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Posts tagged "taxi medallion"

When Can Chapter 13 Bankruptcy help Taxi Medallion Owners?

Taxi medallion owners face overwhelming challenges these days.  After they make their loan payments and operating expenses, they have nothing left to support their families. While Chapter 7 bankruptcy (surrender your medallion and wipe out your debts) works if you have no other assets, there are times when filing Chapter 7 creates too much risk.  

Bankruptcy as a Negotiating Tool for Taxi Owners

You really want to continue driving but you are having trouble making the note payments.  If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about bankruptcy.  Then call to develop a customized strategy.

Taxi Medallion Owner Worried About His Investment Property

When the market was high, he decided to cash in on his long hours and hard work to protect his family for the future. The bank offered him a refinance to obtain $300,000. He used it to buy an investment property, to generate income for his retirement.

Taxi Owner asks "Should I sign the renewal?"

His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do.

Retired Taxi Owner Stuck with Note Payments

He retired several years ago and leased out his medallion to the garage, which got him drivers and a steady stream of income to pay his note, with change to spare.

Taxi Medallion Owner discovers that Confession of Judgment he was tricked into signing was a Trap.

Years ago when he refinanced his loan, he signed all documents requested at the closing. One of the documents was a "Waiver of Right to an Attorney". Another was a "Confession of Judgment". He didn't really understand what it meant.

Taxi Medallion Owner sees Light at the End of the Tunnel

"I got your name last night at Kennedy Airport while the drivers were talking, waiting for fares. Someone else had been to see you and gave me your number."

Taxi Medallion owners beware of requests for a Mortgage or Confession of Judgment

To minimize their own risks, banks, credit unions and other lenders are now trying to be gentle with their borrowers at refinance time. They have been offering deals that sound good at first, such as longer terms, lower interests rate, or lower monthly payments.

TAXI MEDALLIONS NO LONGER A GOOD INVESTMENT FOR RETIREMENT

They bought two taxi medallions as a safe investment for retirement, then leased them out. At first, their expectations, based upon actual experiences of their friends were good. The lease payments they received allowed them to  to pay the loan they had taken out to buy the medallions, leaving a surplus for savings or spending.

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