Self liquidating mortgage
"Lenders even fought over the chance to refinance," she said.
But after the savings-and-loan crisis, the drop in real estate values and the wave of sponsor defaults "lenders became more careful about where they placed their money," she said.
Many co-ops found they could no longer easily refinance those underlying mortgages -- some of which had to be renewed every 10 years.
And buyers of individual units could not readily finance their own shares if any part of the current underlying commitment was about to expire. Buyers began worrying more about future maintenance charges when shopping for an apartment, said Clark Halstead, managing partner with the Halstead Property Company, a major Manhattan brokerage.
This is just flat out criminal "advance fee" fraud and you should contact your local law enforcement authorities immediately.
But what many of these people are after is merely the cost of the book, but they want that cost from as many people as will pay it to them.
The revelations about the scale of potential illegality and fraud call into question the ability of authorities to police an area that the corporate watchdog has itself admitted is essentially unregulated.
Stephen O'Neill, convicted and jailed in 2001 for stealing from customers of his mortgage-broking business, is one of the most prolific pre-insolvency advisers in the country.
Funds availability shall then close and the ending balance will convert to a closed end, fully amortized conventional mortgage for either a 10 or 15 year term set at the prevailing Maspeth Federal Savings commercial interest rate for similar type property.Don Ross is responsible for providing institutional investors with the opportunity to invest in MCAP’s product lines through managed mortgage funds, loan syndications and securitization.Don also provides investors with access to MCAP’s other services including loan servicing and administration, asset management and property tax management.The six-month investigation has uncovered three central figures in the "pre-insolvency" field, who advise a company's directors how to strip cash and assets from the business and hide them from creditors, including the ATO.
The company is often then restarted under a different name, a practice known as "phoenixing".Self-Liquidating Loans Self-Liquidating Loans This scam takes us into the world of international finance and arbitrage, where king-sized fortunes may be won or lost overnight. But, although they have big goals, they aim at small minds. Moreover, you don't have to have much more than a 3rd grade level of mathematics to see that the numbers just don't add up.