Is A Loan Modification Bad For Your Credit?

One concern that many people have about getting a mortgage loan modification is how it will affect their credit rating. They may be in a position where a loan modification would help them, but they hesitate to pursue one for fear of harming their credit. At first, it might seem a minor issue. After all, a foreclosure is one of the worst things that can happen to your credit rating, so doing what you can to avoid it might seem like a no-brainer. But for those who depend on good personal credit – such as small businesspeople who need to maintain a healthy credit line to keep operating – there might be legitimate reasons to be concerned.

Long-term credit impacts may be positive

Depending on how your lender reports it to the credit bureaus, a loan modification can result in a drop in your credit rating. But at the same time, it’s going to have far less negative impact than a foreclosure or string of late payments, so in that case, it can actually help your rating in the long run. In most cases, borrowers seeking a loan modification are already going to be in some kind of financial difficulty. Many will have already begun missing payments or making late payments (defined as 30 days or more lately for credit reporting purposes), so they’re already suffering some negative effect on their credit rating. In fact, some lenders may not consider a loan modification until a borrower begins to fall behind on their mortgage, although this is not the case of all lenders or a requirement of the government’s Making Home Affordable program. Lenders will often report a loan modification to credit bureaus as a type of settlement or adjustment to the terms of the loan.

If it shows up as not fulfilling the original terms of your loan, that can have a negative effect on your credit. But the effect will be less and of shorter duration than a string of missed payments or a foreclosure would have. On the other hand, some lenders may not report a change as a settlement, meaning your credit would be unaffected. In this case, your credit rating could even improve, because your monthly payment would be reported as decreased. When negotiating a loan modification, ask your lender how they report it – they may even agree not to report it as an adjustment, particularly if you’ve been a good customer over the years. One particular credit problem has been associated with trial loan modifications under the government’s Making Home Affordable Program. In a trial modification, the homeowner is given a reduced payment schedule which, if maintained for three months, can be made permanent. However, some homeowners are reporting that their lenders are reporting them as failing to stay current on their payments during this period, since the reduced payment schedule is not yet official.

Trial modifications should be listed as current

The government has issued guidance to lenders that trial modifications should be listed as current, but on a modified schedule. This may still have a negative impact on your credit, but will not be as severe or last as long as a late-payment report. If your lender is not reporting your modified payments as current, you or your credit counselor can refer them to the guidelines posted on the Home Affordable Modification Program. Finally, it’s important to remember that at loan modification will likely have a different impact on your credit than refinancing your mortgage. A loan modification changes the terms of your existing mortgage, while a refinance is simply obtaining a new mortgage on better terms. A refinance should have no negative effects on your credit, other than possibly a small short-term debt due to the fact you’ve taken out a new loan. But otherwise, the effects should be minimal. A horrible economy, large lending losses and an uncertain future have everyone trying to insulate themselves from what I call a credit winter by tightening their belts and doing what they can to reduce risk and further losses. You are modifying your loan; bankers are cutting credit lines and raising interest rates. Because you are in the process of modifying your mortgage and have not completed the process, my initial reaction is your credit card limit is being reduced due to environmental issues and not because of your modification. However, if you are modifying your mortgage because you could not make your mortgage payment and paid late once, twice or more, then your credit card limit may have been decreased due to that negative activity on your credit report. Looking at your credit reports will tell you how your mortgage loan is being reported.

The modification, once completed, may negatively affect your credit score. It all depends on how the lender reports the change. For example, if the modification is considered a new loan and your principal was decreased, the lender may report your original mortgage as settled or charged off, which would be a fairly big negative for credit scoring. But if by modifying the loan you are avoiding a foreclosure, then you are avoiding a much larger negative entry on your credit report that would be far more devastating to your credit. If the modified loan is not considered a new or settled loan by your lender, then the only negative effect on your credit associated with the modification should be any late payments you made on the loan. Should you end up with a negative entry on your report due to the modification, it’s not the end of the world. Although the negative data will stay on your credit report for seven years, it will decrease in importance with every month that passes. New positive payment information can stay on your record for much longer and will help rebuild your credit usually in a year or two. Finally, be aware that credit may continue to tighten, meaning you will need a better credit record than usual to keep your credit lines in place. This will make saving for that rainy day or emergencies all the more important.

Mortgage modification is growing in popularity with more and more people facing foreclosure. Banks are turning to this method as an alternative to foreclosure and in some cases it is a good thing. Mortgage modification can help you under the right circumstances. However, you will want to make sure that you are getting the best deal before agreeing to anything.
Here is the good, the bad, and the ugly about mortgage modification.

The good thing about mortgage modification is that it can help you stay on your feet. Mortgage modification is designed as an alternative to foreclosing on a house or filing bankruptcy. If you are in deep, you will need help from somewhere. If you have to foreclose on your house, it will hurt your credit badly. You might not be able to buy another house for years. Therefore, anything you can do to get out of foreclosure is a good thing. Modification can help you by lowering your interest rate, lowering your payment, or getting rid of late payments for you. If you are behind on your payments, it can seem very overwhelming. If the mortgage lender is helpful, it can be a great asset to you and your financial situation.

Mortgage modification is not always in your best interest. If you can leave your mortgage alone and avoid modification you will usually be better off. A mortgage modification usually will negatively affect your credit. Anytime you do not pay off a loan like you agreed to pay it off, it can be reported to the credit bureaus. Usually you will have many late fees and missed payments if the house is close to foreclosure. Therefore, your credit score can be negatively affected from the mortgage modification process. Sometimes, mortgage modification is a big mistake. The mortgage lenders may just be in it to help them out and they don’t care about you. When this happens, just stay away from their offers and stick with your loan. One such example is in the area of blind loan modification. Blind loan modification is when the bank sends you an automated offer that is designed to get you to modify your loan. It will come with some seemingly attractive terms that entice you to accept the offer. However, when it comes down to it, the offer is not in your best interest. It is designed to help the bank in the long run and make them more money. The bad thing about blind loan modification is that the offer is generated by a computer instead of by a person.

