Tag Archive for: decline in property values
Ken Gross and Thav Gross announce Free Seminar on Capturing Your Financial Future – December 7th, 2011 –
What do you do if your house is under water? If you owe $300,000 on your home and today it is only worth $170,000. Are you just going to “stay the course” and pay for the house over the next 20 years – paying $130,000 plus interest for air? If you have $50,000 of credit card debt, at 19.9% interest – are you going to just “stay the course” and pay the interest and payments over the next 19 years and 3 months (that is if you make the minimum payments) paying a total of $99,109 to payoff the debt. THIS IS WHAT THE FINANCIAL INDUSTRY WANTS YOU TO DO. If you do this, your credit score may be 725 now and 725 every day for the next 20 years – but you’ll have nothing in the bank for savings and retirement. There is an alternative – by exiting the house underwater and shedding the credit card debt – you can put yourself in a position that rather than “staying the course” you “create your course” – the result – you begin to save the $2,000 per month you were paying on the credit card debt and you bank the $1,000 per month you will save by reducing your housing costs so that you are paying for housing based on TODAY’s market values. You must realize that 2008 values – are in the words of the great, Ernie Harwell, “Lonnnnng Gone.” Saving the $3,000 per month over 20 years, with a modest return will yield you over $1,000,000 in savings.
The choice – a reduced credit score for 1-2 years and becoming debt free and having a savings account of $1 Million – or reaching 70, with nothing in the bank (but, oh yes, a perfect credit history). When you need food to eat or shelter when you’re 72, just try and pay for it by giving them some of your credit score points! Sound harsh – this – is the reality of today’s world. This economy, as miserable as it is – does create opportunity. The hard part for many – is recognizing the reality and taking action.
If you want to learn how to do this – attend the FCTC and THAV GROSS’s free Financial Crisis Management Seminar on December 7, 2011 at 7 PM. Sign up on the Website or call our offices at the numbers listed.
THIS IS YOUR CHANCE TO GIVE YOURSELF THE GIFT OF YOUR LIFETIME THIS HOLIDAY SEASON – YOUR INVESTMENT – AN OPEN MIND AND 1.5 HOURS.
The Opportunity Exists – Ken Gross Column – Jewish News – Sept 8, 2011
This applies to so many — but you need to recognize it and act on it!
The Opportunity Exists AL (9.8.2011)
Ken Gross named Michigan Leaders in the Law 2011
http://milawyersweekly.com/news/2011/02/28/kenneth-l-gross-leaders-in-the-law-2011/
Michigan Lawyers Weekly
Kenneth L. Gross – Leaders in the Law 2011
POSTED: 02:16 PM Monday, February 28, 2011
BY: Edward Wesoloski, Esq.
TAGS: 2011 Leaders in the Law
Kenneth L. Grossphoto by Mark Bialek
Thav, Gross, Steinway & Bennett, P.C., Bingham Farms
Education: Wayne State University Law School, 1982
Specialty: Financial crisis management, business law, estate planning
Kenneth L. Gross, co-founding shareholder of Thav, Gross, Steinway & Bennett, P.C., puts a lot of people back on their feet after they’ve had the financial rug pulled from underneath them.
In the process, he’s evolved the law practice that he and Charles Thav founded 29 years ago, the day after Gross graduated from law school.
For many years, he said, Thav Gross “was a normal business practice.” The bulk of the work was mergers, new companies, contracts and commercial disputes.
Then, in 2008, the national economy melted down, unemployment shot up, and the real estate market crashed.
“A lot of people connected to the real estate market were put out of work,” Gross said.
In response, he led the firm to a new type of practice: financial crisis management.
“We had a tax collection defense and bankruptcy practice, so we rechanneled the focus and expanded it from a standpoint of what’s going on the economy,” he explained.
“The real estate developers, the mortgage brokers, the trade workers, the suppliers — all those people have suffered horrendous losses as a result of the housing crisis. They’re fighting for survival. They’re trying to save their homes. They’re trying to figure out how to put food on the table.”
