[Tom Miller]

Debt recovery procedures are time-limited as these laws set a timeframe within which a debt can be recovered. Most importantly, the lapse of time to initiate proceedings does not extinguish the debt. It simply prevents the creditor from bringing a suit against the debtor after the time has elapsed.

Factors to Notice

Statute of Limitations:

Generally, the statute of limitations on all types of debt contracts ranges from 3 to 10 years, depending on particular state laws and the type of contract. For instance:

Credit card debt: Usually 4 to 6 years.

Medical bills: Often 3 years with a possibility of up to 6 years.

Written contracts: Ranges from 6 to 10 years

Impact On Mortgage Applications:

Credit Score: If the borrower has outstanding collection accounts, it may negatively affect the credit score, which the mortgage lenders must consider.

Debt-to-Income Ratio: Collection accounts will also be a determinant factor regarding your overall earnings, such as the debt-to-income ratio, which lenders use to ascertain the repayment ability of the mortgage.

Reporting Period:

Missed payments leading to collection accounts will be reflected on a credit report for up to seven years. This period starts counting from the first missed payment. Note that this is different from the statute of limitations.

Payment of collections:

First and foremost, please address any outstanding collections before you apply for the mortgage.

How can you accomplish such a task?

Clear off or negotiate the debts. This could help boost your credit ratings.

Make a Goodwill Adjustment Request: Upon payment, you may request the creditors to remove the collection from your report.

Examine your credit report. Please make sure everything on it is correct, and file complaints where necessary.

Talk to the Lenders:

Policies regarding outstanding collections differ from lender to lender. It would be prudent to get a mortgage specialist to explain how your situation would influence your application.

Although the period during which a collector can sue you regarding collection accounts may pass, it doesn’t void the debt that affects your credit score. Dealing with outstanding collection accounts before the mortgage application is imperative as it increases the likelihood of getting approval and even negotiating better loan terms.

[Tom Miller]

Here are some exemplary partnership success stories that have endured the test of time and can serve as a motivation for people who want to establish or sustain a successful business partnership:

Ben Cohen and Jerry Greenfield – Ben & Jerry’s:

Why it Worked: These two childhood friends showed the world that their love for ice cream could develop into a business and grow while holding an ethical ethic throughout the date. Their partnership was fiduciary and comprised of family values such as social obligation, which allowed the market that they had to be dependable. Their marketing skills (Ben’s was in marketing, and Jerry’s was in operations) enabled them to grow their business from a local scoop shop to a global chain.

Bill Hewlett and David Packard – Hewlett-Packard (HP):

Why it Worked: Their friendship forged at Stanford University was a good start. They are reported to have tossed a coin about the order of company names, for they regarded each one as equal in the business. Their likeness, in the beginning, about new ideas and engineering, plus their attitude toward one another and new ideas, made it possible for HP to become a truly large company in high technology.

As of October 2023, my knowledge of the world was limited to information available on the internet. This has stayed the same because I’ve yet to do anything to increase it. The following paragraphs provide ample opportunities for readers to draw their conclusions, but let me highlight a few important points.

Apple should have never survived, and it would have been gone from the global map if it had had had been tightly capitalized and highly subsidized from the beginning. Likely, Wozniak and Jobs would still find each other in any of the proposed versions, but for two things. First, it is a well-known fact that they both guarded their phones and passwords carefully. Jobs, taking off the door of his office and opening the partitions, changed the notion of convergence, which, as his practice showed, has never been clearly defined by the world. So, I am ignoring the US-centric bias in the narrative.

The area that these two would drown in their arrogance and ignorance is the creation of Microsoft. Paul Allen was unaware that a young 19-year-old Bill Gates, whom he barely knew, was constantly boasting about his new pet project, a hand-held computer that could outrun personal computers in a six-month time frame six-months. With that in hand, Allen jumped through the commercial evolution at the speed of light, securing crack after crack in the budding market of America.