It is not a special offer that was designed on your behalf from the bank. The bank will not be able to discuss it with you in detail. They just want you to accept the offer and start making your payments. Make sure that you understand what you are agreeing to with these types of deals. A loan modification is exactly what it sounds like: a change in the terms of a loan. The objective: achieve a lower, manageable monthly payment. Modification is an alternative to the messy process of foreclosure, bringing relief the homeowner (who gets to stay put) as well as the lender (which doesn’t incur the expense and time lost to foreclosure). It’s sort of a win-win, especially if the borrower is informed, organized, proactive and persistent.

Incidentally, loan modifications, like loan applications themselves, are for everyone who complained they’d never use algebra in real life. Payments are the result of an algebraic formula involving three variables:

principal, interest rate, and term (length of the loan). In a loan modification, applicants attempt to alter one or more of these variables to reduce their payments.

• Principal reduction: We begin with the holy grail of loan modifications — eliminating a portion of your original debt and recalculating your payments based on this new figure. Because the result is a direct hit to their bottom line, lenders are reluctant to saw off a portion of the principal; they much prefer to restructure troubled loans in other ways. If you are approved for a principal reduction, however, consult with a tax professional; the forgiven portion of your loan may be subject to income taxes as regular income.

• Lower interest rate: Your lender might be willing to negotiate a break on your interest rate. In some cases, a quarter or even an eighth of a point can make all the difference. This cut may be temporary, however; know the details of your modification and, if your reduction isn’t permanent, be prepared for when your rate, and payment, pop up again.

• Extended term: Lenders sometimes are willing to recalculate a loan based on a longer payoff schedule. A 15-year loan can stretch to 20 or 30. Be wary, however, of lenders offering to extend loans beyond 30 years; if the plan is to lengthen your mortgage to 40 years or more, scrutinize the modification for prepayment penalties. Make sure you won’t incur a sanction if you sell the house, or recover yourself sufficiently to refinance into a shorter loan.

• Refinance the loan: Modification generally is for borrowers who are in trouble on their mortgages and unable to refinance. However, under certain circumstances the house has plenty of equity, or the borrower has untapped resources even a problem borrower can refinance. Replacing your current loan for one with a lower interest rate, a longer term, or both, could drop your monthly payment substantially. The downside: There will be closing costs, and assuming you stay put for the duration of the loan you probably will incur higher total interest costs. Loan modifications, by contrast, can be completed faster and without processing fees.

• Convert to a fixed-rate: If you have a variable interest-rate loan that’s been ticking toward the point of breaking your budget, you’re definitely a candidate for a fixed-rate loan.

• Postpone payments: Suppose your financial bind is temporary. You’re caught between jobs (but you’re undeniably employable), you’ve encountered unanticipated medical expenses, or there’s been some other setback. If you’ve been a model mortgagor, you might be able to skip a handful of payments. Those payments are not forgiven; they’re tacked onto the end of your loan, so you’ll have to postpone your mortgage-burning party, or there will be a larger balance due when you sell your house.

While you’re at it: Look for other ways to save on your payments, especially if you are having your property taxes and insurance put into escrow.

• While county property assessors rarely make significant errors on the taxable value of typical homes, it’s never a bad idea to inspect your annual notice. A mistake in your overall value (overstating the number of bedrooms or bathrooms, or the size of your property) or the value of add-ons (a pool, or out-buildings, size of your property) could add substantially to your tax bill. Do your research, and then visit your county property appraiser’s website to learn how to challenge your valuation.

• Make certain your homeowner’s insurance is right for your needs. Review your deductibles. Don’t pay for coverage you don’t need. Shop your policy; prices can fluctuate widely within the same area, depending on how companies weigh various risks.

• Review your private mortgage insurance (PMI) status. Rising property values are your friend: Homeowners often can eliminate PMI premiums if their loan balance is less than 80% of their home’s market value.

Who Can Qualify for a Home Mortgage Modification?

Homeowners who have fallen behind on their payments, or are in danger of falling behind, and are faced with potential foreclosure as a result of unanticipated or unavoidable (and demonstrable) financial hardship may be candidates for loan modifications.
Examples of financial troubles include, but are not limited to:
• Unemployment or other loss of income
• Increased living expenses
• Medical bills
• Divorce or separation
• Death of a family member
• Disability
In virtually all circumstances, lenders will examine carefully the borrower’s claims and weigh them against the likelihood that when the crisis passes, the customer will be able to fulfill the obligations of the modified loan.

What Types of Loan Modification Programs Exist?

If nothing else, the Great Recession and mortgage crisis made lenders and mortgage-servicing companies more attuned to the needs of at-risk homeowners. (It helped to have Congress and the White House breathing down their necks, but let’s not quibble about progress.) Nowadays, most lenders have assorted programs designed to see borrowers through tough times while keeping them in their homes. If yours doesn’t, ask your lender or a Housing and Urban Development-approved counselor about your eligibility for programs that can assist you through the modification process.
Two federal programs adopted in response to the mortgage crisis are no longer with us. But substitutes are in place.
HAMP — the Home Affordable Modification Program — expired at the end of 2016. Its successor is the Flex Modification program, overseen by Fannie Mae and Freddie Mac. Borrowers whose mortgages are subject to Fannie or Freddie may qualify. HARP — the Home Affordable Refinance Program — helped refinance underwater homeowners into new, more affordable mortgages. HARP expired at the end of 2018. Now there are Fannie Mae’s High Loan-to-Value Refinance Option and, from Freddie Mac, the Enhanced Relief Refinance program.

What Steps Are Involved in a Mortgage Modification?

When you’re certain there’s going to be trouble, contact your mortgage holder (mortgagee) immediately, over the telephone or online. Explain your situation and inquire about the available options. Other factors being equal, lenders are more likely to work with at-risk clients who are proactive about their predicament. Modification applications vary from lender/service to lender/servicer. Most likely, you will be asked to provide proof of your financial hardship; some will require a letter explaining your hardship and why a modification is necessary. Beyond that, be prepared to document your finances in detail, no less than when you applied for your mortgage in the first place. Some of the information you’ll be asked to provide:
• Income: How much you earn, its sources, and other financial resources.
• Expenses: A record of your spending — how much, and where it goes; be prepared to categorize (housing, transportation, food, clothing, etc.)
• Documents: Back up your statements with paystubs (or profit/loss statements if you’re self-employed), bank and credit card statements, loan agreements, investment reports, recent tax returns and other vital documents.
Just like a mortgage application, a loan modification application can take hours to complete. Once you’ve gathered the documents and related information which can be time consuming, even for the well-organized applicant there will be forms to fill out. Also, your lender is likely to be extremely particular about how it wants information formatted. Once everything is submitted, make certain you keep your information updated, with replacement documents in timely order. A common complaint among loan modification applicants is that lenders ask for the same document over and over, most often because the original documents have gone out of date. (Yours isn’t the only modification they’re processing, after all.) It may take weeks before the lender provides an answer, and weeks more to alter your loan, if you get approved. (A majority of applications are denied.) Meanwhile, believe it or not, the clock continues to tick on foreclosure.

