Showing posts with label Insurance companies. Show all posts
Showing posts with label Insurance companies. Show all posts

List of all insurance companies in india and which one is the best of them

Auto Insurance Quotes ~ List of all insurance companies in india and which one is the best of them

1. Bajaj Allianz Life Insurance Company Limited
2. Birla Sun Life Insurance Co. Ltd
3. HDFC Standard Life Insurance Co. Ltd
4. ICICI Prudential Life Insurance Co. Ltd.
5. ING Vysya Life Insurance Company Ltd.
6. Life Insurance Corporation of India
7. Max New York Life Insurance Co. Ltd
8. Met Life India Insurance Company Ltd.
9. Kotak Mahindra Old Mutual Life Insurance Limited
10. SBI Life Insurance Co. Ltd
11. Tata AIG Life Insurance Company Limited
12. Reliance Life Insurance Company Limited.
13. Aviva Life Insurance Co. India Pvt. Ltd.
14. Sahara India Life Insurance Co, Ltd.
15. Shriram Life Insurance Co, Ltd.
16. Bharti AXA Life Insurance Company Ltd.
17. Future Generali Life Insurance Company Ltd.
18. IDBI Fortis Life Insurance Company Ltd.
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20. AEGON Religare Life Insurance Company Limited.
21. DLF Pramerica Life Insurance Co. Ltd.
22. Star Union Dai-ichi Life Insurance Comp. Ltd.

LIC is the oldest player in the market . It is the market leader. However, some other companies also offer good innovative products. All insurance companies are regulated by the IRDA and are equally reliable.
Posted by Nikkei 225 at 08:58
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When disaster hits your supply chain, insurance will pay

Auto Insurance Quotes ~ When disaster hits your supply chain, insurance will pay : NEW YORK — It might be inconceivable to small-business owners that a disaster hundreds or thousands of miles away could shut them down. But the earthquake and tsunami in Japan have interrupted shipments of parts and finished goods to companies in the U.S., and led many of them to call their insurance carriers.

These companies bought policies known as contingent business-interruption insurance, or CBI. These policies will reimburse a company for its expenses and lost profits when it can’t operate because a disaster has struck a supplier.

It’s a type of insurance that companies of all sizes can discover too late that they should have bought. One with foresight, ON Semiconductor Corp., said last week it was working with its insurers to recover losses because its supply chain had been disrupted by the March 11 quake.

Interruption insurance

First, let’s define business-interruption insurance. It pays a company’s expenses such as rent and salaries when the business is shut down by a disaster such as a tornado or fire. Or when there’s a power outage. It is usually part of a standard business owner’s policy.

Contingent business-interruption insurance kicks in when your supplier can’t operate, and therefore you can’t operate. Even if your company hasn’t suffered damage, if you’re unable to conduct business normally because of your vendor’s problems, this kind of coverage will pay your expenses. The disaster could, like the Japan quake, be thousands of miles away or in another country.

Loretta Worters, a vice president at the Insurance Information Institute, said CBI often applies only in the case of a disruption from a direct supplier. If the company that is shut down is a vendor to another company that in turn supplies your business, you might not be reimbursed under your policy. When you buy the insurance, you need to be sure about when you can and cannot recover your losses.

Earthquakes and floods

Not every supply disruption is covered automatically when you buy CBI. Worters says that disruptions resulting from earthquakes and floods might not be covered unless a company buys CBI with that kind of coverage. That’s not surprising because companies that buy insurance for their property have to get separate policies for earthquakes and floods. Worters said that companies should check with their insurance brokers or carriers to see if their CBI includes such disasters.

Companies with suppliers in any earthquake-prone area such as Japan or California should consider buying the additional coverage.

Most business owners also should consider coverage for disruptions caused by flooding. Even companies that aren’t in areas at risk for floods can find themselves shut down by rising waters. It takes only a few days of rain to start a flood.

Worters said that a shutdown because of nuclear contamination is not covered under CBI.

So, if a Japanese company can’t operate because it has been contaminated by fallout from the damaged Fukushima nuclear plant, its customers would not be reimbursed.
Posted by Nikkei 225 at 02:48
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RAC raised my premium for a crash that wasn't my fault

Auto Insurance Quotes ~ RAC raised my premium for a crash that wasn't my fault : A careless minibus driver admitted liability straight away for hitting my car but the case is still open.

Last April, while legally parked, my car was hit by a minibus which was attempting to squeeze down the narrow road. The driver admitted liability straight away and said his son would do the repair work. I declined this and the work was undertaken by my insurance company, RAC. I paid the £100 excess and heard no more.

When the insurance renewal notice arrived in February, I was horrified to see my premium was increasing by £700 to £1,031 because the other side hasn't paid yet. RAC says it will refund the extra once the case has been closed. I can't afford to pay so much for something that wasn't my fault.

I am at my wits' end. I cannot believe they have left it for 10 months with no contact and I now have two weeks to sort this before the renewal date. I could look for a new insurance company but would have to declare this ongoing dispute. JG, Southsea, Hants

The RAC has confirmed the other driver's insurer has still not paid up, so it is still regarded as a fault claim. The RAC is pushing the company to treat this as a matter of urgency but has agreed to honour your full no claims discount and requote on the correct basis. The new figure is still high because of price rises and January's 1% increase in insurance premium tax. Instead of £1,031, the correct premium is £764 but the RAC has agreed to accept £600.

