Unclaimed Bank Accounts

  By admin | May 19, 2012 - 6:00 pm | money accounts
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Unclaimed property is defined as any financial asset left inactive by the owner for a very long period. it includes bank accounts, stocks, bonds, mutual funds, matured or terminated insurance policies, payroll checks, and more.All states in the United States have laws governing the reporting and claiming of unclaimed assets. the law states that the unclaimed property should be turned over to the state if the financial institutions or pubic agencies have no contact with the owner.Also known as a dormant bank account, unclaimed bank accounts are defined as those accounts that lack transactions for a specific time period. to be more precise, the bank accounts are considered unclaimed or abandoned when the account holder fails to make a deposit or withdrawal over a period of time, basically from two to five years. they include deposits in the form of savings accounts, bank drafts, certified checks, and more.After two years of dormancy, the bank at which the funds are located will try to contact the account holders with a notification made either by mail or by publishing the names in newspapers. if there is no reply from the owners, another attempt is made after five years; if there is still no response, the accounts are removed from the bank and are turned over to the government. Unclaimed money is held by the government until claimed.In order to register claim, a claimant must provide personal information such as name, social security number, and proof of the current and all previous addresses, and proof of ownership. Even if the passbook is lost or destroyed, an account holder can recover an insured bank account that is left dormant for certain time span. if the owner is deceased, then the account can be claimed by a relative or a creditor.Today, there are several private recovery agencies, tracers, and other third-party companies that offer help in recovering unclaimed properties .a fee is charged for their valuable services.

178 days to election — JPMorgan loss gives D.C. leverage for more bank enforcement, regulation — Romney courts Va., evangelicals — N.C., site of Dem. convention, now headache for party

