[Ollie]

Can you provide examples of unjustified credit limit reductions?

[Ollie]

What specific laws protect consumers from arbitrary credit limit reductions?

[Ollie]

I’m looking for the most up-to-date reciprocity map.

[Ollie]

Where can I find a list of states with reciprocity for my state’s permit?

• This reply was modified 4 months, 2 weeks ago by  Ollie.

[Ollie]

As of November 28, 2024, lawsuits involving NEXA Mortgage and its ex-president Mat Grella are ongoing. In Grella’s case, it was heard in Arizona. It was NEXA Mortgage who was in trouble as they filed an accusation against him that he had defaulted on a second hangar-office property, which he purchased for 24 million dollars. It bad-mouthed the company’s CEO, Mike Kortas. An Arizona judge dismissed this case in September 2024. It was not the first time, as the previous one was dismissed without prejudice because NEXA had filed for the dismissal, and the company had indicated that Grella still wanted to be sued on different grounds.

Nexa Mortgage Ordered To Pay Apprico Resources $2 Million Ends Mat Grella’s Brief Fame in NEXA Mortgage. This was followed up by his termination in March 2024, and so far, we have also witnessed the heated lawsuit fuming between Grella and Kostas. The legal tussle witnessed Grella dishing out accusations that Kostas improperly directed him to buy some airplanes without seeking his consent.

As of now, there are no public announcements, including possible new moves from Mat Kore and whether or not Grella would be on the receiving end.

NEXA Mortgage, through its legal representative, admits to the debt owed to MAT GRELLA, which constitutes the basis of the legal contest between him and them. The dispute began in November 2019 when Mr. Grella was the President of the Mortgage Company and was involved in the process of purchasing a hangar-office space for 24 million dollars. It is reported that the President of NEXA Mortgage, Mr. Kortas, referred to Mr. Grella’s actions as defamatory, leading to a lawsuit on September 24, 2024.

The events that followed in the mess created rang up to the decision to buy his stake in the company, which led Mr. Grella to Mcgbain Enterprises to file a lawsuit against Mike again, stating other reasons to While Mr. Grella sued the loan officer for infringement of its rights to buy an aircraft of his desire. It should be noted that Mr. Kortas illegally spent company funds fourteen times without the consent of Mr. Grella.

Without any additional developments on the news about Mat or his case, there have not been any recent public announcements regarding the update.

Most updates regarding this particular legal dispute will be dated on or after November 28, 2024. For instance, to present a case timeline, shifts between notable events may help illustrate that the case in the broader scope remains peripheral. Interesting details regarding NEXA Mortgage and the company’s President, Mat Grella, became available. According to available public records, the latest ruling on this matter was on September 2024, when an Arizona judge dismissed a legal claim against Grella that NEXA filed later, claiming damages related to failed transactions involving the CEO and purchase attempts of a hangar office.

Normal case proceedings involve plaintiffs and defendants submitting different documents with amendments before judges, which may define the case’s direction. At a certain point, there is a culmination when one of the parties has served or submitted all necessary documents, and the judge has to side with either one based on the available information. Exactly how Grella won this tough case remains unsaid by NEXA plaintiff markings targeted uniquely at the hangar office market, and the general location was mentioned in closing submissions. All that is known is that they were granted mild satisfaction after being dismissed without prejudice, allowing NEXA to amend and file new documents while seeking a new legal claim against NEXA.

Mat Grella had previously fired off and manually terminated his relationship with NEXA mortgage in March 2024 after buyout negotiations went sour for one of the involved parties. In a private lawsuit against CEO NEXA, Mike Kortas claims that several aircraft assets were purchased without his permission on behalf of NEXA. Korta denies all the claims made by Grella.

As the situation currently stands, neither of the two has made significant new changes or progress regarding the lawsuit-related matters. Mat Grella currently wants to be one of the key witnesses in any dispute case that might arise in the future.

[Ollie]

Here are some pros and cons you need to consider before buying a home in New Mexico, as well as some FAQs about this state, particularly on home buying and mortgages.

Pros and Cons of Buying a House in New Mexico

Pros:

Affordability—New Mexico’s home prices are relatively cheaper than the national average, making it ideal for new home buyers looking for ample space.

Natural Beauty: The state has beautiful mountain and desert landscapes and forests. If you are an outdoor lover, you will enjoy hiking and skiing.

Cultural Richness: Owing to the Native American, Hispanic, and Anglo cultures practiced in New Mexico, the state is home to splendid arts and music, as well as great food, especially in Santa Fe and Albuquerque.