You can email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. The newspaper accepts no legal responsibility for advice.

Posted by Nikkei 225 at 02:40
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Autism Day Celebrated With Walk, Signing

Auto Insurance Quotes ~ Autism Day Celebrated With Walk, Signing : WHEELING - Autism Day was celebrated Saturday at Wheeling Jesuit University with an Autism Walk and the ceremonial signing of the Autism Insurance Bill by Acting Gov. Earl Ray Tomblin.

More than 200 walkers made five laps around the indoor track of the Alma Grace McDonough Center to bring awareness to autism. Following the walk, Tomblin addressed the walkers and used numerous pens to sign the document which he officially signed into law on Friday.

Kathy Shapell, executive director of the Augusta Levy Learning Center in Wheeling, which treats autistic children, said, "It's a great day in West Virginia. This will have a big impact.

"This (insurance bill) will help thousands of children get the help they need," she added.

In addition, she said 90 percent of children with autism who receive early intervention and treatment can be helped and 50 percent of those children will be able to become indistinguishable from their peers and not need services again.

The Applied Behavior Analysis and treatment, offered at the school costs $36,000 per year per child, or about $3,000 per month.

The Autism Bill will require insurance companies to pay $30,000 of that. Shapell said in the long run it will actually save the state money because life-time care will not be necessary for many.

Gretchen Hercules of McMechen, the mother of a 5-year-old autistic son, said passage of the bill "is a big burden off your shoulders. It was a big worry about money."

Tamra Aman of Huntington has twin 4-year-old autistic sons. "I came up here for the Augusta Levy Center. His signing this bill is a wonderful thing," she said. "We had to give up our home. Had this passed a year ago we could have kept it.

"It amounts to about 47 cents per month per household in the state," she continued. "With this, children are going to be able to get the much needed therapies. Before it was the haves and have-nots. I don't want other people to have to give up their homes."

Prior to the ceremonial signing, Tomblin read a proclamation which designated Saturday as Autism Day and April as Autism Month in West Virginia. He noted autism is the third most common developmental disorder.

When signing the bill he said, "This will allow families to get the important therapy they need to help their child connect and communicate with others."

To date, 23 other states have passed similar legislation and several others are planning to introduce it.
Posted by Nikkei 225 at 02:34
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New Hires and Promotions at Aon Risk, Provider, PMA, CPCU Society, GTCR, Western Security and MOC - Around the Industry

New Hires and Promotions at Aon Risk, Provider, PMA, CPCU Society, GTCR, Western Security and MOC - Around the Industry

 

Auto Insurance Quotes : New Hires and Promotions at Aon Risk, Provider, PMA, CPCU Society, GTCR, Western Security and MOC - Around the Industry

Peoples and Places

Cafferelli joins Aon Risk Solutions as managing director: Aon Risk Solutions announced that Joe Cafferelli joined the firm as managing director in the Phoenix office. In his new role, Cafferelli is responsible for business development and managing client services to answer the increased demand for risk counsel and insurance solutions in Arizona. Cafferelli is a proven business producer and will deliver distinctive value to Aon Risk Solutions’ book of business by accessing the firm’s global network of content and capabilities. Prior to joining Aon, Cafferelli was a senior vice president for 9 years with Willis.

Cubano joins Provider as personal lines account manager: Lynn Cubano has joined Provider Insurance as a new personal lines account manager. In this role, Cubano will be responsible for acquiring new clients and expanding existing client accounts in the personal lines division which includes managing auto, home and umbrella policies. Cubano brings more than 16 years of insurance experience to Provider specializing in customer service, quality control and the sale and underwriting of all property and casualty insurance to current, new and prospective clients.

Erickson joins PMA as account executive: PMA Management Corp. announced that Krystal Erickson has joined the organization as account executive for Florida. Erickson will be responsible for growing PMA Management Corp.’s workers’ compensation, commercial auto and general liability Third Party Claims Administration (TPA) business, as well as its unbundled risk control services, in Florida.

CPCU Society names Wilson 2010 George M. Gottheimer Memorial Award recipient: The Independent Insurance Agents & Brokers of America (IIABA) has announced that Bill Wilson, associate vice president of education and research and IIABA Virtual University director, is the Chartered Property Casualty Underwriters (CPCU) Society’s 2010 George M. Gottheimer Memorial Award recipient. The award was presented by the CPCU Society Consulting, Litigation & Expert Witness Interest Group and is bestowed annually to a CPCU Society member who has made an outstanding contribution to the field of insurance education, risk management or insurance consulting. Wilson is the former director of education and technical affairs for the Insurers of Tennessee and was a licensed insurance and surplus lines agent.

GTCR forms Assured Agencies: GTCR, a leading private equity firm, has entered into a partnership with Jim Henderson and Tom Riley to form Assured Agencies (Assured). The new company, headquartered in Lake Mary, Fla., will focus on building a leading middle market insurance brokerage firm. GTCR, the firm that pioneered the Leaders Strategy of partnering with proven executives in growing industries to create market-leading companies, plans to invest up to $250 million of equity capital to support the strategy. Henderson, a 35-year insurance industry veteran, was formerly vice chairman and COO of Brown & Brown, where he executed numerous acquisitions and had operating responsibilities over various business segments. Henderson will serve as CEO, and Riley will join Assured as COO and president. Riley spent 21 years at Brown & Brown, where he was most recently regional president and CAO.

