Passmore came to voice acting through the doors of fantasy. Movies, comics, video and board games, including the role-playing Dungeons and Dragons, caught his imagination at a young age — and held it into young adulthood.

I loved Monty Python — I watched a lot of that show growing up, he added. Anything Mel Brooks. I love all that.

The online serial, which runs 8 pm Mondays on and Jones, are the reason Passmore began to ply his voice for a living.

I actually got into this for this radio show right here, he said. We were talking about it, and I said, You know? Ive been doing all these voices for years.

With Paranoria, TX, now chugging along — Its the most popular show (at, he said — Passmore is branching out.

He signed with an Amarillo-based agency, IAB Studio Network, and said agent Cody McGehee is lining up comic con appearances for him.

It looks like, in January, Ill be traveling a lot, he said, describing his own T-shirts hell be hawking to the comics crowds.

He is in the running for a project with the D/FW-based, Funimation Studios, and joined three of the studios voice actors on a panel at Tylers comic con. They have a Netflix-like channel streaming on almost all devices, he said.

He voiced all 25 characters, and all the sound effects, for a video game thats due out by Christmas 2016, Beneath.

Passmore auditioned earlier this fall to be the intro and out-tro voices for a Christian radio station in Arizona.

He auditioned Thursday with Irving-based Nine9, which books voice artists, directors and everything else, he said.

Passmore doesnt know exactly how many voices are inside him. He and his cohorts stopped counting at 100.

He recently sent his demo tape to the Cartoon Network.

Check-check-check-check-check, he said into a mic once he had settled into the small recording room down the hall. Then he checked his Ali voice: Omigawd!

All right, Jones said. Let me have that one more time.

Jones, who once owned a dinner theater and is an occasional playwright, got the take he wanted.

This man brought voice acting to Tyler, Passmore said of the producer. Hes opened the door.

Jones brushed off the compliment, but later confessed, Were trying to make Tyler as cool as possible.

That would be totes rosy, as Ali might say. Turning a skill that annoyed his mother into a career would be just peachy for Passmore, but his aspiration goes beyond that. And it began a jillion Saturday morning cartoons ago.

All these cartoons taught me something — they were there for me, he said. You were the reason I woke up early on Saturday morning and sat with a big bowl of cereal and watched. I want to be there for someone else. And I definitely have a potential to do it.




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Filing Bankruptcy


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Quaker Steak & Lube filing bankruptcy; will be acquired

Quaker Steak Lube filing bankruptcy; will be acquired

Quaker Steak Lube filed for bankruptcy on Monday with TravelCenters of America agreeing to acquire the company.