Established in 1929
50c/
Health City Sun
The
Published by Defined Publishing, Inc.
New Mexico’s Legal & Financial Weekly
June 17, 2011
Vol. 1.82 No. 25
FORECLOSURE SALES: 4
PROBATE:32
STORAGE AUCTIONS: 2
NOTICE OF SUITS: 6
OTHER: 26
OTHER AUCTIONS: 1
SBA Offers Disaster Assistance to New Mexico Small Businesses Economically Impacted by February Freeze Sacramento, CA – The U. S. Small Business Administration (SBA) is making low-interest working capital loans available to small businesses economically impacted by the freezing temperatures and natural gas shortage that occurred February 1 - 11, SBA Administrator Karen G. Mills said today. SBA acted under its own authority to declare a disaster following a request received on June 7, 2011, from Gov. Susana Martinez. The disaster declaration makes SBA assistance available in the primary New Mexico counties of Bernalillo, Lincoln, and Taos and the neighboring counties of Chaves, Cibola, Colfax, De Baca, Guadalupe, Mora, Otero, Rio Arriba, Sandoval, Santa Fe, Sierra, Socorro, Torrance and Valencia and the neighboring counties of Conejos and Costilla in Colorado. “The U. S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to assist New Mexico’s small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of this disaster,” said Administrator Mills. Small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Prepaid copy provided by:
Defined Publishing, Inc. 2011
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela. For owners of these impacted small businesses, disaster loan information and application forms are available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659 2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at www. sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877 8339. The filing deadline to return economic injury applications is March 12, 2012. For more information, visit SBA’s Web site at www.sba.gov. SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” said John Woosley, SBA’s Albuquerque district director. Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3 percent for private, non-profit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
The February Freeze is only a metaphor for the bigger problems facing New Mexico Small Businesses
navigating a short sale Dollars & Sense by David Uffington If you’re considering buying a home via short sale, be prepared for the process to be different from a regular purchase. A short sale is the sale of a property for less than what is due on the mortgage. Short sales generally come about when an owner can no longer make payments (and likely can’t come to an agreement with the lender about refinancing), and is one step away from foreclosure. If the lender agrees, a short sale allows the seller to get out from under the property and ideally walk away without being obligated for the difference between the sale price
and the full amount of the mortgage. The lender gets at least something and often sees this as a preferable alternative to an expensive foreclosure process. As a buyer, your first steps in a short sale are the same as with a regular purchase: get pre-approved and clean up your credit. Your second step is to understand that short sales can and often do fall apart. If you go into a short-sale purchase, be sure that it’s a property you really want, because it can take a long, long time for the lender to approve the sale, and approval isn’t guaranteed.
There are a number of potential stumbling blocks along the way. Lien or second mortgage holders can delay or stop the process. After the seller accepts your offer, your agent will need to send those documents to the lender as well, along with a copy of your pre-approval letter and a copy of your earnest money deposit. Make sure it’s clear in your offer who will pay the selling and buying agents a commission. The seller likely won’t have any money to do it. The lender will already be getting less than the full amount of the mortgage and will try to renegotiate the commission with the agent. Be careful that you don’t have to pay any of the shortfall.
You’ll need an attorney to protect your interests, as the rules and laws vary from state to state. At the very least, you’ll need to work with an agent who is experienced in handling short sales, ideally someone who has Short Sales and Foreclosure Resource Certification. That certification involves taking and passing a course through the National Association of Realtors. David Uffington regrets that he cannot personally answer reader questions, but will incorporate them into his column whenever possible. Write to him in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@ gmail.com. (c) 2011 King Features Synd., Inc.