WSS promotes four regional presidents and territory managers: Western Security Surplus Insurance Brokers Inc. and West-Pro Insurance Services has promoted four employees to regional president/territorial manager, and will oversee one of the four newly designated regional offices. The headquarters will remain in Pasadena, with the MGA division – West-Pro Insurance Services – in Plano, Texas. An additional California location in Orange County will soon follow the current WSS offices in Pasadena/Los Angeles, Roseville/Sacramento and Plano/Dallas, Texas; with additional offices planned for South Texas and the South East region. Andrea Zenner has been with WSS since 1988 and is currently the Pasadena branch manager. Her territory will be Los Angeles, Santa Barbara, Ventura, San Luis Obispo and Kern counties. Wendy Clinton started with WSS in 1996 with the Pasadena office and has also worked in the Orange County office for several years. Her territory will include Orange, San Diego, Riverside, Imperial and San Bernardino counties. Barbara Carey began her career with WSS in 2003, and has more than 20 years experience serving the retailers in Northern California. Her territory will include all counties north of Inyo, Tulare, Kings and Monterey counties. Ron Klimek, vice president of marketing and business development, will oversee the territory in Texas and be directly involved in the expansion into the southern part of the state.

MOC promotes Angka and Perlite: MOC Insurance Services has promoted Carmina Angka to senior vice president and Paul Perlite to vice president. Angka joined MOC in 1995, previously worked as an underwriter for Zenith Insurance Co. and as a policy analyst for Industrial Indemnity. She oversees all services provided by the workers’ compensation team at MOC and is a leader on MOC’s executive group. Perlite joined MOC’s real estate team in 2004 and was elevated to manager of this group in 2007. Prior to joining MOC, he was a claims manager at Nationwide Insurance.

Posted by Nikkei 225 at 09:46
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San Diego's First Urgent Care Center Franchise Opens

San Diego's First Urgent Care Center Franchise Opens

 

Auto Insurance Quotes : San Diego's First Urgent Care Center Franchise Opens

It’s no secret that for over a decade now, health care costs (not to mention gas prices, car insurance rates, and university fees) in the U.S. have been sky-rocketing while worker’s earnings have been itching to catch up. Not only are expenses at a staggering high, but access to urgent and emergency care doesn’t nearly equate with how costly they are. The urgent care process is rather unpleasant, with the waiting in what seems to be an interminable line of patients, some of whom not nearly in as much pain as you are.

There is now a more efficient system for those seeking immediate, yet not life-threatening medical attention. San Diego has now become home to Doctors Express, the nation’s first urgent care franchise that recently celebrated its grand opening in Oceanside on February 26.

An unlikely duo, local business woman Kari Knowles and board-certified family care physician Alireza Etamadi are teaming up and combining their business and medical expertise to actualize a concept seldom attempted and frankly, even heard of by most. Knowles has overtaken the business aspect and left her partner-in-crime, Dr. Etamadi to manage his highly skilled team of physicians to focus on his patients. Both professionals hope to refurbish the pre-existing expectations patients have when they walk through hospital doors -- patients usually expect uncaring medical personnel, lengthy wait times, and overpriced medicinal care.

Here are a few facts to illustrate just how dire the healthcare crisis is and how drastically it burdens the ill: Patients now spend on average a total of four hours and seven minutes in the ER. The average wait time at a Doctors Express is promised to be 15-20 minutes at the most. Approximately 17 percent of all visits to hospital emergency departments across the United States could be treated at retail medical clinics or urgent care centers, theoretically saving $4.4 billion each year in health care costs. And, the icing on the cake- on average, an ambulance is turned away every single minute because emergency rooms are far too overcrowded to admit new patients, regardless of how severe their wounds or symptoms are.

However, Doctors Express hopes to serve as a saving grace through their extensive range of services offered then and there. Experienced physicians will diagnose and treat disorders, distribute medication, provide x-rays and offer fast test results for conditions like mono or strep throat.

There is a pressing need for this kind of health center specifically catered to patients of any background in need of prompt, yet not so pricey, treatment.

According to the U.S. Census Bureau, Hispanics currently make up 31 percent of the overall population in San Diego County alone. Knowles and Etamadi have employed three Spanish-speaking medical assistants on staff to attend to the needs of the rapidly growing Hispanic population in San Diego County.

So, what is to come for this revolutionary movement in the health care system? Currently, there are 28 Doctors Express centers successfully operating across the country. A total of 81 franchises have been awarded in 23 states and 40 will be operating by the end of the first quarter of this year. The long term goal is to have 1,000 Doctors Express centers throughout the nation in the hopes that quality and consistent healthcare treatments are available around every corner. With the triumphs of Doctors Express already endured nationwide, one can only predict that this brand new center in Oceanside will undergo as much success as its predecessors. 

Posted by Nikkei 225 at 09:17
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Compare Wells Fargo to Bank of America for Short Sale Negotiations

Compare Wells Fargo to Bank of America for Short Sale Negotiations

 

Short Sales are not easy transactions and this article will deal with the many facets of this transaction. A seller of a property does not have a choice about which bank they will do a short sale with, but agents do need this guide to help them package and have approved a short sale in record time. Agents now have help from the government in this process. It is time to ask yourself, "Is the new electronic filing more efficient than dealing with Loss Mitigation officers one on one?