Loan Modification Attorney Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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ATV Accident Lawyer Orem Utah

The City of Orem was organized in 1919 and named after Walter C. Orem, President of the Salt Lake and Utah Railroad. Orem is now the commercial and technological center for Central Utah and is one of the fastest-growing metropolitan areas in the United States. Housing, educational, and employment opportunities continue to be in high demand as Orem’s population approaches 91,000 residents. The City of Orem is located on the eastern shore of Utah Lake and extends on the east to Provo and the foothills of Mount Timpanogos. It shares the general location with Provo, and its history is closely related to that of Provo.

Its recent explosive development and growth have resulted in Orem’s population exceeding 67,000 people, according to 1990 census figures. Prior to its incorporation, Orem was known as the “Provo bench,” and its fertile orchards and farmlands added to Provo’s early reputation as the “Garden City of Utah.” Orem was incorporated in 1919 because residents recognized the need to develop a water system for the area. Orem has little naturally occurring water, and local residents believed that Provo was unlikely to provide the public financing necessary to construct a water system. One of the first acts of the new town was to issue $110,000 in bonds to construct the water system, which solved the area’s long-standing shortage of water. The new town took its name from Walter Orem, the owner of the interurban railroad that ran between Salt Lake City and Provo, in an apparent attempt to curry the favor and attract the investments of this prosperous resident of Salt Lake City. Unlike many Utah towns and cities, Orem was not laid out in regular city blocks with houses clustered closely together. Instead, Orem’s origins are in homesteads settled along the territorial highway (now State Street) and along other substantial arteries where area farmers built their homes and to live near their fields and orchards. As prime farmland along primary roads was taken, farms sprang up in other parts of the “bench” that is now Orem, and rural roads soon crisscrossed the area connecting the farms. This type of development, known in Utah as the “Gentile manner,” differed from typical historical development by members of the Church of Jesus Christ of Latter-day Saints, who were often counseled by church leaders to live in the city and cultivate farmland outside its limits.

One of the cohesive influences in Orem has been the Sharon Community Educational and Recreational Association, better known as SCERA. SCERA was created in 1933 under the guidance of Arthur V. Watkins, then president of the LDS Sharon Stake and later a United States Senator from Utah, as a substantial community effort at “planned and organized recreation.” SCERA has fulfilled much of its anticipated role in the city since its birth in the depths of the Great Depression.
The first major evolution of Orem began in the early 1940s when the Geneva Steel Works was constructed by the federal government as an inland producer of steel. Built along the eastern shore of Utah Lake, Geneva has provided employment to many local residents, either directly or indirectly. In recent times, Geneva has spawned controversy because of increasing concerns over environmental damage caused by the plant and related concerns about lost employment which would be caused by the shutdown of the plant. USX Corporation, the former owner of Geneva, ceased active production of steel at the plant for a brief period in the mid-1980s and then sold the plant to a small group of investors who revived operations. (The steel plant has closed since this writing)
The second major change to the landscape of Orem came as many of its farms were converted to shopping centers and malls along State Street and the University Parkway, the intersection of which now probably stands as the focal point of the metropolitan Orem/Provo area. First the University Mall and later other malls attracted business away from downtown Provo, historically the central shopping area of Utah Valley. Little successful central planning has taken place in Orem, and it is as much without a central core now as it was when it was known as the Provo bench. Pockets of commercial and residential development dot the expansive area that is Orem.
The third major evolution of Orem has been caused by the city’s development as a center of computer technology and development. Giant WordPerfect Corporation, founded by a former Brigham Young University professor and one of his graduate students and headquartered in Orem, has provided the impetus for the creation of other computer software companies in the city. A fledgling entertainment industry, begun with the construction of Osmond Studios in northeast Orem, has also helped change the face of Orem.
Many of the past developments in Orem can be seen in the city’s present form. Orem’s proximity to the Wasatch Mountains and Utah Lake make it an all-season center of recreation. Geneva remains a large employer and a center of controversy. Often unchecked commercial development of the city continues. New high tech firms such as WordPerfect now compete with Geneva as the largest private employers in the city. Orem has come a long way from its days as the sleepy unincorporated Provo bench and even from its early days as an incorporated town comprised of scattered farms and orchards. It is now a vital city that must confront the issues that urbanization brings.

The population of Orem is approximately 88,328 (2010). The approximate number of families is 17,965 (1990). The amount of land area in Orem is 46.487 sq. kilometers. The amount of surface water is 0 sq kilometers. Orem is positioned 40.29 degrees north of the equator and 111.69 degrees west of the prime meridian. Orem elevation is 4,770 feet above sea level. The geography for Orem is Orem is at the base of the Wasatch Mountains in the area known as the “mountain land region.” The mountains spread out to the west into rolling hills and flatter areas with Utah Lake a prominent feature. Some mountains of the area rise up to 12,000 feet above sea level. Orem is a city in Utah County, Utah, in the north-central part of the state. It is adjacent to Provo Utah, Lindon Utah, and Vineyard and is about 45 miles (72 km) south of Salt Lake City. Orem is one of the principal cities of the Provo-Orem, Utah Metropolitian Statistical Area, which includes all of Utah and Juab counties. The population was 84,324 at the 2000 census, while the 2010 population was 88,328 making it the sixth-largest city in Utah. Utah Valley University (UVU) is located in Orem. The Orem Owlz of the minor league baseball Pioneer League plays their home games at the college. Orem uses the moniker “Family City USA”. In fact, in 2010 Forbes rated it the 5th best place to raise a family. The climate for Orem is moderate. Snowfall is 10-20 inches in town -with much more snow in the mountains for wonderful skiing. Orem average annual rainfall is 16 inches per year Orem average temperature is (January) 21; (July) 83 degrees F.
If you or someone you love has been injured in an ATV crash and it was somebody else’s fault, you may be able to receive valuable compensation for your loss. Some things can never be replaced, but through the legal process you may be entitled to compensation for medical bills, vehicle repairs, pain and suffering, loss of earning, and future loss of earnings. In the extremely unfortunate event that a death has occurred as a result of the crash, you can file a wrongful death suit.