  By admin | May 19, 2012 - 6:00 am | arianna huffington move your money
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(Updated 5/12/2012 at 5:04 p.m.) MOTHER’S DAY is tomorrow. JAMIE DIMON, chairman and CEO of JPMorgan Chase & co., to David Gregory, in an interview taped yesterday for “Meet the Press,” when asked if the bank broke any laws, or accounting or SEC rules: “so we’ve had audit, legal, risk, compliance, some of our best people looking at all of that. we know we were sloppy. we know we were stupid. we know there was bad judgment. we don’t know if any of that is true yet. Of course regulators should look at something like this — that’s their jobs. so we are totally open to regulators, and they will come to their own conclusions. But we intend to fix it and learn from it and be a better company when it’s done.” Video http://on.msnbc.com/J2uCtr –Financial Times p. 12, “How JPMorgan loss hit war on Volcker: Investment bank’s travails play into the hands of regulators and advocates of tighter control,” by Tom Braithwaite and Tracy Alloway in New York and Shahien Nasiripour in Washington: “for most of the year, Wall Street seemed to be winning the war on the Volcker … in early 2010, [Paul] Volcker persuaded President Obama that banks that enjoyed government support should not be allowed to make risky bets with their own money. … Deluged by comment letters, and struggling to separate proprietary trading from legitimate market making, government officials delayed the rule. “This gave banks breathing space and hope that shifting political winds would blow away the most grievous threat to their business models. if Republicans did well in general elections in November, banks hoped that pressure could be brought on regulators to tone down or scrap the rule. … the loss [Morgan] could add impetus to calls to break up the biggest banks. Regulators have the power to order disposals for financial stability reasons.” DRIVING THE DAY – on a conference call for reporters yesterday, a senior Romney adviser previewed Mitt Romney’s commencement address at 10 a.m. today in Lynchburg, Va., at Liberty University, which was founded by the late Jerry Falwell and bills itself as “the largest private non-profit university in the nation, the largest university in Virginia, and the largest Christian university in the world”: “This is not a policy speech. It is a speech for the graduates and their parents. It's more of a personal speech, where Governor Romney will talk about what he has learned from his own life experience, and he'll share some of those life lessons with the graduates. he will talk about personal responsibility, the dignity of hard work, and the commitments of family. … “[M]arriage isn't the focus of the speech, but he will mention the fact that marriage is an enduring institution which deserves to be defended. … he dealt with this issue during his term as governor. he is opposed to gay marriage. he believes marriage is a relationship between a man and a woman. he does support some form of domestic partnership benefits that would confer rights such as hospital visitation and rights of survivorship. But the reason that the governor got into the race for President is because of the dismal state of the economy. Jobs and the economy is the message that carried him through the primaries. It's what he takes with him into the general election, and it is why he is going to win in November.” SENTENCE OF THE WEEK – NYT’s Ashley Parker and Jodi Kantor: “Presidential elections are sometimes described as high school popularity contests on a national level, and the Romney campaign clearly was worried that the episode could define mr. Romney as a familiar yearbook character: the rich kid with a mean streak.” http://nyti.ms/J06wjP –WashingtonPost.com add to bullying story: “Editor’s Note: an earlier version of this story reported that [Romney high-school classmate Stu] White ‘has long been bothered’ by the Lauber [shearing] incident. White later clarified in a subsequent interview that he has been disturbed by the incident since he learned of it several weeks ago from a former classmate, before being contacted by the Washington Post.” –WashPost Ombudsman Patrick B. Pexton writes on “Omblog” that the update should have been labeled “Correction,” but concludes: “Romney bullying story holds up to scrutiny … I think the story was interesting, compelling and well documented.” http://wapo.st/IUUzMN TOP TALKER – WSJ A1, “Democrats' Fund Taps Corporate Donors for Convention,” by Brody Mullins and Peter Nicholas: “Democrats have trumpeted their ban on corporate donations to their national convention this summer, saying that it shows they are free from the influence of special interests. But through a special fund, [the host committee is] accepting millions of dollars in corporate contributions to help pay for many of the activities outside the convention hall … Donors include Wells Fargo & co., Bank of America Corp. and Duke Energy Corp., all significant employers in Charlotte, N.C., where the convention will be held in early September. the fund, called New American City inc., plans to raise more than $10 million to cover convention expenses, including salaries for convention workers, promotional materials and overhead. Costs also include entertainment for delegates and others, such as a welcoming party for the media that will feature celebrity performers and as many as 10,000 guests. “the Democratic National Committee and the convention host committee say no corporate money will be spent on activities related to nominating the president or other events directly connected to the formal nominating process. … before this year, both political parties accepted corporate funding for their conventions. … Republicans … are accepting unlimited donations from individuals and corporations to fund their gathering this summer in Tampa, Fla. … “Democrats said the ban applies only to the host committee's main fundraising account, which helps stage the nominating process inside the convention hall. the host committee is an umbrella group, legally separate from the Democratic National Committee, that includes officials from the host city and other Democratic insiders. … [T]he fund was established by … Joseph Sandler, a former DNC campaign-finance lawyer who is counsel to the host committee; and Will Miller, who is on the board of the host committee. Anthony Foxx, Charlotte's mayor and the co-chairman of the host committee, is president of the New American City fund.” THE NARRATIVE – “North Carolina a political headache for Democrats,” by AP’s Mitch Weiss in Charlotte: “once a bright spot for President Obama, North Carolina is now more like a political migraine less than four months before Democrats open the party's national convention in Charlotte. … Labor unions, a core Democratic constituency, are up in arms. Democratic Gov. Bev Perdue isn't running for re-election; Democrats say she was likely to lose. the state Democratic Party is in disarray over an explosive sexual harassment scandal. Voters recently approved amending the state constitution to ban gay marriage, a position that runs counter to Obama's. And unemployment in the state remains persistently high. … “when Democrats announced the choice in February 2011, they said selecting the Southern city signaled Obama's intent to fight hard for the conservative-leaning state like he did in 2008. … now traditional Democratic Party groups are threatening huge protests in part because they're deeply uncomfortable that the convention is being held in one of the least union-friendly states. And thousands of Democrats across the country are calling for the convention to be relocated because of the gay-marriage vote. Democrats say that won't happen.” THE BIG PICTURE – L.A. Times A1, middle of page, “U.S. lags in global healthcare push,” by Noam N. Levey in D.C.: “even as Americans debate whether to scrap President Obama’s healthcare law and its promise of guaranteed health coverage, many far less affluent nations are moving in the opposite direction — to provide medical insurance to all citizens. China … is on track to complete a three-year, $124-billion initiative projected to cover more than 90% … Mexico … just completed an eight-year drive for universal coverage … ‘This is truly a global movement,’ said Dr. Julio Frenk, a former health minister in Mexico and dean of the Harvard School of Public Health. ‘as countries advance, they are realizing that creating universal healthcare systems is a necessity for long-term economic development.’” Not online yet FOR SUNDAY PAPERS – OBAMA-WORLD VIEW – AP’s Rob McGuire: “the general consensus across a world weary of war and economic crises is that Barack Obama has not lived up to the lofty hopes that surrounded his election. But while the U.S. president's international popularity has slipped a peg or two, he stands head and shoulders above his presumed Republican rival Mitt Romney, thanks in part to the lingering memory of the last president from his side of politics, George W. Bush. And for many Western countries, Republican politics are also too far to the right. some say Obama's enduring [global] popularity is a triumph of style over policy substance, with few of his international fans being close followers of U.S. politics.” ** A message from the American Petroleum Institute: Americans from all walks of life are becoming energy voters. They know America needs more energy from all sources – including domestic oil and natural gas – to create jobs and get our economy moving. Learn more at www.Vote4Energy.org. ** BIRTHDAYS: State Department's Jonathan Kaplan is 4-0, celebrating with at least 40 miles on his bike (hat tips: wife Allison Price, Patrick Gavin) … Matthew Hiltzik … Lawrence Grayson, Bank of America Corporate Communications … Leigh Szubrowski, who works in Intergovernmental Affairs at HUD … Michael O'Neill, the senior legislative staffer for Chairman Issa, is 27 (h/t Justin LoFranco) … Victoria Lion Monroe, National Journal S.V.P. (h/t Peter Nonis) … Patrick King, Ohio Public Finance guru, turns 35 … Lyle Canceko, director of outreach for Commerce Secretary Bryson, is 36 … Yogi Berra is 87 … Burt Bacharach is 84 (h/ts AP) BIRTHDAY EVE: Bella Santorum is 4 … Phil Musser (hat tip: Joe Brettell) … Hemal Jhaveri BIRTHWEEK (was yesterday): Will Hart (helmet tip: Joe “Golden Spikes” Moore) HUFFPOST TURNS 7 – Arianna emails: “on my way to london (to interview the dalai lama among other things) … (and of course we did blow the candles on a cake!)” –Arianna email to staff, with subject line, “HuffPost Turns 7”: “on Wednesday, HuffPost (born at 3 a.m. on May 9, 2005) will turn seven years old. so please join us in the newsroom at 2:30pm for an age-appropriate celebration, with cupcakes, clowns, cotton candy, a sno-cone machine, a magician, and a balloon twister.  