House equity – Trojan Estate http://trojanestate.com/ Thu, 29 Apr 2021 08:11:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://trojanestate.com/wp-content/uploads/2021/04/cropped-icoon-32x32.png House equity – Trojan Estate http://trojanestate.com/ 32 32 Homeowners stunned by hidden property values ​​in latest equity survey https://trojanestate.com/homeowners-stunned-by-hidden-property-values-%e2%80%8b%e2%80%8bin-latest-equity-survey/ https://trojanestate.com/homeowners-stunned-by-hidden-property-values-%e2%80%8b%e2%80%8bin-latest-equity-survey/#respond Thu, 29 Apr 2021 07:10:41 +0000 https://trojanestate.com/homeowners-stunned-by-hidden-property-values-%e2%80%8b%e2%80%8bin-latest-equity-survey/

Homeowners are undervaluing their homes by £ 236.8 billion, according to a study.

Analysis by online real estate portal Zoopla, conducted as part of its inaugural Hidden Equity survey, found that almost half of UK homeowners (45%) who had their home appraised through a real estate agent or sold it to the over the past three years have said it was worth more than they thought – averaging £ 46,305.

In contrast, only a quarter said their home was worth less than they thought, with an average of £ 44,313.

When all the survey results are factored in, the net result is that the average UK home is worth £ 9,470 more than its owner thinks. Multiplied by the 25 million private homes in the UK, this indicates UK homeowners are sitting on the £ 237 billion in hidden equity.

For many homeowners, the disparity between perceived value and an actual valuation of a real estate agent was much higher. Nine percent of homeowners whose property was worth more than expected estimated it to be worth over £ 100,000 more.

This equates to over a million properties across the country with six digits of hidden equity.

For those who continued to sell their homes and benefit from their hidden equity, the unexpected windfall had a significant impact, with 81% of them saying the extra money “improved their lifestyle.”

Owners can check My house at Zoopla.co.uk, where they can find out their home’s value through an instant online estimate based on powerful market data. They can also track their home’s price estimate and access a timeline of their home’s sales history.

My Home also allows homeowners to track the estimated value of other homes in their neighborhood, as well as homes they might want to buy in the future. Zoopla encourages homeowners to get real estate agent appraisals of their home – the most accurate way to value a property – to see if they’re sitting on more equity than they realize.

Gráinne Gilmore, head of research at Zoopla, said: “Real estate prices have long been a hot topic and this new survey clearly shows that many homeowners could have a nice surprise if they check the current value of their property. House.

“The effects of the pandemic have been felt in the housing market, with many households reassessing how and where they want to live.

“The demand from buyers is booming, but it is currently not being matched by the homes being put up for sale. Homeowners who are considering relocating might be in pole position in their local market if they offer their property for sale, and might be ready to unlock some hidden equity. “


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Legislation Aims to Fix Stalled Fairness Efforts in Illinois Cannabis Industry | Chicago News https://trojanestate.com/legislation-aims-to-fix-stalled-fairness-efforts-in-illinois-cannabis-industry-chicago-news/ https://trojanestate.com/legislation-aims-to-fix-stalled-fairness-efforts-in-illinois-cannabis-industry-chicago-news/#respond Thu, 22 Apr 2021 02:57:31 +0000 https://trojanestate.com/legislation-aims-to-fix-stalled-fairness-efforts-in-illinois-cannabis-industry-chicago-news/

Recreational marijuana has been legal in Illinois since January 2020, and sales have skyrocketed.

March saw the state’s highest cannabis sales to date. The Illinois Department of Financial and Professional Regulation reported sales topped $ 100 million (cannabis users in and out of state spent $ 109,149,355.98 on greenbacks for the drug. green leaf).

But people of color like Deborah Dillon continue to be excluded from the legal cannabis trade. Gov. JB Pritzker and supporters of the legalization law have vowed that Illinois will use decriminalization to usher in a new era of “social fairness,” reversing the harm caused primarily to people of color by the war on drugs.

“This whole debacle is benefiting the incumbents, the politically connected and the rich. There is no effort, no real effort for social equity. At all, ”Dillon said.

His name was on 11 of the more than 4,500 submitted to the state, each seeking 75 lucrative licenses for a cannabis dispensary.

The licenses were supposed to favor so-called “social equity” applicants from communities in distress or who had been affected by the war on drugs and were to have been granted in May 2020.

Twenty-one applicants got a perfect score and won a place in the lottery which will decide which entities are licensed and where. Dillon was not among them, although she said she was close.

And she might still have a chance.

The state has still not organized a lottery to distribute these 75 licenses. There are questions about the validity of the scoring process and frustrations that only “perfect” scores have changed. Only applicants with what Dillon called a “unicorn” – a controlling stake in a dispensary who is a veteran and who meets the criteria of social fairness – received full marks.