Things You Need to Do after an ATV Crash

• See a medical professional. Minor injuries can turn into major problems, especially with the neck and back. You will also need documentation of your condition if you proceed with the legal process.
• Get as much information you can about the crash. Top items include the names, numbers, and addresses of all the people involved, including witnesses; the most precise location of the crash; information about the ATV, including the make and model number, etc. You will also need copies of all the insurance information.
• Do not talk to anyone about your accident other than law enforcement officials. Anything you say to insurance company representatives or investigators could make it harder for you to settle your claim. It is also a good idea not to sign anything, particularly some kind of release form, without talking to an attorney first. This is just a smart way for you to protect yourself.

• Keep in mind that you have a limited amount of time to file a lawsuit. There is usually a statute of limitations, or a legal deadline, for filing a lawsuit when it comes to ATV accidents. If your claim is not brought within that time, it may be barred regardless of its merits. It is best to not wait until the legal deadline to file a lawsuit.
• Consult a lawyer. You probably have a lot to handle right now. A competent lawyer can make sure everything gets done right. A lawyer can also make things a lot easier for you by negotiating with insurance companies and guiding you through the legal process.
Crashes Caused by a Defective ATV
Some collisions are caused by manufacturing defects. In legal terms, “manufacturing defects” are flaws in the manufacturing process that result in injuries. “Failure to warn” describes a situation in which a manufacturer knows of a hazard regarding the product and does not warn consumers about it. “Design defects” are errors in the product design that make the vehicle dangerous. People are winning defective product lawsuits against manufacturers. Hundreds of thousands of these products have been recalled since 2000. You may have the right to sue for compensation even if there is not a recall. If there was a recall of your ATV prior to your accident, a lawyers can help determine if the recalled part was the cause of your accident. Insurance companies will take into consideration many different factors when insuring your motorcycle in Utah. One company is not always the best fit for everyone that is why we compare companies for you. These factors include:
• Driving record
• Credit History
• Your Age, Address
• The Type of Motorcycle
• The Number of Drivers

Registering Your ATV
• If you operate or transport an ATV on public lands, roads, or trails, it must be registered as a recreational vehicle.
• To register an ATV, visit any Utah Division of Motor Vehicles (UDMV) office where you will complete a registration application and pay the required registration fee. When you go, take the following documentation with you:
• Proof of ownership, such as a title or bill of sale, and…
• The tax certificate from the county assessor of the county where the OHV is taxed and…
• The current registration card (for renewals).
• ATV registration is valid for one year and expires on the last day of the month when the OHV was registered.
• After receiving the appropriate documents and registration fee, the UDMV will issue two registration stickers and a registration card containing the vehicle number.
• The registration card must be carried on the vehicle and made available for inspection by law enforcement officers.
• Registration stickers must be visibly displayed on the vehicle in the following manner.
• Type I and Type II ATVs: Affix the stickers to the front and rear of the vehicle.
• Motorcycles: Affix the stickers to both sides of the fork.
• If an ATV is used only on a farm or ranch or for other agricultural purposes, it may be registered at a UDMV office as an implement of husbandry.

• The one-time registration fee is $10.00.
• The UDMV will issue an off-highway implement of husbandry sticker. The sticker must be affixed in a visible location on the left side of the vehicle.
• If you also operate the ATV on public property for recreational purposes, the ATV must be registered as a recreational vehicle.
• Dual-sport off-highway motorcycles may be registered as recreational ATVs or as street-legal vehicles. To be street legal, the motorcycle must have the required safety equipment, pass a state safety inspection, and carry proper insurance.
• If your ATV is currently registered and you wish to renew, you may do so online.
• ATV operators who are not residents of Utah must purchase a non-resident permit for each ATV they bring into Utah.
Meeting ATV Helmet Requirements
Each year a majority of the fatal ATV accidents in Orem involve someone not wearing a helmet. Some of these victims could have survived had they been wearing a helmet. A helmet is the most important piece of equipment you can own. DOT-approved ATV or motorcycle helmets are required for all ATV operators and passengers under age 18. Bicycle helmets do not meet this requirement.

ATV Lawyer in Utah Free Consultation

When you need a personal injury attorney for an ATV accident in Orem, Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Foreclosure Lawyer Salt Lake City Utah

If you are facing foreclosure, speak to an experienced foreclosure lawyer in Salt Lake City, Utah to know if filing for bankruptcy is an option for you.

The practice of pledging property as security, essential in the acquisition of rights in land and improvements through borrowing, is as old and as ubiquitous as property itself. In its simplest form a pledge is signified by the pawn ticket; in real estate financing it has become elaborate, formal, and rigid.

The most common instrument to pledge an interest in land and improvements is known as a “mortgage.” In its earliest form in Anglo-Saxon communities, the mortgage was a deed, that is, it transferred to the creditor both title and possession or occupancy. This deed, however, contained a defeasance clause which provided that if the debtor faithfully and punctually performed his obligations, the title, possession, and occupancy pledged would revert to him and the entire transfer would be null and void. If the pledge was redeemed, the transaction was dead, and the debtor recovered his rights.

Today, the mortgage is essentially unchanged in form, but its content and effect have been radically modified. Now, as a result of legislation and court decision, any instrument the purpose of which, either expressed or reasonably implied, is to pledge rights in land and improvements as security for the performance of obligations, is a mortgage; and “once a mortgage, always a mortgage.” Even though the defeasance clause be purposely omitted, if the intent of the parties can reasonably be interpreted as that of pledging rights as security, the instrument and its effect are as though the defeasance clause were included.