Bring your children – and your inner child. Arianna” WHAT RAHM IS READING — Chicago Tribune p. 1, “Duckworth, Walsh debate for 1st time: Rivals spar over student loans, Medicare, jobs,” by Monique Garcia and Rick Pearson: “the first debate of a nationally significant congressional contest saw Republican Rep. Joe Walsh come out in favor of allowing federal student loan interest rates to double this summer and Democratic challenger Tammy Duckworth accuse her foe of advocating ‘crackpot’ tea party ideas that she struggled to define. the Friday night exchange on CLTV’s “Politics Tonight” also marked the first time the two candidates for a northwest suburban congressional seat had met. “Walsh’s fame as a tea party icon is matched by Duckworth’s backing by key elements of President Obama’s camp, including political strategist David Axelrod and Chicago Mayor Rahm Emanuel. the opponents wasted little time hitting on the central themes of the 8th Congressional District campaign. the freshman congressman sought to tie Duckworth to Obama and suggested that the Democratic effort to hold the line on student loan rates was a politically inspired attempt to hold young voters for the president's re-election bid.”  http://trib.in/K4uBRl THE PRESIDENT’S WEEK AHEAD: “on Saturday, the President and the Vice President will honor the 2012 National Association of Police Organizations (NAPO) TOP COPS award winners at a ceremony in the Rose Garden. … on Sunday, the President has no public events scheduled. … on Monday, the President will travel to New York City to deliver the commencement address at Barnard College. while in New York City, the President will also tape an appearance on ‘the View.’ the President will then attend campaign events before returning to Washington … “on Tuesday, the President will deliver remarks at the National Peace Officers Memorial Service, an annual ceremony honoring law enforcement who were killed in the line of duty in the previous year.  Also on Tuesday, the President will welcome Major League Soccer champions, the LA Galaxy, to the White House to honor their 2011 season and their MLS Cup victory. … in the evening, the President and the First Lady will host a dinner for the Combatant Commanders and spouses at the White House. the Vice President will also attend. This dinner is closed press. on Wednesday, the President will deliver remarks in the Washington, DC area, where he will continue to call on Congress to act on a ‘to Do List’ that will create jobs and help restore middle class security. Also on Wednesday, the President will award Specialist Leslie H. Sabo, Jr., U.S. Army, the Medal of Honor for conspicuous gallantry. the First Lady will also attend. … “on Friday, the President will deliver the opening keynote to the Symposium on Global Agriculture and Food Security at the Ronald Reagan Building in Washington, DC. later on Friday, the President will travel to Camp David for the G-8 Summit, which will address a broad range of economic, political and security issues. the President will remain overnight at Camp David. on Saturday, the President will remain at Camp David for the G-8 Summit. later on Saturday, the President will travel to Chicago, Illinois, where he will welcome NATO allies and partners to his hometown for the NATO Summit on May 20-21, which will be the premier opportunity this year for the President to continue his efforts to strengthen NATO in order to ensure that the North Atlantic Alliance remains the most successful alliance in history, while charting the way forward in Afghanistan. the First Lady will travel to Chicago with the President.” THE V.P.’S WEEK AHEAD: “on Sunday, the Vice President will be in Wilmington, Delaware. There are no public events scheduled. … on Tuesday, the Vice President will attend a dinner for the Combatant Commanders and spouses hosted by the President and the First Lady at the White House. on Wednesday and Thursday, the Vice President will be in Ohio for campaign events. on Friday, the Vice President will attend a campaign event in Wilmington.” MEDIAWATCH – WashPost Ombudsman Patrick B. Pexton, “A better Web experience” (online headline: “Information technology rules the Post”): “the Post today literally cannot do its journalism without a large IT staff. … the Post now has 195 of them; 33 were hired in the past six months alone. … 14 are embedded in the newsroom … helping the storytellers find creative ways to produce and distribute their information. … Shailesh Prakash [is] the Post’s new vice president for technology and chief information officer, hired last September. he came from Sears.com after stints with Microsoft, Netscape, Sun Microsystems and Motorola. … “Prakash says mobile devices — smartphones and tablets — will do to laptops and desktops what the Web did to print, and the Post’s mobile Web site must be top quality to win that audience. Prakash wants media companies to compete with the Googles and Facebooks. … better that the Post create its own technology for information transmission and distribution than to have a Silicon Valley start-up grab the revenue from doing so.” http://wapo.st/JMPSB9 SPORTS BLINK – AP release: “in August, the AP will launch a new weekly poll focused on NFL teams. Called AP Pro32, the AP will rank each of the NFL's 32 teams based on balloting from a panel of national media members who cover the league and its teams. the poll will be similar to the AP top 25, the 75-year-old poll that ranks the nation's top college football teams.” THE SHOWS, from @MattMackowiak: –NBC’s “Meet the Press”: JP Morgan Chase CEO Jamie Dimon; Sen. Carl Levin (D-MI) and CNBC’s Andrew Ross Sorkin; RNC Chairman Reince Priebus; roundtable with Lt. Gov. Gavin Newsom (D-CA), American Conservative Union chairman Al Cardenas, Washington Post columnists Kathleen Parker and Jonathan Capehart and MSNBC’s Chris Matthews –ABC’s “This Week”: Rep. Barney Frank (D-MA) and Rep. Marsha Blackburn (R-TN); roundtable with Republican strategist Mary Matalin, Current TV host and former Gov. Eliot Spitzer (D-NY), Democratic strategist Hilary Rosen, Faith and Freedom Coalition founder and chairman Ralph Reed, POLITICO’s Maggie Haberman –CBS’s “Face the Nation”: Gov. Deval Patrick (D-MA) and former U.S. Solicitor General and California Prop. 8 attorney Ted Olsen; roundtable with singer and gay rights activist Clay Aiken, Family Research Council president Tony Perkins, Freedom to Marry founder and president Evan Wolfson and No Labels cofounder and Newsweek contributor mark McKinnon; Rep. Mike Rogers (R-MI); Mother’s Day roundtable on Women Voters with Romney campaign adviser and author Bay Buchanan (“Bay and her Boys”), former Obama White House Communications Director Anita Dunn, the Washington Post’s Melinda Henneberger and CBS News’ Norah O’Donnell –“Fox News Sunday”: Sen. John Thune (R-SD) and Sen. Dianne Feinstein (D-CA); roundtable with Fox News’ Brit Hume, the Christian Science Monitor’s Liz Marlantes, the Wall Street Journal’s Paul Gigot and Fox News’ Juan Williams –CNN’s “State of the Union” (SUN 9am ET / 12pm ET): Senate Majority Whip Dick Durbin (D-IL) and NRSC Chairman Sen. John Cornyn (R-TX); Sen. Joe Lieberman (I-CT) and Rep. Pete King (R-NY); Gov. John Hickenlooper (D-CO); Campaign for Working Families chairman and American Values president Gary Bauer and Family Research Council president Tony Perkins –CNN’s “Fareed Zakaria GPS Live”: (SUN 10am ET / 1pm ET): Roundtable on developments in Europe with Newsweek / Daily Beast columnist David Frum, Labour Party’s Rt. Hon. Lord Peter Mandelson, the New York Times’ Elaine Sciolino and Die Zeit’s (Germany) Josef Joffe; former World Bank president Robert Zoellick; BlackRock CEO Laurence Fink –CNN’s “Reliable Sources”: (SUN 11am ET): Roundtable with the Washington Post’s Nia-Malika Henderson, Daily-Download.com’s Lauren Ashburn and former PBS Newshour correspondent Terence Smith; AmericaBlog.com’s John Aravosis and the Daily Caller’s Matt Lewis; the New York Times’ mark Mazzetti; former the Daily Show producer Mike Rubens –NBC’s “the Chris Matthews Show”: Roundtable with Newsweek / Daily Beast’s Andrew Sullivan, the Huffington Post’s Howard Fineman, CNN’s Gloria Borger and the Washington Post’s Nia-Malika Henderson –Univision’s “Al Punto” (SUN 10am ET): Senate Majority Leader Harry Reid (D-NV); Focus on the Family “Citizen Link” director of international affairs Yuri Mantilla and Latino Equality Alliance board member Roland Palencia; Young Democrats of America Hispanic Caucus chairman Phillip Arroyo and Young Republican Federation of America member Fernando Granthon; roundtable with author and La Opinión Pilar Marrero (“Waking up from the American Dream”), columnist and Journalism professor Miguel Perez and Noticias Univision’s María Antonieta Collins –MSNBC’s “up with Chris Hayes” (SUN 8-10am ET): Roundtable with the Vagina Monologues author Eve Ensler and image activist and writer and former fashion, beauty and culture executive editor for Essence Magazine Michaela Angela Davis –MSNBC’s “Melissa Harris-Perry” (SUN 10am-12pm ET): Roundtable with Feministing.com’s Chloe Angyal, Newsweek / Daily Beast’s Michael Tomasky, author Ronald Scott (“Mitt Romney: an inside Look at the Man and his Politics”), New York Times contributor and author Janny Scott (“A Singular Woman”), the University of Pennsylvania’s Anthea Butler and Education inside Out Coalition co-founder Rev. Vivian Nixon –PBS’s “to the Contrary”: Romney campaign adviser and author Bay Buchanan (“Bay and her Boys”); roundtable with former Judge and federal prosecutor Debra Carnahan, former EEOC Chair Cari Dominguez, Republican strategist Cheri Jacobus and Voto Latino executive director Maria Teresa Kumar –TV One’s “Washington Watch with Roland Martin”: (SUN 9am ET): National Gay and Lesbian Task Force deputy executive director Rev. Darlene Nipper; Bishop Harry Jackson of Hope Christian Church (Beltsville, MD); roundtable on Black wealth and rebuilding the African American middle class with Washington Post columnist Michelle Singletary, Moneywise host Kelvin Boston and financial expert Jennifer Mathews; NAACP senior vice president for campaigns Marvin Randolph and National Coalition on Black Civic Participation president Melanie Campbell; journalist / commentator panel with MSNBC political analyst Karen Finney, Politico’s Joe Williams, syndicated radio and TV host Armstrong Williams and Melanie Campbell (listed above) –SiriusXM's “Polioptics” with Adam Belmar and Josh King (SAT & SUN 12pm ET / 6 pm ET): Michael Feldman and Chip Smith of the Glover Park Group recall the tick-tock of the historic Concession Retraction of Nov. 7, 2000. Ben LaBolt, Obama 2012 press secretary, compares the zeitgeist of the 2008 "Change we Can believe In" campaign to the reelection’s "forward." Arnette Heintz, former Secret Service Agent and security advisor to the City of Chicago, previews the plans for the upcoming NATO Summit in the Windy City. on SiriusXM's P.O.T.U.S. Ch. 124; also available for download on iTunes and at http://www.polioptics.com ** A message from the American Petroleum Institute: Americans from all walks of life are becoming energy voters. They know America needs more energy from all sources to create jobs and get our economy moving. that means developing America's plentiful domestic oil and natural gas resources, for new opportunities, a new era of energy security and a brighter future for all Americans. Learn more at www.Vote4Energy.org. **

