How to Turn a Terrible Bankruptcy Into a Profitable, Win-Win Joint Venture

The sad truth every business owner faces today is that sooner or later, 9 out of 10 of us in business will go bankrupt.

Bankruptcy is always a terrible thing for everybody affected. Everyone loses - customers, business owner, creditors, suppliers, employees.

NOBODY ever gets all the money they're owed (except secured creditors, who even then can lose out). And almost EVERYBODY loses something from a business gone bust.

BUT - there IS a little-known way to turn a business ALREADY bankrupt (that is, they've shut their doors, fired the employees and put the "For Lease" signs up) into an incredibly profitable, win-win-win money-making joint venture.

Let me explain.

In my opinion, the most valuable assets most average businesses have is not their equipment, inventory, accounts receivables or work-in-progress - it's their PHONE NUMBER and CUSTOMER LIST.

In many cases more money is spent over the lifetime of a business building the value of these two assets alone than almost any other business expense or investment. But for some reason, when the business goes bust and the liquidator is appointed, these assets are almost NEVER sold.

Which is very strange when you think about it. If a business goes bust, their phone number is still out there (on Yellow Pages Ads, directory listings, business cards, invoices, brochures, promotional materials and so fourth) and will be generating new enquiries for several months - even years - to come. And the existing customers are still there. All they need is someone else to buy from!

This creates an amazing opportunity to create a win-win-win joint venture, whether you're the owner of the business gone bust or a competitor.

BOTH of you can make money - ethically - and make the most of a bad situation by simply having the other business owner explain his/her situation to their customers and recommend you - the competitor - as the best alternative. Then, simply split the profits.

Plus, the bankrupt business owner can LICENSE his/her business phone number to a competitor and charge a percentage of profits created from ongoing leads. This works especially well if the phone number is in the Yellow Pages or any other directory or classified listing.

Everybody wins in a joint venture like this. The competitor wins because they'll be getting a ton of new business for no cost. The bankrupt business owner wins because he/she gets to keep a slice of their most valuable asset - their customer list - which may help pay off debts over time.

And - the creditors win because, if patient, they can often make a lot more of their money back over time than they otherwise would.

Oh, and in case you think it's sneaky or unethical to buy your competitors phone number and divert all the incoming leads to your business - you can simply tell these new potential customers that your competitor has gone bust and all new enquiries have been diverted to you. Most of them won't care anyway, as long as you offer the same value.

These joint ventures are incredibly easy to put together and can work more effectively than traditional joint ventures. Whether you're a joint venture broker, business owner or liquidator - this is a type of JV you can do all year long with PHENOMENAL results.

A Sample Hardship Letter For Loan Modification - A Template to Start With

The hardship letter can be the most intimidating part of the loan modification application process, and unfortunately most homeowners are lost on what exactly needs to go into a hardship letter for loan modification.

This sample hardship letter is to give you a basic feel for what you should include in your own hardship letter. There is a sample letter as well as instructions as to what you should bring up in each section. Everyone has a different story concerning their financial hardship, and you need to tell yours in order for your lender to take your loan modification proposal seriously.

Account number: [Your loan number goes here]

[The name your loan is under, usually your own.]
[Your residential address, which is also the address you are requesting loan modification on. you cannot get a loan modification on a piece of property you are not living on.]
[Your contact information, like phone number and email]

[If you know the name of the person who is going to read the hardship letter, use that, if not...]
To Whom It May Concern:

[Clearly state why you are writing this hardship letter for loan modification. Choose either we or I, it is your preference.]
I am writing this letter to address the reasons behind my falling behind on my mortgage payments with you and to formally request you work with us on a loan modification. I have fallen under various circumstances that have made it difficult to make even the simplest ends meet. I would like to work with your institution to meet more reasonable terms on my mortgage and stay in my home.

