Placing is another way in which listed companies can raise capital, and is the issue of securities to selected persons. Listed companies usually employ a placing broker to help identify interested investors. Who can the company place shares with?A company must satisfy the Stock Exchange that the placees are independent, and has to disclose their names if there are less than 6 of them. If there are 6 or more placees, the company has to give a generic description of the placees. GEM companies have to make more specific disclosures if there are different groups of placees. How about top-up placing?• A company can also raise funds by way of “top-up placing”. Under this arrangement, the major shareholders place their existing shares with independent persons, then subscribe for additional new shares. Again, a placing broker usually helps identify interested investors. What is a private placement?A private placement is a method for both public and private companies to raise capital through the private sale of corporate debt or equity securities, to a limited number of qualified investors (aka lenders); it is an alternative to traditional capital sources, such as bank debt, or issuing securities on the public bond market. Advantages of private placementOne major advantage of private placement is that the issuer isn’t subject to the SEC’s strict regulations for a typical public offering. With a private placement, the issuing company isn’t subject to the same disclosure and reporting requirements as a publicly offered bond. Furthermore, privately placed bonds don’t require credit-agency ratings. Another advantage of private placement is the cost and time-related savings involved. Issuing bonds publicly means incurring significant underwriter fees, while issuing them privately can save money. Similarly, the process can be expedited when done in a private manner. Furthermore, private placement deals can be custom-built to meet the financial needs of both the issuer and investors. Advantages of Raising Capital through Private PlacementSmall businesses face the constant challenge of raising affordable capital to fund business operations. Equity financing comes in a wide range of forms, including venture capital, an initial public offering, business loans, and private placement. Established companies may choose the route of an initial public offering to raise capital through selling shares of company stock. However, this strategy can be complex and costly, and it may not be suitable for smaller, less-established businesses. As an alternative to an initial public offering, businesses that want to offer shares to investors can complete a private placement investment. This strategy allows a company to sell shares of company stock to a select group of investors privately instead of the public. Private placement has advantages over other equity financing methods, including less burdensome regulatory requirements, reduced cost and time, and the ability to remain a private company. Regulatory Requirements for Private PlacementWhen a company decides to issue shares of an initial public offering, the U.S. Securities and Exchange Commission requires the company to meet a lengthy list of requirements. Detailed financial reporting is necessary once an initial public offering is issued, and any shareholder must be able to access the company’s financial statements at any time. This information should provide enough disclosure to investors so they can make informed investment decisions. Private placements are offered to a small group of select investors instead of the public. So, companies employing this type of financing do not need to comply with the same reporting and disclosure regulations. Instead, private placement financing deals are exempt from SEC regulations under Regulation D. There is less concern from the SEC regarding participating investors’ level of investment knowledge because more sophisticated investors (such as pension funds, mutual fund companies, and insurance companies) purchase the majority of private placement shares. Saved Cost and TimeEquity financing deals such as initial public offerings and venture capital often take time to configure and finalize. There are extensive vetting processes in place from the SEC and venture capitalist firms with which companies seeking this type of capital must comply before receiving funds. Completing all the necessary requirements can take up to a year, and the costs associated with doing so can be a burden to the business. The nature of a private placement makes the funding process much less time-consuming and far less costly for the receiving company. Because no securities registration is necessary, fewer legal fees are associated with this strategy compared to other financing options. Additionally, the smaller number of investors in the deal results in less negotiation before the company receives funding. Private Means PrivateThe greatest benefit to a private placement is the company’s ability to remain a private company. The exemption under Regulation D allows companies to raise capital while keeping financial records private instead of disclosing information each quarter to the buying public. A business obtaining investment through private placement is also not required to give up a seat on the board of directors or a management position to the group of investors. Instead, control over business operations and financial management remains with the owner, unlike a venture capital deal. Reasons to issue a private placementPrivate placements enable companies that value privacy to remain private. In contrast to public debt and equity offerings – which require public filings, disclosures of company information and financing documents and terms – private placement transactions are negotiated confidentially, and public disclosure requirements are limited. With a private placement, companies would not be beholden to public shareholders. Long MaturitiesPrivate placements provide longer maturities than typical bank financing arrangements. They are ideal for companies seeking to extend or layer their refinancing obligations out beyond the typical 3-5-year bank tenor. Additionally, longer maturities often allow for limited amortization, which can be attractive to companies seeking to invest in capital assets, acquisitions and/or invest in projects that have a longer investment return runway. Fixed RateTypically, private placements are offered at a fixed-interest rate, minimizing interest rate risk. Through a fixed-rate financing, companies can avoid the concern commonly associated with floating-rate coupons, should underlying interest rates rise. A fixed coupon generally allows companies to allocate the cost of debt capital for specific project financings, acquisitions or large capital investment programs. Diversify Capital SourcesPrivate placements help diversify a company’s sources of capital and capital structure. The stable investment appetite shown by insurance companies and other large institutional investors in the private placement market is typically independent from many of the market variables that impact bank market lending activity. Since the terms of private placements can be customized, these transactions are typically crafted to complement existing bank credit facility capacity as opposed to directly competing with these relationships. Creating capital access in both the private debt and bank markets can allow companies to optimize their access to debt capital. Diversification of financing sources becomes particularly important during market cycles when bank liquidity may be tight. Many companies issue private placements because they have outgrown their borrowing capacity and need capital beyond what their existing lenders (banks, private equity firms, etc.) can provide. Private placements typically focus on cash flow lending metrics and can be completed on either a secured or unsecured basis, depending on the issuer’s existing capital structure. Private placements are typically “buy-and-hold,” meaning the debt investment wouldn’t be purchased with the intent to sell to another investor. Thus, private placement borrowers benefit from the ability to create a long-term relationship with the same investor throughout the life of the financing. Private placement financings are regularly completed by both privately-held, middle-market companies as well as large public companies. These transactions provide issuers with access to capital on a scale that rivals underwritten public debt offerings, but without certain preconditional requirements, such as ratings, public registrations or minimum size restrictions. For public companies, private placements can offer superior execution relative to the public market for small issuance sizes as well as greater structural flexibility. A company can often issue a private placement for a much lower all-in cost than it could in a public offering. For public issuers, the Security and Exchange Commission (SEC) related registration, legal documentation and underwriting fees for a public offering can be expensive. Additionally, in contrast to banks that often rely on ancillary services and fee generation to enhance investment return, private placement lenders rely exclusively on the yield from the notes that they purchase. Taking into consideration the yield-equivalent savings on avoided underwriting fees, in conjunction with the yield premium often associated with first time issuers and small issuance premiums, private placements can provide a very attractive alternative to the public debt market. Fewer Investors Top Placement LawyerWhen you need a securities lawyer, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Can I Get My House Back After Foreclosure? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post What Is A Top Up Placement? first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/what-is-a-top-up-placement/
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Lawyers will take the time to listen to your concerns. You and the Lawyer will work together to determine the specific issues. Once this has been accomplished, steps can be taken toward a resolution. The Lawyers are customer-friendly in that they address issues in a timely manner and maintain an impartial viewpoint. If the Lawyers are unable to answer your question, they will suggest a resource that is better able to assist you. Under the easements, all duties regarding the appointment of an independent Lawyer remain. Independent Lawyers are responsible for determining the most appropriate manner in which to support the person/career and take into regards current government guidance on social distancing, shielding and isolation. An Independent Lawyer is an Lawyer working independently of the Local Authority and appointed under the Care Act. The role of an Independent Lawyer is different to the role of a general Lawyer because they are not just supporting the person to have a voice, but to facilitate and maximize their involvement in a whole range of adult Care and Support processes. A determination of substantial difficulty is not a determination about mental capacity. Where there are concerns about a person’s capacity to be involved in the Care and Support Process or any likely decisions to be made the Local Authority should assess their capacity under the Mental Capacity Act and consider whether an Independent Mental Capacity Lawyer (IMCA) should be appointed under the Mental Capacity Act. See Other Types of Advocacy Support that may be Appropriate for further guidance around this The Local Authority must not make arrangements for a person to be an Independent Lawyer unless it is satisfied that the person: Under the Care Act the Local Authority should have specific local policies clarifying arrangements for the: An Independent Lawyer must also: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Taxing And The Commerce Clause Can I Get My House Back After Foreclosure? Utah Intellectual Property Lawyer Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post DCFS Advocacy For Dads first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/dcfs-advocacy-for-dads/ Many people who arrested for DUI in Utah are otherwise law-abiding