Effective Pay Per Click Campaign Management Can Optimize Your Bottom Line

  By admin | May 18, 2012 - 6:00 pm | move your money campaign
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Effective pay per click campaign management can not only increase your web site visitors and dramatically improve your click through conversion rates, it can also dramatically increase your client and customer base. in fact, optimizing your website for an effective pay per click campaign is the best way to optimize your bottom line. the effects of an effective PPC campaign can’t be understated – but pulling one together involves many moving parts. It’s not enough to just write ads that draw well or to write great copy for your landing pages. all of the parts of your campaign have to work together or you’re just wasting money instead of investing it. making sure that all of the pieces work together is the job of a pay per click campaign management company.The Moving parts of Effective PPC Campaign ManagementPay per click campaigns should be part of a holistic website marketing strategy that includes optimizing your website for search engines, creating PPC ads that invite people to click on them and providing landing pages that effectively convert those clicks to sales. To top it off, you also need a convenient way to track your website stats – where visitors come from, which ad they clicked from what other website and what they did once they got to your site. all of that information is vital to determining whether or not your pay per click advertising is paying off – or costing you more money than it’s worth.All of those things take time – time to understand and learn, time to set up, time to test and time to monitor and optimize. If you’re a busy professional, your time is much better spent actually attending to your business. A professional PPC campaign management company can manage all aspects of your online advertising, leaving you free to do what you do best. it may be tempting to try to save money by doing it yourself, but the end results are likely to be a lot of money spent on pay per click ads that don’t deliver targeted traffic that converts to paying customers or clients.Choosing a Pay per Click Campaign Management CompanyPPC campaigns are big business, and there are a lot of companies out there ready to take your money to create and run them for you. Choosing the right one can be tricky, especially if your own knowledge of website optimization, PPC advertising and the basics of combining the two are limited. Choosing the right PPC management company involves some common sense and a little bit of understanding what the company should be able to provide for you. these tips can help you find the right PPC management company for your business.1. ask to see case studies of the company’s previous or ongoing campaigns so that you can evaluate their work.2. ask other professionals in your field for recommendations. Focus on professionals in other locations who are running effective PPC campaigns to find PPC campaign management companies that understand how to optimize for local markets.3. look for a company that will provide a comprehensive range of services.4. ask for an evaluation of your current marketing strategy and a quote that describes exactly what services the company will provide for you.5. If your budget is limited, get quotes from several pay per click campaign management companies, asking them to detail the best campaign they can provide within your budget.