[Give a brief look into why exactly you cannot afford your monthly payments. Don't go into a big story -- try to keep it to one paragraph.]
I was laid off a couple of months ago and had been unable that pays well enough to afford all of my monthly expenses. I had kept up for the past two months through my savings, which has run dry. However, last week I acquired a position at a company that pays comparatively in comparison to my old position and I am to start in a couple of days. My wife, who had paid half of all the monthly expenses, has been diagnosed with X and cannot work anymore until she has been treated successfully. Luckily the doctors say she should be fine in about six months, but unfortunately we do not have enough to make ends meet and afford treatment as it is now.

[Explain how you are planning to get back on track.]
I did some calculations, and my new job will be providing enough to afford my monthly expenses as well as a monthly mortgage payment of $X. Once my wife is better we will completely financially stable again, but until then things are more than a little tight. We are requesting [State exactly the loan modification agreement you feel you can handle and they will approve of]

Thank you for your time and consideration, and I look forward to working with you towards an agreement that we can both handle.

Sincerely,

[Signature]

Remember, this is just a sample hardship letter for loan modification to get you started. You can go even more in depth with your letter -- as a matter of fact, it's recommended, but do not go into a long and drawn out story. Your lender will see that as a mound of excuses and could very well deny you based on it.

If you're interested in additional sample hardship letter templates to fit your specific situation, visit my simple, no nonsense loan modification guide and resource: http://Home-Loan-Modifications.info

Lenders For People With Poor Credit

There are lenders for people with poor credit out there if you need to get a loan and have not so good credit history. However, there are a few important things you need to know.

If you are looking for a lender with poor credit, you are not going to be able to use a bank or credit union. These lenders don't like taking any sort of risk and you, with not so good credit history, represent a significant risk.

You will probably need to seek out bad credit lenders with you have terrible credit. These are lenders that specialize in working with clients to give out loans catered to credit scores that are not high. These lenders will have a variety of loan packages, each tailored to different low credit scores. The cost of poor credit loans is that you will always have to pay much higher interest rates.

However, sub-prime lenders are good because they give people with less than stellar credit the funding they need to buy a house, get a mortgage, or start a business.

Now, when looking at subprime lenders, it's important to shop around so that you can secure the best deal. There are many such lenders online. You should look at least 3 such lenders to compare their prices. This is crucial since the loan interest rates for bad credit lenders will widely vary, depending on the company. To get the best loan rate, you need to do comparison shopping.

So if you have not so good credit, know that there are lenders for people with poor credit scores.

Lenders for poor credit do give out loans to people with bad credit history. However, to find lenders for very bad credit, you must look online to find loan companies willing to give out these very bad credit loans.

I Need a Personal Loan Quick But I Have Bad Credit

I need a personal loan quick, but I have bad credit--it seems like something that is being said more often with the condition of the current economy. If this is the situation you are in, what do you do? You need to get your car fixed and you do not have the money. You have a home repair that needs taken car of and you don't have the money. It can be any number of things that came up unexpectedly that causes you to need money.

If you have bad credit, getting the needed money may not be easy, but there are ways of coming up with the money. The best thing to do if you have bad credit is to try to borrow the money from a friend or a relative. But in many cases, this is not possible.

Another option is to pawn items that you have in your home. This will give you quick cash, but if you want the items back you will have to plan into your budget for the repayment of the loan. The good thing is you usually have 3-4 months to reclaim your items. As long as you have something of value, you can have the money in no time at all. Electronics and jewelry are two types of items that can bring a nice return.

If you have items around your home that you do not need, a garage sale or an eBay auction can be a great way of making extra money. The only issue with this is the time factor. If you need money in a week, this will work. If you need it in an hour, you are going to have to use another option.

The last option for a quick bad credit loan is a payday loan. A cash advance loan is an option that can have as much as $1500 in your hands in an hour or less. But before you get a payday loan, it is important that you completely understand the terms of the loan. Cash advances are unsecured, short term and do not require a credit check. Most cash advance services do have certain requirements, such as; proof of employment, checking account information and a working phone.

