DUMP YOUR DEBT – the book – is complete – Releasing in 2 Weeks!

Financial Crisis Management Attorney and Talk Show Host, Ken Gross, provides detailed steps on how to use the right mix of available tools to shed your debt – quick and at the least possible cost – so that your future income goes in the bank and not to the bank! The “secrets” of gaining approvals to a short sale, settling credit card debt and second mortgages at discounts of up to 90% are told by someone who does it every day for his clients – and most of all – someone who makes sure the “big picture” – tax issues, cost, risk and preservation of income are all evaluated in arriving at the right plan to DUMP YOUR DEBT! In the words of the industry he despises, the information in this book is priceless.

Ken Gross founded the concept of Financial Crisis Management at the end of the 2008 when the economy crumbled. The concept is simple. The rules of the game have changed – you can’t just pay your debts and take the hit on your property values, when the banking, mortgage, insurance and auto industries get bailed out at taxpayer expense. Your responsibility is to preserve your future income for you and your family. This means, if there is a way to shed your credit card debt and house under water – you need to do it – so when you retire – you have cash in the bank and not wasted your future by paying exorbitant interest over the next 20 years. To get there, you need a comprehensive analysis as to the smartest and least costly avenue to attain your goals. This means – you must evaluate all the options – loan mod, short sale, debt resolution, foreclosure, bankruptcy and tax consequences – in order to determine the correct path. Ken Gross saw that the marketplace does not offer the comprehensive and necessary approach. This book does precisely that.

People are stressed and looking for direction and help – read this book and you will be enlightened and empowered – there is a light at the end of the tunnel and it does not have to be a painful journey. The book begins with 4 common scenarios of people hurt in the financial crisis. From there, Ken Gross, leads you through the Tools of Financial Crisis Management and how to apply them to your situation. The approach is unique, creative and brilliant! DUMP YOUR DEBT is the, house under water, credit card debt, bankruptcy and tax problem “Bible.”

The book will be available on Amazon.com and major book sites no later than August 1, 2012.

To see a preview of the Book – Go to www.createspace.com/Preview/1104973

Ken Gross Comments on $25 Billion Settlement in Michigan Lawyers Weekly

MICHIGAN

LAWYERS WEEKLY

State to share in $25B settlement

Michigan one of 49 states to sign on to compensate for ‘abusive practices’

POSTED: 11:02 PM Friday, February 17, 2012
BY: Carol Lundberg

Michigan will share in a settlement said to be worth $25 billion, but it’s not exactly raining cash on Michigan’s foreclosure problem.

Michigan joined 48 other states in a $25 billion settlement with the country’s five largest mortgage lenders.

The settlement, intended to hold mortgage servicers accountable for what U.S. Attorney General Eric Holder said were “abusive practices,” will provide some relief to homeowners struggling to pay mortgages that are more than their houses are worth.

But the amount of relief is so small, too small to stabilize the country’s still-crippled housing market, said Matthew Heron of Clark Hill PLC in Detroit.

“If you think about it, how could it really solve the problem of $700 billion worth of underwater mortgages?” he asked. “The reason the housing market isn’t recovering yet is a function of the economy, of the free market.”

Heron represents lenders. Though the settlement doesn’t cover the damage to state budgets and individual borrowers as a result of the foreclosure crisis, it does give states’ attorneys general a little bit of resolution without requiring them to invest a lot of resources in investigations.

“The investigations by the attorney generals haven’t resulted in significant settlements, and they do put a burden on the states, which are having economic problems,” Heron said.

But the states and borrowers certainly aren’t going to receive $25 billion worth of relief.

Of the $25 billion, the banks — Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and GMAC/Ally — are paying about $5 billion in cash to federal and state governments, or approximately 1 percent of their combined market capitalization.

Of that, $1.5 billion will be used to establish a Borrower Payment Fund to provide payments to borrowers who lost their homes to foreclosure, according to Michigan Attorney General Bill Schuette. The payments will be as much as $2,000, though details have not yet been worked out.