The Best Way To Transfer Large Amounts Of Money Overseas

  By admin | May 18, 2012 - 6:00 am | how to transfer funds internationally
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The need to transfer large amounts of money overseas is growing and beginning a much more common practice. Whether the purpose is for purchasing a second home overseas, buying a car, for business purposes or simply because you are emigrating the need for safe and efficient money transfer services is growing.One of the most important things to remember when transferring large amounts of money is that even a small differences in exchange rates between currencies can make a significant difference to the amount of money that you will receive at the other end. For example just a 0.5% improvement on $100,000 is $500 therefore making sure you get the best exchange rate possible should be of prime concern to the sender.One of the most common ways to transfer large amounts of money is to use a bank wire transfer. The main reason for this is that they are by far the safest way to transfer money. The reasons why this is a very safe method are because every account holder must show proof of identity which will be thoroughly checked. Charge-backs are also unlikely to occur however wire transfers may be recalled. The information sent regarding the transfer is in a highly secure format using encrypted communication methods very are very difficult to intercept and interpret.The price of bank wire transfers varies greatly, depending on the bank and its location; in some countries, the fee associated with the service can be costly.Bank wire transfers can often be one of the speediest methods to transfer significant amounts of money between bank accounts. The cost of bank transfers can alter greatly between banks so make sure you shop around for the best deal.The process for bank transfers is as follows:The bank sending the money sends a message using a highly secure system like Fedwire to the receiving bank with instructions detailing the payment.Funds may take several hours to be transferred to the recipients bank account so it is not immediate. usually the banks involved with the money transfer have a reciprocal account with each other or the payment may be sent through another bank that does have such an accountMillions of bank transfers are performed everyday particularly in Europe. Wire transfers within Europe can be very cost effective whereas sending outside of Europe can be a good deal more costly.Of course there are other ways to wire money not just through bank accounts. western Union are one of the most reputable companies in this regard. with a burgeoning market for money transfers many new companies are entering the market offering new services all the time. Remember cheaper doesn’t always mean better so here are a few questions you may wish to consider asking before using a money transfer service as a safety check list:Are they registered with the official bodies in that country?How long has the company been doing business?Do they have a large staff? a medium-large sized company would generally be more reliable than a small recently started up.What is feedback like from other users of this service on chat forums?Are audited accounts available for viewing for example at Companies House (UK)?Is there a designated money transfer account?Of course a few other safety tips should be added, although they seem fairly obvious. never send money to someone you do not know for a product or service. The recipient may just collect the money and run. Seems pretty obvious advice but a spate of scams requiring people to do this was very successful for the scam artists. at the time it was known as the Nigerian letters scam, 419 scam or advance fee fraud. Do not be a victim.The Federal Bureau of Investigation describes the scam as follows:Nigerian letter frauds combine the threat of impersonation fraud with a variation of an advance fee scheme in which a letter, mailed from Nigeria, offers the recipient the opportunity to share in a percentage of millions of dollars that the author, a self-proclaimed government official, is trying to transfer illegally out of Nigeria.The recipient is encouraged to send information to the author, such as blank letterhead stationery, bank name and account numbers and other identifying information using a facsimile number provided in the letter. Some of these letters have also been received via E-mail through the Internet. The scheme relies on convincing a willing victim, who has demonstrated a propensity for larceny by responding to the invitation, to send money to the author of the letter in Nigeria in several installments of increasing amounts for a variety of reasons.With that said generally speaking using your common sense and shopping around to get the best price, wire transfers are a very safe method for you to transfer large amounts of money overseas.

Industry leader criticises family visa closures

  By admin | May 17, 2012 - 6:00 pm | new zealand money
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The New Zealand Association for Migration and Investment (NZAMI) has expressed concern at the Government's sudden shutdown of the Parent and Sibling/Adult Child categories of Residence.NZAMI Chairman Simon Laurent said the Government only announced on Thursday 10 may that the deadline for submitting applications under these categories would close on Tuesday 15 may – giving people just four working days to complete applications.”The public only became aware of plans to terminate these Family policies back in February through the leak of a Ministerial briefing paper,” Simon said.”Although the document made clear that changes would be implemented by July, it did not specify when and how the policy changes would actually take place.”Simon said while the tight timeframe had caught out potential offshore migrants it had also impacted on New Zealand families who wanted to sponsor them.”A lot of time, money and effort go into preparing a Residence application, including comprehensive medical certificates and translation of documents.”Applicants and their relatives have acted in good faith in preparing their papers, because, up to last week, Immigration represented that they could apply. New Zealand citizens and residents – and taxpayers – deserve better than to be treated in such a cavalier fashion.”Simon said he had set out NZAMI's concerns in writing to the Minister of Immigration and suggested that the deadline be extended by a few weeks so that those people who had started the process were not disadvantaged.”So far there has been no response.”NZAMI is the key representative body for the New Zealand immigration advice profession.

Sainsbury's launches new low-rate credit card

  By admin | May 17, 2012 - 6:00 am | how to do a money transfer
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The number of low rate credit cards has fallen over the five years – even though the base rate is at a record low.              Low-rate credit cardscan be fantastic financial tools. they can save you money and make your life easier. Low-rate cards all have interest rates below 10% and they charge the same low rate regardless of whether you’re spending or doing a balance transfer. Only four cardsSadly the number of low-rate cards has fallen dramatically in recent years. Back in 2007, there were 14 credit cards offering a standard rate below 10% whereas there are now only four!  That’s pretty shocking given that the Bank of England’s base rate is at 0.5%. Good news             But I do have a bit of good news. One of those four low-rate cards is new and it’s a market-leading product from Sainsbury’s. It’s called the Sainsbury’s Low Rate Credit Card. It comes with a 6.9% interest rate which is way lower than the average UK credit card rate of 17.3%. Even better, there is no balance transfer fee. So if you took out this card, you could transfer a debt from another card and only pay 6.9% interest on the debt. And if you used the card for a purchase, you’d only be charged 6.9% too. You’ll need a Nectar card to qualify for this credit card, but they’re easy to get if you don’ t have one already. You’ll also need a strong credit rating to be eligible. If your rating is decent but not excellent, you may be offered one of these cards but with a high interest rate. 0% cardsI think I can guess what you’re thinking. why transfer your debt to a card that charges 6.9% when you could transfer this debt to a 0% balance transfer card? Well the first problem with 0% cards is that the 0% period will come to an end sooner or later. 23 months at the longest. At that point, you’ll either start paying a much higher rate – perhaps 18% – or you’ll have to transfer your debt to another 0% card. That’s a hassle and there are no guarantees that you’ll be able to get another 0% card when your current interest-free period ends. Fees The other big issue is that 0% balance transfer cards charge a fee – typically around 3%. Low-interest cards don’t charge a balance transfer fee. Now it’s true that a 3% fee seems cheaper than a 6.9% interest rate, but it doesn’t always work out that way. Let’s look at a couple of examples: Example one Let’s imagine you owe £5000 on your credit card and you want to transfer that debt to another card. Once you’ve transferred that debt, you plan to pay off your debt via monthly instalments of £1250. You’ve narrowed down your choice to the Sainsbury’s card or the Barclaycard 22-month Platinum Visa card. The Barclaycard is a 0% balance transfer card with a 22 month interest-free period. It charges a 2.9% fee. If you went with the Barclaycard, you’d pay a £145 fee and no interest. however, the Sainsbury’s card works out cheaper. You won’t pay a fee and you’ll only pay £57 in interest. the interest bill is low because you’re paying off the debt relatively quickly.  As you pay off a chunk of debt each month, the interest bill for the following month falls.By contrast, Barclaycard’s 2.9% fee is charged on the full initial debt . It makes no difference how quickly you pay off your debt. Example two In this example, you can only afford to pay off your debt at £400 a month. at that rate, it will take you a year to clear your debt. With the Barclaycard, the cost is exactly the same as in Example one – the £145 fee. But with the Sainsbury’s card, the cost is much higher than in Example one. You’ll have to pay £195 in interest. here are the results in a table:            Card and monthly repaymentTotal interest charge and/or feeSainsbury’s Low Rate Credit Card – paying £1250 a month £57Barclaycard 22-month Platinum Visa– paying £1250 a month £145Sainsbury’s Low Rate Credit Card  – paying £400 a month£195Barclaycard 22-month Platinum Visa –  paying £400 a month£145When low-rate cards are bestThese examples show that low interest cards are especially attractive if you can pay off your balance transfer debt pretty quickly.            And regardless of how long it takes you to pay off your debt, low rate cards make your life simpler. You can use one card for everything and you won’t have to keep switching your debt from card to card. Three other cards Before we finish this article, I should compare the Sainsbury’s card with its three low-rate rivals: Four low-rate credit cards Credit cardInterest rate (APR)CommentsSainsbury’s Low Rate Credit Card6.9%Must have Nectar cardBarclaycard Platinum Simplicity7.9% Capital One OneRate Mastercard9.9% Co-op Platinum Fixed Rate Visa9.9%This interest rate is fixed for five yearsI think the Sainsbury’s card is the most attractive as it has the lowest rate. however, it’s worth noting that the rate Sainsbury’s rate is variable. So Sainsbury’s could increase the interest rate next week if it wished.              however, the Co-op Platinum Fixed Rate card has a fixed rate for the next five years. I’m pretty confident that the rates on the three variable rate cards will stay unchanged for a year or more – that’s what’s happened in the past – but I can’t give any guarantees.   So if you want to be absolutely sure that your interest bill won’t rise,  the Co-op card could be the one for you. But for most people, the top low-rate card must be the Sainsbury’s Low Rate Credit Card.