citizens, with no prior criminal record. For a person like this, being arrested, handcuffed, and booked into jail can be downright frightening. The best information on defending your DUI case has to be based on the specific facts of your case. There are many variables that can contribute to a successful DUI defense strategy. Avoiding a DUI Charge CompletelyThe best way to avoid a DUI charge in Utah is (without meaning to sound preachy) is not to drive if you have alcohol or drugs in your system. If you plan to drink, choose a designated driver ahead of time. If you don’t have a designated driver, call a friend or call a taxi (it is much cheaper than the cost of an attorney, court fines, insurance, etc.). If you believe that there is a possibility you are impaired by alcohol or drugs (whether legally prescribed or otherwise), do not get in the driver’s seat. If you don’t have a designated driver, don’t have money for a taxi, and can’t find a friend to come pick you up, then consider sleeping it off – but not in your car. Falling asleep in your car can look to police like you have passed out from excessive alcohol or drug consumption. Even if the car’s engine is not on, you could still be charged with a DUI for being in “actual physical control” of a vehicle. Another important point to consider in avoiding a DUI charge in Utah relates to illegal drugs. Utah has a statute that prohibits driving or being in actual physical control of a vehicle if you have any measurable amount of a controlled substance or controlled substance metabolite in your system, unless that drug was legally prescribed. This is sometimes referred to as a “metabolite DUI” charge. A metabolite DUI charge does not require proof of any impairment. A metabolite charge does not even require proof that an active controlled substance was in your system. If even a non-psychoactive metabolite of a controlled substance can be detected in your blood or urine, unless the original controlled substance was lawfully prescribed, you may find yourself facing a metabolite DUI charge. DUI Investigation in Salt Lake City UtahA police DUI investigation in Utah often begins with an ordinary traffic stop. Police pull your vehicle over for speeding (even just a couple of miles over the speed limit), failing to signal for the full required time period, a minor lane-change violation, or one of a myriad of other traffic code violations that are on the books in Utah. Once police have pulled you over, a police officer may smell “the odor of alcohol” or may notice drugs or paraphernalia in plain view in the vehicle. The officer may also observe physical behaviors, such as nervousness, shaking, bloodshot eyes, or other supposed indicators of drug or alcohol use. These observations can give the police officer a basis for asking some basic questions about whether you have been drinking or using drugs recently. It is fairly common for a police officer to ask “Have you been drinking?” or “How much have you had to drink?” You are under no legal obligation to answer a police officer’s questions about recent alcohol or drug use. The Fifth Amendment privilege against self-incrimination gives you the right to remain silent, and to refuse to answer these questions. If you do answer the officer’s questions, your answers along with the officer’s other observations can serve as a basis for the next step of a DUI investigation – field sobriety steps. Balance – a key component of both the Walk-and-Turn and One-Leg Stand tests – can be affected by leg or back injuries, inner-ear infections or disorders, and a wide variety of other medical conditions. Eye nystagmus can also be affected by legitimately prescribed medications, neurological, or other physical conditions. A person’s performance on the FSTs can also be affected by the physical conditions where the tests are administered – if the ground surface is uneven or slippery, if the police vehicle’s emergency lights are flashing, etc. Even a person’s shoes can affect performance on the FSTs. It is important to remember that a police officer cannot force you to perform the FSTs. The purpose of the field sobriety tests is to help the police officer determine whether there is probable cause to require a driver to submit to a chemical test for alcohol. If a driver declines the police officer’s request to perform the FSTs, the question of whether probable cause exists will have to be determined without the benefit of the FST results. This will very often work to the driver’s advantage.
Refusing to Submit to a Chemical TestEven though Utah’s implied consent law states that a licensed driver is considered to have given consent for a chemical test, a driver can still refuse to submit to such a test. But refusal carries consequences. Any DUI offense can result in a driver license suspension. But refusing to submit to a chemical test will result in a much longer suspension. Suspension times vary depending on the driver’s age and the number of prior DUI convictions. But a first time offender 21 years of age or older can expect a 120-day suspension for a DUI arrest. That suspension increases to 18 months for a refusal. A second-time offender can expect a two-year suspension. A refusal on a second offense increases the suspension to three years. As a practical matter, once a police officer has developed probable cause to believe that a DUI offense has been committed, it is pointless to refuse the chemical test. Once probable cause has been established, the officer may obtain a search warrant from a judge or magistrate. This warrant allows the police officer to physically force a driver to submit to a chemical test. A blood sample is most often taken in cases where a warrant has been issued. The blood sample can then be tested for alcohol, drugs, or controlled substance metabolites. Citation or Arrest for DUIOnce a police officer has concluded a DUI investigation, you may be given a citation and released (if there is a safe way for you to get home and a person willing to take responsibility for getting you there). But a police officer has the option of arresting you and booking you into jail. If you are booked into jail, you will typically have the option of posting a cash bail directly, paying a bail bonds company to post a bond on your behalf, or requesting a bail hearing and waiting to see the judge. (In Salt Lake County, you may be eligible for release through Pre-Trial Services.) Each of these options has advantages and disadvantages. You should consult with your attorney to determine which option is best for your specific circumstances. Driver License HearingsIf you have been charged with DUI in Utah, your driver license will be automatically suspended if you do not request a driver license hearing within ten days of being arrested or receiving a citation. This driver license suspension is not based on a conviction for DUI, but is instead based on the arrest report. Even before your first court hearing, your driver license can be suspended. If you have been arrested for DUI or received a DUI citation, you must contact the Driver License Division to request an administrative hearing. If you are represented by an attorney, your attorney can make this request on your behalf. In order to adequately prepare for the hearing, you should also request copies of any police reports or chemical test results. What does a DUI cost you?An arrest for drunk driving in Salt Lake is more than just a traffic ticket. In fact, you could easily end up spending time behind bars even for a first conviction. State and federal governments seem to be doing whatever they can to make a DUI charge as uncomfortable as possible, and with good reason. More than 28 people die in drunk driving accidents across the country every day. You probably agree that any efforts to stop this trend are helpful as long as they do not violate your rights. One way in which a drunk driving conviction can disrupt your comfort level is by threatening to damage your financial stability. This is because the average first offense drunk driving conviction can end up costing you thousands of dollars, and that is not limited to your fine. Few people have $10,000 to $25,000 dollars lying around that they have not already earmarked for other important purposes. For those who do not have that kind of money to burn, a DUI conviction can result in debt and financial struggles that often lead to relationship troubles and other burdens. While your initial fine for a DUI charge may cost you $1,000 or less, you will likely face additional expenses you were not anticipating, including: You should also consider the risk that a DUI conviction will affect your job. For example, if you hold a professional license, work with children or drive for a living, a conviction may eliminate you from your employment eligibility or make it difficult for you to find work in your chosen field. More immediately, the time you must spend in jail, court, community service and other requirements may affect your attendance at work. Which states have the highest penalties for DUI?Experts have examined a number of factors to determine which states have the highest penalties for DUI. Types of DUI classificationsIf you’re 21 or older and get caught driving with a BAC of 0.05 or higher, you can be arrested for an “under the influence” offense. But there’s more than just DUI. More than half of U.S. states use the acronym “DUI” to refer to any drunk driving offense. Here are some other common acronyms and what they stand for: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Taxing And The Commerce Clause Can I Get My House Back After Foreclosure? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Salt Lake City DUI Attorney first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/salt-lake-city-dui-attorney/ The truth is – it is very hard to get your house back after foreclosure. It is possible, but it is very difficult. Even after you lose your house to a foreclosure sale, you still may have a few ways to get it back. Buy It BackThe first option is to buy your house back from whoever bought it after your foreclosure auction. This could be the bank or an investor or someone else. This is more likely to happen if it was your lender that bought it at foreclosure, but its possible even if it was someone else. You will probably need 3rd party financing (which may be difficult or impossible to get). Sometimes, your lender will refinance your purchase, so you should at least ask the question if you have the income to support the payments. Right of RedemptionSome states and in some situations there is a right of redemption after a foreclosure sale. This is a period where you (as the previous owner) can repurchase the home by paying the total purchase price plus interest and any allowable costs to the person that bought your home at the sale. Filing a bankruptcy can give you even more time to take advantage of your redemption rights, but this varies from state to state. Talk to a bankruptcy attorney if you have questions. Legal AvenuesUnder certain circumstances, a court can set aside the sale of your home. If your lender did not follow the correct procedures during the foreclosure process, including properly notifying you, you may be able to get the court to set the sale aside, which will make it so that the sale never legally happened. If you think this is the case, discuss your situation with a lawyer experienced in these matter. Don’t Leave Your Equity BehindIf there was equity in your home after it was sold, you may be legally entitled to it. You should expect your lender to deduct appropriate fees for servicing your account and processing the closing of your loan, but go over every fee carefully to make sure they make sense. Some lenders have been known to tack on fees simply to eat up all the equity so they don’t have to pay you what you are owed. If you are in this situation, contact a local lawyer familiar with foreclosure law. The other option to get the house back is to have your sheriff sale reversed. In many cases, there are legal discrepancies or rules your lender did not follow. With a good attorney, who is familiar with the foreclosure process, you can use the law to your advantage. Once