Rather than holding a lottery, contestants like Dillon were given the opportunity to correct “gaps” in the paperwork.

Dillon said after the many hours of sweat she put into the project, it was worth it, even though the process of changing the demand gaps is so difficult, she said it was “like picking fly excrement from a pepper ”.

Meanwhile, Illinois faces six lawsuits for the troubled process.

Pritzker’s Cannabis Control Advisor Toi Hutchinson acknowledges the “hiccups”.

“It was extremely difficult to try to dismantle what is so incredible, for lack of a better term, built into the system. But I believe when all of that is done, we’ll have the most diverse property in the country, ”Hutchinson said. “We just have to get through the hardships of putting it all in place, litigating, passing laws, correcting and fine-tuning and making sure that we celebrate the fact that here, in Illinois, we’re not arguing over whether to do it, we’re discussing what more we can do and how we need to fix it. “

Yet a legislative solution has so far proved elusive, despite two previous attempts.

Now LaShawn Ford Representative D-Chicago has a new proposal, House bill 1443, which aims to advance in the licensing of social equity pot.

Ford’s plan would allow existing applicants, like Dillon, to participate in a second lottery that would lead to the award of 110 additional licenses on top of the 75 currently in limbo. The plan also aims to correct the need for a perfect score, instead using a “cut-off score” procedure that would allow any application receiving 85% of the total points to proceed to the lottery stage.

“We are going to make sure that the people who should participate in this lottery have a real opportunity. And who are these people? The people hardest hit by the war on drugs, for whom the law was intended. And so I think we’re in good shape to make sure that this monopoly on the cannabis industry ends in Illinois, and it will be diversified due to the legislation we pass ahead, ”Ford said.

Hutchinson said the Pritzker administration had been involved in months of negotiations and never shied away from its goals of rectifying injustices against people of color and those who were once punished for consuming or selling a now legal drug. The governor has pledged to issue social equity licenses this year, she said.

“What we need to do now is make sure that there are people who are able to get those very first participation licenses coming out, anywhere really. I cannot wait for that day and I know that candidates who have waited and waited and believed and dreamed all this time also cannot wait for this day. And we’ll get there, ”she said.

While the current all-white titans of Illinois’ marijuana industry may have a head start, Hutchinson said the legal cannabis ecosphere is in its infancy, so it’s not too late. for future social equity licensees to be successful. She said the administration is committed to helping sustain and ensure their success with state backing, and what is crucial is that social equity owners and investors move forward before potential federal legalization.

But Dillon said she had issues with Ford’s plan and didn’t trust the process. She also doesn’t trust Illinois officials and their promises to investigate whether social equity goals worked as intended before issuing future rounds of licenses.

“If you can rig an app, you can certainly rig the result of a disparity study. Again, I’m from Illinois so I know how it’s going, ”Dillon said.

Dillon also said the IDFPR should not regulate dispensaries and much of the process; Rather, she said Illinois should have a commission made up of marijuana experts and contractors and people affected by past stricter drug policies.

Follow Amanda Vinicky on Twitter: @AmandaVinicky





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Home to adopt income tax cut and school funding overhaul https://trojanestate.com/home-to-adopt-income-tax-cut-and-school-funding-overhaul/ https://trojanestate.com/home-to-adopt-income-tax-cut-and-school-funding-overhaul/#respond Tue, 20 Apr 2021 23:16:33 +0000 https://trojanestate.com/home-to-adopt-income-tax-cut-and-school-funding-overhaul/

COLUMBUS – Lawmakers in the GOP-controlled Ohio House of Representatives set to pass a 2% income tax cut and nearly $ 2 billion school funding overhaul. dollars in their two-year version of the state budget.

The fate of this new six-year school funding formula is grim. Senate Speaker Matt Huffman R-Lima said he doesn’t like the price, and the GOP-controlled Senate is working on its own way of paying schools.

Even with the increased spending, nearly 100 school districts will lose money over the six-year period. Lawmakers added $ 115 million on Tuesday afternoon to make sure no district loses money in the first year, said Rep. Scott Oelslager, R-North Canton, who heads the House finance committee. .