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  By admin | May 16, 2012 - 6:00 am | transfer money to bank
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If you are in the process of immigrating to Canada, or are planning to study or work there, you will definitely need a Canadian bank account to pay for your everyday needs or conduct your business. this would be a safe and a cost-effective way to bring your funds to Canada and have them readily available for you after you move.And as a newcomer you can benefit from the special packages most Canadian banks offer immigrants in the hope of attracting their business: free day-to-day banking for up to a year; no monthly fees on transactions such as withdrawals, issuing cheques or paying bills. if you’re visiting Canada before your move in order to take care of preparations, it is a good idea to open an account in person by visiting the bank branch after you land. later you can transfer your funds to this account just before you immigrate. Completing this process usually takes less than 20 minutes.But if you can’t make a preparatory visit, an easy alternative for you will be opening your Canadian bank account while you are still in India, instead of carrying your funds with you when immigrating.Most Canadian banks allow future clients to start their bank account application online. and some of these banks are present in India through direct branches, representative offices or through partnering with local Indian banks. Scotiabank, for example, offers Indian immigrants to Canada a convenient channel to open a bank account, send money and apply for a credit card before leaving their home country. To do that, you need to visit one of Scotiabank’s branches in India and complete the referral form for a new deposit account. To do that, you need to:-bring a valid passport-have a letter from the Canadian embassy confirming approval for immigration-choose the account type from 3 possible choices-request a credit card (if you want one of course)Scotiabank will send you a letter, once your new account has been opened in Canada. you are allowed to wire one payment to this account prior to immigrating. and after moving to Canada, you need to visit the branch you chose and activate your account.Another bank that allows you to open a bank account up to 12 months prior to your arrival is the Bank of Montreal (BMO). After you mail them all the required forms, the bank sends you your account information. once the account is opened, you are allowed to make one wire transfer prior to arrival. But you can’t withdraw funds from your Canadian account, until you activate your account by visiting the branch in person. if you don’t do so within 12 months after opening the account, the funds would be wired back to the financial institution that wired them initially.An additional benefit of opening your account prior to your arrival is having a client relationship manager who the bank assigns for you to help you with settling in your new country.Another step that helps you arrange your finances before you move is calling the Canadian bank you choose. the Royal Bank of Canada (RBC) for example, provides an international collect call number (1-506-864-2275), which you as a future client can dial and discuss – in your language of choice – the process of opening up your bank account in Canada.But for certain banks, like TD Canada Trust, you might need to wait till you actually move to Canada to open your account with them. the wait might be worthwhile though, considering that TD remains open much longer than the other Canadian banks, including opening select branches on Sundays. Another option you might consider is going with Indian banks, such as ICICI or State Bank of India, which have a presence in major Canadian cities. the only downside is that they have a limited number of branches and ATMs in Canada compared to local banks. if you decide to go with this option, allow yourself enough time prior to your arrival, as completing some of the formalities might take more time with them.A third option might be going with multinational banks like HSBC, Standard Chartered or Citibank who are present both in India and Canada. But like their Indian counterparts, international banks have a limited number of branches in Canada, and finding a branch or an ATM close to you might prove difficult, resulting in higher fees.One more thing: don’t forget to set up your banking relationships in India before you immigrate, so that you can manage them while you are in Canada. and in addition to the banks, you can wire funds back to your family in India through money wiring services such as MoneyGram, which recently partnered with India Post, to offer the service. 