The government has now implemented a plan to aid banks and Realtors in the closing of short sales. Effective in April of 2010 banks will have ten days to approve or reject a short sale package. A package can only be submitted once a viable offer is in escrow with an earnest money deposit. The buyer must be fully qualified also.

The new Obama plan will give the seller moving money in the amount of $1500 and compensate the 2nd trust deed with $3000. This amount should help negotiate any lien on the property, but it is possible that it will not be enough. Many agents in the past have turned down short sales due to the fact they had no ideal how to negotiate additional liens on the property. Hopefully these new guidelines will help in closing many short sales, whether with Bank of America or Wells Fargo Bank.

Bank of America Short Sale Guidelines:

Bank of America has a new electronic program called Equator. It is "suppose" to make filing a short sale more efficient and faster in reaching the main Loss and Mitigation Department. As part of their program, the bank requires each homeowner to seek modification with the HOPE program prior to applying for a short sale. So the ten day guideline specified by the government would only begin when all other requirements are followed.

As part of the short sale package, the owner must submit a HUD-1 statement. Any package without this statement must have their package delayed until this statement is submitted. Any short sale package that is not complete,could see weeks in delays as the package would be put on the bottom of the pile. Once the home is sold Bank of America wants to have the Realtor submit a request through their electronic system for a short sale. The bank will look at the figures and then answer as to whether a short sale is desired by the bank. This process should take no longer than four days.

After the original request is approved, the bank will order a full appraisal of the property. It is possible to fight the appraisal, but it is good to have all comparables ready for the appraiser to see your side. After the appraisal is back and agrees with the selling price, the bank will want the following information:

*Purchase price and Net sheet

*HUD 1 statement

*Funds and/or a earnest money deposit in escrow from the borrower

*Information about the buyer

*A deficiency letter signed by the borrower

*Explanation of the hardship

*Most recent month's income verification or if self employed, last 3 months P&L

*The most recent year's tax return

If the short sale package is approved, the loan will need to be closed quickly and normally the Broker's commission is reduced. It is wise to expect that the bank will take longer than ten days to reply. While waiting for final approval, continue with the loan so that the buyer can move as soon as possible. Bank of America is easier to deal with than Wells Fargo in short sale negotiations.

Wells Fargo Short Sale Guidelines

Wells Fargo like Bank of America want to see the home sold first. The listing agent will normally contact the Loss and Mitigation department that the home is listed and fax comparables on homes recently sold in the area (very low end ones). After the home is sold all the items listed above will be needed to be sent to Wells Fargo Bank.

The package should be mailed in hard copy to the bank and one faxed also. When contacting the bank that the home is listed, Wells Fargo will send their guidelines by return fax along with the commission that they will pay both the selling and buyers agents. Commission is never negotiated. Most banks feel that if they must compromise on price so should Brokers.

Wells Fargo does not have an electronic system, but they must comply closely with the government's guidelines to approve a short sale in ten days. Wells Fargo is harder to get approved than Bank of America and the person submitting a short sale through Wells Fargo should be prepared with a complete application that will be closely scrutinized by their loan committee.

Be careful not to lie on the application as all facts will be checked thoroughly. Normal procedures with all banks is to order a credit report from all three bureaus, appraisal of the property, verification of employment, bank deposits and recent withdrawals. If there is money in the bank, remove it prior to beginning a short sale.

Bank of America vs Wells Fargo:

No matter which of these very large banks you are dealing with, they will be thorough and tough. Have your paperwork together prior to the home selling. Be prepared with many comparables to show your selling price and have a hardship of the sellers documented. The banks will not accept a short sale below market value. It is your job as agents to search for very low comparables and fight for the short sale (fiduciary duty).

Having a short sale close quickly means to be prepared with a complete package and it means using tact with the officer involved on the case. No matter what they say, agree and then thank them. After this transaction is closed, you will hopefully see many more referrals. 

 

Posted by Nikkei 225 at 02:52
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How to Stop a Wells Fargo Mortgage Foreclosure

How to Stop a Wells Fargo Mortgage Foreclosure

 

Millions of Americans are currently having trouble making mortgage payments. And if you're one of the unlucky ones, the most important thing you can do is to contact your lender immediately. Lenders like Wells Fargo Bank are keen to help borrowers meet their payments. It's important too that you don't despair and think missing a payment is going to end with a foreclosure. But, if you're behind with payments or in danger of missing one, you've got to take action as quickly as possible. If you are a Wells Fargo customer phone them. Each lender has a different policy when it comes to its mortgage aid procedures. Here's what you can expect to hear if you're Wells Fargo customer.

Instructions

  1. Wells Fargo is very clear about what a mortgage customer should do if they're at risk of missing a payment.
    "The sooner a customer notifies us of a problem, the more options we'll have available to help," the bank says.
    "Homeowners should begin by calling us and expressing their interest in keeping their home; the sooner a homeowner reaches us, the more options we have to find a solution. Timing is critical for borrowers facing financial difficulty."