the sheriff sale is reversed, your lender will start again, correcting their mistakes, so you must act fast and raise the money you need to get your house out of foreclosure completely. This is only a temporary solution but it can give you the time you need to put together a permanent solution. Finally, you should consider using a private investor, friend, family member or clergy member to buy the house from the bank at the foreclosure sale (if possible) and have them rent or sell the house back to you. Technically, this should be done at the sheriff sale or foreclosure auction, or after the sale if the lender buys the house. There are many options that would allow the house to be sold before the foreclosure or even with a short sale, to another party. The purchaser could sell the house back to you. This could be through a new mortgage, if you qualify, or with a lease or buy-back agreement. Either way, you now have possession of the home and could have a route to obtain ownership at a time when your credit improves. You may need credit repair services. You must be careful when doing something like this because there are rules and laws you must be aware of. You should use a real estate agent and/or real estate broker along with a real estate attorney to help you deal with this option. Don’t go it alone. If you have already lost your house to foreclosure, there may still be hope. Call Ascent Law right away to discuss your situation. The sooner you call the better. Just make sure you choose the right method for you and find a foreclosure law attorney to get your house back after the foreclosure process has started. If you have a solution that will allow all parties to be happy and walk away from the situation satisfied, it may be worth pursuing right now. Foreclosure LawyerWhen you need legal help with foreclosure law in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Foreclosure Lawyer Grantsville Utah Software Development Agreement Law Taxing And The Commerce Clause Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Can I Get My House Back After Foreclosure? first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/can-i-get-my-house-back-after-foreclosure/ Members of the Constitutional Convention were divided about how powerful the new central government should be. To avoid the rise of tyrannical government, the Constitution carefully grants certain powers to Congress, reserving all other powers to the states. These powers are listed in Article I, Section 8. The list begins with monetary matters, an issue of great concern at the time because the prior government was bankrupt and states regulated their own money supply. The Congress therefore has the power to borrow money, lay and collect taxes, regulate commerce (the Commerce Clause), establish a uniform law on bankruptcy and naturalization, make money (currency) and establish its value, punish the counterfeiting of Utah money, and establish a uniform system of weights and measures. The list then moves on to inspirational ideals for the young new country to strive toward. Congress has the power to establish post offices and post roads and to protect intellectual property in copyrights and patents. Next, the list turns to Congress’s adjudicative powers: to create lower courts under the Supreme Court created in Article III and to define crimes committed on the “high seas” and against the “law of nations.” Congress is also given fiscal responsibility over the armed forces and navy (note there is, of course, no mention of an air force) and the power to provide oversight to the militia. Then, to help Congress with carrying out these powers, Article I, Section 8 provides that the states may cede to Congress a district, not to exceed ten square miles, that will become the seat of government, and to exercise exclusive legislative authority over this district. The scope of power granted under Article I, Section 8 is the subject of much debate among legal scholars. The clause granting Congress the power to regulate commerce is particularly troublesome. There is very little debate about the power of Congress to regulate foreign trade. This power is explicit, total, and exclusive. A state law that discriminates against out-of-state commerce, or places an undue burden on interstate commerce, would violate the dormant commerce clause. For example, if a state required out-of-state corporations to pay a higher tax or fee than an in-state corporation, that would be unconstitutional. A state that required health and safety inspections of out-of-state, but not in-state, produce or goods would be unconstitutional. Federal courts have repeatedly held that state attempts to regulate Internet content (typically to prevent pornography) are unduly burdensome on interstate commerce and therefore unconstitutional. Note, however, that this prohibition against out-of-state discrimination does not prevent a state from exercising its police power to protect state citizens, as long as the power is exercised evenly and equally. If a state wanted to weigh trucks on highways to ensure they did not exceed maximum weight rules, for example, that action would be permissible even if the trucks came from out of state, as long as the requirement applied equally to all trucks on that state’s highways. In addition to the power to regulate commerce, the Constitution places two critical powers with Congress: the taxing power and the power to spend the taxes it collects. The taxing power is a broad one, and the Supreme Court has not overturned a tax passed by Congress in nearly a century. As long as the tax bears some reasonable relationship to generating revenue, the tax is valid. States are also permitted to tax, but only if the activity taxed has a nexus to the state. TaxationDuring the 1940s and 1950s, there was conflict within the Court between the view that interstate commerce could not be taxed at all, at least directly, and the view that the negative commerce clause protected against the risk of double taxation. In North western States Portland Cement Co. v. Minnesota, the Court reasserted the principle expressed earlier in Western Live Stock, that the Farmers did not intend to immunize interstate commerce from its just share of the state tax burden even though it increased the cost of doing business. North western States held that a state could constitutionally impose a non discriminatory, fairly apportioned net income tax on an out-of-state corporation engaged exclusively in interstate commerce in the taxing state. “For the first time outside the context of property taxation, the Court explicitly recognized that an exclusively interstate business could be subjected to the states’ taxing powers.” Thus, in North western States, foreign corporations that maintained a sales office and employed sales staff in the taxing state for solicitation of orders for their merchandise that, upon acceptance of the orders at their home office in another jurisdiction, were shipped to customers in the taxing state, were held liable to pay the latter’s income tax on that portion of the net income of their interstate business as was attributable to such solicitation. The Commerce Clause and the Due Process Clause impose distinct but parallel limitations on a State’s power to tax out-of-state activities. The Due Process Clause demands that there exist some definite link, some minimum connection, between a state and the person, property or transaction it seeks to tax, as well as a rational relationship between the tax and the values connected with the taxing State. The Commerce Clause forbids the States to levy taxes that discriminate against interstate commerce or that burden it by subjecting activities to multiple or unfairly apportioned taxation.” “The broad inquiry subsumed in both constitutional requirements is whether the taxing power exerted by the state bears fiscal relation to protection, opportunities and benefits given by the state that is, whether the state has given anything for which it can ask return.”. This requirement is of long standing, but its importance has broadened as the scope of the states’ taxing powers has enlarged. It is concerned with what formulas the states must use to claim a share of a multistate business’ tax base for the taxing state, when the business carries on a single integrated enterprise both within and without the state. A state may not exact from interstate commerce more than the state’s fair share. Avoidance of multiple taxation, or the risk of multiple taxation, is the test of an apportionment formula. Generally speaking, this factor has been seen as both a Commerce Clause and a due process requisite, although, as one recent Court decision notes, some tax measures that are permissible under the Due Process Clause nonetheless could run afoul of the Commerce Clause.1076 The Court has declined to impose any particular formula on the states. RegulationThe modern standard of Commerce Clause re- view of state regulation of, or having an impact on, interstate commerce was adopted in Southern Pacific Co. v. Arizona, although it was presaged in a series of opinions, mostly dissents, by Chief Justice Stone. Southern Pacific tested the validity of a state train-length law, justified as a safety measure. Revising a hundred years of doctrine, the Chief Justice wrote that whether a state or local regulation was valid depended upon a “reconciliation of the conflicting claims of state and national power [that] is to be attained only by some appraisal and accommodation of the competing demands of the state and national interests involved.” Save in those few cases in which Congress has acted, “this Court, and not the state legislature, is under the commerce clause the final arbiter of the competing demands of state and national interests.” That the test to be applied was a balancing one, the Chief Justice made clear at length, stating that, in order to determine whether the challenged regulation was permissible, “matters for ultimate determination are the nature and extent of the burden which the state regulation of interstate trains, adopted as a safety measure, imposes on interstate commerce, and whether the relative weights of the state and national interests involved are such as to make inapplicable the rule, generally observed, that the free flow of interstate commerce and its freedom from local restraints in matters requiring uniformity of regulation are interests safeguarded by the commerce clause from state interference.” States may certainly promote local economic interests and favour local consumers, but they may not do so by adversely regulating out-of-state producers or consumers. The Court saw the ordinance as a form of economic protectionism, in that it “hoards[ed] solid waste, and the demand to get rid of it, for the benefit of the preferred processing facility The Court found that the town could not “justify the flow control ordinance as a way to steer solid waste away from out-of-town disposal sites that it might deem harmful to the environment. To do so would extend the town’s police power beyond its jurisdictional bounds. States and localities may not attach restrictions to exports or imports in order to control commerce in other states.” The Court also found that the town’s goal of “revenue generation is not a local interest that can justify discrimination against interstate commerce. Otherwise States could impose discriminatory taxes against solid waste originating outside the State.” Moreover, the town had other means to raise revenue, such as subsidizing the facility through general taxes or municipal bonds. The Court did not deal with indeed, did not notice the fact that the local law conferred a governmentally granted monopoly an exclusive franchise, indistinguishable from a host of local monopolies at the state and local level. Balancing has been used in other than transportation-industry cases. Indeed, the modern restatement of the standard was in such a case. There, the state required cantaloupes grown in the state to be packed there, rather than in an adjacent state, so that in-state packers’ names would be associated with a superior product. Promotion of a local industry was legitimate, the Court, said, but it