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Warren Equity announces the acquisition of Magnolia River https://trojanestate.com/warren-equity-announces-the-acquisition-of-magnolia-river/ https://trojanestate.com/warren-equity-announces-the-acquisition-of-magnolia-river/#respond Tue, 20 Apr 2021 17:24:00 +0000 https://trojanestate.com/warren-equity-announces-the-acquisition-of-magnolia-river/

DECATUR, Ala – (BUSINESS WIRE) – Warren Equity Partners, a lower middle market private equity fund, is pleased to announce the acquisition of Magnolia River International, Inc. (“Magnolia River” or the “Company”). Magnolia River, based in Decatur, AL, is a leading provider of inspection, engineering, design and Geographic Information System (GIS) services for gas distribution and transmission infrastructure and operations. natural and water utilities. Warren Equity acquired a controlling stake in Magnolia River from founder Ronnie Hoff and other shareholders. Financial terms of the transaction were not disclosed.

“We are very happy to partner with the Magnolia River team. Over its 20 year history, the company has grown into a leading provider of infrastructure inspection services with a solid reputation for safety, service and technical expertise, ”said Steven Wacaster, Managing Partner at Warren Equity.

The company provides technology-based underground infrastructure services to more than 50 investor-owned utilities, municipalities and industrial customers in 25 states. Magnolia River relies on a highly trained and certified base of in-house inspectors, engineers and GIS professionals in thirteen offices to support its customers’ pipeline replacement, deployment and integrity management requirements. . The Company complements its services with proprietary software solutions (including the flagship FlowGIS ™ and FieldLogIQ ™ platforms) designed to help customers reduce costs, optimize field operations, boost data management and ensure compliance regulatory.

“We chose to partner with Warren Equity because of their expertise in utilities and industry, their proven track record in scaling similar business models and their strong cultural fit,” said Heath McCleskey, president and member of the board of directors of Magnolia River. “With Warren Equity, we have found a value-added partner who will help us execute our strategic growth plan and who shares our vision to make the world a safer place by providing innovative solutions to the utility infrastructure industry.”

“We are proud to partner with a company that is strongly aligned with the culture and values ​​of Magnolia River and that will provide valuable management during our next phase of growth,” added Ronnie Hoff, Founder of Magnolia River.

“Magnolia River sits at the intersection of several favorable industry winds, including continued investments in infrastructure safety and efficiency, increasing adoption of technology and technology services to track service asset performance. public and optimizing field operations, and a growing demand for outsourced services, ”added Michael Ouyang, vice president of Warren Equity. “We look forward to working with management to continue driving organic growth and deploy an effective acquisition strategy in this highly fragmented market.”

This transaction represents Warren Equity Partners’ fourteenth investment on the platform and 45e acquisition since its creation in mid-2015.

About Warren Equity Partners

Warren Equity Partners is a private equity firm that invests in mid-market operating companies primarily in North America. The company focuses on situations where additional capital and operating resources can accelerate growth, targeting the industrial, infrastructure and business services sectors. Warren Equity invests in the form of buybacks, growth stocks and recapitalizations. For more information, please visit www.warrenequity.com.

About Magnolia River

Founded in 2000 and headquartered in Decatur, AL, Magnolia River provides inspection, engineering, GIS and technology solutions for pipeline and utility infrastructure and operations. Utility, municipal and industrial customers in the Southeast, Southwest and Midwest rely on the Company for their pipeline replacement, deployment and maintenance needs. Magnolia River also offers a suite of proprietary technology solutions within its GeoCurrent business unit to enable utility and pipeline operators with value-based technology to reduce costs, make fieldwork more efficient and meet regulatory needs. For more information, please visit www.magnolia-river.com.


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Biden administration officials: vaccine fairness takes work https://trojanestate.com/biden-administration-officials-vaccine-fairness-takes-work/ https://trojanestate.com/biden-administration-officials-vaccine-fairness-takes-work/#respond Tue, 20 Apr 2021 17:18:59 +0000 https://trojanestate.com/biden-administration-officials-vaccine-fairness-takes-work/

Distributing the coronavirus vaccine to community health centers has been “essential” to the Biden administration’s goal of immunizing Americans while maintaining racial equity, said Cameron Webb, senior White House policy adviser for COVID-19 fairness at an Axios event on Tuesday.

What they say: Webb said the administration is committed to getting everyone vaccinated, but “there’s also this long question of making sure racial justice is a priority, making sure we serve rural communities and in a very real and meaningful way. “

“Like I said you don’t ask a fire to clear a path to the water. You bring water to the fire between these four different vaccination locations, as we have been able to do. And we’re doing it in a way that’s always focused on fairness, ”Webb said.

  • “And the data backs it up. These mechanisms have been shown to be effective in actually getting the vaccine to some of the most affected communities.”
  • “You have to get to the grassroots level, understand what the communities need, listen to these local leaders because they know better what the needs and concerns are.”