  2. Customers should contact the appropriate Wells Fargo office:
    Wells Fargo Home Mortgage Customer Service: (800) 678-7986
    Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
    Wells Fargo Financial: (800) 275-9254
    Wells Fargo Home Equity: (800) 944-4601
    The customer's most recent statement or payment coupon provides the best information about which number to call.

  3. Wells Fargo says that the troubled borrower can prepare for the call by gathering income and expense documentation including pay stubs, household bills such as utility and telephone bills, grocery expenses, transportation costs and any other required expenses that the household must meet each month such as school fees or college tuition payments.
    Additionally, customers need to know their loan number, which is listed on their monthly statement.
    "This helps us understand the customer's complete financial picture," the bank says, adding that, even if the customer is too depressed and panicked to gather all the information they should still get on the phone.
    "The most important thing is to call," Wells Fargo says.

  4. Wells Fargo Home Mortgage says it has a number of options available to help customers facing financial difficulties and, which will gladden every homeowners heart, only uses foreclosure as a very last resort.
    "We make every attempt within the confines of investor requirements to develop an individualized solution that helps our customers get through a difficult time so they can stay in their homes," the bank says.

  5. One Wells Fargo option that may be offered to troubled borrowers is a "Repayment Plan."
    "A repayment plan is one of the more common solutions we employ for customers in default," the bank says. "It is a plan that allows the customer to cure the delinquency over time, while still making their regular mortgage payments."

  6. Another option that may be available is called a "Loan Modification."
    "Customers in default may also be given an option to modify their current loan," Wells Fargo says.
    "A loan modification changes one or more terms of the original note, such as the interest rate or unpaid principal balance. A loan modification brings a delinquent account current because the past due interest and escrow are added to the unpaid principal balance, which is then re-amortized over the new terms."

  7. Another possible Wells Fargo option is "Partial Claim" of "Claim Advance."
    "For some customers who have loans insured by HUD or a private mortgage insurance company, a partial claim or claim advance may also be an option," the bank says.
    "In this situation, HUD or the mortgage insurer would advance funds to reinstate all or part of the past-due payments and the customer would sign a note to HUD or the mortgage insurer for the amount of the advance. The note can sometimes be secured by a subordinate lien on the home.
    "The borrower would resume regular payments on the loan and is responsible for payment of the note to the insurer. Oftentimes, repayment of the note isn't required until the time that the mortgage is paid off, thus not increasing the borrower's monthly mortgage payment."

  8. If you want to put it all behind you, a further option from Wells Fargo is the "Short Sale."
    "A short sale can be considered for borrowers who wish to sell their home," the bank says.
    "The proceeds of the sale are used to pay off the mortgage. Any amounts still remaining due on the loan may be waived.
    "This option is generally available when market conditions place the home' s value at an amount less than the total amount owed and resulting sale proceeds are short of total amount owed to pay off the mortgage obligation."

  9. And yet another option for the beleaguered borrower is the "Deed-in-lieu."
    "A deed-in-lieu is an option that allows the borrower to voluntarily transfer the property back to the investor rather than foreclosing on the property," Wells Fargo explains.
    "This is based on investor approval and determined based on the reason for hardship. In some cases, a borrower may be required to contribute funds to facilitate this transaction. It may also be required that the borrower list the property on the market at fair market value to attempt to liquidate the property prior to acceptance of a deed-in-lieu."

  10. Wells Fargo says it will not usually accept partial payments of money owed.
    "Unless the customer has a partial payment agreement in place with our loss mitigation department, we cannot accept partial payments," the bank explains.
    "Without a prior arrangement, if a partial payment is received, the funds are deposited in a holding account known as suspense. The funds will remain in the suspense account and the loan is not credited until additional funds are received to make the full mortgage payment."

  11. Wells Fargo says they are always willing to work with customers and are able to provide help to a majority of those in trouble with payments.
    "We will be able to help most customers, but not all," the bank says.
    "For example, if the loan they have with our company is sold to investors, we look for solutions that align with the customer's financial circumstances while respecting the contract requirements that we have with investors.
    "Customers should continue to stay in touch with us to see if new solutions become available that might work for their situation.
    "As our economy and interest rates continue to change, solutions may be available today that were not available a month ago.

  12. Wells Fargo says the process of offering mortgage help does not differ much for either a homeowner who is missing a regular payment or a homeowner whose mortgage is about to reset.
    "Borrowers only need to make sure they contact the correct Wells Fargo customer service team," the bank says.
    Again, those numbers are:
    Wells Fargo Home Mortgage Customer Service: (800) 678-7986
    Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556

  13. Wells Fargo says there are generally no fees associated with a particular workout option for borrowers, but that this can vary based on individual cases.
    "Fees that may already exist on the loan -- for example, attorney fees for a foreclosure -- must be dealt with in some fashion through that particular workout option," the bank says.

Posted by Nikkei 225 at 02:48
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Wells Fargo Short Sales – What You Should Know

Wells Fargo Short Sales – What You Should Know

 

Wells Fargo will work with you in a short sale. However, just as with any other lender the process can be tedious at times. Here are some tips to avoid a bit of the hassle.


Situations that help!

