Settlement Cancels $330 Million is Private Loans to ITT Students

An agreement involving a federal regulator and attorney generals from 47 states came to the agreement that covered debts of tens of thousands of former students of ITT Technical Institute. Those covered incurred the debt through ITT’s Peak loan program which was often used for students who had maxed out their federal student loans.

The settlement, which requires a federal judge’s approval, covers about 35,000 borrowers whom were left with high amounts of debts, ruined credit, and often times useless degrees. The agreement requires the loans to be cancelled and all collection efforts to cease.

Are you a victim of a similar fraudulent matter? Contact our office at 816-524-4949, or you can visit our website at hoorfarlaw.com to see what our attorneys can assist you with.

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Guidance Issued to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding

The Department of Treasury and the Internal Revenue Service issued guidance on implementing the Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security taxes if the employee’s wages were below a certain amount. Notice 2020-65 is posted on IRS.gov makes relief available for employers for some wages paid between September 1, 2020 and December 31, 2020.

In a tight spot financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com

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Feds Make Another Arrest Amid Allegations of More Than $1 Billion in Bad PPP Loans

The feds made another arrest in connection with Paycheck Protection Program loan fraud. Attorney Jae H Choi of Fort Lee, N.J. has been accused of obtaining close to $9 million in PPP loans under fraudulent circumstances. Choi has been charged with three counts of bank fraud and one count of money laundering, according to the complaint.

A report by the House Select Subcommittee on the Coronavirus Crisis said that over $1 billion in COVID-19 relief went to companies despite being in violation of the program’s rules. 10,856 loans appeared to be multiple loans to the same recipient.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Tax Deadline for Extension Filers is Almost Here

The October 15 filing deadline is quickly approaching. If you filed an extension for your federal or state taxes don’t forget to get your returns on file before Thursday, October 15. Are you ready to file now? We can help you!

 Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Federal Grand Jury Indicts Large Kansas City Landlord

A Federal Grand Jury in St Louis indicted one of Kansas City’s biggest apartment landlords after a year of investigations that uncovered terrible living conditions across multiple Kansas City area apartments. Michael Fein, owner and vice president of TEH Management was recently indicted on two felony charges of wire fraud and bank fraud. The alleged fraud occurred through bank loans made to TEH connected to the purchase and operations of many multi-family complexes in St. Louis and Kansas City among others. The alleged frauds were discovered and investigated because residents of TEH properties complained for months about the lack of heat, air conditioning, pest control, mold, and trash issues.

In a tight spot financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com

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Saks Fifth Avenue Faces Eviction in Miami over $1.9 Million in Past Due Rent

A Miami-area shopping mall is attempting to evict Saks Fifth Avenue, saying the retailer hasn’t paid rent since March and owes approximately $1.9 million in unpaid rent. Saks told its landlord, Bal Harbour Shops LLC, that it couldn’t make lease payments due to the effects of the Covid-19 pandemic. But the mall owner said that the high end department store is currently open and was still generating revenue. Bal Harbour said that the store generated more revenue in June 2020 than it did in the previous year. Saks Fifth Avenue does not believe that the landlord has acted appropriately and in good faith for the current situation.

Confused by the effects of the coronavirus? We can help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Operator of Trump International Hotel in Vancouver files for Bankruptcy

TA Hotel Management LTD, a unit of the Malaysi-based TA Global Bhd, who operates the Trump International Hotel in Vancouver has filed for bankruptcy. The Holborn Group, a Vancouver-based developer, licensed the Trump name in 2013 for the 69-story luxury hotel. TA Hotel Management stated that the temporary closures due to COVID-19 severely impacted the hotel’s business and the ongoing expenses due to COVID-19 left them in a position of insolvency.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Coca-Cola Cuts Thousands of Jobs as Coronavirus Hits Sales

Coca-Cola Co. joined a long list of big U.U. companies in laying off thousands of workers due to the coronavirus crisis. The company is offering voluntary deals across its businesses and promising to halve its number of operating units. They offered redundancy to 4,000 workers across the U.S. and Canada and will offer similar deals in their other markets. They also signaled that more layoffs were likely to come. Coca-Cola has been battling a hit in sales due to the closure of bars, restaurants, and cinemas where its sales are normally the heaviest. Just last month Coca-Cola reported a 28 percent slump in their sales in the most challenging quarter of the year due to the coronavirus.

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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CFPB Settles with Third Mortgage Company With Regards to Deceptive Advertisements

On August 21, 2020 the Consumer Financial Protection Bureau (CFPB) issued a consent order against California licensed mortgage broker and lender, Go Direct Lenders, Inc. Go Direct offers mortgages guaranteed by the United States Department of Veteran Affairs (VA). Go Direct’s primary means of advertising to servicemen and veterans through direct-mail advertisements. The CFPB found that Go Direct sent customers numerous mailers that contained false, misleading, or inaccurate information or lacked the required disclosures in violation of the Consumer Financial Protection Act among others. The order required Go Direct to pay a civil money penalty and forced requirements to prevent further violations.

Are you a victim of a similar fraudulent matter? Contact our office at 816-524-4949, or you can visit our website at hoorfarlaw.com to see what our attorneys can assist you with.

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Mortgage Delinquencies of 90 Days or More at 10 Year High

Serious mortgage delinquencies hit a 10 year high in July according to a report by financial data firm Black Knight. According to Black Knight, the number of homes with mortgages with delinquencies of 90 days or more but not in foreclosure rose to 2.25 million in July. While the total number of delinquent mortgages fell by almost 7 percent since June, the startling rise of delinquencies is a troubling sign in the aftermath of the expiration of The Coronavirus Aid, Relief and Economic Security (CARES) Act at the end of July. Lawmakers and the Trump administration have yet to reach a deal to extend any foreclosure or eviction protections.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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