The payments to state and federal governments will be used to repay public funds lost as a result of servicer misconduct, and to fund programs such as legal aid and housing counseling that the states are providing. The settlement excludes borrowers with Fannie Mae and Freddie Mac mortgages, who make up approximately half of the homeowners in the U.S.

Schuette said in a press release that Michigan residents will receive approximately $500 million dollars, but the only hard cash flowing into Michigan will be $101 million, which will be paid mainly to the State of Michigan. (See “Settlement details,” right.)

That payment is not meant to make up for a foreclosure,” said attorney general spokesman John Selleck. “It’s a punishment for poor customer service by the banks. We were getting calls from people who would be on the phone with a mortgage servicer trying to get some kind of help with their payments, at the same time that the bank was foreclosing on them.”

He said that when the housing market crashed in 2008, it crashed very hard and very fast.

“The banks just didn’t handle their customers the way they should,” Selleck said. “The settlement is to address two main thrusts — horrendous customer service by the banks, and robosigning, which we are still criminally pursuing.”

Michigan has been particularly hard-hit by the foreclosure crisis. Last year, a California-based analytics firm, CoreLogic, reported that 35 percent of Michigan homeowners are underwater in their mortgages.

The deal does nothing to solve the problems in the housing market, which will continue to be a drag on the economy because small business owners aren’t able to create jobs when they have no equity in their real estate, said Kenneth Gross of Thav Gross PC in Bingham Farms. Gross represents borrowers.

What would help borrowers the most, he said, is principal reductions, something the banks have been reluctant to do.

“This settlement doesn’t address any of that. It’s extremely limited to the issues of robo-signing and fraudulent foreclosures,” Gross said.

“Basically what’s going to happen is everyone in the world going to call my office wondering how to get their $2,000,” Gross said. “But no one knows yet who will be eligible to receive what. There have been 1.9 million foreclosures with another 1.9 million still to come.”

The settlements will not prevent individual borrowers from suing their lenders if they have a cause of action, Heron noted.

“What this does do is to free up the attorney generals and their resources to decide what they want to dedicate their time to,” Heron said. “The public settlement funds are being used to prop up the services the states would have a hard time providing.”

If you would like to comment on this story, please contact Carol Lundberg at (248) 865-3105 or carol.lundberg@mi.lawyersweekly.com.

From CBS Detroit – Banks In $25B Deal To Settle Foreclosure Abuses

Banks In $25B Deal To Settle Foreclosure Abuses

February 9, 2012 4:07 PM

BINGHAM FARMS (WWJ) – Michigan is among 49 other states to receive a chunk of cash from a landmark $26 billion settlement from five banks for alleged foreclosure abuse.

Some borrowers in Michigan could get between $1,500 and $2,000.

“States across America have worked hard to present a united front in the fight to help stabilize the housing market in the aftermath of harmful mortgage lending and foreclosure practices,” said Michigan Attorney General Bill Schuette. ”As a result, Michigan residents who were hit hard by this crisis will now receive assistance.”

Attorney Kenneth Gross with Thav Gross in Bingham Farms, who represents homeowners going through the foreclosure process, said the settlement is disappointing.

“We’re very disappointed with it, because I think the banks did a lot that they should be called upon to pay for, and I don’t think they are,” Gross said.

How will borrowers get their hands on the cash?

“I’ll research it and once it’s out there I’ll put it up on our website,” said Gross. “It certainly isn’t going to be something that somebody goes to hire an attorney to try and get this $1,500 or $2,000. I don’t see how they’re gonna come out ahead after paying attorney fees.”

“So, it’s gotta be something where you can exercises self  help and get it done.” he said.

The five banks in the settlement include Bank of America, Citi Group, J.P. Morgan Chase and Wells Fargo.

“I’ll research it and once it’s out there I’ll put it up on our website,” said Gross. “It certainly isn’t going to be something that somebody goes to hire an attorney to try and get this $1,500 or $2,000. I don’t see how they’re gonna come out ahead after paying attorney fees.”

