Category Archives: Finance

The Collecting Bank

In collecting a cheque, the collecting bank will act as agent for its customer. This means that it must act with reasonable care and diligence: for example, it must collect the cheque promptly. It also means that once the cheque is collected, the collecting bank comes under an obligation to credit the customer’s account with the amount. Once it has done this it must not reverse a credit to the customer because it has repaid the paying bank, when the latter does not have a valid claim. Take as an example the situation where the paying bank has dishonoured the cheque, not in accordance with the clearing rules or the practice of bankers, but nonetheless the collecting bank decides to repay it. The customer would be entitled to succeed in an action against its bank, because its bank as agent has reversed a payment without authority and without any obligation to do so.

In theory, a bank may also be a holder for value of a cheque. It then collects the cheque on its own behalf, at least to the extent of the value given. It can become a holder for value by permitting its customer to draw against the uncleared cheque. Provisional crediting of the account, pending collection, is not, however, enough. It also becomes a holder for value to the extent of an existing overdraft: section 27(3) of the Act constitutes as a holder for value anyone with a lien on a cheque, and as matter of common law a bank has a lien on uncollected cheques in relation to an overdraft. As a holder for value the collecting bank may also be a holder in due course. It thus has the best tide to the amount collected. It is thus able to sue the drawer on the cheque: this can be a valuable right if the drawer had countermanded the cheque, the drawer’s bank has mistakenly paid, but the collecting bank’s own customer is unable, or unwilling, to repay the amount.

In practice, however, the result of the Cheques Act 1992 is that banks do not now collect cheques as holders for value. This is because the typ ical cheque is an account-payee cheque, and an account-payee cheque is valid only as between the drawer and payee. None, including the collecting bank, can become a holder for value of an account-payee cheque.
Even if banks have permitted drawings against the cheque, they will not be able to sue the drawer on a dishonoured cheque in the event of being unable to recover from their own customer. In collecting a cheque, a bank exposes itself to liability if it does so for the wrong party. It may collect for the wrong party if the signature is forged or without authority. Of course the collecting bank may be able to pass on the losses arising from its liability to others: thus, it may have an indemnity against its customer, although in practice this may be worthless. In English law one source of the collecting bank’s liability is the tort of conversion: by legal fiction, a series of decisions treated ‘the conversion as of the chattel, the piece of paper, the cheque under which the money was collected, and the value of the chattel converted as the money received under it’.

Conversion is a strict liability tort, and once the potential liability of collecting banks became obvious, legislation was introduced to give them some protection. The current provision, section 4 of the Cheques Act 1957, protects a banker (undefined) against liability to the true owner of a cheque, when it collects the cheque for a customer who has no title, or who has a defective title. Collection can be in either of the capacities mentioned when the bank collects for a customer or when, having credited a customer’s account with the amount of the cheque, it receives payment for itself on a cheque which is not crossed ‘account payee’.
‘Customer’ in this context has a technical meaning: anyone for whom a bank has opened, or agreed to open, an account, including another bank. The section does not confer on the bank a right to the proceeds: but it will not be liable to the true owner of the cheque in con version. Nor, if it has given value, will it be liable under the general law in restitution. Thus, if the bank satisfies the prerequisites in the section the true owner must bear the loss if the bank has allowed its fraudulent cus tomer to draw against the cheque.

Terms to Know Before Leasing A Vehicle – Leasing Jargon Simplified

So, you’ve decided that you want to lease that next vehicle. Can’t really blame you. With today’s incentives, rebates, and favourable lease rates why wouldn’t you. Not only do you get to drive a new car, but a new car that you wouldn’t otherwise be able to afford if you were to purchase and finance it. Buyer beware though. With leasing comes new and sometimes rather confusing vocabulary. Don’t get lost in a sea of leasing jargon. Protect yourself. Learn and understand the industry language. For those seriously thinking of leasing that next vehicle, here is a useful glossary of “new” terminology that you should familiarize yourself with BEFORE you negotiate a lease:

Acquisition Fee: An administrative charge levied by the leasing company for processing a lease. This fee is typically NOT negotiable and can have a significant bearing on the overall cost of the lease.

Base Interest Rate: This is the cost of leasing and using a vehicle and is measured by the interest paid over the lease term.