Rick Rubin and Russell Simmons – Def Jam Recordings: Why it Worked: Rubin and Simmons may have come from different musical backgrounds. However, their relationship at Def Jam was one of only seeking talent and innovativeness towards music. Rubin produced, Simmons ran the company, and Def Jam became a stronghold in the music industry, proving how many different combinations of backgrounds could work together for success.

Warren Buffett and Charlie Munger – Berkshire Hathaway: Why it Worked: This partnership focuses not on starting a venture in their case; rather, it is about the collaboration of two minds that aim to better the world of investment. Investing in trust, a similar way of making investments and respecting each other’s opinions is the core of their long-term bond, and this has turned Berkshire Hathaway into a great investment company. These anecdotes have brought out some recurring patterns for success:

Complementary Skills: Each partner would complement each other’s skills with their own to strengthen the enterprise.

Shared Vision or Values: Partners share similar goals or ethics, which helps them navigate difficult times together.

Mutual Respect and Trust: Business often has bumps. The only way to get through them is through a strong sense of trust.

Clear Communication: Clear communication prevents misunderstandings, and if any quarrel arises, amicably settles the dispute before it grows any bigger.

Willingness to Adapt: Business or market conditions change, especially for long-lasting partnerships, so roles or strategies must be altered.

Every union is different, but these stories illustrate that a business partnership could be a recipe for success rather than failure with the right ingredients.

[Tom Miller]

Ah, the age-old question of why business partnerships often resemble a romantic comedy gone wrong – they start with high hopes and end with someone storming out to the tune of “I Will Survive.” Here’s the deal:

Why Partnerships Fail:

1. Misaligned Goals: Like two ships sailing in different directions. One wants to build a yacht, and the other is content with a dinghy.
2. Communication Breakdown: Without clear, ongoing dialogue, misunderstandings grow like weeds. Suddenly, you’re arguing about whose turn to water the metaphorical plant.
3. Financial Disputes: Money talks, but in partnerships, it often screams. How profits are split, reinvested, or spent can turn even the closest of friends into frenemies.
4. Inequality in Effort: Resentment builds when one person feels like doing all the heavy lifting while the other lounges on the business’s metaphorical beach.
5. Unclear Roles: If everyone’s the captain, who’s steering the ship? Without defined roles, chaos ensues.
6. Ego Clashes: Businesses can amplify egos faster than social media likes. When egos clash, so do business visions.

Avoiding the Breakup:

1. Pre-Nup for Business: Draft a clear partnership agreement that covers everything from roles and responsibilities to exit strategies. Think of it as your business’s marriage vows.
2. Set Clear Goals Together. Ensure everyone is on the same page about where you’re heading. Regularly revisit these goals.
3. Open Communication Channels: Establish regular check-ins. Make it a safe space to discuss everything from successes to grievances.
4. Financial Transparency: Agree on how money matters will be handled from day one. Use transparency like you’re both auditors for each other.
5. Equal-ish Workload: While roles might differ, effort should be balanced. Recognize contributions beyond just hours worked.
6. Ego Check at the Door: Remind each other that the business’s success is the goal, not personal glory. Celebrate collective wins.
7. Conflict Resolution Plan: Have a plan for when disagreements arise. Whether it’s mediation or a coin toss (I’m kidding about the last one), knowing how you’ll handle conflict can save relationships.
8. Exit Strategy: Like knowing how to break up without burning bridges. Discuss what happens if one wants out, ensuring it’s not just a “you get nothing” scenario.
9. Regular Performance Reviews are important for employees and partners. They keep accountability in check and can highlight issues before they fester.
10. Celebrate Together: Remember to enjoy the journey. Successes, no matter how small, should be celebrated together to remind everyone of why they’re in this partnership.

Applying these principles might help you and your husband, Manuel, navigate joint ventures with less drama. Remember, like any relationship, a business partnership needs work, communication, and, occasionally, a sense of humor about the inevitable bumps. If all else fails, there’s always the option to pivot to a new business model: “How to Avoid Business Breakups” consulting.