In addition, the transaction no longer transfers use and occupancy. In effect, after the transaction, the debtor remains in possession the same as before; and the rights of the creditor become enforceable only upon the debtor’s default in meeting the obligations. In other words, the mortgage gives the creditor a lien against the rights of the debtor, enforceable only after default.

Through the years, the rights of the creditor have become further modified. He no longer comes into full possession of the rights of the debtor, even after default. Instead, he has only the right to demand that the pledged property be offered for sale to satisfy the obligation. If at the sale the obligation is satisfied, the creditor has no further interest. Unless he becomes the purchaser at the foreclosure sale, the interest of the creditor in the pledged property becomes extinguished with foreclosure and sale. He may have other recourse on a bond or note which the mortgage secures, but his rights under the mortgage are exhausted.

It must be emphasized that the interest of the creditor in the property pledged by the mortgage can be enforced only in the future; so long as the obligations of the debtor, under the terms of the agreement, are discharged, the latter has possession and use of the pledged property, free of any interference by the creditor, unless the agreement provides otherwise. Because of his interest, however, the creditor does have an equitable right which enables him to prevent dissipation of the pledged property; otherwise, its management remains in the hands of the debtor until he has defaulted.

Within the framework of such general rules of law or equity, so firmly established as accompaniments of the relationship of mortgagor and mortgagee that they cannot be waived even by agreement, the provisions of the mortgage instrument establish and determine the obligations of the debtor. They may also limit or enlarge the powers and privileges of the mortgagee. In general, any provision may be included by agreement which does not forfeit in advance basic rights of the mortgagor. These are protected as a matter of public policy because the debtor is sometimes a necessitous borrower. As such, he is protected against forfeiture in advance of the right to reclaim his pledge and, in most jurisdictions, against the extortion of an unconscionable rate of interest. The term of the loan (the time or times, place, and manner of its repayment), the rate of interest within the maximum, with reasonable penalties for not meeting payments on the due date, or allowances for payments made in advance of their due date, and readjustments or changes in the scheduled payments which may come into effect in certain specified contingencies, these and many other details may be provided for in an agreement embodied in the mortgage instrument.

Within the limitations of law, then, there is ample opportunity for adapting the mortgage instrument to the circumstances peculiar to each transaction. Once executed, its provisions can be changed only by mutual consent, but in its preparation the mortgage instrument is susceptible of great adaptability. Much of its rigidity is the unnecessary result of custom or the routine use of standardized provisions.

Homeownership is heralded for its financial benefits, and indeed, homes are the largest asset of most Americans. But homeownership also comes with burdens. For almost a century, government and private entities have measured the burden of homeownership by relying on ratios of households’ housing costs to their incomes. Government entities have used housing cost ratios for many purposes, including most recently as guideposts for loan modifications aimed at preventing foreclosure. Private sector institutions, including the mortgage industry, have used such ratios to determine whether households are qualified for home mortgage loans and to determine loan amounts.

Housing cost burdens are crucial measures of the financial well-being of Americans. For most families, the cost of housing is their single largest expenditure.1 If households spend a disproportionate share of their incomes on housing, then they may not have enough money for other expenses, such as health care, child care, or transportation, that are essential for a decent standard of living. Homeowners who spend a high fraction of their incomes on mortgage payments and related housing costs also are at a higher risk for default and foreclosure. Because housing consumes a disproportionate share of their incomes, these families have limited budget flexibility to respond to increases in expenses and may be at heightened risk of financial distress.

The U.S. housing market meltdown of the late 2000s—driven quite significantly by mortgage defaults of households with unaffordable loans— sparked much debate about mortgage underwriting standards and the risks of homeownership.

Since 2007, the United States has been in a home foreclosure crisis. Many home mortgages made between 2001 and 2007, either for purchase or refinance, were subprime or nontraditional loans that included features like adjustable interest rates and optional payment amounts. Borrowers may not have fully understood these complex terms and certainly could not manage the escalating payments in an economy of widespread unemployment and declining home prices. Such loans have caused millions of families to lose their American Dream of homeownership, have cost investors billions of dollars, and have pushed the entire economy into a downward spiral. Experts predict that more than half of all subprime mortgages granted after 2000 will end in foreclosure.

Plummeting home values and rising unemployment have spread the pain beyond subprime borrowers. Many prime borrowers with fixed-rate loans now owe more on their mortgages than their homes are worth and cannot afford the ongoing payments.

In their first years, such private and government-sponsored programs have helped very few families, and the modifications offered all too often lead to quick redefaults. For example, the Home Affordable Modification Program (HAMP), launched in March 2009 with $75 billion in incentives to lenders, was intended to bring about the modification of three to four million home mortgages. Eighteen months later, only five hundred thousand mortgages had been permanently modified. Even more discouraging were federal government predictions that 40 percent of those modified mortgages would end in renewed default within five years.

The grim reality is that most seriously delinquent homeowners will lose their homes. The policy emphasis on foreclosure prevention has diverted attention from the epidemic of inevitable home loss and involuntary relocation. Scholars and policymakers know very little about home loss, yet millions of families have already lost their homes and millions more will suffer the same fate. Studying the painful process of involuntary home loss is a vital prerequisite to the development of policies intended to ease the transition out of homeownership and soften the financial and emotional consequences of home loss. Any meaningful reformulation of the American Dream of homeownership has to be sensitive to the fallout from the wave of foreclosures that has swept the nation.

What Bankruptcy Offers Homeowners in Financial Distress

The fear of losing a home is a major driver of families’ decisions to file for bankruptcy. Nine out of ten of these homeowners said that keeping their homes had been “very important” when they filed. Only 5 percent of homeowners resign themselves to home loss at the time of filing for bankruptcy, agreeing in their bankruptcy court documents to surrender their homes to mortgage lenders. The vast majority of homeowners enter bankruptcy wanting to fight to keep their homes, looking for help from the law in staving off foreclosure and becoming current on their mortgage obligations.
Homeowners who are and remain current on house payments through a bankruptcy case will not lose the home to their mortgage lender during the case.

Many debtors who file for bankruptcy, however, are behind on their mortgage payments. By the time they file, some are a few months late and others are on the eve of a foreclosure sale. Homeowners desperate to save their homes often seek refuge in bankruptcy court, but they find only limited relief there. Bankruptcy does not reduce the principal or interest on a home mortgage, absent the unusual situation of a lender consenting to a modification of the loan. If homeowners simply cannot make the ongoing payments after the interest rates on their mortgage loans have risen, bankruptcy law does not rewrite those loans to lower the interest rates or to subsidize mortgage payments.