Buy at end-of-term interest rate: This is the net interest rate for the lease if the lessee, at the end of the lease term, purchases the vehicle at the end-of-lease purchase price.

Capitalized Cost: This is the total purchase price of the vehicle. The price includes the cost of all extras such as vehicle options, extended warranties, life insurance, and rustproofing. The capitalized cost equals the amount you would pay for the vehicle if the vehicle were being purchased.

Capitalized Cost Reduction: A capital cost reduction is a down payment, in the form of cash or trade-in, that is applied to the final purchase price of the vehicle reducing the monthly lease payment.

Closed End Lease: Leases in which the lessee’s financial obligation rests only with the negotiated monthly lease payment. Since the residual value of the vehicle is stated in the lease contract, the lessee is not financially responsible if the actual value of the vehicle is less than the stated residual value. The lessee need only return the vehicle at the end of the lease term with no further obligation.

Dealer Participation: A rebate or discount, contributed by the dealer, reducing the final purchase price of the vehicle.

Depreciation: The decrease in value of a vehicle over time. Depreciation in automobile leasing is the difference in value between the cost of a new vehicle and the value of the vehicle at the end of the lease term.

Disposition Fee: A fee charged by the lessor at the end of a lease to ready the car for sale. The lessor may apply this fee against the deposit made by the lessee at the beginning of the lease term.

Down Payment: A sum of money paid at the beginning of a lease contract, usually at the time of signing, that is applied to the final purchase price. In leasing, the down payment is referred to as the capitalized cost reduction. Typically, the larger the down payment, the smaller the lease payment.

Early Termination Fee: A penalty paid by the lessee for terminating a lease contract early. A lessee pays for the depreciation of a vehicle in equal monthly payments. Since a vehicle’s depreciation is highest in the first months of a lease, terminating a lease early results in the lessee using more of the vehicle’s value than what they’ve paid for subjecting the lessee to penalty.

End-of-Lease Purchase Price: Also known as the residual value. This is the price at which the lessee may purchase the vehicle at the end of the lease term.

Excess Wear & Tear: Wear and tear beyond what is deemed acceptable by the leasing company. It is the responsibility of the lessee to take reasonable care of the car and to ensure it is returned at the end of the lease term in good condition. Bald tires, body dents, and engine trouble due to neglect could subject the lessee to repair and replacement charges.

Gap Insurance: The name given to a type of insurance coverage that covers the difference between the actual cash value of the leased vehicle and what is still owed on the lease contract. If a leased vehicle is destroyed in an accident or stolen, gap insurance coverage protects the lessee against additional losses due to “gaps “ between the insurance settlement and the lessee’s financial obligations set out in the lease contract.

Independent Lessor: These are non-traditional lessors, usually an individual business, that can structure and write a lease for most makes and models of vehicles. The terms and conditions of the lease agreement can be customized to accommodate different lease and mileage conditions.

Lease Extension: This is the continuation of a lease, beyond the original lease contract. Payments are continued on a month-by-month basis at the same sum negotiated at the beginning of the lease term.

Lease Term: This is the length of the lease contract. Most vehicles can be leased for 12, 24, 36, 48, and 60 month lease terms. The monthly payment of a lease will vary depending on the length of the lease term.

Lessee: Name assigned to a person or party who signs a lease and agrees to assume responsibility for a vehicle and the lease payments.

Lessor: Name assigned to a person or party that owns the vehicle and agrees to lease it to the lessee.

Mileage Allowance: Lease agreements establish a maximum mileage allowance that the car may be driven over the life of the lease. The agreement will also specify the cost per mile or kilometer the car is driven over and above the allowance that is due and payable at the end of the lease term.

Money Factor: This is a number used to calculate the base interest rate of a lease. To arrive at a base interest rate, leasing companies will multiply a money factor by 2400. The money factor of a lease is known by the leasing and sales consultant at the dealership and is used to calculate the cost of money in the same fashion as an interest rate does. The lower the money factor, the lower the monthly lease payments.

Monthly Payment: A payment made on a specified date each and every month as specified in the lease contract. Monthly lease payments calculated on a lease contract typically include all applicable taxes.

Net Interest Rate: This is the total interest rate for a lease and represents the true cost of the lease. The lower the net interest rate, the lower the cost of the lease.