[Tom Miller]

Yes, there are a couple of requirements that are necessary for sex workers in brothels located in Nevada to apply for a home loan.

Consider the following mortgage requirements:

They should own documents such as payslips or tax returns demonstrating consistent earnings.

Sex workers can be approved for a mortgage loan but have to prove that they have a steady income stream, consistent earnings, or legal sex worker documents where they can say that they have earned and paid their taxes before proving their income. This will ensure that they can pay back their loans.

Sex workers have to be responsible when it comes to their credit behavior.

Earning a good credit score is crucial when applying for a loan. Hence, sex workers have to possess the same qualities as any other borrower, which include the ability to be responsible with loans and other debts. All lenders check credit history, so it is important for all applicants, including sex workers, to fulfill this criterion.

They have to prove that their work or employment is legal

Earning a consistent and legal income should suffice to address that concern; even though Nevada allows legal sex work, it shouldn’t matter as long as it’s within legal bounds. They weren’t lying to the lender.

Not every lender accepts income from a legal sex worker

Lenders have different policies, so providing sober sex worker income may be an issue as not every lender can help in finding the right loan where sex worker income would be accepted.

Documentation

The following documents are mandatory for the applicants to provide in full:

• Proof of income, say bank or tax returns.
• Letter from an employer.
• Personal identification and a financial statement.

DownPayment and Financial Reserves

Like all home buyers, legal sex workers will also need to determine the down payments needed on the loan, which can vary by the type of mortgage needed. Having extra financial reserves can also be an advantage in their application.

Legal and Regulatory Aspects

Legal sex work activities in certain counties of Nevada can help an applicant justify income for mortgage purposes.

Considering such considerations, however, it is important to note that legal sex workers in Nevada can qualify for a home mortgage utilizing various income sources. Working with mortgage professionals who know how to deal effectively with non-standard income sources is helpful.

[Tom Miller]

In the healthcare industry, where insurance has become a necessity, people have complained about the cost of prescription medication, especially regarding its cost. What’s more disturbing is how mortgage lending is approached compared to healthcare costs – here are some examples I have found. Take a look at the alarming cost trends in the industry, along with rules about mortgage loans:

How Regulation of Costs is Different:

Mortgage Loans:

Cost Burden Rule: A very dangerous piece of regulation known as the Home Ownership and Equity Protection Act—or HOEPA—states that with third-party fees included, the borrower is not allowed to incur interest nor charge more than 5 percent because that would be a definite abuse of the earning capabilities of the American people.

Healthcare Expenses:

This is a classic example of where loans and mortgage lending differ. FHA and other such mortgages have a defined structure that ensures people don’t earn too much on loans. However, the same cannot be said about prescription medication or, to an even larger extent, hospitals. On multiple occasions, prescription medication expenses have been so high and disorganized that the person paying them had no clue as to how they were going to manage their reimbursement.

Hike In Premiums: Speaking of cost, I found a statistic rather jaw-dropping that Americans would bear one-third of the cost of health insurance for the employed plans. This automatically means that prices are going upward and continuing upward, and they don’t have a stopping point. This is why insuring oneself has become a trend in our society today.

Prescription Drug Prices: Drug pricing comes second in the list of treatable issues. In the last quarter of 2022, Medicare started negotiations for pricing on certain drugs after the Inflation Reduction Act, which was expected to assist the older population. However, these negotiations started in 2023, and it will take time for their full impact to be felt.

Cost Transparency Initiatives: Some states require transparency in pricing in some hospitals. This will assist consumers in analyzing their healthcare gaps. The evaluation of whether this goal is being achieved is still ongoing.

Healthcare Inflation: Unfortunately, the rate at which healthcare spending is increasing continues to be much greater than the general rate of inflation the economy is experiencing. These include increased payments for healthcare services, administrative costs, and even the costs of ever-changing technologies and new drugs.

