Collect From Chinese Real Estate Developer or Borrower

Suing A Chinese Real Estate Developer 

Or trying to collect on an American promissory note, mortgage, or real estate deed of trust.

If the contract was signed in the United States you will file suit in the State or County Court where the contract was conformed. Getting paid after you win is going to be an uphill road. Enforcing a judgement might make it difficult for the Chinese company to open further credit in the EIN tax number number that the individual person opened with the IRS. However if this is a LLC or S Corp the Chinese investor can get around paying you until the cows come home.
Suing a Chinese company in a U.S. court typically differs from suing a domestic company on:

• Service of process

• Discovery

• Litigation strategy

• Enforcement of judgment

If the contract was signed in China this is a much more arduous process.

• Submit relevant documents to the Chinese court, such as your identity certificate (Passport becomes public and subject to unknown persons having your identity), power of attorney (with attorney licensed in the , and pleadings. These documents need to be notarized in your country, and then authenticated by the Chinese embassy or consulate in your country.

• Submit a completed United States Marshal Form USM‐94 to China's Ministry of Justice.
• Submit the original English version of the documents to be served and translated to Mandarin and Cantonese.
• Pay court fees via the attorney
• Submit a summons with the issuing court's seal.
• Submit other documents that may be required by the Chinese courts, such as:
  • Subject qualification document
  • Representative figure's identity document
  • Extraterritorial evidence
  • Application for preservation of property

The filing process varies. You should file the suit in the district in which the contract was signed or the one specified by the contract. You should petition the court clerk by paying the filing fees with the help of an international lawyer.

In China there is no such thing as the rule of law. Regulations that can be largely apolitical on the surface can be political when the Communist Party of China (CCP) decides to use them for political purposes.

China has a social credit system different from US FICO scoring. A number is not assigned to a person.

China's social credit system that rates the trustworthiness of individuals, businesses, and government entities. The People's Bank of China (PBOC) provides national financial credit reporting for businesses and individuals. 

The Central Government operates national and regional blacklists based on various types of violations. An individual American citizen does not have easy access to this system, you pay a vendor and enter the person's credit number. The report is not in English. Local governments have various social record systems that work differently, while unofficial private versions are operated at companies such Ant Financial's Zhima Credit, better known as Sesame Credit. Ant Financial is the payment firm from Alibaba. There is no single Chinese coordinated system like Experian or FICO.

China's social credit system has penalties for bad credit scores, such as reduced access to credit, not able to purchase real estate, and block on travel.

China's corporate social credit system (CSCS) is a data-driven scoring system that rates the trustworthiness of all business entities registered in China.

There are local government credit scoring and two other larger sources as this system is developing. Your judgement will be entered into the system long after you win but might not help with collecting in the United States

• Sesame Credit: A social credit-scoring service developed by Ant Financial
• China Credit Information Service (CCIS): A credit rating services company based in Taiwan

Owning Home, Getting Income During Retirement

Plan your Path

Retirement planning around owning a home, receiving mortgage interest on a note, having a second gig, going back to work part time are issues to consider before you file your tax return

The Social Security earnings limit is the maximum amount of money you can earn while still receiving your full Social Security benefits. If you earn more than the limit, your benefits will be reduced.

The earnings limit for people who have not yet reached full retirement age is $1,770 per month or $21,240 per year in 2023. If you reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520. Once you actually attain full retirement age, the earnings limit goes away.

The income that counts towards the earnings limit is employment income, which means gross employment wages if you're an employee and/or your net earnings from self-employment. The earnings caps are adjusted annually for national wage trends, and they differ depending on how close you are to full retirement age.

There is a special rule that lets the SSA pay a full Social Security check for any whole month they consider you retired, regardless of your yearly earnings. This rule can be used if you are working part-time or if you have a seasonal job.

Other considerations

If you receive Medicaid:

The income ceiling for Medicaid varies by state, but it is generally based on the federal poverty level (FPL). In 2023, the FPL for a single person is $14,580. This means that a single person in most states would be eligible for Medicaid if their income is below $14,580.

However, there are some states that have expanded Medicaid eligibility to include adults with incomes up to 138% of the FPL. This means that an adult in these states could be eligible for Medicaid if their income is up to $21,240 in 2023.

The income ceiling for Medicaid also depends on household size. For example, a family of four in most states would be eligible for Medicaid if their income is below $37,100 in 2023.

It is important to note that the income ceiling for Medicaid is just one factor that determines eligibility. Other factors, such as age, disability, and pregnancy, may also affect eligibility.

Owning property does not necessarily disqualify you from receiving Medicaid. However, the value of your home and other assets may affect your eligibility.

In most cases, your primary home is exempt from the asset limits for Medicaid eligibility. This means that the value of your home will not count towards your assets when determining eligibility. However, there are some exceptions to this rule. For example, if you own a second home or a vacation home, the value of those homes will count towards your assets.

The value of your other assets, such as savings accounts, investments, and vehicles, may also affect your eligibility for Medicaid. In general, you cannot have more than $2,000 in countable assets to qualify for Medicaid. However, there are some exceptions to this rule, such as if you are blind or disabled.