Open-End Lease: Leases in which the lessee’s financial obligation may exceed the negotiated monthly lease payment. In an open-end lease the residual value is set at the beginning of the lease term. The lessee is financially responsible if the actual value of the vehicle is less than the stated residual value.

Purchase Option: Option extended to the lessee, at the end of a lease contract, to purchase the vehicle at the pre-determined purchase price. The pre-determined purchase price is normally the stated residual value in the lease contract.

Residual Penalty: This is the penalty a lessee pays if the end-of-lease purchase price is greater than the expected value of the vehicle at the end of the lease term.

Residual Value: This is the expected or pre-determined value of a leased vehicle at the end of the lease contract. The stated residual value on a lease contract is normally the buyout price at the end of a lease term. The residual value also determines whether the lessee should purchase the vehicle at the end of the lease term. If the residual value is less than the actual market value it would be advantageous for the lessee to buy the vehicle and sell it to a third party.

Security Deposit: This is a sum of money, paid up front, as security for excess wear and tear on the leased vehicle. The amount is refunded if the vehicle is returned in good condition. In some cases, the deposit may be applied against the final monthly payment.

Good luck and happy negotiating!

William Bolton is founder, owner, and operator of, a website specializing in auto lease transfers and assumptions. If you’re stuck in a lease you need out of or wish to take over an existing lease on a short-term basis with no money down, visit:

Money Mindset

Money or financial wealth appears in your life based, not on coincidence, effort or accident, but by your “mindset”. Mindset, in this context is a combination of thoughts, beliefs, values, and emotions. All are things that you can change and influence. No money? No problem! Start here.

Everyone has a money setpoint. This is the amount of money you have that you feel totally comfortable with. If you have “limiting” beliefs about money, they will hold you back from wealth. If you have clear, true beliefs about money, you will be rolling in it. You formed your beliefs about money from your parents, culture and media and continued to form them through your own experiences. You picked up beliefs such as “I’m no good with money” or “Money is not important to me” or “Money doesn’t grow on trees (meaning it’s hard to get)” or “Work hard and the money will come”, etc. Each of these and many more will serve to limit the amount of wealth you can sustain. When you hear about lottery winners who lost it all within a few short years, this is the principle that makes that happen. You simply can’t have more money than your beliefs will support. At least not for very long! So we want to raise that setpoint by clearing out limiting beliefs to more closely match our own desires for wealth. To begin working with your beliefs about money, make a list of as many as you can think of. Think about each and look at how they could be affecting your prosperity.

Stretch and you will receive. Often, even with healthy beliefs about money, we don’t allow money to flow in because we are living small lives. We have restricted our self-expression to relatively small, safe areas. It is when we stretch out of that box, move into new arenas, try something new, even bold, that we open up our lives to the abundance that has always been there. Truly this can affect your money flow significantly. So stretch out a bit, see what this opens up for you. What dreams are you “sitting” on? What small steps could you take today to widen your horizons or to start to live one of your dreams?

Money is a flow. Money is not static, not meant to be hoarded and not meant to stagnate. It is a flow, a flow just like an energy flow. It comes in and it goes out. You can probably see that in your own life. Some of us have more in than out, some more out than in (probably most people) and some just enough flows in and just enough flows out. Each of these flows represents where we are consciously or subconsciously with money. If money is held tightly, one hoards, is stingy, and the flow in and out is blocked. The feeling generated (or causing this) is one of lack or not enough money. If money flows out so that it exceeds that which comes in, it starts the debt/fear cycle which further restricts or blocks the incoming flow. I like to think of this like a river. The river is flowing with money instead of water. You may have a tank that draws and stores money from the river of money, but it doesn’t impede the flow or lessen the output in any significant way. So the money coming in is more than ample for your needs and desires. The tank is your working money (investing, charitables, etc. ) or savings for large desireables. The river below this tank (outgoing) is the money you spend or donate. No matter how little your income, it is important to the flow to be giving. It is useful to look clearly at your money flow. Look at your income in and expenses out. Which is greater? What is your debt? What are your assets? What percentage do you save? What percentage do you give to others (charities, etc. )? What does this picture tell you about your money flow?