Bankruptcy does, however, offer some specific provisions to help homeowners who are behind on their mortgages and want to catch up on missed payments. Chapter 7, the most common type of consumer bankruptcy, usually delays a creditor from foreclosing for a few months and permits a debtor to discharge credit card and some other debts, freeing up income that can then be used for house payments. When the debtor is in default, the lender usually will wait three to six months for the bankruptcy case to end and foreclose at that point. The lender’s more expensive option is to ask the court to permit foreclosure before the bankruptcy case ends, which sometimes will be granted. Chapter 7 also protects the debtor from having to pay a deficiency. Foreclosure sales often net far less than the amount due on the mortgage, and in most states, the debtor owes the lender the difference, called a deficiency. Chapter 7’s debt forgiveness would cover that deficiency. Thus, Chapter 7 debtors may lose their homes in bankruptcy, but mortgage lenders normally cannot take other assets or garnish wages to collect a deficiency because bankruptcy discharges that obligation.

Chapter 13, the other common type of consumer bankruptcy, was designed to help debtors keep their homes, but as in Chapter 7, the home mortgage loan cannot be modified. Absent unusual circumstances, the principal of the debt is still owed and interest rates normally cannot be modified. However, Chapter 13 allows debtors to stop a foreclosure and cure a default due to missed payments by repaying the amount in arrears over the next three to five years. Debtors can catch up on these missed payments without creditor consent, but they must get bankruptcy court approval of their repayment plan. To do so, debtors must first persuade the court that they will be able to make each future house payment as it falls due, plus have enough income to cover payments previously missed. Then debtors must make those payments as promised. However, much can go wrong over the three to five years of a Chapter 13 repayment plan. Only one-third of debtors succeed in making all the payments due; most Chapter 13 cases fail within a year or two.\ For homeowners in default, foreclosure likely will soon follow their missed payments and the dismissal of their bankruptcy case. Thus, although bankruptcy has a home-saving purpose, the outcome can sometimes be home loss.

If you are facing foreclosure bankruptcy may be an option but it depends on your specific case. Consult an experienced Salt Lake City Utah foreclosure lawyer.

Salt Lake City Foreclosure Attorney Free Consultation

When You Need Foreclosure Help In Utah, Please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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Personal Retirement Accounts And Your Family

There are two primary reasons to record your family in your personal retirement accounts.

First, after your death, you want to make sure that your family has the right to claim any benefits that are due and owing to you from your retirement account. Second, if you become legally incapacitated and can no longer function enough to claim and manage your benefits from your retirement accounts, then you will want to make sure you appoint someone to be in charge, typically a family member.

In order to make any necessary tasks for your family easier, you should always maintain a folder that contains information about any personal retirement accounts, pension plans, Social Security benefits and annuities. By keeping such a folder, you make it that much easier for your family to keep track of your financial affairs.

This article is designed to lay out what happens to your retirement accounts and other benefits after your death, and it provides suggestions for making personal retirement accounts easier for your family to deal with.

Retirement Accounts after Death

In most retirement account plans, there is an option for you to name a beneficiary. The beneficiary is the person that you appoint to receive any benefits left over in your retirement account after your death (it is easiest to appoint a beneficiary of your personal retirement accounts here rather than in your will). If you die with money remaining in your retirement account, the person you named as beneficiary will receive the benefits left over in the account without having to go through probate court.

401(ks) and Pension Plans

For some types of retirement accounts, such as 401(k)s and most pension plans, the law requires that you name your spouse as your beneficiary unless he or she signs a form that gives up this right. For other accounts, such as IRAs and employer profit-sharing retirement plans, you are free to name any beneficiary that you wish. Keep in mind that if you live in a community property state (such as California), your spouse is automatically entitled to half of any money in your retirement account that you earned while married. If you and your spouse do not want to leave all of your retirement accounts to each other, you should research the laws in your state and plan accordingly.

One way that people often avoid probate court for much of their property is to setup a living trust and name the trust as beneficiary for many items. However, many retirement accounts are already exempt from the probate laws so there is no point in naming the trust as the beneficiary. If you do name the trust as the beneficiary of your retirement funds, you may be restricting what your real beneficiaries can do with the money.

Social Security Benefits after Death

Your surviving family members may be eligible to receive your Social Security benefits after your death if they meet certain requirements. Oftentimes, your family members may receive the full retirement amount that you would have received.

In order for your spouse to qualify to receive your Social Security benefits, he or she must be:
• At least 60 years old; or
• At least 50 years old have be disabled; or
• Any age if your spouse is caring for your child that is under the age of 16 years old or is disabled and receiving Social Security benefits.
In order for your children to be eligible to receive your Social Security benefits, they must be unmarried and:

• Less than 18 years old; or
• Between 18 and 19 years old and attending elementary or secondary school full time; or
• Over the age of 18 but severely disabled, with the disability starting before he or she turned 22.

There are other people that can qualify as beneficiaries of your Social Security benefits, like your parents that are dependent on you, your divorced spouse, your grandchildren and your stepchildren.

Get a List of All of Your Personal Retirement Accounts and Benefits
Procrastination can lead to a world of trouble for your family when it comes to your retirement accounts and benefits. Everyone should make a list of all of their accounts and benefits that they have and keep the list in a folder that at least one other person knows the location of. Making the list shouldn’t take long and can save a lot of trouble down the road.
At a bare minimum, you should make a list of all of your retirement accounts and benefits, whether or not you are receiving payments from the account currently. This list should include things like:

• Your employer-sponsored pension or retirement plans;
• IRAs, including traditional, Roth, SIMPLE and SEP-IRAs; and
• Keogh, employer profit-sharing plans, or 401(k)s you set up for being self-employed as a small business owner.
Then, for each account that you have in the list, mark down the following information in an easy to understand format:

• The name of the entity that manages the account (such as a bank or financial manager);
• The number of the account or some other way of identifying it;
• Contact information (phone number, address) of the person in charge of your finances;
• Whether you currently are receiving benefit payments and how much the payments are;
• The beneficiary listed on the account; and
• The location of your financial plan statements.