Mild Climate: The weather is suitable for everyone, as it is warm enough to keep you away from the cold, harsh winters.

Growing Economy: As New Mexico has more income sources from emerging sectors like technology, renewable energy, and tourism, this creates more job opportunities, making its economy grow.

Cons:

Economic Challenges: Despite some growth within New Mexico, the state still needs to improve its poverty rates and lower wages in certain places, making living here hard.

Niche Career Options: The employment options may not be that impressive compared to headquarters states, especially rural settings, which may be a cause of concern for new immigrants.

Extra Tax: The state is also burdened with a gross receipts tax, which at times is higher than an ordinary state sales tax. This increases the cost of life.

School Ratings: There needs to be more than the brand perception alone. Some regions have lower school ratings in the state, which families might find worrying.

Water Issues: The long-term viability and property prices will be affected in the regions where water scarcity will be a problem.

Questions regarding purchasing a property in New Mexico.

In New Mexico, what is the house-buying process?

In an area like this, the general steps include:

• Getting a mortgage pre-approval.
• Engaging a realtor.
• Looking for houses.
• Negotiating an offer.
• Conducting several estimates and evaluations.
• Performing the sale.

Are properties that may have special features aligned to laws to be noticed in New Mexico?

Yes, New Mexico has a relatively high level of protection for the vendor side. Preferably, active caution is recommended before buying. Before buying, specialists should check and protect the property. Furthermore, the vendor side is not bare and has comprehensive protection. For instance, it is a common practice for property title companies to mediate the closing.

How much does it cost to close a deal in New Mexico?

The geographical area is known to have closing costs amounting to between 2% and 5% of the property’s purchase price. These costs can include title insurance, appraisal, and lender fees. Be sure to discuss these with your lender.

Can I hire an agent when purchasing real estate?

Absolutely, yes, it is better to work with a realtor who understands New Mexico well. They will assist you in all the buying process steps, including the negotiations and required paperwork.

What financing can I get as a home buyer in New Mexico?

All home buyers can get different types of financing, such as conventional, FHA, VA, and USDA, depending on the property and the buyer’s eligibility.

Are there programs for first-time home buyers in New Mexico?

As much to offer first-time home buyers, such as down payment and special loan programs through the NEW MEXICO FINANCE AUTHORITY.

What is the housing market in New Mexico like at the moment?

Depending on location, housing demand tends to vary. Some regions are currently more sought after, and their prices have started increasing, but some locations are still more affordable. Always look into particular areas.

What are the tips for buying a home in New Mexico?

Remember the location, distance to facilities, quality of schools, and weather. Other considerations include probable water difficulty and the state of the property, particularly if it’s in a remote area.

Is it wise to invest in a house in New Mexico currently?

Market conditions differ constantly, so it would be wise to look at the shift in recent trends, interest rates for mortgages, and, most significantly, your economic state. A realtor from that particular area will also be able to assist you with the information.

How does New Mexico stack up in terms of property tax rates?

There is usually a lesser rate of property taxes in New Mexico than in other states, but this may only be practicable in some counties, for borders are drawn sovereign. Regarding regionally owned companies, checking out their area rates is prudent.

New Mexico has many attractive features, such as low cost of living, great cultural experiences, and terrific beauty. For these reasons, purchasing a home in New Mexico can be ideal. Yet, investment buyers must consider the economic and specific area factors. It is important to familiarize oneself with the purchasing procedure and the real estate market characteristics. Whenever possible, seek the estate agents’ opinion to help you purchase your home.

[Ollie]

Yes, you heard that right! Mat Grella and Kristi Wake have started their own mortgage company after leaving NEXA Mortgage. They are now working on building something fresh and better in the mortgage market, utilizing their vast experience.

It’s always amusing how industry leaders turn out to reinvent themselves. Are they likely to succeed in this oven of a market?

Yes, their new ventures will succeed regardless of the bad mortgage markets with the ever-increasing rates. What do you think the names of their mortgage companies are? Did each launch its mortgage broker under which it filed a partnership, or did it select separate brands instead?

Kristi Wake and Mat Grella decided to start a new mortgage firm together. They are now compiling a mortgage by leveraging their functional and practical experiences.

As for the name of their new company, I was still looking foround specific information about it. Do you have any guesses or plans on what the name of their new venture would be?

[Ollie]

Registering your business for the Gross Receipts Tax (GRT) is a multi-step process in New Mexico.

