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4 result(s) displayed (1 - 4):

October 15, 2011

Special Power of Attorney

A special power of attorney lets a person engage in specific transactions on behalf of another person. The POA form provides directives regarding the transaction, as well as the date privileges expire.

Common reasons for executing a special power of attorney include authorizing an agent to conduct banking transactions, control financial investments, make business decisions, and buy, sell or trade personal or business assets.

Real estate investors often use this kind of power of attorney to let realtors buy or sell investment properties. Another use is to authorize property management groups to collect rent, conduct background and credit checks, file eviction claims against tenants, or engage in repairs for rental properties.

Real Estate Investing article on "Special Power of Attorney "

February 04, 2011

Chapter 7

Chapter 7 is one of the six bankruptcy chapters encompassed by the U.S. Bankruptcy Code. This chapter is available to individuals, business partnerships, corporations, and other business entities who qualify for protection through the court.

Obtaining debt relief through Chapter 7 is not as simple as it used to be. Reason being, new bankruptcy laws that took effect in 2005 require debtors to repay a portion of their debts by making restitution to the court using Chapter 13 payments.

Real Estate Investing article on "Chapter 7 "

March 11, 2010

Loan Modification

Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.

In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.

Real Estate Investing article on "Loan Modification"

April 28, 2009

4506 Tax Form

A 4506 tax form is required when taxpayers need a copy of previously filed tax returns. The form 4506 can be used by individuals or businesses or to authorize release of tax files to a third party such as accountants, CPAs, bankruptcy attorneys, lenders or probate executor.

When a third party uses the 4506 tax form, they must adhere to confidentiality laws set forth by section 6103(e) of the Internal Revenue Service. Section 6103(e) pertains to disclosing tax returns to a person with material interest including spouses, business partnerships, corporate board of directors, personal estates and trusts.

Real Estate Investing article on "4506 Tax Form"