The world is undergoing a rapid revolution. It has also affected a person’s life, especially, married life. When it comes to a connubial life, a person does not only marry his/her partner but he/she also ties the knot to his/her money. This can adversely affect the married life and can even lead to very disastrous aftermaths like divorce and husband-wife relationship problems. This piece will highlight certain aspects which make a person question himself that is my partner really involved in pooling up some of the financial problems for me?

There can be several types of business partnership. One is a legal partnership in which the share and responsibility of the partners is defined. In this type of partnership if one partner decides to leave or dies, the business partner will be responsible to pay any debts that remain outstanding of the partner who dies. If a partner owes debts before he or she leaves the partnership, they have to clear their liabilities. If there is no formal and legal agreement among business partners, and a partner passes away, the business partner will not be responsible for any personal debts collected by the other partner. This scenario generally happens in family businesses. As there is no agreement, the business partner cannot be held responsible for personal debts of a partner. Yes, the partner will be responsible for business debts. A business partner cannot be held responsible for a partner’s debt unless he or she has signed any debt as a guarantor.

If, one spouse co-signs any credit agreements issued in the name of other spouse, or if one spouse contracts a debt on the behalf of other spouse, and with the consent of other, he, or she is responsible for these debts if the other spouse fails to pay.

Any debt that is owed by a person before entering into a marriage remains a personal debt. For example a debt taken to pay college education or to setup a business, buy a car, home, etc. The spouse will not be held responsible for any such debt. In case the person passes away, the debts will be settled by settlement of the estate.

If two people are living together they are not responsible for each others individual debts. Any partner cannot access the other’s account or be held responsible for the other’s debts. Such settlements are only made when a person’s estate is settled. If there are any children born through such a relationship, both parents have to bear financial responsibility for the child.

If two people live together and open a joint account or acquire debts jointly, the surviving partner can be held responsible to pay off debts, in case the partner passes away. A partner cannot be made responsible for individual debts.

Avoid extravagant expenditures, this goes for both the husband and wife. Try limiting your expenses as much as the pocket allows you. Overburdening yourself with credit card expenditures etc. might lead to problems for both of the better halves.

Therefore it’s important in any partnership, business or individual to cover the payment of debts in a proper legal document. In a marriage or living together arrangement, proper wills should be drawn up by both the partners.

You may consult with a professional to get debt advice and his opinions to make financial decisions of your life.

If a homeowner misses three months of mortgage payments, they will receive a Notice of Default from their Mortgage Company or a Notice of Trustee Sale. It is at this point in time when the property enters “pre – foreclosure.”

After having been deemed to be “pre-foreclosure” its status can be changed only if one of a number of things happens to change it. The options open to the homeowner at this time are 1) to become current with their loan payments, 2) to sell their home for less money than they owe on it (a “short sale”), or 3) get the mortgagor’s approval for a loan modification; or there can be a Trustee Sale Auction of the home.

You can think of the Trustee Sale Auction as the event transitions the home from “pre-foreclosure” status to being actually in full foreclosure. The Trustee Sale Auction is only in operation in Arizona and 12 other states. A Trustee Sale can also be referred to as a “non-judicial procedure.” On the other hand, a “judicial foreclosure” is another kind of foreclosure proceeding. For the purposes of this article, only the non-judicial type of foreclosure is dealt with.

The Notice of Trustee Sale, as previously described, initiates the pre-foreclosure stage of the process. The Notice of Trustee Sale serves as public notice of the mortgagor’s intention to take possession of the home from the homeowners or to market the home through an auction. If there are other entities that possess some sort of interest in the property, such as contractors, homeowners associations, other mortgagors or county assessors, they too have the right under law to foreclose on the home too.

When the owner has been notified of the Notice of Trustee Sale, they are considered in “pre – foreclosure,” status. The law states that the auction or any sale of the property must be halted for 90 days once the default notice has been issued. This permits the homeowner a window of opportunity to renegotiate their mortgage and modify their loan, become current on their missed mortgage payments, or negotiate a short sale and stop any further foreclosure action.

Homeowners who are faced with foreclosure or pre – foreclosure should seek the advice of a reputable attorney to understand their rights, responsibilities, and the effects of a foreclosure. A Trustee Sale can possibly be put off by filing for bankruptcy, but it is important that you consult an attorney to discuss your options.

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The new Federal Law may, at first, appear beneficial to those not familiar with the subjects of mortgage financing, real estate, appraisals or other services concerning the managing of real estate. It seems easier to believe things that we see in written form.

On July 30, 2009, a series of significant regulatory shifts occurred with the federal enactment of the Mortgage Disclosure Improvement Act (MDIA) and the Housing and Economic Recovery Act (HERA). Those pieces of legislation impacted both the Truth in Lending disclosures and the Good Faith Estimate provided to mortgage applicants.

That it offers a buyer or borrower additional time to review their Good Faith Estimate and Truth In Lending brochure turns out to be the only positive in this new Federal Law. The new law offers the purchaser seven days to go through these documents, because a number of purchasers did not know the terms when they applied for a mortgage, including length of loan, APR (annual percentage rate), or variable rate vs. fixed rate. Now I would not think of debating this. In signing the many mortgage documents, myself and the majority of purchasers did not have a clear understanding.

Should the annual percentage rate move upward or downward an eight of a percent while your loan application is pending, you will be required to allow another three days to pass prior to escrow being able to close on your transaction. Any adjustments in the fees for your title work will also result in new documents being required and a new three-day waiting period will begin. Borrowers who have failed to lock their rates run the risk of this precise situation occurring.

The waiting period begins again, if the loan type changes from “Fixed” and “Balloon”, “Fixed” and “ARM,” a conventional loan including Mortgage Insurance and a conventional loan that does not include Mortgage insurance, or the type of “ARM” (Interest to Amortized, 3/1 ARM to a 5/1 ARM).

Can someone tell me who makes up these rules? Do they even contemplate the type of consequences that such new laws could cause for the housing industry as a whole? “Time is of the Essence” always remained the most critical saying in real estate. This saying was completely abused, since the majority of banks have seized numerous homes on the market today.

What difference does another 3 to 7 business days make, when homes require 4 to 6 months or even longer to close escrow nowadays? This new law will doubtless interfere with the closing date of the purchaser’s new home, as the greatest challenge lies with title fees constantly changing while interest rate locks are typically only available for 30 or 45 days.

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