These loans have helped many people out of a pinch, but beware. They are not without a price. The fees can range any where from $15-$30 per $100 borrowed. It some cases, having the money may be worth the expense of paying the fees. That is something you will have to decide for yourself.

Do you need money quick, but have bad credit? Find out more about bad credit loans, free credit card debt relief and free credit repair.

To Avoid Foreclosure Refinance Or Renegotiate Your Home Loan

Many homeowners are feeling the pressure of making their loan payments and are seeing the possibility of foreclosure. Refinance or renegotiation of home loans has become an increasingly popular and simple solution to his potential disaster. You can refinance completely and essentially have a whole new loan with better rates and a more manageable payment or you can take your existing loan and renegotiate your payments so that they fit your current budgetary needs.

If you have a pretty good credit rating and are still relatively stable financially then a refinance is probably your best option. You can go to a lender or bank and get a new loan with better interest rates and more manageable payment. If you are in the beginning years of your current loan then this makes sense. If you are close to the end of your current mortgage, it may make sense to make adjustments elsewhere.

Make an appointment with a financial counselor or banker that you trust and ask the important questions. Find out the details of your current loan; see what the interest rates are and where you stand on remaining principal. These details will all factor into your decision making process. If you are looking for cash back then a refinance would be your best option.

If your circumstances are more dire and you are facing imminent problems in making your loan payment, or have a cash flow issue that will not be changing any time soon, then you are more likely able to renegotiate your current loan. The usual process is to take your current total amount owed, principal and interest and re-write the payment schedule adding more years of payment to the end of the loan. You are not borrowing any more money, or getting a better rate with this option, rather you are getting a smaller monthly payment that will allow you to stay in good standing with your mortgage company and stay in your home.

Although the mortgage industry is in a bad state, it would only get worse if everyone started walking away from their homes. It is in the best interest of lending institutions to make every attempt possible to keep people in their homes. Unfortunately, the best deals always exist for those people with the best credit and debt ratio scores. While a renegotiated mortgage will not necessarily be the best decision you can make for long term financial solutions, it will keep you in your home now. When your financial situation gets better and your cash flow improves then you can think about rectifying the situation.

Before you let current financial trends get you depressed, do your research and get proactive. You might be better off than you think.

A loan modification may be a better option to avoid foreclosure.

Learn how to get qualified for a rate modification of your home loan.

How You Can Get a Home Loan Within 4 Months

It only takes a good credit rating to get a home loan from financial lenders. I believe every bank is willing to grant customers their mortgage credit request provided they have met the necessary requirements.

In most cases, mortgage home loans need a simple confirmation that the credit applicant is worthy of being giving credit approval. But there is one main way they can be assured that you will repay the housing credit they give you:

Your credit report, because it shows your past history of repaying loans extended to you. What they do is to buy your credit report from Experian, Transunion, and Equifax. They will only use a score out of the three provided by the credit bureaus in making their decision on giving you the home grant. They will usually go for the middle score out of the three.

But if you have got a pretty bad score, then it's time to get your act together and begin working to rebuilding a good credit rating. There are two ways from which you can choose in fixing your profile: The do-it-yourself method which is also known as the self-help credit repair, or using the services of a credit repair agency.

In any case, you should expect to get good results in a minimum of forty-five days. I say this because corresponding time via mail between you and the bureaus will take this time frame.

However, if you are banking on the DIY method, you are likely to spend the same time frame but the good thing is that you control the whole process as opposed to assistance from a a credit repair law firm.

At the end of the repair process when your score has been raised, you can proceed to apply for housing loan and look forward to an approval of your loan.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans.

Mortgage Glossary of Terms

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A brief list of some of the most common Mortgage terms.

Adverse Credit

The term used if the borrower has a poor credit history. This could include previous mortgage or loan arrears, bankruptcy or CCJ's. Other
terms used to describe an adverse credit mortgage include:

• Bad credit mortgage
• Poor credit mortgage
• Non status mortgage
• Credit impaired mortgage
• No credit mortgage
• Low credit score mortgage

APR (Annual Percentage Rate)

The interest rate reflecting the cost of a mortgage as a yearly rate. The APR provides home buyers with the ability to compare different types of mortgages based on the annual cost of each.

