Skip to main content

Posts

Showing posts from 2009

Apartment developer Fairfield Residential LLC Files for Bankruptcy

Fairfield's bankruptcy documents, filed in Delaware, list assets of $100 million to $500 million and liabilities of more than $1 billion. Apartment developer Fairfield Residential LLC, which has projects in North Texas, has filed for Chapter 11 bankruptcy protection.The company said it reached an agreement with its major creditors for the “framework of a consensual plan of reorganization.” A new operating company was formed that will allow Fairfield to continue to operate its property and asset management, construction services and general partner functions. The new operating company has the ability to raise capital.“Through our productive discussions over the past year, we have reached agreements with our lender groups that will allow us to continue to provide property management services, complete our construction projects and preserve value for our creditors,” president and CEO Christopher Hashioka said.Fairfield specializes in multifamily housing and is based in San Diego, Cal…

CIT in Bankruptcy

After  the general motors bankruptcy , CIT bankruptcy protection is the next biggest event  In the bankruptcy News  after it filed for Bankruptcy protection on NOV 1 2009.
After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.
CIT FILES FOR BANKRUPOTCY PROTECTION AT 71 Billion its going to affect a lott of people if it goes through to bankruptcy. THE US GOVT will stand to lose about  $us 2.3 Billion if  CIT collapses. It invested this amount  last year to save it from collapsing.


AVERT BANKRUPTCYCIT Does a chapter 11 Filing in the US Cit filed for Bankruptcy protection in New york after it failed  a debt exchange offer to shareholders.  This bankruptcy protection filing is one of  the biggest after the lehman brothers , washington mutual , Worldcom and general motors .
CIT’s bankruptcy filings show $US 71 bi…

Wow !! Anz Pays $$ 15 million for new logo !!

Incredible !! Now we know where all our ANZ money  is going tooLogo or to Not logo ( Its 15 Million splash by ANZ )Apparently the banks are making too much money  to be spending so much just on a logo !! Ask any graphic designer  and they will tell you a piece of their mind and how much they really think it could be worth !! Coming back right from a stockmarket bust to boom  this will surely look like a bit of overspend  just like some of the lucky CEO’s of some company's  seem to be rakin in ,inspite of losses.Here is the logo NEW ANZ 15 Million LOGONow lets wait for the 20 mill and 40 mill Comm bank and Westpac logo .. wot say !!

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ?
Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ?Solutions :If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through.
Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity.Bank Repossesion Houses List DatabaseThese days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very rare they would but some mig…

Low income earners Now get financial support

The funding to provide nation-wide financial support services will include:expanding the availability of no-interest loans to buy essential household items like fridges and washing machines.extending matched-savings schemes to help more people develop and achieve long-term savings goals.These services are expected to benefit over 30,000 low-income Australians.No Interest LoansLow income earners who have been affected by the global financial crisis will be given help to get back on their feet through a $33 million Australian Government investment.These services are all crucial to helping low income households successfully manage their finances and develop financial capability. Today's funding announcement supports community organisations to continue to deliver much needed services at a time when their capacity to raise funds has been affected by the global economic downturn.NO INTEREST LOANSIn partnership with the National Australia Bank, Good Shepherd Youth and Family Service offe…

Bernard Roux entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank

If anyone thought the Victorian businessman and founder of the Hyde Hill polo team, Bernard Roux (Image results for Bernard Roux), has been quiet in the skies recently, there could be an explanation.The financial crisis appears to have affected not only MFS founder Michael King but also some of the former opponents of his Elysian Fields horse polo team.The French-surnamed entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank earlier in the year.A tender for the helicopter has been called by the auctioneer Grays ''under instructions from a leading bank'', after the Roux-controlled Inchalla Nominees was tipped into administration earlier in the year.Inchalla had a $1.1 million loan taken out over the chopper. Roux's Hyde Hill polo team often competed against King's Elysian Fields team and even Jamie Packer's Ellerston. Roux runs the finance concern Fleetsmart Australia and often copped a few noise complaints over h…

what’s new with Bankruptcy law changes 2009

The key plank of the reforms is raising the minimum debt required to trigger bankruptcy from $2,000 to $10,000.1966 was  the year the bankruptcy laws were introduced. At that time, someone owed money could begin bankruptcy proceedings over a debt of $500 or more"The Government has basically said this is to protect the battlers with their credit card debts from the big bad banks, but we're worried about the impact on small business."He gives the example of a tradesperson who has done $7,000 or $8,000 worth of work for a private individual, only to find the customer has not paid up."That is a big financial impact on a small business and to restrict their recovery option because it falls below that $10,000 threshold is an area of concern. The small business that might be caught with a string of debts below $10,000 is an even bigger concern."The attorney general says the act needs refreshing because most bankruptcies now relate to consumer debt involving people wit…