If you are considering applying for Medicaid, it is important to talk to an elder law attorney or other financial advisor to discuss your specific situation. They can help you understand the asset limits for Medicaid in your state and how owning property may affect your eligibility.

Here are some additional things to keep in mind about owning property and receiving Medicaid:

• If you sell your home, the money you receive from the sale will count towards your assets.
• In high cost states selling your home with a low basis may cause you owe income tax and capital gains tax.
• Balancing act of not paying extra taxes when you are retired takes planning
• If you give away your home, the value of the home will count towards your assets for a period of time. Gift taxes limit the amount the dollar amounts you can give to family.
• If you live in a nursing home, Medicaid may place a lien on your home to ensure that it can be repaid for the cost of your care.

It is important to plan ahead if you are considering applying for Medicaid and own property. By working with an elder law attorney or financial advisor, you can make sure that you are aware of the rules and regulations and that you are taking steps to protect your assets.

FHA Self Sufficiency Test

Watch out Sellers with triplex and fourplex for sale in high priced markets.

FHA offer may appear great but has some pitfalls to be aware of.

FHA's self-sufficiency test ensures that a property generates enough rent to cover its expenses, including the housing payment. The test requires that 75% of the total market rent for all units be more than the total monthly mortgage payment. The total payment includes principal, interest, taxes, mortgage insurance (PMI), and any other insurance (like homeowners insurance). 

The income needs to be over and above the buyer's maximum monthly mortgage payment, or principal, interest, taxes, and insurance (PITI). This income needs to account for the vacancy rate and estimated maintenance fees.

To pass the test, the building and the rents have to pass a self-sufficiency test. To get approved for an FHA loan based on rental income, the lender must calculate the net rental income plus the depreciation from schedule E of the tax returns, and then divide that by 12. If the rental property is new and you do not have a tax return to provide yet, the lender will use 75% of the rental income on your loan application. You may be required to provide copies of the leases along with proof of bank deposits. Short term rental doesn't apply as you are newby home buyer with no track record of managing STR

FHA self sufficiency test uses the MARKET rents on the units that the owner will not occupy. 75% of the rents needs to cover the mortgage payment (PITI). Much more strict than DSCR as DSCR uses the real rents and some no haircut some only 10% discount.

Buyer qualifies with their income plus 75% of the other rents. In high priced markets this makes the loan fail. This means no mortgage approval. Rents are not as high as the sale price in proportionate measure. Very common problem when price exceeds $500000. Triplex and fourplex rents also tend to be lower than SFR rents further exacerbating the problem.

Seller beware on units when offer is FHA because the inexperienced loan officer gets stuck on this problem after the appraisal on day twelve or later when they should have run the numbers before starting the loan. The appraiser determines the market rents with a survey (form 1007). This number now STICKS on the property just as an FHA appraisal is glued to the address for six months. FHA case number allows all subsequent lenders to see the valuation and the 1007.

1007 form licensed Appraiser uses determines the market rents. The appraiser surveys other advertisements and calls property managers to determine the monthly rental income for the square footage, location, and property type. The listing agent can provide this information BEFORE the appraiser starts, just like with assisting providing comparable sales it is vital that the listing agent provides the market facts to appraiser at the start. Doing a reconsideration wastes time and is very difficult to overturn a person's opinion. Your mortgage lender should be asking listing agent to provide all the comps and rental history possible as it only helps the deal close.

https://duchessdevonshire.etsy.com

Mobile Home Loans

Pier and beam foundation: This is the most common type of foundation for manufactured homes. It is made up of concrete piers that are sunk into the ground and connected by beams. This type of foundation is relatively inexpensive to install and can be built on a variety of soil types.

Slab foundation: This type of foundation is made up of a concrete slab that is poured directly on the ground. Slab foundations are more expensive to install than pier and beam foundations, but they can provide a more stable foundation for your home.

Crawl space foundation: This type of foundation is made up of a concrete crawl space that is dug beneath the home. Crawl space foundations are more expensive to install than pier and beam foundations, but they can provide better insulation and drainage for your home.

The type of foundation that is best for you will depend on your individual needs and budget. If you are looking for the most affordable option, then a pier and beam foundation is a good choice. If you are looking for a more stable foundation, then a slab foundation or crawl space foundation may be a better option.

It is important to note that not all lenders will offer mobile home mortgages for homes with certain foundation types. For example, some lenders may not offer mortgages for homes with pier and beam foundations. It is important to check with your lender before you choose a foundation type to make sure that you will be able to get a mortgage.

Here are some additional tips for lowering the cost of a mobile home mortgage:

• Put down a larger down payment: The larger your down payment, the lower your monthly mortgage payments will be.
• Get a good credit score: A good credit score will qualify you for lower interest rates on your mortgage.
• Shop around for the best interest rate: Compare interest rates from different lenders before you choose a mortgage.
• Consider a government-backed loan: Government-backed loans, such as FHA loans and VA loans, offer lower interest rates and down payment requirements than conventional loans.
• We offer mortgages on single wide, double and triple wide. 
• FICO score as low as 550
• No cap on acreage
• FHA, conventional, private money depending on your needs
• Call 949-  784- 9699 for terms and conditions
• This is not a commitment to lend

By following these tips, you can lower the cost of your mobile home mortgage and make it more affordable to own a manufactured home.