This simple guide should be able to assist you in carrying out all the tasks:

How to Register for GRT in New Mexico

Selecting Your Business Structure

Before you register, make sure you know the structure of your business, whether it is a sole proprietorship, a partnership, or a corporation. This will affect the information you need to input in the registration forms.

Getting an Employer Identification Number (EIN)

Suppose your business has employees or is structured as a Corporation or partnership. In that case, the IRS will require you to apply for an Employer Identification Number (EIN). An EIN can be easily acquired through the IRS EIN online application.

Fill Out the GRT Registration Application

You may also register for GRT using the following methods.

Online:

You can log into the New Mexico Taxation and Revenue Department’s (TRD) Online Business Registration system, which is accessible directly from the website.

Paper Form:

The New Mexico TRD website has a Combined Application for Title and Registration (Form CR-1), which you can download and complete. Remember to tick the box indicating your gross receipts tax registration.

Provide Required Information

While filling out the form/application, make sure to provide your business name and address, the particular type of business entity you are applying for, and the owner’s personal information, which includes, but is not limited to, their name, address, social security number, or EIN.

Upload a SOST application form describing the estimated gross receipts and business activities achieved. Describe the estimated gross receipts and business activities.

Example 3 Language:

Submit Your Application. If you picked this alternative, explain how to use it. A paper form is available. To which form should I send it? Which form should I send?

Receive Your GRT Identification Number: A tax identification number is a must for collecting and remitting GRT.

Collect GRT from Customers: What do you do after getting your GRT number? Ensure you apply the correct rate based on your business address. File GRT Returns Additional Resources Able to File Taxes in New Mexico via the Internet: With the Internet reach and the associated technology improving, numerous tax offices across the United States of America allow access to New Mexico GRT Tax online.

Compared to other states, GRT registration in New Mexico is relatively simple as it can be completed online or through paper forms. It’s also essential to keep detailed accounts of your sales and GRT collected because the amount of tax owed will be critical when filing your returns and being in compliance with the state’s statutes. You may find help from a tax consultant if you have any specific queries.

[Ollie]

The GRT stands for gross receipts tax and applies to businesses and services in New Mexico, meaning this tax structure is quite distinct in That state. Let’s delve deeper into construction services and how they operate.

Definition: The Gross Receipts Tax is a revenue-based tax collected by the New Mexico government. It is levied on businesses in consideration of the privilege they receive to operate in this state. This income-based tax focused more on revenue than an organization’s net income.

Application: There is quite a notable difference between traditional sales taxes and the GRT in New Mexico. In the latter, the tax is enforced on the collective receipts earned by the seller, whereas in the former, it is done at the point of sale. This helps eliminate hassle for the business and transfers the responsibility of tax collection to them.

Rate: It is quite intriguing to note that there is no set rate for GRT, which means it ranges depending upon the region the business is in and the base rate set by the government, the lowest being around 5% to the highest being more than 8%. Local jurisdictions also depend on the cities and counties that further add a surge.

Key Features of the GRT:

Broad Base: GRT has a clip on a range of transactions, such as:

• Sales of goods, be it furniture or vehicles.
• Services such as haircutting or car repairs.
• Certain leases and rentals.
• Construction services.

Deductions: The GRT may not apply to certain transactions such as:

• Resale sales.
• Government sales.
• Some services are offered to charities.

Business Concern: Companies established in New Mexico are required to register with the taxation and revenue department for that state and charge the GRT on sales to their clients. They also need to submit regular returns and pay the taxes that they have collected.

Consumers: It has to be appreciated that companies bear the GRT. However, they input taxes on the prices of their goods and services, first entertaining the idea of moving to the company. This explains why New Mexico has a higher cost of living than the states with only a sales tax.

Advantages and Disadvantages

Revenue Source: The GRT is a major source of revenue for both state and local authorities, and therefore, it can deliver services like education, infrastructure, safety, and security.

Complication: Because of the GRT, businesses have a hard time figuring out which state/district to charge and whether or not the consumer is liable to pay the taxes, considering the state of the business. If many consumers need help understanding why the tax is there, it does make it convoluted.

Comparative Tax Burden: Some opponents claim that the GRT can result in higher effective tax rates on goods and services than states with a sales tax system.

In New Mexico, the gross receipts tax is levied in a rather unusual way since it conveniently affects businesses and consumers. Suppose you are on the business side of the state or contemplating the expenditure on the ten million dollar question of living standards. In that case, it is important to grasp its operational aspects, e.g., rates and exemptions. Suppose you have more specific questions about gross receipts tax or how it works. In that case, the New Mexico Taxation and Revenue Department or any tax consultant should help you.