Andy slavitt, Senior White House Advisor on COVID-19 Response, said: “I don’t think I had a conversation with the President or the Vice President where they haven’t asked how the things we do affect the harder Americans, people who live in remote places, people who have been historically disadvantaged. “

In numbers: Among the population who received at least one dose of vaccine as of April 13, nearly two-thirds were white (65%), 11% were Hispanic, 9% were black, 5% were Asian, 1% were Native Americans or natives of Alaska. and less than 1% were from Hawaii or other Pacific Islands, according to CDC national data reviewed by Kaiser.

Watch the full event here.


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Bank has the right to pursue a claim for a longer statute of limitations on the loan | Balch & Bingham LLP https://trojanestate.com/bank-has-the-right-to-pursue-a-claim-for-a-longer-statute-of-limitations-on-the-loan-balch-bingham-llp/ https://trojanestate.com/bank-has-the-right-to-pursue-a-claim-for-a-longer-statute-of-limitations-on-the-loan-balch-bingham-llp/#respond Tue, 20 Apr 2021 16:23:04 +0000 https://trojanestate.com/bank-has-the-right-to-pursue-a-claim-for-a-longer-statute-of-limitations-on-the-loan-balch-bingham-llp/

Under Alabama law, the statute of limitations for an “open account” is shorter (3 years) than for a “stated account” or breach of contract claim (6 years). In Cadence Bank, NA v. Robertson, No. 1190997, 2021 WL 1230165 (Ala. April 2, 2021), the Alabama Supreme Court overturned a trial court for issuing summary judgment in a collection action by a bank against a landlord because the delay longer statute of limitations may apply even though the written loan agreement may no longer be in effect. In 2003, the Robertsons signed a loan agreement with a lender for a home equity line of credit and gave the lender a mortgage on their home as security. In 2005, the Robertsons gave the lender the loan balance payment along with a “stop letter” that ordered the lender to release the mortgage and cancel their line of credit. Yet later that year the Robertsons began borrowing additional funds from the line of credit and continued to do so until 2013. In the meantime, Cadence Bank acquired the lender and all of its assets and liabilities. .

In December 2018, Cadence sued the Robertsons, seeking a monetary judgment for funds the Robertsons owed due to the additional borrowed funds. The Robertsons sought summary judgment, arguing that Cadence’s claim for pecuniary judgment was necessarily based on an “open account” theory, which accumulated no later than 2013 and was therefore not timely. In response, Cadence argued that it did not limit itself to an open account theory and could pursue collection on the basis of a “stated account” or breach of contract theory. Nevertheless, the court of first instance issued a summary judgment.

On appeal, the Alabama Supreme Court reversed, finding that Robertsons’ motion for summary judgment – which rested entirely on his limitation argument – failed to establish that Cadence could only proceed on a theory of limitation. open account liability. On the contrary, the Court noted that in its complaint, Cadence did not specify a particular theory of collection, whether it is an open account, a declared account or any other theory. Accordingly, the Court concluded that Cadence, as plaintiff and “master of its complaint”, could proceed on whatever theory of liability it chose. The court rejected the Robertsons’ argument that Cadence was limited to applying for an open account simply because it alleged that it had “loaned” the money it sought to recover. Instead, the Court, after citing the Black’s Law Dictionary definition of “open account”, held that an unpaid loan may, depending on the circumstances, support several theories of liability, including open account, the declared account and the breach of contract.

For banks, it would seem that this problem (which cause of action applies to a credit recovery) should rarely arise. In most cases, the bank must have a written loan agreement and therefore must be entitled to a six-year limitation period. Yet in the modern economy there are new financial products and non-bank companies that can find themselves in similar situations. This decision may give these lenders more time to find a solution to the delinquent loans; however, lenders should be wary since the court simply reversed a defendant’s summary judgment rather than giving judgment to the bank.


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UVA Health will quash lawsuits https://trojanestate.com/uva-health-will-quash-lawsuits/ https://trojanestate.com/uva-health-will-quash-lawsuits/#respond Tue, 20 Apr 2021 14:53:00 +0000 https://trojanestate.com/uva-health-will-quash-lawsuits/

UVA had pursued patients for decades, many of whom had unpaid bills in the tens or hundreds of thousands of dollars, KHN (Kaiser Health News) reported in 2019. Once the healthcare system wins court cases, it could seize the wages and value of patient homes when they were sold. UVA limited its lawsuits after KHN’s investigation.

“This is very important and a very necessary and overdue step,” said Erin Fuse Brown, a Georgia State University law professor who studies hospital billing. “I don’t know if I’ve heard of it [lien abolition] happening anywhere else. “

But most families who have already ceded money to UVA as a result of lawsuits or liens will not get their money back.

UVA will release all liens and judgments filed against all households that are less than 400% of the federal poverty line, or about $ 106,000 for a family of four – an action that should represent most of the liens and judgments filed, Douglas said Lischke, the financial director of the system.