As a general rule of thumb if you in debt far more than what your house actually costs then you qualify for a Wells Fargo Mortgage short sale. However, this is applicable if you have a single mortgage currently. In case you hold two mortgages and both happen to be with Wells Fargo then you will find it little easy to figure out the situation. Even in cases where you have loans with two separate lending agencies you might qualify for a Wells Fargo short sale. However, this will happen only if and when you present a clear case that you cannot afford the current mortgages. Also when you hold mortgages with different lenders (not Wells Fargo) then the process of getting a short sale through them is much tougher. That makes sense logically as Wells Fargo is incurring a loss which they didn’t take on in the first place!


You do not get the cash

 
When you perform a short sale through Wells Fargo you are not going to get any of the money (see wells fargo cd rates). Whatever amount the buyer has promised to pay will all go to Wells Fargo. This is in spite of the fact that the amount quoted is much lesser than what the home is worth! However, short sales are a convenient way to get away from the rigors of mortgage payment. At least you do not have to end up paying the entire amount and it is any day better than a foreclosure which can be disastrous on your credit score!


Negotiation is possible

If you are worried about your credit score getting affected by a short sale then there is hope now. Wells Fargo allows you the option of negotiating with them to prevent a foreclosure from leaving a black mark on your credit report.


Getting an agent is a great idea

 
Chances are the short sale process will be a long drawn out affair. Therefore doing it all by yourself and negotiating the terms can be a very harrowing experience. The best way to avoid this is to hire an agent. This agent needs to be motivated to go the long distance with you and present the case in your favor. Often short sales take really long to materialize and investing in a good agent can work to your advantage.


Keep a record

Whenever you have any conversations or written communication with Wells Fargo make sure to keep a record of it. You could tape the conversation or note it down. Also note down names of personnel whom you have spoken to at Wells Fargo. That way if they choose to deny anything they have promised you have evidence. It will also reduce chances of dissimilar facts being stated by different agents in Wells Fargo.


What I Did In My Short Sale

 
What I did (hiring a real estate agent with short sale experience) worked for my situation. It may not for your short sale, but I found it the best option. Working with a real estate agent you at least can get a background on the person, and if they work for a larger brokerage you know they have resources to help you. Think short sales are hard for you? They are equally as hard on the real estate agent! Getting a short sale deal done (especially right now with the overwhelmed lenders like Countrywide) takes alot of work. I do think its the best option vs. foreclosure though. You can also read my 7 steps to a successful short sale guide.

 

Posted by Nikkei 225 at 02:42
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Short Sales and How to Deal With The Bank

Short Sales and How to Deal With The Bank

 

There needs to be a guidebook written for short sales that would give the seller or the buyer specific instructions on how to close the perfect deal, but there is not and never will be two exact closings. Each bank is different and each buyer is different. Some short sales have co-borrowers who need to be quick-claimed off the deed and some short sales have liens involved.

A lien is a mortgage in 2nd, 3rd or even 4th position. There are very few mortgages with a 4th mortgage against it due to the fact that it is in a very dangerous position. When there is a foreclosure, the 1st home mortgage loan is paid from the proceeds of the sale first and then the subordinate loans are paid afterward.

So the 2nd is paid after the 1st and the 3rd is paid after the 2nd mortgage loan. If a buyer is contemplating on purchasing a home in a short sale, before making an offer, they should request a title report showing if there are any additional loans on the property. This should be a prime consideration before making a bid on the home and maybe a warning to avoid the short sale all together.

How to Negotiate a Short Sale With Bank of America
Bank of America is the easiest bank to deal with and may help in negotiations on the liens. They have in the past paid a full commission to the Brokers, making them eager to accept short sales with Bank of America too.

Usually the stipulation with Bank of America is that they want the loan. This is normal in many of the cases and it perfectly acceptable. Their appraisers are lenient and if the appraiser does not agree with the sale price, the loan officer may help negotiate a higher appraisal with the Broker to close the deal.

Rule number one is to have a loan officer at Bank of America the seller has clout with, so when the main office calls about negotiating the sale and setting up the appraisal, the paperwork for the loan is already in the works. As in all short sales, be very kind to the Loss and Mitigation Department and follow their instructions very carefully.
 

How to Negotiate a Short Sale With Countrywide

Countrywide is a bit tougher than Bank of America, but again Countrywide wants to close the deal. They will cooperate with repairs on the property and will give extra time to accommodate repairs necessary for FHA or VA loan approvals.

They will never pay more than a 5% commission, so when listing the property write this commission on the listing. It is better to state the commission upfront as not to have complications with the selling agent down the road. Some selling agents will back away when told at a later date that the commission is less.


How to Negotiate a Short Sale With Fannie Mae

 
Fannie Mae is the most difficult to deal with concerning a short sale. They not only have their appraiser's working on the case, but they will contact outside Brokers to check on the short sale package validity. They will check all the "I's" so make sure the package is exact.

Understand that the seller must work with a government entity here and they are exact in every way and they have the facilities to check on the full background of the seller. Be careful with this type of short sale and allow extra time to close the deal.

The package to Fannie Mae must look official, typed with labels and make sure everything is included in the package. An incomplete package will be put at the bottom of the pile and just may be delayed too long to get a satisfactory result.


Short Sales and Closing

To fully understand short sales, here is a very important article on closing a short sale in 30 days or less, How to sell your home quickly using a short sale.