Another Bankruptcy - Readers digest shuts down

Readers digest file for bankruptcyThe Classic old magazine is preparing to file a pre-arranged bankruptcy in the United States, where it has prospered for years under slogans such as "America in your pocket".The Reader's Digest, cosy standby of nervous patients in a thousand waiting rooms full of "how to" tips and jokes safe enough to tell grandmother, has become the latest victim of the recession and the internet's effect on paper publishing. A with every bankruptcy . the readers digest bankruptcy will also affect other companiesIndian outsourcer HCL Technologies said on Tuesday that its US$350 million outsourcing contract with media company Reader's Digest Association will be unaffected by the U.S. company's financial problems.Reader's Digest plan of agreement for bankruptcyUntil recently its prosperity appeared to know no bounds; it published 50 global editions in 21 languages, but its move to seek Chapter 11 bankruptcy protection, which does…

Bank repossessions in australia

Top mortgage repossessions headlinesNo large scale defaults predictedMay 11 09 1:28 PM ESTOne of Australia's biggest mortgage insurers is confident that despite expected interest rate hikes and rising unemployment, we will not see large sca...
Read MoreHelp for homeowners in financial hardshipApr 29 09 11:07 AM ESTHouseholds with mortgages of more than $500,000 will soon be able to legally request changes to their credit contract.
Read MoreA Bank repossession is basically what it says on the tin where the bank has gone through the whole repossession process which includes hefty costs that are then added to the price of the property and nearly all Spanish banks are looking receive 100% of the total debt. With a distressed sale this happens before the bank goes to repossession and again by its very nature the owner needs to sell quickly with the main reason he needs to get the equity out of the house before the bank repossesses the property or the Owner desperately needs the mon…

Bank Mortgage Repo sales

What is Repo sales?Repo sales is a slang used around the internet and sometimes even  among real estate agents for  houses or assets repossessed by the banks or  other financial institutions.Most of the time it is Houses repossession or repo done by the bank. These sort of houses that get  taken over by the bank due to default in payments  and other financial difficulties borne by the person who took the loan are called repo houses . These houses either go under the hammer at some auction or then  is given to real estate agents to get rid off in the market.Bank mortgages often go into default  due to various reasons and the bank at this part of time  repossesses the house  and puts it back into the marketIf you are examining repossession properties for sale in Australia do so with caution and do so carefully.  There are many bargains to be bagged, but ensure that you are buying through a reputable auction house and that if you are unsure of anything at any step of the way, seek profes…

Tasmania's Chamber of Commerce and Industry, Andrew Scobie, has confirmed he is a former bank

The head of Tasmania's Chamber of Commerce and Industry, Andrew Scobie, has confirmed he is a former bankrupt.Mr Scobie was declared bankrupt in New South Wales in 2001 and his company was liquidated three years later.Mr Scobie later confirmed to the ABC he was made bankrupt and his company liquidated after the Federal Government refused to pay $1 million contract.He also confirmed he did not disclose this to the board when he was made a director of the chamber and still has not told members.Mr Scobie is no longer a bankrupt and says he is built considerable personal wealth.

GM drives out of bankruptcy Unscathed

GM Comes out of bankruptcy , giving hopes of  better American recovery.A new General Motors (GM) emerged from bankruptcy protection on Friday, far more quickly than most industry watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers.   A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations to a new company that is majority-owned by the US Treasury. The closing documents were signed early Friday by representatives of the government and GM executives at the law firm of Weil, Gotshal & Manges, GM’s bankruptcy counsel. Ownership:US To Own 60% In New Co, Bondholders 10%
     Analysts said the government intervention had given GM a new chance and sharply lower operating costs but left management facing deep challenges given the weak economy and GM’s long-running slide in market share. “I wouldn’t really call it a new GM, it is just a smaller GM. That would be more of an apt description. GM is…