“So, it’s gotta be something where you can exercises self  help and get it done.” he said.

The five banks in the settlement include Bank of America, Citi Group, J.P. Morgan Chase and Wells Fargo.

“Dump the Debt” – Ken Gross and Thav Gross announce Free Seminar on Wednesday, February 29, 2012

The Goal – Preserve Future Income for You and Your Family – So that you cash goes in the Bank and NOT to the Bank.

Learn the latest new in the Housing Market – Short Sale? Loan Modification? Principal Reduction? What to do….

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 Wednesday, February 29, 2012 at 7 PM. Sign up on the Website or call our offices at the numbers listed.

THIS IS YOUR CHANCE TO RECLAIM YOUR FUTURE – SO THAT YOU PRESERVE YOUR FUTURE INCOME FOR YOU AND YOUR FAMILY

Podcast of the January 26, 2013 Radio Show – Part 1 – Word of the Day is “Status” – The Economy; Part II – What is Financial Crisis Management? and Part III – When it Makes Sense to Modify a Mortgage

CLICK HERE FOR PODCASTS & VIDEOS

Radio Show Summary for 1/26/13 – The Financial Crisis Talk Center…

Word of the Day is “Status” – As in the Economy

Part II – Learn how it came about and what is Financial Crisis Management

Part II – When a Loan Modification is the right move

Catch it all!

Call Me Irresponsible? A message from the Unheard American

I guess I’m irresponsible. How did I get here? I worked my way through college, paying my own tuition, with the benefit of student loans and scholastic scholarships. I purchased a starter home and followed the advice of the real estate experts – which in the 70-90’s was to extend yourself as far as you can – because residential real estate is a great investment and a guaranteed return and hedge against inflation. A few years later, I sold that home, with a nice $60,000 gain, which I used as the down payment to build our dream home at the time – a nice 4 bedroom home in the suburbs. Twenty years later –yes, I refinanced a couple of times – pulling equity out along the way to pay for my children’s college educations, to help finance their schooling abroad, as well as the summer camp experience and all those “things” that we believed would help our children to be well rounded and ready for the techno advanced next millennium. Yes – along the way, I also obtained credit cards, and carried relatively high balances, with reasonably low interest because I always had a stellar credit history.

So here I am now. In 26 years, I’ve never been late on a payment. Every bank that has extended me credit has been paid – timely and in accordance with the terms set. So what happened? Well – now my house that I paid $290,000 for 20 years ago, that appreciated to $480,000 over that period – is now worth $278,000. My mortgage – well that’s a nice fat $400,000. The President calls this “underwater.” I call this “upside down.” Many in Congress, who oppose aid to homeowners – say, “we’re not going to help the irresponsible.” Worse yet, the banks whom I have never missed a payment – have cut my credit lines so that I no longer have available credit. This action alone has caused my credit score to go into free fall because I now fail the critical “available credit” test.

Am I irresponsible? I have met all of my obligations, each and every day. I paid for my college and repaid my college loans. I paid for my children’s education and I raised two great kids. Now I’m “upside down” “underwater’ and irresponsible? Well – I may be “underwater” and “upside down” based on the value of my home. But I’m not the one that ran my business to the point where I was one day away from causing a catastrophic financial meltdown that could sink the entire world economy. I’m not the one who came hat in hand and begged our government for billions of $$$$$ of aid to stay in business. Who did that? We all know – Wallstreet did. The Banks did. AIG did. These same people are the ones that pumped up the real estate bubble with air — and then let it burst. They are the reason why my home has lost $200,000 in value in 2.5 years, and they are the ones who have put our country into free fall such that no one has the credit or desire to purchase a car. Worse yet – they are the ones who our government must now help or we will all fall off the cliff and become broken humpty dumpties.

Call me irresponsible? I don’t think so. In fact, if you’re not going to provide me any help – then I’ll tell you only once – don’t you dare call me irresponsible.