did not justify the substantial expense the company would have to incur to comply. State efforts to protect local markets, concerns, or consumers against outside companies have largely been unsuccessful. Thus, a state law that prohibited ownership of local investment-advisory businesses by out-of-state banks, bank holding companies, and trust companies was invalidated. The Court plainly thought the statute was protectionist, but instead of voiding it for that reason it held that the legitimate interests the state might have did not justify the burdens placed on out-of-state companies and that the state could pursue the accomplishment of legitimate ends through some intermediate form of regulation. The Court emphasized that the state was regulating only its own corporations, which it was empowered to do, and no matter how many other states adopted such laws there would be no conflict. The burdens on interstate commerce and the Court was not that clear that the effects of the law were burdensome in the appropriate context, were justified by the state’s interests in regulating its corporations and resident shareholders. In other areas, although the Court repeats balancing language, it has not applied it with any appreciable bite, but in most respects the state regulations involved are at most problematic in the context of the concerns of the Commerce Clause. Taxing and Spending ClauseThe Taxing and Spending Clause (which contains provisions known as the General Welfare Clause) and the Uniformity Clause, Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation. While authorizing Congress to levy taxes, this clause permits the levying of taxes for two purposes only: to pay the debts of the United States, and to provide for the common defense and general welfare of the United States. Taken together, these purposes have traditionally been held to imply and to constitute the federal government’s taxing and spending power. Constitutional TextThe Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the Utah; but all Duties, Imposts and Excises shall be uniform throughout the States; One of the most often claimed defects of the Articles of Confederation was its lack of a grant to the central government of the power to lay and collect taxes. Under the Articles, Congress was forced to rely on requisitions upon the governments of its member states. Without the power to independently raise its own revenues, the Articles left Congress vulnerable to the discretion of the several State governments each State made its own decision as to whether it would pay the requisition or not. Some states were not giving Congress the funds for which it asked by either paying only in part, or by altogether ignoring the request from Congress. Without the revenue to enforce its laws and treaties, or pay its debts, and without an enforcement mechanism to compel the States to pay, the Confederation was practically rendered impotent and was in danger of falling apart. The Congress recognized this limitation and proposed amendments to the Articles in an effort to supersede it. Powers GrantedThe power to tax is a concurrent power of the federal government and the individual states. The taxation power has been perceived over time to be very broad, but has also, on occasion, been curtailed by the courts. Utah law stated that the clause also granted “a substantive power… to appropriate”, not subject to the limitations imposed by the other enumerated powers of Congress. Implicit power to spendWith the power to tax implicitly comes the power to spend the revenues raised thereby in order to meet the objectives and goals of the government. However, interpretations recognizing an implicit power to spend arising specifically from this clause have been questioned, with the Necessary and Proper Clause being suggested as the actual source of Congress’s spending power. The Supreme Court has also found that, in addition to the power to use taxes to punish disfavored conduct, Congress can also use its power to spend to encourage favored conduct. Limitations on taxing powerSeveral Constitutional provisions address the taxation and spending authority of Congress. These include both requirements for the apportionment of direct taxes and the uniformity of indirect taxes, the origination of revenue bills within the House of Representatives, the disallowed of taxes on exports, the General Welfare requirement, the limitation on the release of funds from the treasury except as provided by law, and the apportionment exemption of the Sixteenth Amendment. Additionally, Congress and the legislatures of the various states are prohibited from conditioning the right to vote in federal elections on payment of a poll tax or other types of tax by the Twenty-fourth Amendment. Origination ClauseThe Constitution provides in the Origination Clause that all bills for raising revenue must originate in the House of Representatives. The idea underlying the clause is that Representatives, being the most numerous branch of Congress, and most closely associated with the people, know best the economic conditions of the people they represent, and how to generate revenues for the support of government in the least burdensome manner. Additionally, Representatives are regarded the most accountable to the people, and thus are least likely to exercise the taxing power abusively or injudiciously. Taxing LawyerWhen you need legal help with Taxing and The Commerce Clause, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Foreclosure Lawyer Grantsville Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Taxing And The Commerce Clause first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/taxing-and-the-commerce-clause/ When a lender is working with a borrower to get a problem commercial loan resolved the loan typically goes to “workout”. When a commercial loan is criticized internally, when it’s out of covenant, or when the borrower fails to pay or pays late the loan will often go the workout department of a bank unless the bank uses a special servicer or, at really small banks, the workout is handled by the commercial loan officer on the line. Commercial loans can end up in the workout department if they are in monetary default or in technical default. A commercial loan can be considered to be non-performing whether it’s in monetary or technical default. Technical Default vs Monetary DefaultA monetary default occurs when the borrower is late on or does not make payments. A technical default occurs when the borrower violates other terms or covenants within the commercial note. Commercial Loan Workouts at BanksA commercial workout officer’s job is to collect what the bank is owed, in full, and make the bank “whole” on the loan. A good commercial workout officer knows about his assets, his borrowers, the local market and his vendors and uses all of those resources to collect. Depending on the size of the bank and the size of the loan a commercial workout officer may be very hands on or may direct the recovery and workout from behind a desk across the country. Because banks are regulated the rules and guidance around workouts varies significantly from those of private lenders. Analyzing Repayment Capacity of the BorrowerBasically look at the whole borrower and the guarantors. If they have the ability to continue to pay and their future ability to pay is defensible then carry on. Classification of Troubled CRE Loans Dependent on the Sale of Collateral for RepaymentThis section speak specifically to how to classify the loss or potential for loss with a CRE loan. Specifically it indicates that when the sale of CRE is necessary to repay a loan the amount that that property is under water should be classified as “doubtful” but use that term sparingly. Classification and Accrual Treatment of Restructured Loans with a Partial Charge-offWhen you restructure a loan and charge off a piece the remainder of the loan is at worst substandard (rather than ‘doubtful’). It goes on to say that one workout strategy might be to separate the loan into two enforceable loans, and then you put the senior piece on your books as ‘accrual’ in many cases (meaning ‘its all good’). Implications for Interest AccrualIf you restructure a loan that is not already in nonaccrual keep it out of there but document everything. If the restructuring happens after it hits nonaccrual then you’re going to need 6 months more of good history before you move it back to accrual. A sustained period of repayment performance generally would be a minimum of six months and would involve payments of cash or cash equivalents. Commercial loan workouts from the secured lender’s perspectiveEvery loan workout of a distressed company is distinct. Numerous factors drive the secured lender’s strategies and tactics, including whether the borrower has a sustainable core business, strength of management, the type and value of the lender’s collateral, cash flows, industry strengths and weaknesses, junior debtholders and lienholders and the potential effects of a Chapter 11 bankruptcy proceeding. These factors and others affect the strategies and leverage of a secured lender in taking action to protect and assert its rights and interests, as well as its ability to structure an exit strategy. No single strategy is effective for every workout situation. Lenders, workout counsel and consultants must be prepared to roll with the waves and change their strategies and tactics. However, certain steps should be considered in most workouts by a secured lender. Retention of Experienced Workout ConsultantsExperienced workout consultants are critical to a successful workout and restructuring of a distressed borrower. Too often, a secured lender and/or borrower will delay the retention of a consultant, unwilling to incur additional costs. However, the cost of a secured lender’s consultant typically can be added to the outstanding debt, and the consultant may later be a critical witness for the secured lender in a bankruptcy proceeding or litigation. An experienced workout consultant retained by the borrower can produce cash savings that more than cover the retainer agreement. The consultant should examine special issues such as unfunded pensions, leases, long-term contracts, litigation, cash flows and management issues. Advice in these areas can dramatically improve the results of a workout. Secured lenders should always consider having their counsel retain the consultant in order to potentially protect the consultant’s work product as Attorney Work Product. At times, a secured lender may require its borrower to retain a consultant as a condition to further lending under a forbearance agreement, as discussed further below. Whether retained by the secured lender or borrower, an experienced workout consultant can provide significant value. However, it is important that the scope of work and fees be addressed in advance to minimize disruption to the borrower’s operations and to keep costs as low as reasonably possible, so the borrower benefits from the process. Documentation and Collateral Perfection AnalysisPrior to proceeding with a workout, a secured lender and its counsel should always perform a documentation and collateral perfection examination. Updated Uniform Commercial Code, tax lien and judgment lien searches should be performed on an urgent basis at the beginning of a workout. Security and loan agreements, landlord waivers, deposit account control agreements, intercreditor agreements and guarantees should be examined to assure that all executed copies are in the file. Perfection on special collateral, such as trademarks, patents and other intellectual property, in addition to causes of action of the borrower in litigation, should be examined. Secured lender’s counsel should also examine whether any delays in perfection might cause any concerns that the secured lender’s liens could be avoided as a preference or fraudulent conveyance in a bankruptcy proceeding. Finally, the effects of a bankruptcy proceeding on the rights of the secured lender should be examined and considered by the secured lender and its counsel in forming the strategies for the workout. Collateral Review, Analysis and ValuationField audits of inventory, accounts