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Posted by Nikkei 225 at 02:35
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how to negotiate short sale with bank of america

how to negotiate short sale with bank of america


Bank of America Short Sales and Negotiations

Bank of America has been under attack for their slow approval rate in some cases in the eastern part of America. They have reported to of hired 3500 additional personnel to speed up the process and comply with the new Obama short sale guidelines that will come into effect in April 2010.

In many states Bank of America has processed short sales efficiently and without any problems, such as in California. There will be always locations that have problems due to different loss and mitigation officers and their guidelines. This article is aimed to show a simple way to comply with Bank of America, both efficiently and quickly.

Preparing the Home for Listing on a Short Sale
One of Bank of America's requirements is that the owner of the property must contact the Workout/Hope center to discuss modification of the loan first. The owner of the property needs to prove that they tried to negotiate a reduction in interest terms prior to beginning the short sale process. The telephone number for the HUD center is 1-800-669-0102.

read more: http://www.suite101.com/content/bank-of-america-short-sales-and-negotiations-a200826


Bank of America - Short sale with collectible Debt

Hi,
Home in VA, served as my primary residence for 2 out of last 4 years. $333k owed on primary loan with BofA (Bank of America) $110k owned on secondary which is a heloc with BofA

I have got a very good contract for short sale that has been presented to the bank. Contract price is $401k. Primary/First trust gets fully paid off. The second (heloc) gets $39k.

I was excited that this would be slam dunk but BofA has come up with the following on acceptance letter from the second:

"BofA accepts the short-sale with $39k. The bank will release the lien and charge off the remaining debt as collectible balance. Our recovery dept will be in contact with you to collect this balance. Will report the account to credit bureau as "charged off" with remaining balance showed as owed to BofA"

read more: http://www.loansafe.org/forum/short-sale-outpost/4932-bank-america-short-sale-collectible-debt.html


Negotiating a Short Sale with Bank of America 2nd Mortgage

So the short sale package is submitted and now it’s time for negotiating the short sale with Bank of America. I finally get a loss mitigator assigned to me and she said that if I ever need to call her, call the main number and have them IM her so she can get on the call because she works remotely.


I’ve done this many times and have had to argue with the customer servicer person to IM her now. A lot of them refused at first and then they eventually do it. Why is it soooo hard for them to do something so simple? Then I finally get my loss mitigator on the phone. She looks over the numbers and said the appraisal came back higher and they will not negotiate the short sale….WHAT?!?!?

They are in 2nd position which means they will get wiped out if it gets to foreclosure and they get NOTHING! With dealing with Bank of America, they really don’t care about their customers. I’ve gotten feedback from other people who worked on short sale with Bank of America and they have the same problems. Bank of America doesn’t care if the property goes into foreclosure. We try to save people from foreclosure but Bank of America really doesn’t care.

read more : http://www.examiner.com/real-estate-in-seattle/negotiating-a-short-sale-with-bank-of-america-2nd-mortgage
Posted by Nikkei 225 at 05:45
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is bank insured for a foreclosure

is bank insured for a foreclosure


Bank of America sues insurance provider over foreclosure claims


CHARLOTTE, N.C. -- Bank of America Corp. is suing its mortgage insurance company for denying its claims. It's the latest twist in finger-pointing over the mortgage crisis.

The bank says that Old Republic Insurance Co., which Bank of America paid to insure it against losses on potential borrower defaults, is "manufacturing excuses" to deny the bank's claims. In a lawsuit filed last week in district court in Charlotte, it calls Old Republic's conduct "aggravating and outrageous," and says Old Republic is making "unreasonable interpretations" of the requirements in its policies.

Old Republic says it is denying claims where borrowers misrepresented themselves or where the bank is missing paperwork, according to the lawsuit. The bank says that borrowers didn't misrepresent themselves, that Old Republic had ample access to Bank of America's loan books, and that any missing paperwork has "nothing to do" with the claims.

"This is just the next phase of the crisis," said Keith Gumbinger, vice president of HSH Associates, a mortgage analysis firm. He said he hadn't heard of any similar lawsuits but expects more to appear, especially as banks try to offset their losses on mortgages, which could spiral as they're forced to buy back soured loans from Fannie Mae and Freddie Mac. "With all the losses in the past couple of years, everybody's trying to recover their money any way they can."

read more: http://www.wcnc.com/news/business/Bank-of-America-sues-insurance-provider-over-foreclosure-claims-107069619.html




How to start a Clean Foreclosed Business Cleaning out Foreclosures




START A PROFESSIONAL CLEANING RECESSION PROOF BUSINESS


You will need a business plan and an outline of what your objectives will be for foreclosure cleaning. You must be able to answer the question of why you want to start a cleaning business? You must understand what it will take to get licensed and insured to handle foreclosure cleanup requests from Realtor, mortgage companies, REO's.

3 THINGS YOU SHOULD KNOW BEFORE YOU START A CLEANING BUSINESS

FIRST YOU NEED TO SET UP A WEBSITE SO YOU THAT A PROFESSIONAL WEB PRESENCE ONLINE CAN BE ESTABLISHED RIGHT AWAY, I KNOW YOUR PROBABLY THINKING THIS WILL TAKE TOO MUCH TIME, BUT ACTUALLY IT IS NOT THAT HARD AND THE PAYOFF IS WELL WORTH THE EFFORT.

Bank of America sues its insurance provider over foreclosure claims


Bank of America Corp. is suing its mortgage insurance company for denying its claims. It's the latest twist in finger-pointing over the mortgage crisis.