Gordon Ramsay Staves off Insolvency

Gordon Ramsay spoke last week spoke frankly to The Sunday Times about keeping the administrators at bay.  It is the first time he has publicly admitted that his empire came close to collapse.Gordon Ramsay fined over late accounts / 23OCt 2008According to a spokeswoman at Companies House, penalties incurred by Gordon Ramsay Holdings in failing to submit accounts from 2006 have reached the maximum £1,000 per year.Accounts for the 2006 financial reporting year are almost 16 months overdue, with 30 June, 2007 listed as the due date. Company accounts for 2007 were due by 30 June ­ now almost four months in arrears, attracting a £100 fine on top of fines for the previous year.Last autumn, GRH breached covenants on its £500,000 overdraft and £10m of loans with Royal Bank of Scotland (RBS). “We went over our overdraft limit and we did not hit revenue targets,” said Ramsay.  In New York alone Ramsay was losing £2m a year, despite winning two Michelin stars.Ramsay also revealed that he was forc…

Boat and House repossessed by Recievers Kordamentha for saville group MD Sam Cheir

KordaMentha as the receiver of the failed Saville Property Group is divesting both the company's assets and those owned personally by principal and MD Sam Cheir.
Property developer Saville Australia has become the latest casualty of the global credit squeeze, with managing director and owner Sam Cheir losing the company’s final asset, its CBD headquarters, and his own home and luxury boat to the banks.
A luxury yacht of his has been repossessedRepossessed Luxury BoatsThe luxury 25-metre cruiser, a Sunseeker Predator 82 for which he is believed to have paid about $7 million several years ago, has been repossessed by a finance company and is also up for sale

The various projects of the Saville Australia property development arm are being sold off, along with its headquarters
Repossessed HomeA debt to Bank of Queensland will be paid after the record-breaking sale for the residential property market in Perth of Cheir's home for $A8.5mMr Cheir’s repossessed Georgian-style Peppermint …

Liquidation- Michael Jackson Debt to asset ratio

If you're feeling alone and depressed because you have problems with debt and money , cheer up. You're in the company of the rich and famous who unfortunately also sometimes are in the same boat.That can be the company of billionaires, as in Donald Trump and Michael Jackson, to start at the top of the A-list. The King of Pop died suddenly overnight at the age of 50, after a career spanning 40 years that included the biggest-selling pop album of all time, "Thriller."Despite taking in hundreds of millions of dollars as one of the most successful pop musicians of all time, Jackson racked up about $US500 million ($627 million) of debt, according to sources cited by The Wall Street Journal earlier this monthHis assets, however, including copyrights to his own songs and a stake in the Beatles' song catalogue, are worth more than $US1 billion, according to a music industry source.The lavish lifestyle was made possible in part by a $US200 million loan secured by his stak…

Property management And managers

Property management is the operation of commercial, industrial and/or residential real estate. This is much akin to the role of management in any business.There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices.Property managers lease and manage resi…

Tips for buying Bank Repossession property

10 tips for Buying Bank acquired  Repo Property1) Whether you’re buying a home to live in Australia or you’re buying an investment property to let out, you need to check the property in light of your expectations of it and for it.  I.e., if you’re going to be living in it, is it located in a neighbourhood that suits you, if you’re going to be renting it out, does it have the space you need, does it match your target rental market’s requirements for it? 2) Find out what the Bank value of the home is – and focus on this.  Is this a value you are comfortable paying for the property – could it be worth a lot more than the listed price? 3) Scrutinize the state of the property externally and internally.  Look at everything from the foundations to the roof, from the electrics to the plumbing.  Is there dry rot?  Termite damage?  Will you need to redecorate or renovate?  Factor in all of the extra costs you will incur if you are successful in your purchase.  Add this on to the expected auctio…

BANK REPOSSESSION

Bank Repossessions For Home , car , Boat

Bank repossession will happen where your monthly mortgage payments are not being met on time. Repossession proceedings can happen very quickly following arrears on a mortgage account. The bank has the right to do this if it feels that you are unable to clear the arrears and keep up to date with your mortgage payments. In many situations where payments have been missed on the mortgage, an arrangement can be made with the bank to clear the arrears over a fixed period of time. This will usually involve making overpayments on a monthly basis over a set period of time.

Bank repossession happens to many people everyday throughout the country. Unfortunately a lot of these unfortunate people do not realise that sometimes they do have options.Banp Repo is a messy Business.

Bank repossesioon can happen to a car loan you have , house loan or then any asset that you have bought with a bank loan and is securitised with them