receivable and equipment should be performed to assure the accuracy of the borrower’s borrowing base and other collateral reports. The potential of obtaining additional liens on unencumbered assets and second liens on collateral in which another party has a lien should be considered as consideration for continued lending. Going-concern and orderly liquidation appraisals should be considered in the event of a bankruptcy proceeding or foreclosure. The retention of the appraiser by secured lender’s counsel should be considered in order to potentially protect the appraiser’s report as attorney work product. All of the above should be completed in order to help the secured lender, its counsel and other advisors form a strategy going forward, both in and out of a bankruptcy proceeding. The secured lender and its advisors should develop a special strategy for any “icebergs,” i.e., collateral that deteriorates without the ability to move it. Cash Flow Budgets and ProjectionsShort-term (four weeks, thirteen weeks) and long-term cash flow budgets and projections should be performed by the borrower and tested by the secured lender and its advisors to determine what additional over-advances or funds from equity or other interested parties are necessary to accomplish the restructure. “Budget-to-actual” reports should be required on at least a monthly basis in order to assure budget compliance. Forbearance AgreementsForbearance agreements are often requested by distressed borrowers during the restructuring period to avoid interruption by the secured lender. However, a properly drafted forbearance agreement can also provide signifi cant benefi ts to the secured lender. The following benefi ts to the secured lender should be considered in the forbearance agreement: Credit SupportGuarantees, letters of credit and other modes of credit support such as “last out” participation in favor of the secured lender, which may have been refused at the loan inception, may be obtained from equity owners in a restructuring. Guarantees, letters of credit and certain other types of credit support are not affected by the automatic stay in the event of a bankruptcy proceeding (discussed below) because they represent third-party agreements between the secured lender and a nonborrower third party. Pre-Bankruptcy RemediesAll realistic pre-bankruptcy proceeding remedies should be considered by the secured lender, its counsel and advisors. This includes: Real Estate AttorneyWhen you need legal help to solve Troubled Real Estate Loans, call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
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Don’t Leave A Dog Or Child In The Car Foreclosure Lawyer Grantsville Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Troubled Real Estate Loans first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/troubled-real-estate-loans/ Grantsville is the second most populous city in Tooele County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 8,893 at the 2010 census. The city has grown slowly and steadily throughout most of its existence, but rapid increases in growth occurred during the 1970s and 1990s. Recent rapid growth has been attributed to the nearby Deseret Peak recreational center, the Utah Motorsports Campus raceway and to the newly built Wal-Mart Distribution Center located just outside the city. It is quickly becoming a bedroom community for commuters into the Salt Lake valley. Grantsville is bordered on the south by South Mountain, which separates Rush Valley from Tooele Valley. To the north is Stansbury Island, and on the east are the Oquirrh Mountains and the Great Salt Lake and on the west side the Stansbury Mountains. SR-138 passes through the city, heading northwest to intersect with I-80 and east to Stansbury Park. The climate is hot during the summer and cold and snowy during the winter. Although Grantsville can be affected by lake-effect snow off of the Great Salt Lake, most of the time it is too far southwest. Is Foreclosure Ever a Good Idea?Over the last few years, since the crash of the housing bubble and in this troubled economy, many homeowners have homes worth significantly less than what they paid, greatly diminished incomes, and other issues. Foreclosing on a home has major ramifications that can last for years, but for some, foreclosure may seem like the only option. Here, we take a look at some of the details and alternatives. Many Americans bought homes during the housing bubble which are now worth much, much less than the asking price at the time. There are many reasons home prices have fallen, resulting in underwater mortgages. As an example, entire neighborhoods were built in a booming frenzy by construction companies during the bubble. In some of these areas, the construction created a glut of housing, and many houses stayed vacant. The homeowners who bought into these ghost towns are faced with empty neighborhoods and homes valued at far less than what they owe. Other more established neighborhoods emptied out as homeowners defaulted on subprime mortgages, causing homes in the entire neighborhood to fall in value. The homes are hard to sell, even at a loss, and can be just as hard to rent out to others. And it’s no secret that incomes around the country have dropped. Most everyone knows someone who has lost a job and taken a pay cut upon returning to work. Mortgage payments which were easy to meet under better wages have now become increasingly harder to pay, and many homeowners are finding themselves struggling to stay on top of the bills. So, while some bought homes they couldn’t quite afford, lured by low interest rates and all-too-willing, unscrupulous lenders and they ended up in default. However, for many Americans, home purchases that seemed like a wise investment at the time have turned into financial disasters. Many are wondering what to do next with a mortgage that is too high, homes that won’t sell for enough to pay for the mortgage, or homes which are simply unlikely to sell at all. Foreclosure is one way out of the game, but with steep implications. It can completely destroy one’s credit rating for years to come, and make it difficult to get a needed loan later on. It could hurt a family’s chance of renting if a credit report is part of the applicant screening process, thereby limiting rental options. Any open lines of credit may be lowered once the default goes on record, and some credit card companies may change other terms. Further, there can be steep tax implications come April 15. If a homeowner is already behind on payments, these ramifications may already apply.The advantages of foreclosure include being able to stay without paying rent for a while. In some states, this could be a year or longer, which could buy time to catch up financially, find better employment, or otherwise develop ways to increase income. During that time, it might also be possible to negotiate new terms with the bank, especially if the home is in a difficult housing market. However, we’ve all heard the horror stories about cut-throat practices by some lenders who have foreclosed on homes illegally, so it is still very risky. An alternative to foreclosure is a short sale, although the negative impact to credit scores can be just as bad as a foreclosure on record. A short sale is an agreement with the bank to sell the house for less than what is owed, and the homeowner can be allowed to walk away with minimal cost, or given terms to pay back the deficiency which the homeowner can more easily handle financially. Often, people facing these difficult choices are advised to seek other alternatives. If it’s possible to secure more affordable living quarters (perhaps with a family member, for example), renting out the house can be an option bring in income and avoid foreclosure. However, this route can bring its own problems as well, especially if the tenants prove to be troublesome. The home will still require maintenance and homeowners fees. While advice to rent the home out can be thrown around liberally and by people who mean well, it’s not always an option. Some homeowners associations may have restrictions on renting, or it may even be banned, so it may not even be possible to rent the home. Even without a homeowner’s association, many municipalities have laws which restrict rental terms. For example, in many college towns, year-round residents have worked to pass laws that keep homes from becoming college flop houses by encouraging local government to pass laws allowing no more than two unrelated adults to live in one single-family home, or similar laws. Research on local laws will be required to determine if renting is actually an option. Of course, none of these tips can replace legal advice from a qualified lawyer. Laws vary greatly by state and region, and the unique set of circumstances any homeowner is in vary as well, so there are no simple solutions when the mortgage has turned into a monster. Foreclosure can be a way out from under an enormous burden, but not without long-term consequences. It’s important that anyone considering foreclosure consider all the options open to them and seek the advice of qualified professionals. What are the Consequences of a Foreclosure?A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan. The process can be stressful, embarrassing, and it can have long-lasting consequences, such as: A borrower will not go to jail if they default on their mortgage loan, but they could face criminal charges in a couple of extreme situations described below. In some states, foreclosure involves judicial proceedings. In other words, the lender must hire an attorney who initiates a foreclosure lawsuit against the borrower. The lawsuit does not involve any criminal charges against the borrower. It is merely a civil proceeding that involves the lender’s attempt to collect a debt or be given ownership of the property in exchange for the unpaid debt obligation. If a borrower fails to maintain their property prior to being foreclosed, the local municipality could issue a citation and/or a fine. Common citations include failure to keep grass cut, leaving pets behind, having an unfenced or tepid swimming pool, or leaving a house unsecured. Some municipalities will even condemn a property. If the borrower fails to address the issues and pay the fines, some municipalities have the ability to take the borrower to court. In rare cases, failure to show up for court could result in an arrest warrant being issued. If a borrower deliberately trashes a house, it is possible for the lender to sue them after the sale for destruction of property and perhaps even press criminal charges. While rare, it is done in cases where the borrower creates major damage to the house. We have seen cases of angry borrowers clogging toilets and sinks with concrete mix or stopping the drains with other things like tennis balls. They then turn the water on and leave it on. In other cases, borrowers have ripped out all the fixtures and appliances. In some blighted cities, lenders have taken the unusual step of not foreclosing since they determine that the property’s value is so low that it is better to not take it back. This is known as a bank walkaway, where the bank charges off the loan and stops the foreclosure action. Therefore, the borrower remains as the owner. The city can then issue citations against the owner for failure to maintain their property. In some cases we have seen, the owner walked away from the property only to find out years later that they still owned the property. The city may even have the right to demolish the property and bill the owner for the cost. In rare cases, failure to respond to the city’s citations or court hearings could result in an arrest warrant being issued. How Long Does a Foreclosure Stay on Your Credit Report?Foreclosure happens when you default on your mortgage and your lender takes ownership of the home. A foreclosure stays on your credit reports for seven years from the date of the first missed payment, bringing down your credit score. After that period of time, the foreclosure mark should automatically fall off your reports. But you can start working to restore your credit score right away. How a