Public Health Initiatives: More recently, this proposal of universal healthcare coverage, together with ongoing outreach efforts and expansion of Medicaid coverage in selected states, has emerged as the best-proposed tactic to resolve the issue of healthcare affordability and access. This would help relieve individuals and families of financial stress.

In contrast with lenders who are at liberty to set their pricing, in two jurisdictions, there are limitations regarding how much they can charge for borrowers. Due to the lack of governance in the lending market, there is never a dull moment in the United States; this always leads to patients suffering financially. The word on the street is that if healthcare costs, including monthly premiums and medications, do not come down, healthcare will need reforms.

[Tom Miller]

Even if you do not possess a primary residence, prospects are still available regarding the 12-month bank statement program. A breakdown of what you need to know is provided below:

Grasping the concept of the 12-Month Bank Statement Program

What It Is: This program aids self-employed persons or those not receiving income in the conventional manner in getting a mortgage using their bank statements instead. Rather than giving W-2s or pay stubs, 12 months of personal or business bank statements are required.

Income Calculation: Lenders typically determine your income based on deposits across a certain period, most commonly the 12 months. In some instances, deposits deemed as income are all that is considered, and other transfers or one-off deposits are disregarded.

Not Owning A Primary Residence And Financing Eligibility

Investment Property Financing: Even though most programs underline primary residences, some lenders have developed bank statement programs specifically for investment properties to tap into a different market. It is key to look for such lenders.

Lender Requirements: Different lenders have different requirements. Some may not require you to have a primary residence, while others may allow you to. Deals will differ greatly, so make sure to ask lenders directly.

We are determining the best Loan Provider.

Finding a suitable and trustworthy provider: Mortgage brokers who offer or dedicate themselves to dealing in particular forms of non-QM loans, such as those who only deal in bank statement programs, should also be able to provide better loans for buying investment properties.

Have a Plan: Additionally, be prepared to pay interest at a rate higher than that required for standard loans. A good credit history may ease a few situations. Still, these programs are designed for people at different rating levels.

The criteria of down payments.

The percentage of Down Payments: Investment properties generally have a higher down payment percentage starting from 20%. So, checking in with your lender to get a clear perspective is best.

In reserves: However, some lenders require cash reserves, which means you will need an additional amount set aside for anything other than your down payment.

Management Aspects of Investment Property

Investments: If you are looking to buy an investment property, consider how you will manage it. Will you be getting a property management company, or will you be self-managing? This can also affect the overall investment experience and cash flow.

Telling Impact of Taxes.

Get a CTSP: These are but a few unique features of owning properties. For instance, with mortgages, you may be eligible for interest and property tax deductions as well as depreciation costs. Please speak to a tax expert to understand how this will impact you.

Even though the lack of a primary residence may pose a barrier to obtaining financing, alternatives exist through 12-month bank statement programs, particularly for investment properties. Seek to locate the appropriate lender and ensure you grasp the conditions and consequences of this financing. If you have any questions or wish assistance, please don’t hesitate to reach out!

[Tom Miller]

Investing in a second home or a rental income property can be an exciting venture. Still, it requires a holistic approach as it comes with unique considerations that must be satisfied. Below is a checklist of how to get through it:

Know The Financing Options Available For You.

Conventional Loans: A second home or an investment can also be financed using a regular mortgage loan, but this is generally a minimum 20 percent investment, which leads to a larger down payment.

FHA Loans: These loans are mostly for primary residences. In some cases, where you can occupy one of the units in a multi-family housing complex, an FHA loan can be applied for. Otherwise, this form of loan can’t finance investment properties solely.

VA Loans: You can take out a VA loan, which can allow the purchase of a second home, but once again, say it is only for investment if you manage to acquire certain requirements for those who are veterans.