The bank says that Old Republic Insurance Co., which Bank of America paid to insure it against losses on potential borrower defaults, is "manufacturing excuses" to deny the bank's claims. In a lawsuit filed last week in district court in Charlotte, it calls Old Republic's conduct "aggravating and outrageous," and says Old Republic is making "unreasonable interpretations" of the requirements in its policies.


Old Republic says it is denying claims where borrowers misrepresented themselves or where the bank is missing paperwork, according to the lawsuit. The bank says that borrowers didn't misrepresent themselves, that Old Republic had ample access to Bank of America's loan books, and that any missing paperwork has "nothing to do" with the claims.


"This is just the next phase of the crisis," said Keith Gumbinger, vice president of HSH Associates, a mortgage analysis firm. He said he hadn't heard of any similar lawsuits but expects more to appear, especially as banks try to offset their losses on mortgages, which could spiral as they're forced to buy back soured loans from Fannie Mae and Freddie Mac. "With all the losses in the past couple of years, everybody's trying to recover their money any way they can."


"You kind of knew it would happen sooner or later," added G. Martin Hunter, a Charlotte attorney who represents borrowers in foreclosure cases.


Bank of America says that between 2002 and 2007, it bought insurance from Old Republic to cover potential losses on some $2.2 billion of its loans. The bank would be responsible for losses up to $220 million, or 10 percent of the total, before insurance would kick in.


According to the lawsuit, Old Republic's advertising promised banks that it would free them up to make more loans. When a borrower defaults on an insured loan, "it becomes our expense not yours," Old Republic said, according to the lawsuit. "You have no aggravating foreclosures that waste your staff's time ... which can be better spent generating new business loans," the insurance company told banks, according to the lawsuit.



read more: http://www.tradingmarkets.com/news/stock-alert/bac_bank-of-america-sues-its-insurance-provider-over-foreclosure-claims-1301960.html
Posted by Nikkei 225 at 05:23
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Wisconsin, Ohio public employees are not overpaid

Wisconsin, Ohio public employees are not overpaid

 

Contrary to conventional wisdom that public employees across our nation are collecting bigger paychecks than their counterparts in the private sector, the Economic Policy Institute has found quite the contrary. That's true in Wisconsin and Ohio, which have become the latest battle fronts in the right-wing's 65-year-long effort to gut the legal collective bargaining rights of Americans that were established after decades of bloody struggle during the New Deal.
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In Wisconsin, which has become a focal point in this debate, public servants already take a pretty hefty pay cut just for the opportunity to serve their communities ... The figure below shows that when comparing the total compensation (which includes non-wage benefits such as health care and pensions) of workers with similar education, public-sector workers consistently make less than their private–sector peers.  Workers with a bachelor’s degree or more—which constitute nearly 60% of the state and local workforce in Wisconsin—are compensated between $20,000 less (if they just have a bachelor’s degree) to over $82,000 a year less (if they have a professional degree, such as in law or medicine).
Here are the figures broken down by education, as evaluated by EPI.
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The deficit that Wisconsin faces is caused by the current economic downturn and the recent tax cut package.  It has nothing to do with the compensation of the people that educate our children, keep the streets safe and clean, keep dangerous chemicals out of our water, and keep insurance companies from taking advantage of us.  These public servants are already paid less than those in the private sector, and nationally, this gap has actually been increasing over the past few decades ...
The situation in Ohio is quite similar. In a "rigorous analysis" of full-time state and local government workers in Ohio, EPI found that they are undercompensated by 6 percent. The analysts screened for variables including hours of work, organizational size, gender, race, ethnicity, experience, citizenship and disability.
Among EPI's findings:
• On an annual basis, full‐time state and local workers and school employees are undercompensated by 6.0% in Ohio, in comparison with otherwise similar private‐sector workers. When comparisons are made for differences in annual hours worked, the gap remains, albeit at a smaller percentage of 3.5%. • Ohio public‐sector workers are more highly educated than private‐sector workers; 49% of full‐ time public‐sector workers hold at least a four‐year college degree, compared with 26% in the private‐sector.
• Ohio’s state and local governments and school districts pay college‐educated workers 25% less in total compensation, on average, than private employers.
• In addition to having higher education levels, Ohio state and local government employees, on average, are also more experienced (23.2 years) than their private‐sector counterparts (21.7 years).
While some of the effects of the Great Recession have had a delayed impact on public employees, that impact is being felt big time now. Tens of thousands of lay-offs, furlough days, pay freezes and pay-cuts, and a continuing assault on public employees' health benefits (something that has been going on through premium raises and cuts in coverage for years) are all part of the damage being done.

While the likes of renowned liar and Andrew Breitbart pretends to be a friend of the little guy who he claims is being gouged by public workers such as those in Wisconsin and Ohio, the truth is that the efforts now being carried out are a culmination of the long-standing attacks against the whole concept of unions. Breitbart, Rush Limbaugh and the governors are mere mouthpieces for an oligarchy feeling its oats and viewing the current situation as another opportunity to weaken the resistance to their agenda.  One word, one attitude should describe the progressive agenda at this critical moment. It's a word and attitude we've seen revived in the past few days after a long dormancy: Solidarity!
Posted by Nikkei 225 at 08:09
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