“It’s a proud moment for us,” he said in an interview. “We want our financial care to be as good as our clinical care.”

Doris Hutchinson said she was surprised two years ago to find a UVA lien – tied to a parent’s bill – on her mother’s house in Charlottesville. The medical system demanded $ 39,000 from the family before the house could be sold, she said. The money has been placed in receivership.

Three weeks ago, she learned that the judgment would be overturned and the money would be released.

“I’ll be delighted with that,” said Hutchinson, who said she needed the money to help pay for her grandchildren’s college education and replace the income of her husband, who died two years ago. . “I’m also happy for everyone” who gets relief from the UVA bill, she said.

UVA will also stop blocking registrations of college students with outstanding balances in the health care system, university spokesman Brian Coy said on Monday. Preventing students from completing their studies because they owed hospital bills was another practice revealed by KHN.

KHN reported in 2019 that UVA Health sued patients 36,000 times in six years for more than $ 100 million, often for amounts far in excess of what an insurer would have paid for their care. In response to the articles, the system suspended patient lawsuits and wage garnishments, increased discounts for uninsured people, and expanded financial assistance, including for cases dating back to 2017.

The system appointed an advisory board made up of UVA leaders and community leaders to consider permanent changes. The council made recommendations in October.

Like most hospitals, UVA did not use property privileges to foreclose on patients’ homes. But he was foreclosing money owed – plus 6% interest – on the equity in the property when home sales went to settlement.

In response to KHN’s survey, UVA said in 2019 that it would improve financial assistance but continue to use the courts to recover monies owed to families representing more than 400% of the poverty line.

While unusual, the AVU’s decision to drastically curtail prosecutions and waive privileges comes to an end before moves recently manufactured by VCU Health, its sister system based at Virginia Commonwealth University. VCU has pledged to stop prosecuting all patients and, in a process that takes over a year in Virginia courthouses, is abolishing all old judgments and privileges, regardless of family income.

“It seems like a lot of steps in the right direction” for UVA, said Jenifer Bosco, a lawyer at the National Consumer Law Center specializing in health care. “There is always more to do. But providing assistance to families whose income can reach 400% of the poverty line is a big step forward. “

The number of pending UVA Health judgments is unknown. For its part, VCU ultimately found around 80,000 people statewide. In Virginia, privileges expire after 20 years, but UVA bothered to renew claims from the 1990s, KHN found.

Their cancellation is expected to take more than a year, Lischke said. UVA’s billing and collections changes, including financial aid enhancements announced at the end of 2019, will cost the system around $ 12 million per year, he said.

UVA’s decision is far more beneficial to its patients and region than other so-called community benefits that many nonprofit hospitals offer to justify their tax-exempt status, said Ge Bai, associate professor at Johns. Hopkins Bloomberg School of Public Health.

Instead of testing out medical services or training which are often disguised hospital marketing campaigns, “this action is a real effort to ease the financial burden on the community,” she said. “It also improves mental health. It relieves stress.

KHN is a national newsroom that produces in-depth journalism on health issues. Along with policy analysis and surveys, KHN is one of the three main operational programs of KFF (Kaiser Family Foundation). KFF is a non-profit organization with information on health issues across the nation.


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What Happens to Your Mortgage Debt When You Die? – Councilor Forbes https://trojanestate.com/what-happens-to-your-mortgage-debt-when-you-die-councilor-forbes/ https://trojanestate.com/what-happens-to-your-mortgage-debt-when-you-die-councilor-forbes/#respond Tue, 20 Apr 2021 13:47:01 +0000 https://trojanestate.com/what-happens-to-your-mortgage-debt-when-you-die-councilor-forbes/

Understanding what happens to your debt when you die is an important part of estate planning – and you don’t have to be rich to have an estate. Everything you own and owe is your estate. For many people, that includes a home with a mortgage.

The median housing-related debt of a 65- to 74-year-old borrower with a first mortgage, home equity loan and / or home equity line of credit was $ 100,000, according to the U.S. Housing Survey. US Census Bureau in 2019, the latest available results. For homeowners 75 and over, it was $ 75,000.

State and federal laws determine what happens to the home and mortgage when the owner dies. The owner also has a say, as long as he does some basic estate planning, such as creating a will or trust, naming beneficiaries and possibly purchasing an insurance policy. -life.

Your debt doesn’t die with you. Here’s why.

When you die, all of your liabilities and assets, including your home, become part of your estate, which someone then has to pay off. An important part of this process is taking an inventory of everything you own and determining in advance who gets what from heirs and creditors.

