NV Attorney General Announces Arrest In Loan Mod Scam

Nevada Attorney General finally announces arrests in the loan modification scam. Finally, a drastic action has been taken by the State Attorney General. Readers remembers Nevada as one of the highest state in USA in the rising numbers of foreclsoures and associated fraud with loan modification anand foreclosure scam.

Failed Bank–Find Out If Your Lender is One?

The following is a comprehensive list of failed banks. You can find out if your lender is a failed bank.


What Are the Nevada Exemptions for Bankruptcy?

Has state opted out of federal bankruptcy exemptions?
Yes. Nev. Rev. Stat. § 21.090.

Is opt out limited to residents or domiciliaries of the state? Yes. Nev. Rev. Stat. § 21.090: ‘‘Any exemptions specified in [§ 522(d)],
do not apply to property owned by a resident of this State. . . .’’

Do state’s exemptions have extraterritorial application?Homestead: Uncertain.
Personal property: Uncertain.

Wages: Nev. Rev. Stat. §§ 21.090, 31.295 to 31.298.
Scope: Earnings.
Amount: Garnishment may not exceed the lesser of 25% of disposable earnings for the workweek or the amount by which
disposable earnings that week exceed 50 times the federal minimum wage.

Survival after payment/deposit:
Yes. Earnings are defined to include compensation received by the judgment debtor, in the possession of the judgment debtor, held in accounts in a bank or any other financial institution, or, in the case of a receivable, compensation that is due the judgment debtor.
Not specified in garnishment statute.
Homestead: Nev. Rev. Stat. §§ 21.090, 21.095, 115.005, 115.010, 115.040.
$550,000 in either land and a dwelling or a mobile home, subject to certain liens; land held in spendthrift trust for debtor is exempt. Unlimited exemption if ‘‘allodial title’’ has been established. (Nevada residents can acquire ‘‘allodial title’’ to their land by buying out the property tax right from the government. Then the landowner does not have to pay property tax on the land.) The primary dwelling, including a mobile home, and land may not be executed upon for a medical bill during the lifetime of the debtor, debtor’s spouse, a joint tenant who was a joint tenant at the time judgment was entered, or debtor’s disabled dependent adult child, or during the minority of any child of debtor. A 2007 amendment added an exemption for sums reasonably deposited with a landlord, to secure the rental or lease of debtor’s primary residence (except not exempt as to landlord’s claims for rent).
Procedural requirements:
Procedure available for filing declaration of homestead. Exemption available even without declaration. Once declaration is filed, spouse must join in any encumbrance or sale.
Special provisions:
None specified.
Waiver: Spouse must join in conveyance or encumbrance of declared homestead.
Tangible personal property:
Nev. Rev. Stat. §§ 21.080, 21.090, 21.100.
Household goods: $12,000 necessary household goods, furnishings, electronics, wearing apparel, other personal effects and yard
Motor vehicles: $15,000, no limit if specially equipped for disabled
debtor or dependent.
Tools of trade:
$10,000 tools of trade; $4500 mining equipment; $4500 farm equipment.
Clothing and jewelry:
Jewelry is included in the $5000 wildcard exemption.
Miscellaneous and wildcard:
$5000 in private library, works of art, musical instruments and jewelry, all family pictures and keepsakes; health aids; property held in a spendthrift trust; uniforms debtor is legally required to keep, one gun, a collection of metal bearing ores, geological specimens, art curiosities or paleontological remains if the debtor catalogues them and the catalogue is kept near the collection for the free inspection of all visitors; coin collections are not exempt. $1000 in any property, including accounts in a financial institution.
Waiver: Not specified in exemption statute.
Benefits, retirement plans, insurance, judgments, and other intangibles: Nev. Rev. Stat. §§ 21.080, 21.090, 21.100.
Public benefits:
Social Security benefits, including without limitation, retirement, survivors, SSI and disability. See Nev. Rev. Stat. § 422.291 (assistance awarded pursuant to public welfare administration laws is exempt). Earned income credit or any similar credit pursuant to state law.
Pensions, retirement plans and annuities:
Up to $500,000 (present value) in tax-qualified retirement plan.
Insurance, judgments or other compensation for injury: Money or benefits in any manner growing out of life insurance, if premium not more than $15,000 per year (for higher premium, the proportion that $15,000 bears to the premium paid); $16,500 personal injury judgment; wrongful death judgment for person on whom debtor was dependent; compensation for loss of future earnings of debtor or person on whom debtor was dependent, so far as needed for support; criminal restitution.
Bank accounts:
Not specified in exemption statute.
Alimony, child support:
Court-ordered family support.
Survival after payment or deposit:
Not specified in exemption statute.

Nice Home–But Where is the Rest of It?

Shamefully, some of the homeowners are stripping everything from their former dream home and leaving nothig. This article is a sad plight of such a story where the home is stripped to the bare wall. This is despicable. If the homeowner has lost all the battle, they should walk out decently and without making a noise. Of course stripping the homes of all of its chattles is shameful and despicable outright. Please stop this practice. Hopefully, it would make us more responsible as homeowners.


Banks Are Still Cheating During Trial Loan Modifications

Banks initially did lots of trial loan modifications, and every one expected that soon they would become permanent loan modification. Even the trial loan modification promised that after three trial payments sent on time, a permanent loan modifications shall be done. This, of course, is not happening as the banks are still cheating and not doing permanent loan modification. In our law office (law office of Malik Ahmad) we have done substantial number of trial loan modifications and are still talking to lenders to change them to permanent loan modifications. They keep on promising to make them permanent. Now, we hear from other sources that banks are started cheating on this promise, and playing a double game. Our fears are substantial especially after the major banks had paid back their bailout money, and Obama Plan has no teeth othr than putting “shame” to the bank. What an enforcement? We had said time and again, that the saving of homeownership is the key to resotore the American economy. We had submitted the offer, and this law office is again stressing the need for a permanent loan modificatioan with only two steps. We are not suggesting Utopian measures, we are suggesting only two measures which can fix the economy for a very long term. Here are the two steps.

1. Reduce everyone’s mortgage to 4% regardless of their ownership (whether primary or investment)

2. This 4% rate should be fixed for 5 years.
3. After that it would be fixed to 5% for the balance of the loan.
4. Under Obama Plan, the Fed is going to pay $1,000.00 to bank. Our proposal includes one additional step. Every homeowner whose home shall be modified under our proposal shall pay to their lender $2,000.00 from their pockets. That mean bank would get $3,000.00 and would not lose money. In fact, this is a win-win proposal for all of us.

Here is the link of bank’s continuous cheating:

Why Obama Needs a Plan B For Mortgages?

The HAMP was launched with considerable fanfare but its effects are dwindling even though it has made considerable dent in overall foreclosure mess across US. However, the Obama plan could not stem the tide of this foreclosure tidal waves and its impacts are deeper. This is an interesting article which is suggesting lots of substitute measures helpful in the reduction of foreclosure throughout USA.