You should also include your Social Security benefits in this list as well.
Lastly, because financial plans and circumstances often change, be sure to look at this list at least once a year to be sure that it is up to date. If, for example, you start drawing more or less per month from your retirement account, you should indicate this.

Securing and Storing Your Documents and Information

The above list and any additional documents you are going to store together will probably contain some fairly sensitive financial information. Because of this, it is important that you store it in a secure location, like a lockable file cabinet or a fireproof safe. However, after you store it, or while you are doing so, you need to be sure to tell at least one person close to you about your storage place. In addition, if you have named an executor of your will or an agent to oversee the disposition of your property after your death, be sure that he or she will receive this information in a timely manner.

Retirement Attorney Free Consultation

When you need legal help with a retirement lawyer in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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ATV Accident Lawyer Bountiful Utah

Bountiful is a suburb of Salt Lake City with a population of 43,568. Bountiful is in Davis County and is one of the best places to live in Utah. Living in Bountiful offers residents a sparse suburban feel and most residents own their homes. In Bountiful there are a lot of parks. Many families and young professionals live in Bountiful and residents tend to be conservative. The public schools in Bountiful are highly rated.

Can You Sue For An ATV Accident Injury Or Wrongful Death In Bountiful Utah?

Although all-terrain vehicles, also known as ATVs, are often used for fun outings and are popular sport vehicles, they can be quite dangerous and may lead to serious injuries in the event of an accident. Like any personal injury claim, the viability of a case depends on the facts surrounding the accident that caused the injury. Some of the more significant injuries that can result from these types of wrecks include:
• Traumatic brain injuries (TBIs)
• Broken bones
• Burns
• Lacerations and bruises
• Paralysis
• Death
If you were injured in an ATV accident, or if your family member passed away, you may be able to file either a personal injury claim or a wrongful death claim to fight for the compensation you and your family need.

Different Kinds of Damages in ATV Accidents

Injuries from ATV accidents can be severe because, like bicycles or motorcycles, there is hardly any external protection for riders of these vehicles. Just as in a car accident, someone who is at fault for your injuries in an ATV crash can be held responsible for compensating you for your medical bills, lost wages as a result of your injury, the loss of your ability to return to a similar level of employment, and the costs of repairing or replacing any damaged property. Additionally, you can sue for non-economic damages such as your pain and suffering and, in some wrongful death situations, the loss of consortium you experience from being deprived of your spouse. Finally, there are some ATV accidents that may lead to extra compensation known as exemplary damages. Utah Practice and Remedies Code §41.008 allows for this extra compensation in cases in which the at-fault person exhibited extremely negligent behavior. For example, even though an ATV is very different from a car or truck, it is still illegal to operate such a vehicle while intoxicated. If you are injured in an ATV accident in which the driver was drunk driving, the court may decide to punish the at-fault driver for their willful disregard for your safety and the safety of others.

Possible Defendants in ATV Accident Cases

• Drivers: The driver of the at-fault vehicle, be it the ATV you were riding on, another ATV, or a totally different kind of vehicles like a car or truck, can be at fault for your injuries if they are the primary cause of the accident. If they were distracted by texting and driving, for example, they would be held liable. Since the passage of House Bill 62, texting and driving is illegal throughout Texas.
• Manufacturers and Designers: If the ATV accident in which you were injured is the result of a faulty product, the manufacturer or designer of that product can be held liable for your injury. In order for this to be the case, typically you must show the following three facts to be true:
 The product was defective.
 The defect caused your accident and subsequent injuries.
 The ATV was not significantly altered since its sale.
• The Property Owner: In certain cases, the owner of the property where your accident occurred can be held responsible for your injury. Maybe you or your loved one operated the ATV in a reasonably safe manner and encountered some dangerous part of the property of which you were not made aware. As long as you were on the property legally, you may be entitled to compensation.

Compassionate Care from Your ATV Accident Injury Lawyers

A lawyer can never say definitively whether someone does or does not have a good lawsuit without knowing all of the specific facts involved in your individual situation. But generally, the answer to this question is yes. Off-road vehicles and ATVs are very different than cars in many respects. They do not (for the most part) have doors, windows, airbags, regular steering wheels or pedal brakes . . . nor do they operate normally on the roadways running in and around. Thus, they are not treated exactly like cars when it comes to personal injury or wrongful death lawsuits in the courts. However, with all of this said, there are also many similarities. Primarily, the accidents that happen on off-road vehicles or ATVs are caused by some of the same factors as those in regular cars or trucks: driver error, driving while intoxicated, mechanical errors, and much more. Thus, there are some wrecks in these vehicles that can be treated the same legally. The best way to know what type of case you are dealing with, and what legal rights you may have as a result in a court of law, is to speak with an experienced attorney who has dealt with similar cases before. There is very rarely a substitute for knowledge, expertise, and real-world experience. If you or a family member has been injured or even killed in an accident involving an off-road vehicle or ATV and you think that the accident was not your fault, we recommend that you contact an attorney as soon as possible. Your lawyer can guide you along the way of deciding whether you have a case, and if applicable, helping you to file and prosecute it. Most good attorneys will offer you a free, no-obligation consultation in their office as a way for you to decide if they are the right one to handle your case. If you choose to go forward, you will likely have to pay nothing unless you win your case. So really, there is very little risk at all for you to take action.

Settlements, Compensation and Hiring a Personal Injury Lawyer

While all-terrain vehicles (ATVs) are safely used and enjoyed by thousands of Americans each year, they also can be extremely dangerous. Recreational ATV accidents claim more than 700 lives annually and injure another 135,000, according to the Consumer Product Safety Commission (CPSC). About one-third of fatalities and injuries each year are to children under 16 years old. In the workplace, ATV accidents claim the lives of about 11 people a year and injure another 163, according to the Occupational Safety and Health Administration (OSHA). ATV accidents can result in a traumatic brain injury. The most common of these is a closed head injury. ATV accidents can occur for a variety reasons; many are due to negligence on the part of one of the drivers.