Nine U.S. Banks Said to be Examined on Overdraft Fees

  By admin | May 15, 2012 - 6:00 pm | bac transfer
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Two years after regulators gaveAmericans more power to manage overdrafts of their checkingaccounts, the Consumer Financial Protection Bureau is reviewingbank practices to determine if the crackdown went far enough. The agency, which will decide by the end of the yearwhether to write new rules, is scrutinizing nine banks includingJPMorgan Chase & co. (JPM) (JPM), Wells Fargo & co. (WFC) (WFC) and Bank of America (BAC)Corp., said four people briefed on the examination. The inquiry focuses on how financial institutions persuadecustomers to enroll in what they call overdraft protectionprograms. Examiners are looking at online and mailed marketingmaterial as well as scripts used by the banks’ customer-servicerepresentatives to determine whether they could be confusing toconsumers, said the people. Bureau examiners have conveyed “a tone of skepticism thatthis is really a good product for borrowers,” said Jo Ann Barefoot of Washington-based Treliant Risk Advisors, whocounsels banks on dealing with federal supervisors. While tighter rules could help U.S. consumers, they alsocould threaten a major revenue stream for banks alreadystruggling to replace income pinched by new regulationsincluding a cap on debit-card “swipe” fees. Last year bankcustomers paid $31.6 billion in overdraft fees, down from $33.1billion in 2010, according to Moebs Services, a Lake Bluff,Illinois-based research firm. About 15 million Americansoverdraw their accounts 10 or more times a year, the firm said. The bureau’s examiners also are reviewing the banks’justifications for the size of overdraft fees, two of the peoplesaid. Large banks charge an average $35 per overdraft, comparedwith $25 at community banks and credit unions, Moebs reports. When a customer who’s enrolled in overdraft protectionwrites a check or makes a debit that puts an account into anegative balance, some banks approve the transaction but chargethe flat fee along with interest on the amount advanced. Peoplewho don’t enroll get overdrafts denied at the point of sale. Policies vary from bank to bank, and may depend on whethera transaction involves a paper check, debit card or electronictransfer. for example, Citigroup inc. (C) (C) and Bank of America don’tallow overdrafts on debit-card purchases, which are simplydenied if the customer’s account doesn’t have sufficient funds. The consumer bureau’s inquiry also encompasses regionalbanks including U.S. Bancorp (USB) (USB), Regions Financial Corp. (RF) (RF), and PNCFinancial Services Group inc. (PNC) (PNC), said the people briefed, whospoke on condition of anonymity because the work isn’t public. The people didn’t give the names of the rest of the ninebanks under scrutiny. Spokesmen for JPMorgan, Bank of America,Wells Fargo, PNC, Regions and U.S. Bancorp declined to comment. Richard Cordray, installed four months ago by PresidentBarack Obama as the bureau’s first director, disclosed theoverdraft inquiry in general terms on Feb. 22. in a recentinterview, he said the agency is looking at “a lot of data” asit coordinates with other federal regulators on the subject. “We want to work with the other agencies to develop, asmuch as possible, common guidance on this,” Cordray said. “Weintend and expect to have an action plan on it by the end of theyear.” Cordray previously has said the agency plans enforcementaction against banks that “exploit consumers with deceptivemarketing.” Before it officially started work July 21, the bureau hadfocused its attention on mortgages and payment cards, the twomajor forms of consumer credit. the only clue to its interest inchecking accounts was the name of the team it fielded inWashington’s 2011 summer softball league: the Overdrafts. The money at risk for the banking industry could exceed theimpact of the Fed’s 2011 cap on debit card swipe fees, which maycost the 10 largest banks $4.6 billion a year. In 2011, Wells Fargo’s retail division took in $4.3 billionfrom fees, including overdrafts, roughly equal to a quarter ofthe bank’s net income for the year, financial disclosures show.That same year, JPMorgan brought in $3.2 billion in fees relatedto lending and deposits, disclosures show. Greg McBride, senior analyst with Bankrate.com, saidtighter rules could lead financial companies to make up for theloss in revenue by raising fees on basic checking services. “The economics of the checking account become vastlydifferent without that overdraft income,” McBride said in aninterview. Consumer activists and lawmakers have long criticizedoverdraft protection as a system designed to build profitsrather than protect customers. They say the penalties are toohigh, that some banks manipulate the timing of transactions tomaximize fees and that customers were being automaticallyenrolled without understanding the potential drawbacks. As a result, the Federal Reserve passed a rule effectiveJuly 1, 2010, requiring banks to obtain an “opt-in” fromcustomers for overdraft protection on debit and ATMtransactions. After market research on what would benefitconsumers, the Fed didn’t cover paper checks or electronictransfers. That same year, the Federal Deposit Insurance Corp.required the banks it supervised to counsel customers who usefrequent overdrafts about alternate ways to manage their money.the Office of the Comptroller of the Currency proposed its ownguidance, which would cover national banks such as JPMorgan orWells, last year. It’s unclear how the rules have affected enrollment. Moebsestimates that 77 percent of bank customers have opted in, whilethe Consumer Bankers Association concluded in an October studythat the rate was 17 percent. the Center for ResponsibleLending, a Durham, North Carolina-based advocacy group,estimated the opt-in rate at about 33 percent. Understanding how many people are signing up may helpinform the debate about whether the banks’ marketing isdeceptive. That’s why the consumer bureau hopes to clarify theenrollment rate as part of its inquiry, said the people briefed. The rule changes in 2010 didn’t stop banks from marketingtheir overdraft programs, which they portray as a consumerbenefit, said Susan Wolfe, vice president for MintelComperemedia, a London-based consultancy that catalogs marketingmaterials in financial services. “The banks are dealing with significant trust and imageissues, so they’re trying to be seen as a partner,” Wolfe saidin an interview. Chase, the retail arm of JPMorgan, warns customers whodon’t opt for the overdraft protection that they will “need tomake sufficient deposits so that everyday debit card purchaseswill be approved,” according to a letter from the bank postedon the website mainstreet.com in February. Susan Weinstock, director of the Safe Checking in theElectronic Age Project at the Pew Charitable Trusts inWashington, said that marketing has led to consumer confusion. Pew conducted two focus groups on overdrafts during April2011 and found that people frequently misconstrued the notion ofopting out, Weinstock said. “We did focus groups where people said, ‘I opted in so Iwon’t have to pay the overdraft fee,’” Weinstock said. Beyond the question of marketing, the Center forResponsible Lending and other consumer groups have maintainedthat the Fed’s rule should have gone further. “Especially where one party’s incentives are so strong toentice consent, disclosure will not prevent abuses,” saidRebecca Borne, senior policy counsel at the center. “You needsubstantive reforms of the product.” The center has called on regulators to require that fees be“reasonable and proportional” to the costs incurred by banksin covering overdrafts. To contact the reporters on this story:Carter Dougherty in Washington at cdougherty6@bloomberg.net;Margaret Collins in new York at mcollins45@bloomberg.net To contact the editors responsible for this story:Maura Reynolds at mreynolds34@bloomberg.net;Rick Levinson at rlevinson2@bloomberg.net