Money is what you think it is. If you think of a typical large river with water, the volume in gallons of water is huge! Because of the way the natural world works, there is always more water coming in and flowing out (if left alone!). All of this is available to you. A river of money has more money than you could possibly spend and is available to you for the taking. But often we perceive that there is a very limited supply of money for which we must compete. We feel there is not enough to go around. Some of us think (guiltily) that if we get a lot, someone else will have to do with only a little. So in our river example, you’d be looking at a small creek instead of a large river. But if you perceive that there truly are oceans and oceans of money available, essentially an unlimited supply, then it frees you to receive in the most miraculous way. Practice thinking of money as a huge river flowing your way. When reading this paragraph, what did your river look like? What thoughts did you have about the pictures you see in your mind? What feelings did it invoke? What can you learn from this about your mindset about money?

Mary Anne Fields is an expert in helping you create the life of your dreams, to have more wealth and to thrive through life’s transitions. Sign up to receive her free ezine and get two free gifts, her juicy report “85 Ways to be Happier Now!” and “5 Minute Meditation” MP3 download. Sign up at
. Read more by Mary Anne at her blogs at midlifeunfolds. and solobizbuzz.

Internet Banking Using Internet Only Banks

Internet Only Bank Advantages

Most people are familiar with Internet banking through their local branch office. Most traditional banks offer some form of online or Internet banking services. Fortunately you have another choice. You can sign up for an Internet only bank. Many people are choosing Internet only services because they are convenient, offer free bill paying online and usually offer far more free services than traditional banks do. Most for example offer free checking that is actually free (no hidden fees or conditions).

Most banks are able to pass cost savings onto customers when they operate in a virtual environment. Since the bank itself when operating online incurs fewer fees, most banks charge customers lower banking service fees. Other advantages of Internet only banking include:

– 24- Hour dedicated service and access to your account information.

– Unlimited check writing and use capability.

– VISA/ATM card capability.

– Possible high interest checking account availability.

Disadvantages of Internet Only Banks

There are some drawbacks of using an Internet only bank. For one you will have to pay an ATM fee since Internet banks won’t have a branch ATM you can use near your home. But keep in mind that almost all traditional banks also charge some form of ATM fee. In most cases you will also have to mail in deposits, unless you set up direct deposit. In other cases you may have to put in check requests several days before payments are due, which some may find tedious.

Fortunately the offerings vary from bank to bank. Your best bet is to shop around for a service that will offer you all the advantages of a traditional bank with more conveniences.

Article by Frank Owen, visit his web site on internet banking for more on internet banking

Credit Card Collectors Are SCUM!

Credit card collectors are NOT your friends. A collector’s job is not to help your overall situation. They are out to get your money only – whatever it takes. Think I’m lying?

Connie Asked Me. . . One day Connie in Nashville called me on the radio. She was 3 months behind on her credit card payments and being threatened by some collectors. They said they were going to take her house away if she didn’t pay her debt off immediately.

Well, I’m here to tell you that these collectors are SCUM! They lie and break federal law on a daily basis. I’ve worked in this business for 17 years, and I’ve never seen a credit card company sue someone or garnish the wages of someone who is 3 months behind on payments. If they are going to take a lien against your house or other action, they have to sue you first, win, and get a judgment against you. They don’t do that to people who are 3 months behind. It’s a total bluff by some idiot in a cubicle 500 miles away.

What Should I Do? Collectors use psychological warfare to get you to pay them. They try to make you emotional enough so you pay them before buying food or paying the rent. Collectors are also very rude and abusive. Does that sound like things a friend would do? Not at all. You don’t have to take it! Here’s what you should do:

  • Talk or Hang Up? Tell the collectors that if they are willing to talk to you as an adult and not call you 20 times a day, you will talk. If they call to swear at you and threaten to take everything from you, you can and will hang up.

  • Talk once every 2 weeks – MAX. Tell them that when they call more, you will always hang up on them. Collectors try to call you at breakfast or dinner time, since you tend to be more emotional then (more tired, dealing with crying kids, stressed, etc). Don’t get emotional. If you have talked to them within the last 2 weeks, tell them so and hang up.

  • Collectors can’t call you at work. If they do, tell the collector that you are officially telling them not to call you at work. Then send the credit card company a certified letter, return receipt requested, saying that you have told them not to call you at work.

