Jaleh Piran-Vesseh – What Legal Training do you have?
Video Summary
The legal training that I have stems from my time at Stetson University College of Law, where I graduated with a Juris Doctorate degree. I also have legal training in the fields of Foreclosure Defense, specifically, as well as Elder Law in Medicaid planning, and also in the Administration of Guardianship’s.
Jaleh Piran-Vesseh – What made you want to be a Lawyer?
Video Summary
Oftentimes, clients will ask me, “What made you want to be a lawyer?” and I hold that very dear to my heart, because for me, as a small child, I always knew that I wanted to help people. From an early age, I decided that being a Lawyer was the best possible way for me to accomplish this goal.
And so, the best part for me of being an Attorney is seeing the impact that I am able to make on my clients’ lives in a positive way, and sometimes, in not positive situations that they’re unfortunately in, tends to be the best part of being a Lawyer and the reason why I decided to get into this field, practice.
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