foreclosure affects your creditA foreclosure’s impact on your credit will depend on your credit standing before the negative mark hit. The higher your score, the greater the likely impact. In general, though, you can expect a foreclosure to drop your score by 100 or more points, according to a 2011 report from FICO, a credit scoring agency. It can take up to seven to 10 years for your score to recover entirely, FICO also found. What if a foreclosure doesn’t fall off after seven years?The credit reporting process is imperfect. That can occasionally result in a foreclosure or other derogatory mark not falling off automatically after seven years. In that case, you can dispute the credit report error. You can rebuild much sooner. Don’t let the seven-year timeline stop you from acting — you can begin working to rehabilitate your credit score right away. Help offset the negative mark by stacking up positive data on your credit reports: • Pay all bills on time: Payment history is the biggest factor affecting credit scores. You want to build up a long track record of on-time payments so you look good to potential lenders in the future. First Missed Mortgage PaymentIf you miss your first mortgage payment, your lender will typically offer you a grace period of fifteen days. During these fifteen days, you can send in your payment without being considered delinquent. Once this grace period is up, however, you’ll be charged a late fee. This fee is usually a fairly substantial percentage of your mortgage, such as 2 to 5 percent of the monthly payment amount. Second Missed Mortgage PaymentIf you miss your second mortgage payment, your mortgage is likely considered to be in default. At this point, the lender will probably contact you to find out why you haven’t made your payments. You should take the opportunity to explain your situation to your lender and let him know what you’re doing to resolve the situation. Your mortgage servicer will usually become increasingly aggressive about getting paid if you miss your second mortgage payment, but it gets even worse if you continue missing payments. The U.S. Department of Housing and Urban Development advises that it can help to work with a housing counselor at this — or any — point. Third Missed Mortgage PaymentAfter you’ve gone about 90 days without making a payment, you’ll receive a demand letter. A demand letter informs you of the amount you are delinquent and that you have 30 days to bring your mortgage current. If you don’t pay the specified amount or make arrangements by the deadline, foreclosure proceedings might begin. You still have time to try to work out an arrangement with your lender, but it’s unlikely that they will take less than the total amount of mortgage payments you owe. If you still can’t make the payments within 90 days, however, it’s game over: The lender will begin the foreclosure process and bring legal action against you. Fourth Missed Mortgage PaymentAfter you’ve missed the deadline provided in the demand letter and you are four months behind on your mortgage payments, the foreclosure process will usually begin. First, you’ll be referred to your lender’s attorneys. As a result of your delinquency, you’ll be required to pay any legal fees during this time. You could still have a chance to avoid foreclosure if you can make your payment or work something out with your lender. ForeclosureIf you’ve reached the foreclosure stage, you have the right to stay in your home throughout the process, but it will be difficult to get your home back. After all legal work has been completed and the lender is legally allowed to foreclose on the home, the process will begin. The first thing that will occur in the foreclosure process is that the lender will record a Notice of Default. From here, you have 90 days to pay what you owe. After 90 days, if you have not made your payments, a Notice of Sale will be recorded and sent to you by certified mail. The notice will also be published in a newspaper and posted on your home and in a public place, such as the local courthouse. After a minimum of 21 days from the Notice of Sale being recorded, the house will be put up for auction; you will immediately lose control of your home once it’s sold. Foreclosure AttorneyWhen you need a Foreclosure Lawyer call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Foreclosure Lawyer Tooele Utah Illegal Evictions Can Get You In Trouble Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Foreclosure Lawyer Grantsville Utah first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-grantsville-utah/ NFA Weapon Definition• Machine guns — this includes any firearm which can fire more than 1 cartridge per trigger pull. Both continuous fully automatic fire and “burst fire” (i.e., firearms with a 3-round burst feature) are considered machine gun features. The weapon’s receiver is by itself considered to be a regulated firearm. A non-machinegun that may be converted to fire more than one shot per trigger pull by ordinary mechanical skills is determined to be “readily convertible”, and classed as a machinegun, such as a KG-9 pistol (pre-ban ones are “grandfathered”). • Short-barreled rifles — this category includes any firearm with a buttstock and either a rifled barrel under 16″ long or an overall length under 26″. The overall length is measured with any folding or collapsing stocks in the extended position. The category also includes firearms which came from the factory with a buttstock that was later removed by a third party. Short-barreled shotguns — this category is defined similarly to SBRs, but the barrel must be under 18″ or a minimum overall length under 26″. and the barrel must be a smoothbore. • Suppressors — this includes any portable device designed to muffle or disguise the report of a portable firearm. This category does not include non-portable devices, such as sound traps used by gunsmiths in their shops which are large and usually bolted to the floor. Destructive DevicesThere are two broad classes of destructive devices: • Devices such as grenades, bombs, explosive missiles, poison gas weapons, etc. Any firearm with a bore over 0.50 inch except for shotguns or shotgun shells which have been found to be generally recognized as particularly suitable for sporting purposes. (Many firearms with bores over 0.50″ inch, such as 12-gauge shotguns, are exempted from the law because they have been determined to have a “legitimate sporting use”.) The state with most machine guns per capita is New Hampshire, with 7.4 for every 1,000 residents. New Hampshire also happens to have the lowest murder rate. In Wyoming, which has a population of only about 600,000, there are over 100,000 “destructive devices” registered. I have not managed to figure out why, but there must be an interesting story there. Washington D.C., which does not appear on the map, has the second highest number of NFA weapons per capita, with 62 per 1,000 residents. Oklahoma‘s total NFA registrations are lower than the national average, but the number of silencers registered is the second highest per capita. California is well known to have some of the strictest gun control laws in the U.S. Yet, it ranks #2 in terms of total number of registered weapons (Texas is #1). Ironically, many of these weapons are owned by Hollywood, an industry that includes some of the loudest voices supporting gun control. Arizona, one of the states that bans nun chucks, ranks #9 overall with 16 NFA-registered weapons per 1,000 residents. In theory, all Class III weapons are completely banned in New York. Even being in the same room as a machine gun is enough to get you in trouble: National Firearms ActThe NFA was originally enacted in 1934. Similar to the current NFA, the original Act imposed a tax on the making and transfer of firearms defined by the Act, as well as a special (occupational) tax on persons and entities engaged in the business of importing, manufacturing, and dealing in NFA firearms. The law also required the registration of all NFA firearms with the Secretary of the Treasury. Firearms subject to the 1934 Act included shotguns and rifles having barrels less than 18 inches in length, certain firearms described as “any other weapons,” machineguns, and firearm mufflers and silencers. While the NFA was enacted by Congress as an exercise of its authority to tax, the NFA had an underlying purpose unrelated to revenue collection. As the legislative history of the law discloses, its underlying purpose was to curtail, if not prohibit, transactions in NFA firearms. Congress found these firearms to pose a significant crime problem because of their frequent use in crime, particularly the gangland crimes of that era such as the St. Valentine’s Day Massacre. The $200 making and transfer taxes on most NFA firearms were considered quite severe and adequate to carry out Congress’ purpose to discourage or eliminate transactions in these firearms. The $200 tax has not changed since 1934. As structured in 1934, the NFA imposed a duty on persons transferring NFA firearms, as well as mere possessors of unregistered firearms, to register them with the Secretary of the Treasury. If the possessor of an unregistered firearm applied to register the firearm as required by the NFA, the Treasury Department could supply information to State authorities about the registrant’s possession of the firearm. State authorities could then use the information to prosecute the person whose possession violated State laws. For these reasons, the Supreme Court in 1968 held in the Haynes case that a person prosecuted for possessing an unregistered NFA firearm had a valid defense to the prosecution — the registration requirement imposed on the possessor of an unregistered firearm violated the possessor’s privilege from self-incrimination under the Fifth Amendment of the U.S. Constitution. The Haynes decision made the 1934 Act virtually unenforceable. Title II of the Gun Control Act (GCA) of 1968Title II amended the NFA to cure the constitutional flaw pointed out in Haynes. First, the requirement for possessors of unregistered firearms to register was removed. Indeed, under the amended law, there is no mechanism for a possessor to register an unregistered NFA firearm already possessed by the person. Second, a provision was added to the law prohibiting the use of any information from an NFA application or registration as evidence against the person in a criminal proceeding with respect to a violation of law occurring prior to or concurrently with the filing of the application or registration. In 1971, the Supreme Court re-examined the NFA in the Freed case and found that the 1968 amendments cured the constitutional defect in the original NFA. Title II also amended the NFA definitions of “firearm” by adding “destructive devices” and expanding the definition of “machinegun.” Firearm Owners’ Protection ActIn 1986, this Act amended the NFA definition of “silencer” by adding combinations of parts for silencers and any part intended for use in the assembly or fabrication of a silencer. The Act also amended the GCA to prohibit the transfer or possession of machineguns. Exceptions were made for transfers of machineguns to, or possession of machineguns by, government agencies, and those lawfully possessed before the effective date of the prohibition, May 19, 1986. TITLE II WEAPONSSome of you may have heard of title 2 guns, or any attachment/firearm protected by the National Firearms Act. If you’ve played any war-related game, such as Call-of-Duty, you’ll be somewhat familiar with this information. Title 2 weaponry isn’t anything to mess with. In order to legally use, distribute, or own a title 2 weapon, there’s a lot of background information you’ve got to know. ClassesThere are five main classes of title 2 weapons, with some subcategories. All of these classes of title 2 weapons require a special permission to wield or possess any of them. Title 2 weapons, otherwise known as NFA firearms require a type 1 Federal Firearms License and a Special Occupation Tax (SOT) if they’re being sold to you. In order to possess the title 2 weapon, you’ve got to pay a $200 tax through a tax stamp, and fill out the ATF Form 4. The Gun Control Act of 1968 (initially prompted