This troubled Gross. He also was frustrated by “the arrogance and the lack of practically the banking industry has displayed with regard to the mortgage crisis.”
When homeowners are underwater with their mortgage and their income drops, “it would make more sense to renegotiate the principal and let the people stay in there,” he said.
“But the lending market and the banking industry absolutely refuses to recognize any concept of principal reduction.”
So Gross views his advocacy as if “it’s almost a war, an ‘us versus them’ mentality in terms of the banking industry.”
But, he added, “what’s incredibly interesting is all of the possible ways to improve a bad situation that we’ve learned by doing.”
Gross’ approach is to assess a client’s particular circumstances and determine which creative combination of the available tools — bankruptcy, debt settlement, loan modification, short sale tax relief — will work best to resolve the client’s problems.
This approach has worked well for his clients in many instances.
Gross’ business strategy has worked well for his firm.
Due to the slow economy, fewer clients seek “pure” business services and many more clients seek help with their personal financial circumstances.
Gross is invigorated by the shift in focus, saying, “I used sit there sometimes and say, ‘Is there any good that I do as a lawyer?’
“When I’m engaged from a pure business standpoint, I’m doing good for my client. But when you start moving into this financial crisis area, where you’re trying to help and solve people’s problems on a long-term basis, it is more inspiring and in some respects it’s more fun.
“I think I’m more charged-up about practicing law now than I’ve ever been,” he said.
Though he admitted feeling guilty at times about being too impatient to bring about the result he’s after, “I’ve learned over the course of time that you need some level of impatience to stay on track.”
By Ed Wesoloski, Esq.
Ken Gross to appear on Detroit Wants to Know – WADL TV 38 – Xmas Day
Ken Gross along with Robin Thompson, from Budge Wise Consulting are guests Christmas Day on Steve Hood’s new hot show Detroit Wants to Know. Tune in at 7:30 PM on Saturday, December 25th – Channel 38 – WADL TV Detroit
Catch Ken Gross Interviewed by Alisa Zee from Sunday 12/3 Radio FM/AM
Listen here to Aliza Zee – The Alisa Zee Fan Club ‘s interview of Ken Gross from The Financial Crisis Talk Center on the current state of the Financial Crisis – Banks, houses underwater and credit card debt are covered. This interview aired on Sunday, December 5, 2010 on on WOMC, WYCD, WXYT-AM, 97.1 and 98.7 AMP – Part 1 Part 2
Ken Gross Interviewed by the Examiner.com – Detroit
Check out Lori William’s interview of Ken Gross in the Examiner – Will Santa Bring an end to the Housing Crisis for Christmas?
Will Santa Bring an end to the Housing Crisis for Christmas?
- November 30th, 2010 12:32 pm ET
By: Lori T. Williams, Esq., Wayne/Oakland Legal News Examiner for Examiner.com and owner/managing attorney of Your Legal Resource, PLLC
Will Santa Bring an end to the Housing Crisis for Christmas? Don’t hold your breath! I interviewed attorney Ken Gross, Managing and Co-Founding Shareholder of the law firm of THAV GROSS, recently for a real estate update. Gross has seen his law practice shift over the past 2 years from 80% Corporate and transactional business law and estate planning to 40% of that work, with the remaining 60% of his work today focused on “financial crisis management”. The clients in the latter category are being helped by Gross and his firm through loan modifications, short sales, or the Bankruptcy process. Gross feels that the Bank’s loan modification process is worse now than ever. “Banks are losing paperwork submitted by homeowners, and if you do get a live person on the phone, it’s hard to find anyone who knows the facts of the loan modification transaction,” remarked Gross. “Furthermore, denials are made with no explanation and often mistakes are made by the banks, making the denial improper.”