If you have a will, you have already chosen an executor to handle this task. If you die without a will or trust, your state’s probate court will appoint someone to settle your estate: usually a spouse, adult child, or next of kin.

Whoever that person ends up being, they will need to know who is named on the deed, who owns title to your house, and whether you have established a living trust or death transfer deed to keep your house out. approval. . This will save your heirs money and simplify the transfer of ownership.

If you’re the sole owner and you don’t have a living trust or deed of transfer on death, but you have a will that passes your house to an heir, for example, here’s what will happen next.

What happens to a mortgage after the house is transferred to an heir?

If your will designates an heir to your home, that person will not have to take over your mortgage until they are co-borrowers or co-signer on your loan. However, federal law does not allow your heirs to take over the mortgage.

If you leave your house to be mortgaged to your daughter, for example, the mortgage manager must honor her request to become the new mortgagee (the borrower). She does not have to qualify and demonstrate her ability to repay the loan. This mortgage assumption rule also applies after the death of a spouse, although many spouses are often co-borrowers on a mortgage and already co-own a house.

Even though mortgages have a term of sale clause that normally requires full mortgage repayment when ownership of the property changes, it does not apply when an heir takes over.

Help the heirs pay the mortgage

The lender will still be able to seize if the deemed heir stops making payments. You may need to provide the heir with a way to pay not only the mortgage payments, but also maintenance, property taxes, and home insurance. If the house is owned by an association, it is also imperative to keep abreast of payments from the homeowners association (HOA).

You can provide these funds by leaving your heir with other assets (such as cash in a savings account payable on death) or by designating them as the beneficiary of a life insurance policy. You can also consider financing a trust with life insurance.

What happens to a house when the owner dies with other debts?

If you die with other debts that cannot be repaid on your estate, state law may require the executor to sell your home to help pay off those debts. If the proceeds from the sale of the home exceed the debts owed, whoever was chosen to inherit your home will receive the excess.

Again, life insurance can help. He can pay off your debts on death so that your heir can inherit your house.

Remember, your estate doesn’t have to pay off your mortgage. Since your mortgage is secured by your home, the mortgage manager can foreclose and sell the home to collect the money owed.

What to do as the heir to a house with a mortgage

If you are the heir or executor of an estate (or both), you will need to take care of the house and the mortgage when the owner dies.

Keep making mortgage payments

It usually takes several months to close a person’s business after death. If you don’t want the home to go into foreclosure while the estate is settling, it’s important to keep making mortgage payments. These payments can come from the estate or from an account that the deceased has designated as payable on his death to the heir. Payments could also come from life insurance proceeds.

Advice: Accounts payable on death do not have to go through a lengthy probate process before the heirs can access the funds. The heir or heirs designated as beneficiaries of the account will be able to use the funds in the account within days of delivering a death certificate to the bank. That said, if the estate has other debts in addition to the mortgage, creditors may have a claim on the assets of an account payable on death.

Pay off the mortgage

Paying off the mortgage after the owner has died is not a rush decision. A mortgage is usually a low-interest loan, and other estate assets or the proceeds of a life insurance policy can be better utilized. Some people buy mortgage protection insurance to pay off the loan when they die, but experts generally say that premiums are better spent on conventional life insurance.

Refinance the mortgage

An heir who cannot afford the mortgage but wishes to keep the house may be able to refinance on a lower monthly payment. Here are some possibilities:

  • Ask the mortgage manager for a loan modification
  • Refinancing into a longer term loan
  • Refinance at a lower rate

The caveat is that refinancing will force the heir to qualify for the new mortgage, so they will need good credit, stable income, and a good debt-to-income ratio (DTI).

Sell ​​the house

If the home has appreciated since the deceased bought it or last took out a mortgage, selling the home may be a good choice, especially if the home has more than one heir.

If the house is worth less than the mortgage balance, the executor or heir will not be able to sell the house unless the lender agrees to a short sale. This means that they will accept a lower selling price than the deceased owed on the mortgage. The heir can continue to make mortgage payments until the house has positive equity, then sell it or allow the lender to foreclose.

Let the lender give up

If the deceased was the sole borrower and resident in the home, and there is not enough equity in the home to make the sale worthwhile, the heir or executor may choose to leave the home. lender foreclose on the house.

However, if an heir has already taken over the loan, or if the loan had a co-borrower or co-signer who is still alive, a foreclosure will have serious consequences on that person’s credit. This includes the difficulty of getting new credit or buying another home for at least two years.

If the deceased had a reverse mortgage and does not have a surviving spouse living in the house, the lender will foreclose and sell the house to pay off the debt, unless the heirs pay off the reverse mortgage. As long as the reverse mortgage is a home equity conversion mortgage (HECM), heirs have the option of paying off the balance of the reverse mortgage or 95% of the appraised value of the house, whichever is less. if they wish to keep the house.

