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Hawala, or The Bank That Never Was
I. OVERVIEW
In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic). It is based on a...
Innovative "No Win...No Pay...No Risk" Attorney Lawsuit Loan Provides Law Firms Savvy Financial Options
Law firms work long and hard to achieve financial success. Today
however a team of professional financial consultants have
developed innovative tools to assist law firms achieve even
greater financial success via a unique program called...
New Bankruptcy Legislation May Make it Harder to Find an Attorney
The recently passed Bankruptcy Abuse prevention and Consumer Protection Act will make it harder for people with problem debt to have their debt eliminated through filing for bankruptcy. This new legislation will make it harder to have debts wiped...
Structured Settlements – Should You Sell Yours?
In recent years, it has become more common for victims of accidental injury who accept a settlement from the at-fault party to accept a structured settlement instead of a lump-sum payment. With a structured settlement, the injured party receives...
Utah, the Nation’s Bankruptcy Capital
Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act, designed to minimize frivolous bankruptcy filings and to require debtors to repay some of their debt. Once it takes effect in October, 2005, the law will make it...
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The Absolute Best Time To Sell Your Note
The Absolute Best Time To Sell Your Note
A note investment represents a valuable asset, and the decision
to sell can only be answered based on individual needs. It's a
fact that interest rates are now at an all time low, so
investors find notes that were financed under better terms more
attractive and without a doubt will pay more for the notes. If
you plan on keeping your note for the long haul, it is in your
best interest to manage it to the best of your abilities.
This means educating yourself, and having a strategy set in
place for when the borrower starts paying slow or stops paying
you all together. Research shows that around 37% of all
borrowers that are 60 days late on their note payments will
continue to be late. Also, studies show that about 21% of all
borrowers who are 60 days late on their payments will go into
default, then foreclosure.
The #1 mistake you may encounter as a note holder will occur if
you fail to do your homework at the beginning of the process. If
you did an inadequate job in obtaining as much information as
possible on the borrower's credit history, or failed to
structure the note for your protection, selling your note should
be an option to consider. Also, if you failed to facilitate an
exit strategy in the event of changing circumstances, this may
also be the best time to consider selling your note.
If you have a hard time keeping tabs on critical dates such as
tax payments and insurance renewals, you need to re-evaluate
your job as a note holder. Being a note holder is a full time
job, because like a job, your note provides you a monthly
income. The person who pays you monthly on your note should have
a copy of your collection process should there be a late payment
or problems making payments according to your agreement. If the
borrower provides you with signs that indicate future problems,
you may consider
liquidation.
It's a known fact that the majority of note holders really never
wanted the note in the first place, and once they realized the
inherent risks involved decide to sell. The savvy note holders
learn from their mistakes and get out from under a poorly
structured note or one with potential problems before it's too
late. There are several good questions you need to ask yourself
to determine if holding your note is a good idea, or if you
would be better off if you sold it. Here are a few questions to
ponder:
* Do you understand the risks involved in holding a note? *
Would you be affected if there were a breach in payments? * Do
you have any debt that you are paying interest on? * Is the
interest on that debt higher than the interest you are
collecting on your note? * How many more payments are due to
you, and will you need some cash before the end of the contract?
* What are you doing with the monthly income from your note? Are
you squandering the money or do you have the discipline to
invest this money into other cash flows, savings, vacation, etc?
© 2005 by Richard Wills
This article was written by Richard Wills, CEO at Charter West
Investments. He has written numerous articles and provided
financial and marketing consultation to countless individuals
and companies over the past 17 years. To learn more about cash
flow assets, visit: http://www.a-znotebuyer.com
About the author:
Richard Wills is an expert in private Real Estate Financing and
cash flow settlements. He is a former Licensed Real Estate
Professional and Bail Agent for the state of California, as well
as a noted author and consultant. He has helped 100s of business
owners, real estate professionals, attorneys, financial
planners, accountants and others, in converting paper assets
into cash. To learn more about cash flow assets, please visit
http://www.a-znotebuyer.com
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