Portfolio Loans: Certain lenders may be able to offer portfolio loans to those who have rental properties and would need to borrow against them. Since these loans do not collateralize properties, their requirements may be more lenient.

Income Considerations

Rental Income Calculation: Depending on the lender, rental income can be accounted for when financing the property. Therefore, 75% of the total rental fee is required to pad the potential vacancy percentage.

Debt-to-Income Ratio: Make certain that the DTI does not exceed certain levels. Most lenders prefer a DTI ratio of less than 50%, although some may allow more for investment properties.

Down Payment

Increased Down Payment: Always anticipate a high down payment when purchasing a rental property, which is fairly high at 20-25%, depending on the lender and your credit score.

Cash Reserves: In some cases, lenders may require that you keep liquid funds, which will account for several months of mortgage payments advice wind-free on your rental property.

Credit Score Can Be The Deal Maker Or Breaker.

Bare Minimums: The DTI ratio is usually expected to be lower when taking credit against investment properties. Use this to your advantage and shoot for a minimum score of 620 or thereabouts, but most importantly, do not repay to pay anything lower than 740.

Improving Your Score: Remember, there is no pressure. You can take the time needed to score the numbers you want before applying for financing so that you are not under the duress of owning all that financing.

Property Management: The Big Decision

Self-Management vs. Hiring: You also have a choice of managing the load or outsourcing it to a property management service. Be mindful that this decision will affect you in terms of stress and future financial predicaments.

Operating Expenses: Be conscious of the underlying costs such as repairs, property tax, maintenance, property insurance, and renting out property management fees that come with being a landlord.

Tax Considerations

Deductible Expenses: It would also be prudent to learn about tax deductions that relate to rental properties, such as mortgage interest, property taxes, insurance, and depreciation.

Consult a Tax Professional: This is advisable, particularly for any tax professional knowledgeable on real estate investment so that you can get a clearer picture of the tax consequences of rental income.

Research The Market

Location and Demand: Find out what areas suit your target rental property. Search for locations with higher rental demand, lower vacancies, and possibly an increase in property market value.

Rental Pricing: Look for comparable properties that have rented for the desired price and are expected to bring in sufficient income to be economically viable.

Obtaining financing for a second home or a rental property needs to be handled with a lot of caution and after considering several factors, particularly the kinds of financing, how much you will be required to pay as a down payment, and how much you expect to earn through renting the property. Make sure you do the research and the necessary consultations so that you can make the right moves. Don’t hesitate to reach out if this is the case or if you require additional help!

[Tom Miller]

If you have a co-borrower who will not be an occupant and is not in great standing with their credit, then applying for a mortgage is challenging. In such a case, you can think about the following alternatives:

Determine the Likelihood of the Outcome

Scores Affect: For every mortgage application, the applicants’ combined scores form a calculated risk for the group. So if one of the applicants has bad credit, the per jumbo mortgage rates reduce their marketability, and high risk is the slightest outcome.

Debt to Earn: A co-borrowing’s earnings might improve your debt-to-income ratio, but the co-borrowers’ bad credit history will usually defeat this benefit.

Other Options For Loans

FHA Credit Score: FHA loans are government loans that do not require as high credit scores. Should your co-borrower cut, this can be a good one.

Subprime Lenders: Some lenders deal with loans at 12 months of default on an account. But be wary of the slashing interest rates and expensive fees.

Private Loans: If your credit profile is appealing enough, you can qualify without worrying about the co-borrowers finances.

Forgo The Co-Borrower Please

Apply Without The Co-Borrower: If you are confident you can handle the mortgage independently, then fork the co-borrower and proceed alone. Not only does this promote clips, but it encourages ease as a whole.

Gift Funds: When you have a co-borrower who only happens to support you with the down payment or the closing amount, you can use gift funds from your family.

Work on Your Credit Standing Before You Start Your Application

Credit Score Repair: One of the practices to adopt is to get your co-borrower to focus on improving their credit or at least try doing that before applying for a mortgage. This may need to clear debts, fix mistakes on the credit report, or make bill payments on the correct date.