Before You Buy a Foreclosed Property – BUYER BEWARE

  By admin | May 15, 2012 - 6:00 am | bac transfer
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Thinking About Buying a Foreclosed Property? BUYERS BEWAREKey Considerations to Protect Yourself against being a Victim of a Defective ForeclosureDefective Foreclosures:There are many headlines and news reports about defective foreclosures, major lender nationwide suspensions of foreclosures and governmental investigations of foreclosure fraud. You need to make sure that you are not a victim of this legal morass.Profits From Foreclosures:Buy low and sell high – is also a formula for making money in real estate. One way many people have bought low is to buy a property which has been foreclosed against. often, a bank may be eager to get rid of a property that is costing it money that it cannot sell for top dollar because it needs a lot of work after it was trashed by the former owner or vandals. The investor buys the house, fixes it up and resells it for a profit or adds the house to their rental portfolio. Because of substantial fix up costs, cash requirements and holding period costs, the investor usually needs to buy the property 40% or more under the market value.Example of John and Jane:John and Jane have been working for 20 years, but are nowhere near their dream of retiring with a large financial cushion. They went to a real estate seminar about how to make millions by buying foreclosure property and paid hundreds of dollars for books and tapes sold by the speakers. They follow the guidelines they learned, buy a foreclosure property, fix it up and are ready to put the house back on the market for a profit of over $50,000.After listing the property for sale with a realtor, they are served with legal papers from the former owner demanding that John and Jane turn over the house back to the former owner due to a defect in the foreclosure process. John and Jane lose the case, have to pay an attorney $50,000 to defend themselves and lose all of their investment and their savings of $100,000, sweat equity and lost weekends they put into the house. Their foreclosure dream has become a nightmare.Foreclosure Legal Process:The buyer of a foreclosed property can have title problems if the legal procedure followed by the attorney overseeing the foreclosure was defective. There are many stories in the press now about defective foreclosures. In general, the law says you can’t take someone’s house unless you provide them the mandated notice, advertise the sale in the paper, have a proper auction and follow any required court filing procedures. everyone can understand the heartbreak of someone who loses their home to a foreclosure and the law provides some protection to home owners against arbitrary foreclosures.Typically, after notice and advertisement, an auctioneer sells the property at a public auction and this process results in a legal transfer of title under state law to the new owner who made the highest bid at auction, all against the will of the foreclosed owner. given the volume of foreclosures and bank loses, the lenders may have put the foreclosure legal work out to the lowest bidder and achieved defective results. where a foreclosure does not properly transfer title to the auction buyer, the person who bought the property at the auction may never receive good title; the property may still be legally owned by the person against whom the foreclosure took place. this all depends upon a complex set of state rules.Each state has its own esoteric legal steps that have to be followed to legally transfer title through the foreclosure process. if the process was not followed correctly, the title of the buyer at auction could be defective and the auction buyer may be unable to pass good title onto the purchaser.How can this Happen?As a buyer of a property which has been foreclosed, you could have a loss of investment in the following cases:1. You Didn’t buy Title Insurance:You got a loan to buy the foreclosed property and the lender received title insurance but you did not buy title insurance for yourself. Title insurance is where a capital rich insurance company enters into a contract to guarantee that the title to the property is good. There are lender policies and buyer policies. for the buyer to be protected, the buyer has to buy their own policy. The buyer may not understand this or try to save money by only paying for a lender policy, mistakenly thinking they are protected by the lender insurance policy. A lender title policy protects the lender from loss, but not the buyer.2. You got a Quit Claim Deed:In the deed, there is generally a guarantee, called a warranty of title from the seller. if there is a title defect and you have a warranty deed, you have legal recourse against the seller if the seller had a title defect in their foreclosure. if there is no guarantee in the deed, you may have no recourse against the seller of a property with a defective title.3. The Bank went Bankrupt:The bank or large federally regulated institution went bankrupt and even though you had a warranty deed, you are now an unsecured creditor in a huge nationwide bankruptcy case headquartered in Delaware and you have to hire a Delaware attorney for a large fee to collect three cents of every dollar you invested.4. your Title Insurance does not Protect You:You go to settlement and pay for title insurance. You ask to read the title insurance policy to make sure that you are protected against a defective foreclosure on the property prior to signing the settlement papers. if you have a title insurance contract that says you own the property with no exceptions for the prior foreclosure and you lose the property due to a defective foreclosure, then the title company is supposed to pay you for the loses up to the dollar limit of the title policy. The settlement company says they will get around to writing up the policy a couple of weeks after settlement. The settlement company gives you a letter saying they will commit to issuing you a title policy with certain exceptions.The exceptions listed concern anything to do with the foreclosure. unless the exceptions for the foreclosure are later removed, the title insurance contract will not protect you from defects in the foreclosure process.The problem is that you may have to go to settlement before the title company has even looked at the foreclosure paperwork to determine if there is a problem. All you get is a promise that they will issue a policy later and you have nothing in writing that they will guarantee there are no problems with the prior foreclosure. You may have only bought yourself a lawsuit if later the title company finds a problem with the foreclosure.5. You Lost your Fix Up Costs and Profit:Larry and Louise bought a title policy with no exceptions for the foreclosure with a limit of $150,000, the price they paid for the house. They put $50,000 of fix up and carrying costs into the house and are ready to sell it for $250,000. but, they lost the property due to a defect in the foreclosure process. The title company makes good on the insurance policy and pays Larry and Louise the policy limit of $150,000 and Larry and Louise are out $100,000.How to Protect Yourself:In general, this has not been a likely problem in the past and in many cases will not be a problem today for many reasons even if there is a defect in the foreclosure. but, press reports indicate that the numbers of foreclosures that have gone bad have dramatically increased.To protect yourself, obtain a copy of the title policy with insurance against foreclosure defects prior to the settlement. if you have this option, select a title company to do the settlement that you know and trust to thoroughly review the foreclosure record.If you expect a large profit, have a clause in your purchase contract that provides that your own lawyer must approve the foreclosure paperwork as a condition of going to settlement. this will focus everyone’s attention on getting this taken care of prior to settlement.The facts about today’s real estate market are:Demand for home buyers is slowingThe number of homes for sale is growingThe length of time to sell houses in most areas is increasingThere is currently an extremely large and growing number of homes in the banks inventoriesthe only logical conclusion is to expect a prolonged period of declining real estate prices in the period aheadForeclosures and short sales are exponentially risingTime Magazine recently published an article stating that the number of homeowners who are more than 90 days delinquent on their mortgage payments is estimated to be about 5 MillionTherefore, when you combine all of these factors together, the only logical conclusion to be drawn is that the real estate market should have a prolonged period of continued decline in home values in the foreseeable future. And until these trends change, you might want to think about whether a foreclosed property today is really a bargain.Buyer Beware:I can remember back in the years 2001 and 2002, many people were buying technology stocks because they were a bargain at $100, after dropping a whopping 50% from their $200 highs. well, as you know the story goes, most of these stocks either went out of business or ultimately dropped to prices below $10. So sometimes a bargain is not always as easy to identify as we would like.