by Kennedy’s assassination in ’63) is a revision of the National Firearms Act in 1934. The Gun Control Act regulated firearms in America so they’d be a bit more difficult to purchase. Short Barreled WeaponsRIFLES Any Other Weapon (AOW)Any other weapon can legitimately be any device or item that is made into a gun. This catch-all category is defined as “any weapon or device capable of being concealed on the person from which a shot can be discharged through the energy of an explosive,” other than a pistol with a rifled barrel. This category contains improved guns and disguised firearms including cane, knife, and pen guns. An AOW can be transferred to non-prohibited civilians using a $5 stamp rather than a $200 stamp used when transferring machine guns and SBR’s. AOW’s are often misunderstood, and some less common firearms in the NFA AOW section are items like short barreled shotguns without a shoulder stock, or pistols with a secondary vertical grip. NFA – Title 2 Weapons – Machineguns, Short Barreled Rifles (SBR), Short Barreled Shotguns (SBS), Silencers (Suppressors), AOW (Any Other Weapons) and Destructive Devices Title 2 firearms are not as commonly known nor as straight forward as the Title 1s. All title 2 firearms are regulated by what’s known as the National Firearm Act or what we like to refer to as NFA. One could spend months reading about NFA but I’ll hit the major misconceptions… which are (contrary to the assumptions by many individuals and even law enforcement) that NFA weaponry. Most all 6 categories above are allowed in just about all states within the Continental United States. A few states restrict machinegun ownership, others may restrict short barreled shotguns (SBSs) or suppressors, etc.. One does not need or obtain a “Class 3” license to own. In fact there really is no such thing as a class 3 license. When a Title 1 FFL dealer pays what’s known as a Special Occupation Tax, he/she then becomes a SOT that can then deal in NFA/Title 2 weapons. SOTs have several classes too and they are based on the type of FFL license you currently hold. The term Class 3 comes from when a normal Type 1 (standard dealer) FFL holder pays his SOT tax. He becomes a Type 3 SOT hence the term Class 3. When a manufacturer likes myself (a type 7 FFL) pays his/her SOT, they become a Type 2 SOT and can both MAKE and DEAL in NFA weapons. Transferring ownership of an NFA weapon – All NFA weapons regardless of category (machineguns, silencers, etc.) are controlled during their transfership from one person/entity to another. These weapons transfer to another entity on what is called ATF tax forms. Each ownership transfer must be approved by the ATF before the transfer takes place. This approval takes sometimes many months. Generally individual transfership is approved in 3-4 months, dealer to dealer in 3-4 weeks. When the ATF approves the transfer, they cancel a tax stamp and this is why you sometimes hear some say class 3 stamp. Transfers from/to individuals require a onetime $200 tax stamp to be paid for EACH transfer (AOWs require just a $5 stamp). These are considered tax paid transfers and usually are on ATF form 4s. Dealers can transfer to other dealers using a tax free Form 3. If a person buys a NFA item from someone outside his/her domicile (home) state, the weapon must be transferred 1st to a SOT holder within the buyer’s state. Similar to a Title 1 firearm transaction. It must go to a FFL/SOT dealer in the buyer’s state before going to the buyer. Making of NFA weapons. In May, 1986 President Reagan signed a bill that basically stopped the making of any new machineguns. All the other 5 categories (SBRs, SBSs, Silencers, AOWs and Destructive Devices) however can still be made. even by an individual if he/she first applies for and receives permission to do so. They will file an ATF Form 1 (maker form) and pay a $200 make tax fee. A civilian can still legally own any machinegun that was created PRIOR to May, 1986 as long as they get approval on the ATF form 4 discussed above. Machineguns or full-autos as they are sometimes referred command a hefty price though due to supply and demand. Remember that no civilian can possess a machinegun manufactured after May 1986 except for law enforcement so there is a finite quantity available. Your more common machineguns (M16, MP5s, etc.) are currently selling for close to $20,000!!!! Pretty pricey for a gun that basically is really worth less than $1000.00! Machineguns generally go up several thousand dollars per year and some use as investments. I have bought and made considerable profits within just a few years by buying and selling NFA machineguns. They have been legal to own since 1934 so this is nothing new to the US laws. Officials have erroneously associated their approval with liability on their part. When in all actuality, the signoff in the ATFs eyes is only to state that the individual has nothing negative in his or her NCIC check. Corporations (LLC, INC, etc.) and Trusts (Revocable) do NOT need LEO signoff (still need ATF approval) however they have tax implications and are not recommended to merely obtain NFA items. Utah Gun LawyerGun Lawyer In Utah – call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Foreclosure Lawyer Tooele Utah Tenant Bankruptcy Affects A Landlords Eviction Rights Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Title 2 Firearms first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/title-2-firearms/ A professional license represents the culmination of years of perseverance and sacrifice. It carries with it not only the key to your livelihood but a new world of responsibilities. For many professions, these responsibilities are governed and enforced by the Utah Division of Occupational and Professional Licensing (DOPL). DOPL is a Utah state agency tasked with the licensing, investigation, and regulation of roughly 60 different professions within the state. From plumbers and dieticians to funeral directors and midwives, contractors, doctors, DOPL acts as gatekeeper and watchdog in an effort to preserve the legitimacy and integrity of dozens of professions. And these are, without a doubt, valuable functions, both to consumers and to professionals within these fields. But a DOPL inquiry represents a challenge not only to your competency and judgment but also to your very livelihood. At worst, your professional license could be revoked. But even a suspension or a public reprimand can have serious repercussions for your professional reputation. Once a complaint has been filed with DOPL, it goes through a preliminary review. That review results in one of three findings: The hearings usually take the shape of a mini-trial. In every instance, the professional will have an opportunity to be heard, and to tell his or her side of the story. Navigating administrative procedures even the “informal” ones can be perilous. And your story and personality can get lost in the shuffle. If you’re facing disciplinary actions from DOPL, please contact a competent Lawyer. Formal Violations Are Resolved As Follows• Stipulation Agreements: Same as informal stipulated agreements. Pre-litigation Hearings in Medical Malpractice• In Utah, medical malpractice tort reform began in earnest in 1976. Over the intervening years, the reforms have multiplied. New layers of limitations and procedural complexity have developed, seemingly by accretion. Almost nothing has been discarded. The result is a web of time-consuming requirements that a prospective claimant must successfully negotiate before ever filing a lawsuit. If you represent the petitioner, the goal of this process is to obtain a certificate of compliance. The certificate is a prerequisite to filing a complaint in all cases except those against dentists. • If the notice is filed less than 90 days before the statute of limitations would expire, the new limitations period is 120 days from the date of service. Professional License Defense ProcessA professional license investigation is generally initiated by Utah Division of Occupational and Professional Licensing (DOPL) after a complaint has been filed. Understanding the professional license defense process can help not only provide a sense of understanding during a difficult period, but also help you avoid pitfalls that may limit your defenses. How Arrests & Convictions Affect Professional Licenses in UtahIf you’re a licensed professional in Utah like a doctor, teacher, Dentist, Contractor, or real estate broker your livelihood may be in jeopardy for sustaining certain kinds of criminal convictions. Authorities across the state are reviewing court records, running fingerprint checks and investigating complaints. Professionals without clean records face license revocation or suspension. The good news is that professionals have vested interests in their licenses. The board, department or commission that regulates you can’t just take away your license without giving you a chance for a hearing. Can I Lose My License Because Of A Conviction?Maybe you caught a few DUI’s or engaged in an out-of-character shoplifting spree. Maybe you did something really stupid involving weapons or narcotics. Maybe you made a mistake and now have things under control. When it comes to professionals and criminal convictions in Utah, however, even if you’ve turned things around, fulfilled your probation terms, gotten your case dismissed, etc., past convictions can continue to haunt you. If you were convicted of a crime that your regulatory board or department considers substantially related to your fitness to do your job, it may be able to revoke or suspend your professional license. In fact, you might be reading this because you’ve already received an accusation notifying you of conviction-related discipline. If you don’t hold a license but have applied for one, you might have received a statement of issues. Can I Have A Hearing On My Discipline Case?The hearings are governed by the Administrative Agency Law and the General Rules of Administrative Practice and Procedure. Unlike civil litigation in the courts, there is very little discovery in the administrative law setting. The prosecution will generally supply copies of documents it intends to introduce at the hearing. It is important that the attorney knows which additional documents to request so that he or she can properly defend the case. In certain situations where the prosecutor will not turn over evidence, the attorney must request a prehearing conference with the hearing officer to obtain the documents. Additionally, the hearing examiner has the authority to issue subpoenas to various third parties to either attend the proceedings or produce relevant documents. It is important that the attorney be familiar with the administrative law process to properly defend the professional. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Power Of Attorney For Health Care Foreclosure Lawyer Tooele Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post DOPL Hearings first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/dopl-hearings/ Tooele is a city in Tooele County in the U.S. state of Utah. The population was 22,502 at the 2000 census, and 32,115 at the 2010 census. It is the county seat of Tooele County. About 30 minutes southwest of Salt Lake City, Tooele is known for Tooele Army Depot, for its views of the nearby Oquirrh Mountains and the Great Salt Lake. According to the United States Census Bureau, the city has a total area of 21.2 square miles (54.8 km²), of which 21.1 square miles (54.8 km²) is land and 0.04 square miles (0.1 km²) (0.09%) is water. Tooele is located on the western slope of the Oquirrh Mountains in the Tooele Valley, the next valley west of the well-known Salt Lake Valley. Many popular camping and picnic areas surround the city. The unusual name for the town is thought by some to have evolved from an old Ute Indian word for tumbleweed. This is one of many unverified explanations, as the name’s usage predated the introduction of the Russian thistle to the United States. Other explanations include that the name derives from a Native American chief, but controversy exists about whether such a chief existed. Others hypothesize that the name comes from “tuu-wiita”, the Goshute word for “black bear”, or from “tule”, a Spanish word of Aztec origin meaning “bulrush.” How to Stop Foreclosure With a Temporary Restraining OrderThe best way to temporarily stop a foreclosure up to the day before an auction, and when a homeowner does not need to otherwise declare bankruptcy, may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a homeowner against their lender. In most cases, it will result in a brief delay (30 days, give or take) of a foreclosure auction – which may provide enough time for a homeowner to sell a home using other strategies or catch up the payments. TROs are a legal specialty; you must have an attorney with this specialty lined up in advance if you need to utilize this maneuver. The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender. In addition, it does not require the homeowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted. The disadvantage to filing a TRO is that it costs money and is only a temporary delay. How Do I File a Motion to Stop Foreclosure?If your lender intends to foreclose on your house, you have the right to fight it in court. In a judicial foreclosure, your lender must file a lawsuit to foreclose; if you file in response, you’ll be allowed to make your case before a judge. In non-judicial foreclosure the norm in several states, such as Utah–the lender doesn’t need court approval. You can still get your day in court, but only if you file a lawsuit to prevent foreclosure. • Present your defense. Valid defenses include that the lender made a mistake, such as crediting your payments to the wrong person; that it engaged in unfair lending practices; or that it made major procedural errors. The same defenses can be raised in judicial foreclosures. How Foreclosure Delaying Services WorkStruggling homeowners who want to keep their homes have several options for delaying foreclosure. As the number of foreclosures nationwide increased during the housing market collapse, more foreclosure delay or “home retention services” and companies came into existence. Foreclosure delay services use every legal means, including filing lawsuits, to put off a homeowner’s foreclosure for as long as possible. With enough time, a homeowner in foreclosure may be able to stop the process. Judicial foreclosure is the other form of foreclosure employed by lenders. In judicial or court-facilitated foreclosures, foreclosure delay service attorneys work to delay foreclosure cases using procedural challenges. Typically, foreclosure delay service attorneys first file written answers for their clients, which can buy an additional 30 to 60 days. They also file for continuances or time to prepare foreclosure defenses for their clients. Judges frequently grant these types of continuances. Legal challenges to foreclosure cases filed by lenders are common delaying tactics. Legal challenges in foreclosure cases include for jurisdiction, especially when out of state lenders are involved. Foreclosure delay service attorneys challenging lenders over jurisdiction usually request that county courts move those cases to the federal courts. Lawyers also can challenge a lender’s legal standing by forcing the lender to prove it actually owns the loan. Buying Homeowners TimeForeclosure delay services are exactly that — and they don’t generally get foreclosures canceled altogether. They can buy critical time for homeowners facing imminent foreclosure to find workable foreclosure alternatives. With enough time, a homeowner facing foreclosure could line up mortgage reinstatement funding using state-offered grants, for example. Foreclosure delay also can give struggling homeowners enough time to find buyers or at least an alternative living arrangement. Other AlternativesThough it can be a drastic measure, filing for bankruptcy can delay an active foreclosure case. Both Chapter 7 liquidation and Chapter 13 reorganization bankruptcy feature automatic stays that halt all creditor collection activities, including foreclosure sales. Using Chapter 13 bankruptcy, a homeowner could even permanently halt foreclosure using a three- to five-year repayment plan. During Chapter 13 bankruptcy’s repayment period, delinquent mortgage payments plus lender foreclosure costs can be gradually repaid and mortgages reinstated. How to Postpone a Trustee’s AuctionWhen discussing real estate, auctions are referred to as a “trustee’s auction” or “trustee’s sale date.” To postpone this sort or auction, the borrower must first be in default—meaning the borrower is not making mortgage payments. Borrowers who stop making mortgage payments will sooner or later cause the bank to foreclose. How that foreclosure is handled depends on state law, but more than half of the states in the U.S. are trust deed states, and the trustee handles foreclosures. Fannie Mae short sales that are in default are handled differently; Fannie Mae and Freddie Mac do not ordinarily postpone trustee’s auctions. After a borrower stops making the mortgage payments, the lender notifies the trustee to initiate foreclosure proceedings. The trustee is a third party to the trust deed, a position some call “holding a naked title.” Although there is no required period before filing a Notice of Default, most lenders prefer to try to collect during the first 60 to 45 days that a borrower falls into arrears, rather than jump into foreclosure proceedings. Some states such as California require the lender to give the borrower at least 30 days’ notice before filing a Notice of Default. Once the Notice of Default is filed, a borrower has 90 days to reinstate the loan by making up the back payments and paying late charges, which include the trustee’s fees. There are a few methods that can be used in postponing an auction. Redeem the MortgageAlthough people refer to reinstating a mortgage and redeeming a mortgage interchangeably, they are different. To redeem a mortgage is to pay off the mortgage; reinstating requires bringing the mortgage current. During the final days of a non-judicial foreclosure process, a lender is not required to accept a reinstatement but must allow a redemption. Apply for a Loan ModificationLenders are also not required to postpone an auction in exchange for a loan modification, but most banks will try to work out a temporary repayment schedule. This does not mean the bank will not send the home to auction, so be careful; borrowers may want to ask the bank for a written promise not to move forward with the auction. If accepted, banks will grant a temporary loan modification, and after three to six months, tell the borrower they are filing foreclosure because the borrower does not qualify for a permanent loan modification. File for BankruptcyA bankruptcy filing does not permanently stop an auction, but it could postpone the auction for a while. When a debtor files for bankruptcy, the court issues an order known as an automatic stay that stops attempts from creditors to collect money—including postponing an auction. However, the lender can then file a motion to lift the automatic stay, especially if the Notice of Default was already filed. File a Temporary Restraining OrderMost people associate a temporary restraining order with domestic abuse, but petitioning the court for protection from abuse can also include a request to postpone an auction. Borrowers will need to hire a lawyer to file a temporary restraining order, and that lawyer might need to find a reason based on fraud or some wrongdoing on the lender’s part. Even if the lawyer is successful and wins the argument, the restraining order is not permanent. Make a Short SaleTelling a lender that the borrower is attempting to make a short sale is generally not enough; the borrower must submit an offer to the bank from a qualified buyer. The real estate agent or lawyer handling the negotiation for the borrower then calls the bank’s negotiator and requests a postponement of the auction. Often, banks will not consider a request for a postponement until the auction is a few days away. Fighting a Foreclosure in CourtIf you believe that you have a valid argument against a pending foreclosure, you may want to go to court to fight the lender. You can respond to the lender’s lawsuit against you if the lender is using the judicial foreclosure process, or you can bring your own action in court if the lender is pursuing a non-judicial foreclosure. Defenses can be very technical and fact-specific, but generally a homeowner may want to challenge a foreclosure if the lender failed to follow the mortgage terms or the law in their state. You would need to show that this failure infringed on your rights. For example, you might be able to stop or at least postpone a foreclosure if you did not receive proper notice of the foreclosure from the lender. Both state law and the terms of your mortgage may provide rules for the lender to follow if it decides to foreclose. Or you may be able to argue that the foreclosure resulted from errors by your mortgage servicer, such as failing to properly credit your payments and reporting that you missed them instead. If you have a right to reinstate your mortgage under state law or the terms of the mortgage, you can hold the mortgage servicer accountable for providing you with the incorrect reinstatement amount. Read more here about common errors and abuses by mortgage servicers. Fighting a Judicial Foreclosure in CourtYou will receive a summons and complaint at the outset of the lawsuit that the lender files when it is seeking a judicial foreclosure. If you want to fight the foreclosure, you should read these documents carefully and make sure that you respond within the deadline provided. You also will need to follow any court rules for your response, formally known as an answer. You may be able to reach a settlement with the lender outside court if it feels that your defense has merit. If the lender does not feel that you have a strong defense, it may file a motion for summary judgment. A summary judgment motion is a way to dispose of a case without going through a full trial. The party seeking summary judgment argues that there is no genuine dispute of material fact and that the opposing party cannot prevail under the law. You would need to provide evidence to oppose the summary judgment motion. The judge will determine whether your defense can survive summary judgment, which means that you can proceed to trial. If the judge does not believe that you can make a defense, they will grant summary judgment to the lender and allow it to proceed with the foreclosure sale. Fighting a Non-Judicial Foreclosure in CourtWhile the lender starts the court process in a judicial foreclosure, the homeowner starts the court process in a non-judicial foreclosure. This has a critical impact on the burden of proof. The lender has the burden of proof in a judicial foreclosure lawsuit, while the homeowner has the burden of proof if they are bringing a lawsuit to stop a non-judicial foreclosure. This is because, in theory, the mortgage contract provides for the lender’s right to a foreclosure, so the homeowner would be asking the court to stop an otherwise permissible process. The goal in a lawsuit against a non-judicial foreclosure is getting the court to issue an injunction against the foreclosure. This pauses the foreclosure until the judge rules on whether you have a defense or whether the foreclosure should move forward. Foreclosure AttorneyFor a Foreclosure Lawyer in Tooele Utah, call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
West Valley City Utah Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Foreclosure Lawyer Tooele Utah first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-tooele-utah/ |
ABOUT USDivorce Lawyer in Orem, Utah. If you need divorce and bankruptcy lawyer, child custody, adoption or family law attorney who does child custody, father’s rights, divorces and family law that cares about you, your family, your case, and is aggressive, call 801-676-5506 now for a free consultation for divorce in Orem, Utah can be tough, so you need a smart divorce lawyer who can help you today. Call 801-676-5506 for the top divorce and bankruptcy attorney in Orem, Utah now. Archives
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