Victims harmed because of ATV negligence are entitled to compensation to finance their medical expenses, and to address their pain and suffering. An ATV accident is legally defined as any situation with an ATV that results in property damage, injury and or/death. These accidents are usually caused by the negligence of one of the drivers. Victims of ATV accidents cannot obtain compensation without first proving negligence to an insurance company or court. To prove negligence, victims must show that the ATV accident:

• Caused harm
• Was caused by another party’s carelessness
• Is the fault of that party, who is therefore responsible for compensation
In cases where more than one party is at fault, liability is distributed based on the estimated percentage of fault. In legal terms, this concept is known as comparative negligence.
Compensation can be awarded in order to cover a variety of expenses, including:
• Lost Income
• Lost Prospects
• Medical Expenses
• Physical & Psychological Pain
• Property Repairs
These values are determined by insurance companies and juries, which normally use predetermined formulas. Some states have no-fault insurance laws, which are intended to minimize claims from less significant accidents, as well as encourage prompt compensation for medical expenses and lost income. However, these laws can sometimes prevent victims from receiving other types of compensation. For this reason, many people in no-fault insurance states seek the services of personal injury attorneys. If you have been the victim of an ATV accident, a personal injury attorney can provide you with examples of settlements and court awards related to ATV accidents.

Factors Contributing to ATV Accidents

Many factors contribute to ATV accidents. Most fall into two categories: operator behavior and equipment failure.
• Operator Behavior: Operator behaviors, including those listed below, lead to many ATV accidents.
• Driving without proper training: ATV safety education certificates and a valid driver’s license are required by very few states and then only on ATV-designated public roads. This means that many ATV operators do not have formal training. Lack of training can lead to serious mistakes, especially while crossing rough terrain, climbing steep slopes or traveling on paved roads (ATV tires are not designed for pavement). These mistakes can lead to a collision with another motor vehicle, collisions with stationary objects or other non-motorized objects or a non-collision accident, such as a rollover. If you have been involved in an accident caused by an untrained or inexperienced ATV operator, you may be entitled to compensation.
• Hauling a passenger(s) or load against manufacturer’s recommendations: Many ATVs are not meant to carry a load or additional passengers. Adding a passenger or load increases the vehicle’s weight and hinders the vehicle’s maneuverability, increasing the likelihood of a rollover. Though all ATVs are manufactured with published weight limits, an untrained or inexperienced operator may not realize the dangers associated with an overload.
• Allowing children to operate adult-size ATVs: Most serious ATV accidents involving children happen while they are operating adult-size ATVs. Adult-size ATVs have engine sizes and speed limits that require more strength, ability and experience than most children possess. The ATV industry recommends:
• Engines under 70 cubic centimeters (cc) for children 6 to 12 years of age
• Engines 90 cc and under for children 12 to 16 years of age
• Engines over 90 cc only for ATV operators age 16 and older
ATVs designed for children can be adjusted for maximum speed limits. The following speed limits are recommended by ATV manufacturers:
• Fifteen miles per hour for children ages 6 through 11
• Thirty miles per hour for children over age 12
In addition, the ATV industry recommends that a child be supervised by a responsible adult while operating an ATV. This also is the law in many states. If your child has been injured as a result of operating someone else’s adult-size ATV or operating someone else’s ATV without adult supervision and without your permission, a personal injury attorney can help you determine if your child is eligible for compensation.
• Driving on public roads: ATVs are rarely allowed to operate on public roads because of the possibility of a collision with a motor vehicle. Where ATVs are permitted, ATV equipment requirements may be imposed, including:
 Headlights & taillights
 Brakes
 Muffler
 Spark arrester
Government negligence can be present when an ATV accident happens on a public road. For example, if a road sign warning of an intersection or other hazard is missing, obscured by foliage or faded for an extended length of time, a government entity may be liable. There are specific rules and time limits for filing an ATV accident claim against a government entity. For more information, contact an ATV accident attorney.

 Driving under the influence of alcohol, drugs or medications: In most states, operating an ATV under the influence of alcohol or drugs is a criminal offense and, therefore, prosecuted in a criminal court. However, a civil suit against the alleged drunk driver can be filed and compensation obtained, regardless of the verdict in the criminal case. In some cases, the accused will retain an attorney to fight DUI charges to protect his or her legal rights
 Other dangerous behaviors: Driving on paved roads, driving over terrain that is too rough and /or steep and traveling too fast for the terrain are also common contributing factors leading to ATV accidents.

ATV Equipment Failure

Some ATV accidents and resulting injuries are caused by equipment failure. Common equipment failures leading to an ATV accident and injury involve the following:
 Throttle
 Brakes
 Tires
 Steering mechanisms
 Suspension
 Lighting equipment
A defective helmet also would constitute a design failure. A flaw might be present in the chinstrap, the outer shell of the helmet or the cushioning liner and padding inside the helmet. Helmets that do not meet U.S. Department of Transportation standards should not be worn. Equipment failure often is due to negligence on the part of someone involved in the manufacture or maintenance of an ATV. Victims of defective equipment or poor workmanship are eligible to file personal injury claims and earn compensation. Many well-known class action lawsuits are filed against manufacturers of products with design flaws. Victims can also pursue legal action against technicians or service shops when faulty repairs lead to equipment failure. If you suspect equipment failure or an ATV manufacturing defect contributed to an ATV accident in which you or a loved one were involved, be sure the ATV is preserved so that it can be used as evidence in a trial, if necessary. You should also consider contacting a personal injury attorney to determine your legal rights.

When You Might Need a Personal Injury Attorney

While some ATV accident claims are handled through insurance companies, many victims choose to seek out the services of a personal injury attorney, who can help them reach a settlement with those responsible or file a lawsuit seeking compensation for their suffering. Auto accident attorneys with experience handling ATV accident lawsuits can thoroughly evaluate your case and help file claims against negligent drivers, manufacturers or technicians.
The assistance of an attorney may be necessary if:
 The insurance company refuses to fully compensate you for medical expenses, property damage, lost income, psychological pain and/or lost prospects. This situation is most common in no-fault insurance states.
 You are experiencing prolonged delays in settling the claim.
 Your claim is denied by an insurance company or a government entity.
 The negligent party is not insured.

Bountiful Utah ATV Accident Attorney Free Consultation

If you or a loved one has been in an ATV Accident in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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