  • Pay what you owe. I don’t tell people to not pay their debts. But collectors go over the top and try to scare you into paying them before buying food or paying the light bill. Tell them that your necessities (food, shelter, transportation, clothing) are more important and that you will pay them after your necessities.
  • Get on a written budget with your money. Spend every dollar on paper on purpose, before the month begins. Know where your money is going. Never give a collector electronic access to your checking account or send them post-dated checks. If you do, they will clean out your account because you legitimately owe them the money.

Don’t let some idiot in a cubicle 500 miles away scare you into thinking they’re going to take away everything you own or filing bankruptcy. Remember, any collector that tells you this is SCUM!

This content is provided by Dave Ramsey’s
. Dave Ramsey is changing the face of America by helping people beat debt and build wealth with his best-selling book, The Total Money Makeover
, and nationally syndicated radio show, The Dave Ramsey Show. Read more of what Dave says about collectors

5 Top Tips To Beat Rising Food Bills

I can honestly say my wife is a wonder when it comes to planning the family budget! We were watching a program last night on the current rise in global food prices. A well-known TV chef was helping a family reduce their weekly food bill from ?150 to just ?48.

Granted we don’t have any children, yet through my wife’s careful planning, we’ve only been paying about ?48 a fortnight on food for years and with my expanding wasteline – I’ve never missed out!

Here are five top tips to reduce your own food bill and fight the growing trend in prices:

  • Plan carefully – try and make as many dishes from just a few basic ingredients. Mincemeat is great for bolognaise, burgers, pies etc. Sausages can be fried for a breakfast or lunch, casseroled with lentils for a dinner. Fish can be poached one day, pan-fried another, made into a soup/chowder the next. Plan your weeks menu before you shop and only buy those ingredients you will need.
  • Flavour your food with different homemade sauces to create variety. Also sauce ingredients are usually cheap and a little goes a long way. Ready-made sauces are far too expensive and full of chemicals.
  • Don’t shop for food when hungry – you’ll only buy more and a lot will be junk, bought to suppress your immediate desire rather than any long-term need.
  • Buy fresh vegetables where possible – you can get some good deals on fresh veg and you’ll only buy in the amounts you need.
  • Cook your own food – ready-made meals are a false economy. They’re more expensive and often no more easier to prepare than cooking it yourself. Cooking it at home from scratch can be an enjoyable family activity and the food is much healthier and tastier.

Before my marriage I use to spend loads on frozen food and ready-made meals. Now, thanks to my brilliant wife, we save heaps of cash and have a very healthy diet. Our food is varied and highly flavoured. So next time you visit the supermarket plan ahead, buy only what you need and get cooking!

Andrew Scotchmer is an author of two books, a motivational speaker and a business advisor. He is also the founder of Complete Kaizen, a business improvement training company.

Andrew has just started his own blog at

Investing $1 Million Dollars – How To Make It Two Million In 6 Months

Investing one million dollars to double it in 6 months is not as difficult as one might think. To take a $20 note and trying to double that into $40 may sound easy and it is, but it is a 100% return. So why would doubling a million dollars be any harder. This article explores one way to double one million dollars.

The secret to doubling 1 million dollars is to use higher equity levels. If I wanted to invest my million dollars in such a way that I get 2 million back, I would need to deal in assets that are in demand that are valued in the 15 million to 20 million price range.

In fact, I don’t even need to use or risk my million dollars to achieve this. If I wanted to do a deal where there is a million dollar profit, I don’t need to buy the asset to do the deal, I just need temporary legal control of the asset.

For example, let us say we are looking at buying and selling “Blue Poles” by Jackson Pollock. He was an alcoholic abstract expressionist from the forties that really did some remarkable work. This style of painting is also known as splash painting, because the abstract painting is nothing more than a series of splashes of paint, however done with a overlaying design which is what makes it special.

This painting is owned by a New York art dealer currently and he wants to sell. He has put $23 million on the painting but will negotiate. My first action would be to verify the painting and also create a digital inventory of the painting to show a new buyer. People don’t always by things for price alone and even though such paintings are generally bought as an investment, in many cases, the rich want to own a piece of modern society or they just love the painting. It is not always about paying the lowest possible price for a painting.

My job would be to find a buyer who wants the painting, not for an investment, but because they would just love to own the painting and get bragging rights. This type of buyers utility is less about best possible price and more about ownership.