Arrangement Fee

The fee you pay your Lender in return for them providing you with a mortgage. Usually paid on completion or with your application, these fees usually apply when you take out a fixed rate, discount or cashback mortgage.

AST (Assured Shorthold Tenancy)

A form of tenancy that gives the landlord the right to repossess their property after a set amount of time laid out in the tenancy agreement. New tenancies are automatically ASTs unless otherwise stated.

Assured tenancy

The landlord can charge a market rent (the current rate for similar property in that area) and take back the property under certain conditions, as set out in the Housing Acts of 1988 and 1996.

Bridging Loan/Finance

Short term loan to enable the purchase of one property before the sale of another essentially releasing funds that are required for the purchase. You should always consult a professional before considering any bridging
finance as it could be a solution that is worse than the problem.

Brokers Fee

A fee charged by an intermediary or advisor for locating the most appropriate mortgage for the borrower.

Buildings insurance

Insurance you can take out when you buy a property that will cover the
cost of any damage to the house and or contents..

Buy to Let

A mortgage meant for those who wish to purchase a property to rent out to others. The decision on whether you are able to repay this type of mortgage is often based up on the future rental income from the property rather than the personal income of you the borrower.

CCJ (County Court Judgment)

A judgement reached in the County Court generally realted to non payment of a loan, mortgage etc debt in general. If you pay off the debt, the CCJ will be satisfied and a note is put on your records that states this.

Chain

A housing 'chain' made up of a number of buyers and sellers, essentially the line of buyers and sellers involved in each house move.

Charge

Any right or interest, especially with a mortgage, to which a freehold or leasehold property may be held. Basically a charge is the claim the lender has on the property until the mortgage or loan is satisfied.

Completion

The term used when the seller and buyer exchange the finances required
to buy a property through their respective solicitors. At exchange of contracts
a deposit, usually 10%, will have been paid. At this point the buyer
becomes legal owner of the property.

Conveyance

The legal process in which ownership of the property is transferred
from the seller to the buyer. Generally undertaken by a solicitor,
or licensed conveyancer.

Early redemption fee

If you decide that you want to sell your property or remortgage then
you will be redeeming you mortgage early. Most lenders charge a penalty fee,
especially during any period of a fixed, capped or discounted rate. Be sure
you are clear about any potential penalties when you are about to take on a mortgage.

Equity and negative equity

The amount of value in a property that isn't covered by a mortgage - simply take the amount of the mortgage from the valuation to work out the equity. This is where the money you owe on the mortgage is greater than the value of your property.

Exchange of contracts

The contract is a written agreement that lays out the terms between the buyer and the seller. When both parties exchange contracts, usually weeks before completion, the deal becomes legally binding. Often a deposit of around 10%, is paid at this stage.

Fixed Rate

A set interest rate on a mortgage fixed for a period of time. This varies from lender to lender.

Freehold

If you are the property owner outright then your property is freehold.
Most houses are freehold wheres many flats are leasehold, since you are not the
owner of the whole building containing the flats.

Gazumping

If you are in the process of purchasing a property and your offer has
been accepted but the seller gets a better offer, before you complete, and takes
it then, you've just been 'Gazumped'.

Interest Only Mortgage

A mortgage whereby the borrower is only required to pay inerest on the amount borrowed during the mortgage term. It is the borrowers responsibility to ensure that enough funds will exist (either through an investment policyor other means) to repay the full mortgage at the end of the term.

Intermediary

A mortgage broker or advisor who finds the most suitable mortgage for a borrower and arranges the mortgage on their behalf.

Leasehold

If you buy a leasehold property you don't own the property rather the right to live there for a specified period of time, however much time remains on the lease. The owner of the property is called the freeholder or landlord.