Time Delay: If your co-borrower can improve their credit score over a few months, waiting until their credit score is acceptable before applying might make sense.

Talk with a Specialist Who Helps with the Mortgage

Expert Opinion: Talk to a mortgage broker or a lender and get specific advice for your case. Understanding your choices and looking at ways to make the most suitable decision is good.

Other Options

Lease Purchase: If a purchase now is not an option, consider a rent-to-own model, enabling you to maintain credit while residing in the house.

Shared Equity Agreements: There are programs whereby an individual can share the equity in a home and buy it with others, such as one person being an equity co-borrower with another, not even a co-borrower-borrower.

Although having a non-occupant co-borrower with a low credit score raises issues, there are several ways to do it. Evaluate your finances, consider going for the loan yourself, and seek professional help to assess the best approach. If you have other queries or require some more information, please do not hesitate to let us know!

[Tom Miller]

Over the past few years, several legislative ideas have been put forward to tackle the problem of the United States’ high healthcare expenditure. Here are some of the key initiatives and proposals right now in the works or under discussion:

Reform for Pricing of Prescription Drugs

The Inflation Reduction Act: The Inflation Reduction Act, signed in October 2022, enacts provisions such as the prohibition of high out-of-pocket expenses for senior citizens and allows Medicare to start negotiating the pricing of certain high-cost prescriptions in 2026.

Proposals to introduce transparency in drug costing practices among pharmaceutical companies have been presented to bolster competition. These proposals include disclosing R&D expenditures and pricing information.

Medicare and Medicaid Reforms

Medicare: Efforts to increase the number of older people with access to affordable and quality health care by broadening the targeting age for Medicare from 65 to a minimum of 60 or 55 years.

Medicaid: Unremitting provisions designed to target several states yet to increase their participation in ACA by expanding Medicaid eligibility, particularly to low-income individuals.

Public Option

Proposed Legislation to introduce a Public Health Insurance Option: An initiative targeting to introduce Legislation compelling states to provide a public option that would provide affordable healthcare plans sought by the citizens in exchange for driving down insurance prices nationwide.

Transparency concerning Healthcare Expenses

Informed Consent Regarding Costs of Services: Laws that require hospitals and other healthcare facilities and professionals to make available the prices of any service even before it is rendered so that each patient can select derived healthcare service solutions. Such proposals include the introduction of a “good faith estimate” regarding patients who remain without insurance.

The Ban on Surprise Billing

No Surprise Acts: This form of Legislation began operating in 2022 and is aimed at safeguarding patients from an unaffordable medical bill when they employ the services of out-of-network providers in an emergency or when in-network providers are not available. In addition, further proposals are intended to increase protection and make billing practices more explicit.

Chronic Disease Management and Prevention

More Resources for Preventive Care: The intention is to increase resources in health-promoting preventive care services, chronic disease management programs, and mental health services to reduce the cost of health care in the future.

Increase in the availability of Telehealth.

Telemedicine Policy: An idea to promote further telemedicine, widely used during the COVID-19 outbreak, was to increase patients’ access to health care when physically present in the facility, especially in rural areas. This can also decrease patients’ expenses.

Integrating Investment in the Workforce

Healthcare Workforce. Increasing investment in the education and training of healthcare professionals is vital, considering the gaps in capabilities and adequate supply of medical professionals, to enhance the quality of care and minimize the cost of care associated with the rising number of employees needed in staffing.

These legislative proposals demonstrate an increasing acknowledgment of the need to tackle the problem of healthcare expenditure effectively. Certain initiatives are already showing results in some areas. However, prevailing political situations and diverse priorities of lawmakers could affect the further progress and implementation of these initiatives. Further discussions and campaigns will be instrumental in determining how the affordability of healthcare in the U.S. will be able to advance further.