Once found, this buyer may not be sensitive at all to you asking $24 million for the painting. It is only a small percentage increase, but in real terms, there is a million dollar profit for you if you can make the new buyer happy in all respects. For example, arranging insurance and transportation and even, getting them coffee while they are viewing the painting. All these small things add up and if the new buyer is happy, he will purchase the painting from you at the higher price. This is known as a “middle man” type of deal.

On settlement, you would arrange a legal instrument called an exclusive agreement with the original owner of the picture. This would be easy to get him to agree to, because all you want is a 3 day exclusive agreement. You tell him that you may have a buyer and you need control until the buyer signs and pays. It is quite a simple thing. But make sure your ethical standards are high. There is nothing wrong or illegal about you making an immediate profit from an asset you do not own, but you must not lie to anybody at any time about anything.

Once the check is handed to you, your solicitor arranges for payment of the $23 million to the old owner, and deposits $1 million into your account. The new owner get his insured painting delivered as you promised to the letter. Everyone is happy, but most of all you!

Imagine doubling your money every week with no or little risk! To discover a verified list of Million Dollar Corporations offering you their products at 75% commission to you. Click the link below to learn HOW you will begin compounding your capital towards your first Million Dollars at the easy corporate money program. Download the book that is changing lives – FREE

“17 Certified Ways To Make Your First Million Dollars”

. . or read another article

Investing $20 Dollars – Can You Double It In A Week?

Wells Fargo Versus Sallie Mae

Wells Fargo is a trusted name in handling student’s private loans and consolidations. They specialize in first time borrowings and provide support to students in managing loans for higher education.

Enrollment in an eligible school, a program supported by Wells Fargo, a good credit history and US citizenship or permanent residency enables a student to avail Wells Fargo Loan.

Wells Fargo offers online loan enrollment. A maximum loan up to $120,000 is offered for educational purposes. Though permanent residency is a precondition temporary residents are also offered loan for a limited amount of $25,000. No processing fee is collected. Percentage discounts are offered for online enrollment. Low interest rates are offered and further cut in rates are given on consecutive loan repayments and on activating auto debit facility from your account. In cases where a cosigner is involved, he/ she is relieved after 24 consecutive payments are received. One can easily avail a Wells Fargo loan support as it involves simple processing procedure.

Sallie Mae provides both federal and private loans and consolidations. It offers advice to students and parents detailing the procedures and practices in availing loans and their repayment.

The federal loan consolidation offered by Sallie Mae provides the customer with a fixed interest rate and up to 50% lower monthly repayments, fast online loan processing, no processing fee, no credit verifications and rate cuts on auto debit facility.

Private loan consolidation processing by Sallie Mae offers a maximum of $257,000 loan without a cosigner and $400,000 with a cosigner, one easy installment every month, no application deadline and prepayment penalties, maximum repayment time extension up to 30years, flexible schemes, no application processing or repayment fee. Maximum limit of $400,000 is relaxed if the cosigner is a credit worthy individual. Private loan consolidation is done provided they qualify the $5,000 minimum limit.

What is Foreclosure Deficiency Judgment?

When a lender obtains a deficiency judgment order from the court to collect the difference of amount on the property that has been foreclosed, that order becomes a foreclosure deficiency judgment order. By issuing this order, the court authorizes the lender to collect the money due on the property from the borrower. This way, the borrower becomes liable to pay the difference amount that the borrower owes and price of the house that the foreclosure auction has fetched for the lender.

Types of Foreclosures for Deficiency Judgment:

A foreclosure is situation where a lender holds a public auction of the property following a borrower’s payment defaults on the property. There are three types of foreclosures for deficiency judgment:

Judicial Foreclosure:

A judicial foreclosure takes place when court approves the sale of a property. However, court approves this sale only at a time when a mortgage is the original debt device for the property. In this process, if the borrower fails to make payment to the lender, receives a mortgage issuing notice from court. In case of delayed or non-response, lender can accelerate the loan against the borrower, which in turn will let the lender demand full amount of the loan and extra costs immediately. In case, the borrower fails to pay this amount too, the lender appeals to the court to be entitled with the authority to sell the property in auction and this way begins the process of mortgage deficiency judgment against the mortgagee.

