February 2010

28 Feb Getting A Tax Refund? Just Say No To The Refund Being Loaded On A Credit Card!!

Recently, I discussed why consumers needed to rethink getting their tax refund quickly with a refund anticipation loan. The same tax prep companies that push the refund anticipation loan have a relatively new tool to help them make even more money (like the high interest is not enough?) from taxpayers. The loading of the refund anticipation loan (or the regular refund) on a prepaid credit card, issued through, of course, the tax preparation company. Today's warning involves the Emerald Card from H & R Block.
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28 Feb Transferring Rights to a Note

Foreclosure defense requires tracing the rights to a mortgage to make sure that the foreclosing party has the right to foreclose. It also requires tracing rights to the payment obligation represented by the underlying promissory note, to insure that the foreclosing party is actually owed the money. (A promissory note is a payment obligation. A mortgage creates a lien which secures a note's payment obligation and gives the right to foreclose on the lien.) By law in most states, if not all (Uniform Commercial Code, 3-203(c)), a note cannot be enforcedby an assignee. It can only be enforced by an endorsee.
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28 Feb Commissions, Wages, and Accounts Receivable

An individual filing for bankruptcy protection may have an asset in the form of compensation not yet received for work done before the filing. It can be wages, sales commissions, or accounts receivable for a self-employed filer. It caneven be work in progress but not yet billed. Theitems are really the same thing: Compensation which hasn't been paid yet for work already performed on the filing date. They are assets for bankruptcy purposes. And they allshould all be protected up to 75% of net compensation after taxesif state exemptions are used, which also permit use of applicable nonbankruptcy law.
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