If a HECM foreclosure sale does not fully repay the loan, it doesn’t matter because a HECM is a non-recourse loan. The estate will not have to pay the difference. In a regular foreclosure, the estate could be liable for an impairment unless the home is in a state without recourse.


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New major investor at Ibrox – partner in $ 11 billion capital house https://trojanestate.com/new-major-investor-at-ibrox-partner-in-11-billion-capital-house/ https://trojanestate.com/new-major-investor-at-ibrox-partner-in-11-billion-capital-house/#respond Tue, 20 Apr 2021 13:20:00 +0000 https://trojanestate.com/new-major-investor-at-ibrox-partner-in-11-billion-capital-house/

Rangers International Football Club, the holding company of Rangers Football Club Ltd, has announced an update to its shareholder list.

In a very interesting development, a new name appeared meaning another seat at the table.

The plot continues deeper with a scratching of the surface.

Perron Investments LLC is listed as the owner of 16,250,000 – 4.16% of the shares of RIFC.

A significant stake is considered to be equal to or greater than 3%.

John Halstead, a 56-year-old UK-based executive, is listed as the owner of shares owned by Perron – this entity appears to be his own individual investment arm.

Harvard educated Halstead is a managing partner at Pamplona Investments LLC, an international capital firm that “has raised five private equity funds with total committed capital of $ 11 billion since its inception in 2005.”

This is a very interesting update for the Rangers’ business side at a time when the club is in poor health on the pitch.

As above, the Club1872 fan ownership vehicle sits at just over 5% in terms of shares, with plans for Dave King (New Oasis) sell their participation to current fans.

Further examination is essential and the past spells out the demand for perpetual vigilance, but right now the mix of institutional shareholders and expertise with wealthy executive fans is a very positive combination.

Admin 2, as always, isn’t quite right around the corner despite what the usual suspicions profess.




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The Facts About Marijuana Fairness and Decriminalization https://trojanestate.com/the-facts-about-marijuana-fairness-and-decriminalization/ https://trojanestate.com/the-facts-about-marijuana-fairness-and-decriminalization/#respond Tue, 20 Apr 2021 13:01:00 +0000 https://trojanestate.com/the-facts-about-marijuana-fairness-and-decriminalization/

Decriminalization refers to the elimination of criminal penalties for the use, possession or sale of drugs. There are many legitimate reasons to support the decriminalization of marijuana, but the primary motivator for many is to right the injustices caused by decades of harsh crackdown on marijuana-related crimes, especially against people of color.

Why it’s time to end the federal criminalization of marijuana

For years, marijuana has been called a “gateway drug”. This is only true to the extent that marijuana has become a gateway to the criminal justice system for far too many people of color. For the Last 20 years, the United States has on average more than 600,000 marijuana arrests each year, blacks being close to four times more likely than their white counterparts to be arrested, even though both use marijuana at similar rates. There are now millions of people convicted of possession of a decriminalized substance in 33 states and the District of Columbia – and 7 in 10 US voters believe it should be legal.

Especially in the era of COVID-19, decriminalization of marijuana could have a significant impact on long-term economic recovery efforts and ensure that black people and communities of color are no longer disproportionately affected by the war against Drugs. While decriminalization may help reduce the harms of drug control, it will not completely eliminate the current and future effects of punitive measures that have disproportionately affected marginalized groups. It is therefore essential not only to decriminalize marijuana, but to do so in a fair manner.

How to Decriminalize Marijuana Through Fair Means

A fair approach to the decriminalization of marijuana must ensure an end to the harm inflicted on communities most vulnerable to the war on drugs. The following policy measures may offer the fairest way forward.