Statutory Foreclosure:

The term statutory foreclosure or non-judicial foreclosure, refers to any foreclosure proceeding that is not conducted under court’s supervision although the process of statutory foreclosure is similar to a judicial foreclosure. In statutory foreclosure, if the borrower defaults on loan, lender issues a Notice of Default (NOD) to notify the trustee because the contact of the property involves a deed of trust not a mortgage. For such properties, the parties (lender, borrower, and trustee/s) sign a contract where the third party becomes the guarantor for protecting the property. If the borrower fails to address the default, to recover their funds the lender gets authority to sell the property in a public auction conducted by the lender or trustee and not by an officer appointed by court. After the sale of the property, an affidavit of foreclosure may have to be filed, again creating a mortgage deficiency judgment against the mortgagee.

Strict Foreclosure:

In different states, where court authorizes the title of the property to the lender on default payment of the borrower without any auction or sale, that foreclosure becomes strict foreclosure. These types of foreclosure are considered as minor because of their limited availability in a very few states like Connecticut, New Hampshire, and Vermont. It entitles the lender to move to the court and to receive an order for the borrower to pay off the loan when he defaults. In case, borrower fails to pay off the amount on a specified date, the court simply hand over the property to the lender and issue mortgage deficiency judgment against the mortgagee. Hence, if the lender gets a strict foreclosure of deficiency judgment, the borrower gets no recourse but to pay off the deficiency.

However, if you are a borrower and recently have received a mortgage deficiency judgment from court, contact a professional negotiation company who can negotiate with the lender. Negotiation in a deficiency judgment situation is a tricky process, which demands skill, and understanding of situations, hence it is suggested that responsibility of negotiation should be given to an authorized and qualified company only.

JudgmentDeficiency. Com is a deficiency judgment negotiation company that deals negotiations of mortgage judgment deficiency. We are continually developing new relationships with lenders, creditors, law firms, etc. , in order to attain the best possible terms of judgment settlement as well as reductions of this judgment for you.

Enjoy Life’s Opportunities with VISA

There are several credit cards out in the market but to some (snooty) people and, to some extent, merchants, unless the card you hold carry the words “VISA” then your card is considered insignificant. Well, not really insignificant, but somehow, a card that has the Visa logo has more clout and commands more “respect” among a host of international establishments than any other ordinary credit card.

What exactly is a visa card and why is it so special? Actually, a visa card is simply a credit card (by any financial institution) that is recognized by VISA. This is evidenced by the visa logo that is imprinted on the card face. Visa is, in actuality, a membership organization that is composed of over 20,000 financial institutions world wide. The members are dedicated to serving both the card holder and merchants recognizing their logo, by immediately processing payment of purchases anywhere in the world, at any given time. It simply means that, if your card carries the VISA logo, the chances that your purchase transaction will be declined is lessened.

Visa had its humble beginnings in 1958, when the BankAmericard program, an electronic payments system, was launched in Fresno, California by the Bank of America. In 1968, it was proposed that the licensed banks of the BankAmericard program bond together to form an association which will allow facilitate a centralized payments system that will greatly benefit all the members, and yet, at the same time, offer fair competition grounds for their own interests. The proponent of this idea, Dee Hock, became the new group’s first president. Two years later, the control and ownership of BankAmericard was transferred from Bank of America to the newly formed National BankAmericard, Inc.

In 1976, management of National BankAmericard decided to use a simpler, more memorable name that would be pronounced the same way, irregardless of language. It was at this year that the name “VISA” was born.

Today, there are more than 1.4 billion Visa cards in circulation all over the world, generating a vast $4 trillion in global sales from 160 countries. What makes Visa a popular choice among card holders is their flexibility in terms of point of sale transactions. Since the 1980’s Visa has allowed card-holders to make non-personal purchases to meet the needs of those who prefer to shop by mail or telephone. Visa is also the first bank to forge an affiliation with an ATM network, allowing cardholders to use their credit cards to withdraw cash, either from their bank account or as cash advances that will be reflected on their credit card bills.

These innovations and the security of knowing that all credit card purchases, wherever and whenever these are made, will be guaranteed, are some of the reasons why many people prefer to use a card that is recognized worldwide. Truly, you and your family can be assured that you will not miss out on anything and will be able to enjoy all of life’s opportunities when your purse carries a Visa.

This article is brought to you by, where you will find over 100 credit cards to choose from. After comparing credit card offers
, Card Ratings allows you to apply for the credit card of your choice by clicking the Apply Online button. All applications are secure, and in many cases you will receive a response right away.