Liability

This relates more to commercial mortgages. With a commercial mortgage liability for the repayment of the loan depends on the legal structure of the business:

A sole trader will be personally liable for the mortgage debt. Personal assets could be seized if the business defaults.

Partners are jointly liable for the debts of the partnership and their personal assets are at risk

With a limited-liability partnership and a limited company, the liability falls firstly on the business rather than on the individual partners and directors. The lender may take a floating charge on business assets in general, rather than simply on the current property being purchased.

The lender may also insist on personal guarantees as a condition of granting the loan, in which case the partners and directors may be held personally liable anyway.

Life insurance

If you have a joint mortgage, life insurance can be acquired that will
see the mortgage paid of should one of you pass on.

LTV (Loan to Value)

The size of the mortgage as a percentage of the value of the property i.e. A £90k mortgage on a house valued at £100k would mean an LTV of 90%.

MIG (Mortgage Indemnity Guarantee)

A one off payment made when you set up a mortgage a kind of insurance policy for the lender. This offers them protection against the
value of the home falling to less than the mortgage. It is generally only charged
to borrowers with a less than 10% deposit, but this can
vary.

Mortgage

A loan to buy a property where the property is used as security against you
paying back the loan.

Mortgagee

The company or organisation that lends you the money.

Mortgagor

The person taking out the mortgage.

Non-Status

Where a lender may not require income details from you or may accept
some previous poor credit history i.e. CCJ's or previous mortgage arrears.

Payment Holiday

A period during which the borrower makes no mortgage payments.

Regulated tenancy

A legal right to live in your accommodation for a period of time. Your tenancy might be for a set period such as a year (this is known as a fixed term tenancy) or it might roll on a week-to-week or month-to-month basis (this is known as a periodic tenancy).You are a regulated
tenant if you moved in before 15 January 1989, you pay rent to a private landlord
and your landlord does not live in the same building as you.

Remortgage

The taking on of a second mortgage to pay off the first. The most common reasons for doing this are that another mortgage is available at a better rate or that the value of the property has gone up allowing for the opportunity to borrow more money against the property.

Right to Buy

For example, a tenant in a council owned property may purchase the property at a discount depending on length of their tenancy.

Self Certified

Generally when a borrower applies for a mortgage he or she will be asked to provide pay slips or company accounts to prove their income. If it is difficult or inconvenient for you to provide this evidence, you can choose to self-certify your income. This involves signing a declaration which states your income sources and amounts. Lenders will charge you higher rates than average and offer you a more limited range of mortgages if you choose to self-certifyyour income, in general it's not a good idea to self-certify just to avoid some paperwork.

Stamp Duty

Tax paid by the buyer of a property set at 1% for properties over £60k,
3% for properties over £250k and 4% for properties over £500k.

Structural survey

The most wide ranging check of the structure of a property. This is carried out by professional surveyor and should uncover any defects or faults with the building.

Tenancy

A legal written agreement between a landlord and tenant that sets out
the terms of the rental.

Term

The period of years over which you take the mortgage and repay
it.

Term Assurance

An insurance policy designed to repay the mortgage on the death of the insured person. Level Term Assurance covers a principal sum throughout the policy term and pays out the full amount on death. Reducing Term Assurance is designed to repay the balance outstanding on a repayment type mortgage upon death. Term Assurance may also pay out early on the diagnosis of a terminal illness.

Underwriting

The process of evaluating a loan application to determine the risk involved for the lender. This involves an analysis of the borrower's creditworthinessand the quality of the property itself.

Unencumbered

Where the property is owned outright and no mortgages or loans are secured
against it.

Valuation

A simple check of the property in order to find out how much it is worth and
whether it is suitable to secure a mortgage against.

Valuation Fee

The fee paid by a borrower to cover the cost of the lender checking that the property is suitable security for the mortgage.

Variable Rate

A type of interest rate the lender can charge. It goes up and down and your repayments change accordingly.

Vendor

The person selling the property.

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