September 21, 2017

Will You Owe Revenue Canada?

The holidays are over, we are all pumped up to start the New Year off with a bang and have an epic year!  Then, bam, it’s tax time!!  Thoughts go to tax preparation, getting receipts together, doing the final tally to submit to our accountants or bookkeepers.

As a Mortgage Agent I receive referrals from both accountants and bookkeepers when their clients are having difficulties paying their income taxes either personally or through their business.  Here is an example of one client I was able to assist recently.

Client owed Revenue Canada over $200,000 in back taxes, penalties and interest.  He was unable to pay, so in usual fashion, Revenue Canada froze his business accounts.  This basically shut down his operation.  I  arranged a mortgage to pay out the total amounts owing, he paid off his income taxes and his business account was restored.  Had we have spoken earlier, I could have got him the funds required, eliminated the stress in his life and the business interruption.  We are interesting creatures, we are always optimistic that things will turn around but sometimes it is best to just deal with the elephant in the room!

If you or anyone you know is having difficulties in paying their income taxes or accumulated debt, please refer them to me and I can give them the options available to help them sleep better at night!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Did You See “The Big Short?”

Have you seen the movie The Big Short about the financial crisis of 2007-2008 triggered by the housing bubble in the United States?  It covered the unconventional techniques employed with regards to subprime mortgages and how they collateralized the mortgage obligations.  The Banks colluded with a major bond-rating company to maintain ratings on worthless bonds which allowed them to sell off their losing positions before anyone became aware.  It’s very complicated but that is the gist of it.  One of the major bond-rating companies was Moody’s Corporation.

It was just announced that Moody’s will pay nearly $864 million to resolve allegations that it habitually inflated ratings of shoddy residential mortgage-backed securities (MBS) in order to win contracts.  The Justice Department had accused Moody’s of inflating its ratings of mortgage bonds during the run-up to the financial crisis. As part of the settlement, Moody’s acknowledged that its credit ratings were compromised by the so-called “issuer-pay” method, under which Moody’s and other ratings agencies were selected by the entity that marketed the MBS and therefore stood to benefit from a higher rating.

According to the Justice Department, Moody’s deviated from its own standards in order to award higher ratings to some MBS than the bonds deserved.  “Investors relied on Moody’s credit ratings to be objective and independent, and they naturally expected Moody’s to follow its own published methods.”

The settlement includes a $437.5 million federal civil penalty, the second largest payment of the type ever made by a ratings agency to the government. The remainder of the penalty will be distributed to settlement member states.

If you haven’t seen the movie, it offers a great explanation of how the bond market works and is very close to the Canadian system.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Article:  http://www.mpamag.com/news/moodys-agency-slapped-with-864-million-penalty-over-shoddy-mortgage-bond-ratings-42686.aspx

Great Things Are Ahead For Us All!

How are you feeling about this New Year of 2017?  Do you wonder where things are heading?  Will we be breaking new ground or will it be more of the same?  Well, I have great news!  According to Numerology predictions, 2017 is suppose to be a fabulous year.

I can help you make it even better.  Wouldn’t it be a wonderful to start the New Year without any financial stress in your life.  Instead of struggling to make your monthly payments, we can work together to consolidate all your debts and start a savings plan.  I specialize in removing the shame and guilt around finances.

I would like to share a testimonial that I received last week as a testament of how I can assist you:  “I would highly recommend Colleen’s services.  She is a wise problem solver & I am so grateful for the sense of security I felt during the process of arranging my mortgage.  I had feelings of shame around my financial situation, but Colleen’s empathy just melted them away…now I refer to her as my Mortgage Angel!   Susan S.

If you or anyone you know could benefit from my expertise, I would appreciate being part of your journey.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

The Spirit Of Giving

It is the holiday season, what a wonderful time of the year when we make that special effort to spend time with family and friends.  We also make a special effort towards the spirit of giving.  We will spend hours looking for that special gift just to witness the joy on on faces of our loved ones and feel a warm glow knowing that we have picked the perfect gift and lifted someone’s sprits and made them happy.

During this festive time of planning, shopping and parties, it is also important to take a moment to remember those less fortunate than us and to consider what we can do to help make their holidays just a little better.  Any little bit that everyone can do can make a difference in someone else’s life.  As we open our hearts and our wallets during this time of year, we can spread some joy and share our generosity by giving to our favourite charity, donating to a Christmas Wish Foundation so some children will have at least have a present to open on Christmas morning.

Make sure you take some time for yourself to relax and unwind from a hectic year, help others and really enjoy the holiday season making special memories with family and friends.  Remember that feeling and try to experience it all year long.  Sometimes just a smile or a casual conversation while waiting in line can brighten another persons day and lighten their load.

Happy Holidays and Wishing You a Prosperous and Healthy New Year

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

How Is Your Financial Situation?

creditcards1In my profession as a Independent Mortgage Agent, I receive a lot of referrals to help people get their finances under control.  It is very rewarding to help people save money by refinancing their homes to consolidate their debts.  Everything is so expensive and things tend to spiral, monthly payments become so tight that you can end up living off your credit cards.

Did you know that if you carry a balance of say $20,000 in credit cards with an average interest rate of 20% (department store credit cards average 30%) and made the minimum payment, it would take over 30 years to pay off your credit card!  This would also cost you $49,931 in interest and charges, which is 146% more than the original balance on the card!

I am not here to judge your financial situation, I am here to help you pay off all your debts and have money left over at the end of the month to contribute towards your savings.  Everything discussed is totally confidential and I would be pleased to give you a complimentary financial assessment.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406