  • Withdrawal of marijuana under the Controlled Substances Act: The Drug Enforcement Administration classifies drugs, substances, and other chemicals in a five-category listing system. Cannabis, along with other substances such as heroin and LSD, is listed under the Controlled Substances Act as a Schedule I substance – the most restrictive class of drugs, considered to have the most great potential for abuse without medicinal value. However, since marijuana has some medicinal value and there is no definitive evidence to suggest high rates of abuse among cannabis users, it should be removed as a Schedule I substance. Reprogramming reclassify marijuana in a less restrictive schedule category; but even if reclassified, cannabis could still be banned federally. For true fairness, federal lawmakers must mess up marijuana removing it completely from any class of listed substance – ending the federal ban and allowing states to oversee their own marijuana policies.
  • Retroactive automatic expungement of previous marijuana convictions: Roughly 70 to 100 million people live in the United States with criminal records, which can have lasting effects and hamper opportunities for employment, housing and education. This is especially true for blacks, who are already disadvantaged by the racial wealth gap. Automatic Record Clearing measures are a streamlined process for removing arrests or convictions from a criminal record without the onerous fees and legal fees required for expungement in other jurisdictions. Clearing a record not only provides people of color with the opportunity to participate in the marijuana industry, but can also remove barriers to employment, education, and housing opportunities.
  • Social equity programs: Even as states pass laws to decriminalize marijuana, communities of color left behind in the emerging and highly profitable cannabis industry, with revenues expected to climb to $ 50 billion by 2026. Social equity programs, however, can help correct the damage done to these communities after years of patchwork enforcement action on marijuana. Specifically, by providing assistance for loans, grants, business training and other resources, these equity programs can help people from disproportionately affected communities enter the legal marijuana industry and to support businesses.
  • Reinvestment of marijuana revenues: The Center for American Progress has called for the use of marijuana-related revenues to fund public sector job creation for people in communities most affected by tough marijuana law enforcement. Billions of dollars have been made in the cannabis industry for the same activities that have caused suffering to millions of people of color in the criminal justice system. As states continue to enjoy these gains, those involved in justice are forced to face the collateral consequences of their convictions. Reinvestment programs can help reverse these harms by providing the opportunity to meet the needs of communities most affected by marijuana law enforcement and by implementing economic opportunities for future economic success.

What decriminalization looks like at national and local levels

Despite the federal ban, several states have already taken steps to decriminalize marijuana in their jurisdictions, starting with legalization. Legalization allows full use and possession of marijuana in accordance with regulatory guidelines without the risk of penalty, while also allowing people to participate in an openly regulated cannabis industry, directly overseen by states. Currently, 17 states and territories in the United States have adopted legalization measures for marijuana for adult use. Other states and communities have adopted decriminalization measures that treat the use and possession of marijuana as certain traffic violations. These measures do not legalize marijuana, but rather consider it a minor offense with less severe punitive consequences.

Some states are already working to develop social equity programs and write-off measures to address the damage caused by the war on drugs. In June 2019, Illinois became the 11th state to legalize recreational marijuana. State law takes strong steps to ensure social fairness in this initial legislation, including the creation of an exclusive fund for low-interest loans and grants for qualified applicants in matters of employment. ‘social equity, social equity licenses reserved for people from disproportionately affected communities, and a new process for automated radiation for around 700,000 eligible cases. Meanwhile, in Massachusetts, state cannabis law provided for 123 licenses for people certified as candidates for economic empowerment under the social equity program, as part of an effort to ensure the inclusiveness of the most affected communities. In addition to a 50% reduction in license fees, applicants receive free training in basic entrepreneurial, cultural and managerial skills.

“Racially motivated marijuana law enforcement has had a disproportionate impact on communities of color. It is high time to right this problem across the country and to work to view marijuana use as a matter of personal choice and public health, not criminal behavior.

Representative Jerrold Nadler (D-NY), Chairman of the House Judiciary Committee

Local governments have also developed their own equity programs. Oakland launched one of the first and the most ambitious equity programs the country has seen this, requiring that at least half of all permits be granted to equity applicants and encouraging applicants from general partners to “incubate” and mentor applicants with a minimum of three years of free rent on at least 1000 square feet of space for cannabis businesses. Other cities, like Los Angeles, San Francisco, San Diego and Sacramento, have similar programs. In addition to its own fairness program, San Francisco developed technology last year to clear more than 8,000 qualifying marijuana convictions. In one declaration Announcing the new automatic record-release process, then-San Francisco District Attorney George Gascón noted that the new process “helps remedy the harm caused by the failed drug war, felt most strongly by communities of color ”.

The MORE law

the Marijuana Opportunities Reinvestment and Write-off Act (MORE) is a comprehensive federal marijuana measure that would not only legalize marijuana, but also clear marijuana records, secure a right to public benefits regardless of a marijuana conviction, and use tax revenues to support war-affected communities against drugs. The measure was passed by the House Judiciary Committee on November 20, 2019 and could receive a full vote this year. If enacted, this comprehensive measure would 1) legalize marijuana at the federal level by removing cannabis from the Controlled Substances Act; 2) require courts to erase previous marijuana-related convictions from an individual’s criminal record and those who are still in the process of completing their sentences for a marijuana-related offense; and 3) use tax revenues from marijuana companies to fund employment programs, reintegration services, and drug treatment programs for communities most affected by the war on drugs.

The MORE law will ensure the legalization of marijuana through fair measures that end racially disproportionate outcomes and the racial wealth gap.

Read more:

Akua Amaning is associate director of criminal justice reform at the Center for American Progress.


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