Jaleh Piran-Vesseh – What are some Highlights of your Career?
Video Summary
The biggest highlight of my career thus far was assisting one of our elderly clients with saving her home. This particular individual was in her SC. She had been married for many, many years. I think almost 40 years, to be exact, and her husband had recently passed away.
In the situation, her husband was the one, their entire marriage who took care of the finances, and the bills, and made sure that everything was taken care of. So, this woman, she came to me, and she was being foreclosed on, and she was completely distraught and didn’t know which way to turn, having lost her husband and also now facing losing her home.
So, this woman, I was able to successfully modify her loan, save her home, have the foreclosure lawsuit dismissed, and she is still in her home to this day, the home that she has owned now more than 40 years. So that was probably the biggest highlight of my career, and seeing the biggest difference that I made in her life, because she was so grateful, and every time she came in, she gave me a hug, and she was just over the moon that we were able to do that for her. That was definitely the biggest highlight of my career thus far.
How Does a Lender Determine a Borrower’s Eligibility for a Loan Modification?
Video Summary
How does a lender determine a borrower’s eligibility for a loan modification? The lender’s usually need a loan modification when they are in a mortgage foreclosure action and the standard is they look at 31 percent of your gross income and see whether or not they can modify your loan for principle, interest, taxes and insurance to see if it comes within the 31 percent. I do not know what guidelines they have and how they do that but they usually do not forgive principle. They try and spread your loan out over say a 40-year amortization to see if they can make that work, depending on the size of your loan.
They usually reduce your interest rate to in or around four percent and they may modify this for the entire 40-year period or they just may modify it for a short period of time. But each lender looks at each loan on an individual basis but the 31 percent of gross income is what they look at. If you are in foreclosure and want to have a mortgage modification you can call my office and we will undertake representation of you in the foreclosure. My associate Jaleh Piran-Vesseh has done a lot of work as far as modifying mortgages.
That’s not, you’re not guaranteed that you’re going to get a mortgage modification and it’s up to the individual lenders. There are some other programs that were available which if you haven’t missed a payment in 12 months and your loan was current, the lenders would give you, refinance your mortgage even if the value of the property was less than the amount that was owed. I don’t know the name of that program but that was available. I don’t know if it’s still available or not. But that hopefully that gives you some insight about getting a mortgage modification.
If you have some questions about it, well give me a call at 727-847-2288. Thank you.
- Published in Real Estate - Foreclosure, Videos
What Considerations are involved in a Corporate Stock Acquisition?
Video Summary
What considerations are involved in a corporate stock acquisition? Usually you are talking about a stock acquisition whenever you’re purchasing a business. There’s two ways to buy a business as you buy the assets, the good will, the accounts receivable, the use of the name and maybe a restrictive covenants. And if so, that’s an asset purchase and you do not buy the stock and that’s the way most businesses are sold. The reason for that is, that the buyer does not want to get hit with any unknown liabilities of the business. So to answer the question, the consideration as far as taking the stock rather than just buying the assets of the business is that you are responsible for all liabilities that you may or may not know of also as far as any tax liabilities. Sometimes if they are subchapter S’s why you can allocate the stock.
Also another tax consideration is you do not get an increase or a stepped up in basis in the assets if you buy the stock, you line up with the assets as far as being depreciated. Now that’s looking at it from the buyer’s perspective. From a seller’s perspective it works very well to simply sell the stock and that way it’s very easy. You simply transfer the stock, roll the stock certificate over and hand it over to the buyer and the buyer turns around and gives you a check or gives you the proceeds. Usually with a contract though, there’s a lot of due diligence to try and determine if there are any liabilities and any taxes that are owed.
Usually a stock acquisition happens whenever you have a one shareholder is buying out another shareholder and it’s not a complete sale but they are already involved in the business and you are buying out the retiring partner or a partner that wants to leave or under a buyout arrangement that you have entered into previously if we have a unhappy shareholder, you are not getting along on a small business where everyone works in the business and someone’s leaving, then they can simply buy his stock out since they already know of all the liabilities and the tax considerations.
So that’s the considerations you have as far as how to structure a purchase of a business if you are buying from a stranger and buying all the assets. I suggest you do an asset purchase rather than purchasing the stock whereas if you are involved in a corporation or an LLC and you’re buying out your partner, well then the purchase of the stock is the way to handle that buyout.
If you have any questions, well give me a call at 727-847-2288.
- Published in LLC's and Corporations, Videos
If My Property is taken by Eminent Domain, How is the Compensation Determined?
Video Summary
If my property is taken by eminent domain, how is the compensation for the property determined? Well the Florida statutes provide that you are entitled to just compensation. So the amount that you’re entitled to recover is determined through the appraisal process. And so if you hire an eminent domain attorney, he will select appraisers and see about getting your property appraised. And then he will negotiate or if necessary, have a trial and have a jury determine the amount of your compensation in an eminent domain transaction.
The issue is is whilst I’m worried about having to pay the attorney. What is nice about the eminent domain statute, it provides that the attorney is entitled to be paid by the condemning authority, so whatever governmental body is condemning the property, must pay the attorney fees. The attorney fees are measured by taking the amount that the first offer that was made by the condemning authority to you for the property and subtracting it from the amount that they eventually wind up paying you and then taking a percentage of that amount and that’s going to be the attorney fees that your eminent domain attorney is entitled to. So it will not cost you any money for an eminent domain attorney to handle that.
So if you’re notified that a condemning authority is going to take a portion of your property for road right of way or for any reason, give me a call and I don’t handle these but I will put you in touch with a very, very good eminent domain attorney that will be pleased to represent you and help you with this process. You will find that the condemning authority will first come and ask them if you’ll give them the property. I believe that’s the first step, then they will make you an offer and then once they make the offer then, I don’t suggest you accept it until you consult with a eminent domain attorney and see if they can help you get any more money for your property.
So if you have any questions or you’ve gotten a letter from the condemning authority, well give me a call at 727-847-2288.
- Published in Real Estate, Videos