Despite the difficulties inherent in the process, Gross enjoys strategizing about which method will best help the debtor solve their financial crises, and for the least amount of money. Gross feels, “if an individual can do for themselves what the Government did for GM, it’s a smart move.” “Often my clients are hard working people who were doing well and paying their bills on time, before the housing market and economy took a hit”. Gross’s goal is to preserve assets and future income for his clients and their family. “If they have 2 mortgages, and their house is underwater such that its value is less than the amount of the first mortgage, they might be a candidate for a Chapter 13 Bankruptcy. That’s the only way to eliminate the 2nd mortgage on the property. At the same time, it’s possible to work on a loan modification of the first mortgage.” Gross remarked, “the process is difficult. In some cases, it is necessary to push the matter to the brink of foreclosure in order to get the banks to agree to a short sale. You just don’t know how the process will go, until you try. Bankruptcy or another Debt Resolution program is available as a relief measure for those clients who can’t modify the loan or get approval from the bank on a short sale.” Gross helps his clients who previously had a good credit score, to understand that their credit score isn’t as important as discharging debt that cannot be repaid because of the current housing market and economy. “The credit score can come back, but if you risk your assets and income to protect your credit score, you are throwing good money after bad”, says Gross.
Gross hosts a weekly radio show on WDFN’s channel 1130AM, every Saturday from 8:30-10am. “The show is called Financial Crisis Talk Center and the goal is to educate listeners about real estate options and debt relief options available under the law today”, says Gross. “The show has resulted in referrals from real estate brokers, mortgage brokers, attorneys, and CPA’s who heard us on the radio, and who referred a client with an upside down mortgage or other debt problems.” “Our listeners tend to be males who are 30-60 years old, since WDFN is a sports station. We’ve been on the air for 2 years now and are growing a regular following.” “As I see it”, says Gross, “we have a limited window of great opportunity to help homeowners shed debt. As the National Economy improves, the window of opportunity to shed debt associated with the housing market will close.” “We all want the economy to improve, but the message is for homeowners and debtors to get educated about their individual rights, so they aren’t holding on to a sinking ship”. For more information about the radio show, credit card relief, tax relief, loan modifications and short sales, Bankruptcy, or other financial problems, visit the website.
Ken Gross on Fox 2 News with Robin Schwartz on the latest announcement of help for homeowners …
Fund to Help Hardest Hit Homeowners
Click here for the Video Interview
Updated: Thursday, 08 Jul 2010, 6:49 PM EDT
Published : Wednesday, 07 Jul 2010, 4:23 PM EDT
By ROBIN SCHWARTZ
myFOXDetroit.com
SOUTHFIELD, Mich. – The state says help is on the way for Michigan’s hardest hit homeowners. $154-million in federal aid will save thousands of families from foreclosure. But there’s not enough money for everyone, and you have to act fast to apply.
You don’t have to look far to find a foreclosed home. They are in just about every neighborhood, but the state says about 17,000 Michigan homeowners will get help to prevent a padlock on the door. We’re one of five states getting an Obama administration Hardest Hit Fund.
The first big question is who qualifies?
“If you’re unemployed it will help to pay your mortgage payments while you are looking for a job. If you are somebody who has had a medical emergency, we want to be able to allow for us to cash you up on your mortgage so that you’re not put out,” said Governor Jennifer Granholm.
We caught up with Granholm at a Habitat for Humanity building project.
“There is help being offered. You got to take a positive step, and you’ve got to look to do something,” said Ken Gross, a financial crisis attorney in Bingham Farms.
He says there’s a big catch to all of this. Mortgage companies have to agree to sign up for the program. That will start to happen on Monday, July 12, but not all mortgage companies will participate. The state says people should keep checking their website at www.michigan.gov/hardesthit. You can also call 866-946-7432 for more information.
While the plan sounds good on paper, Gross is skeptical about how many people will receive help and how long it will take to get approved.
“My big question is are they going to be effective in the ability to process these applications and get people the help they need,” Gross said.
He says other recent government programs to help homeowners have resulted in an endless trail of paperwork and only a small fraction of people actually getting help.
Specific details on how to apply for the Hardest Hit Fund are still being finalized.
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Dave - many thanks and Happy Holidays to you and yours,...December 9, 4:32 am by Ken Gross
Touching commentary...makes me want to go see it. Mitch...December 9, 4:32 am by Dave Smith
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