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Gail Gladstone,
CIPS, TRC, SRES, RECS
Licensed Broker Associate
 COMMERCIAL,  RESIDENTIAL, BUSINESS BROKERAGE & INVESTMENT
International Property Specialist

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I'm always asked where I practice real estate.  My license says New York!  Have car...will travel.  There are two kinds of agents; selling agents and marketing agents.  Selling agents need to be in your area and will be showing your property.  Marketing agents can be anywhere.  As a Real Estate Marketing Professional, I market your property to over 28,000 Realtors and another 30,000 Real Estate Licensees...all of whom will be invited to sell your property. 

Through these portals you will be able to sell, purchase or lease Residential and Commercial Properties and be able to purchase or sell a Business through Long Island Business Brokerage.   

Planning to sell your BUSINESS?  Step one is to valuate.  Be real about what your business is worth to a potential buyer.  Take a look/listen to this recent intervew.  Diane Ransom of Wall Street Journal's Smart Money helps Tony Calvacca, Certified Business Intermediary, make his valuation point.

If you are facing a financial crunch like the rest of us, we can help you with a Short Sale to avoid a foreclosure. 

If you are saddled with debt and are thinking of hiring a debt negotiator, please see the article below.

You may not be aware that there are several options before considering foreclosure.  At no charge, we will consult, guide you through and even handle the options for you as a community service.  We believe in helping folks retain their homes. 

Whether you are looking to purchase or sell a Home, Business or other Commercial Property, this is the place to look. Our comprehensive online tools offer direct access to the latest properties for sale in your area, featuring extensive Community Information, Consumer Links, School Information, Free Reports, answers to commonly asked real estate questions, and now, INMAN NEWS.  Youll find everything about real estate within one easy source.

Debt Negotiators can Crush your Credit
Tamara Holmes


If you're saddled with thousands of dollars in credit card debt, the lure of someone promising to cut your debt in half could be strong. But debt negotiators -- companies that try to persuade your creditors to forgive some of your debt -- may be more a hindrance than a help to your credit situation in the long run.

Debt negotiators contact creditors for consumers and try to work out a payment plan that those consumers can afford. They also go to bat for consumers who are financially unable to repay a debt, and in some cases convince the creditors to take what they can get and forgive the rest.

But while losing part of your debt load might sound appealing, it might not be the best move.

Steer away from debt negotiators, says Nick Jacobs, director of public relations for the National Foundation for Credit Counseling. One reason: Debt negotiators don't work for free, Jacobs says. Negotiators have various ways to determine their fees. Some charge an upfront cost. Others charge a percentage of your total debt while others charge based on the amount they are able to get creditors to forgive.

Any way you look at it, the money you give the debt negotiator could be money used to pay down debt. Not only that, but it's important to do the math. If a debt negotiator gets creditors to forgive 15 percent of your debt and the negotiator wants 10 percent for his work, you might have been better off applying the 10 percent to your debt.

Another reason a debt negotiator can spell bad news for you and your credit is because they often tell consumers to stop paying their bills while negotiations take place.

The problem with that is you have an obligation to the credit card company to make a payment, so in not doing that you're harming your credit rating and creditors are well in their rights legally to do whatever they have to do, Jacobs says. You're really playing with loaded dice.

Mixed blessings
What if the debt negotiator is able to convince your creditors to forgive some of your loans? Won't that raise your credit score?

Not necessarily, and it might make the situation worse.

If credit card companies write off your debt as a charge-off, other creditors will not view you as a good risk since you have a record of not paying your debts in full.

A charge-off is not good on your credit report, says Jennifer 'J. B.' Bryan, founder and president of J.B. Bryan Financial Group based in Washington, D.C. That blight to your record would remain on your credit report for the next seven years.

There are also tax ramifications to forgiven loans. The Internal Revenue Service requires that lenders report cases in which they've forgiven debt of $600 or more in a calendar year. The IRS considers that money to be taxable income to the person whose debt was forgiven. After all, if a lender agrees to forgive $1,000 worth of debt, that lender is, in effect, giving you a gift of $1,000.

While the tax consequences do not necessarily mean you should avoid having loans forgiven, they are definitely something to keep in mind when weighing the risks and benefits of such a move.

Another factor to consider is that the negotiator might not be successful -- failing to convince your creditors to work with you -- leaving you not only without the money you paid the negotiator, but more months behind in your payments if you stopped paying your creditors during the negotiation process.

Then there's the matter of scam artists. There are a lot of bad actors out there who will just take the money and run, says Jacobs. You're paying them and not paying your creditors.

There are ways you can check on the background of a potential negotiator if you decide to go that route. Check with the Better Business Bureau or your state attorney general's office to see if any complaints have been made against the company or individual.

Also ask the negotiator plenty of questions about his or her background. Does the negotiator have any licenses that let you know that he or she is particularly savvy about finances? Because you're putting your financial future in the hands of this person or company, you want to take the time to find out as much as you can about their expertise and track record.

Whatever you ultimately decide, steer clear of anyone promising to resolve your debt situation instantly and magically.

The bottom line is when it comes down to getting out of debt, there is no quick fix or solution.

Some folks advertise 1 (800) get-out-of-debt, says Jacobs. They're selling you a dream. Getting out of debt is a very difficult, usually a very lengthy, painful process.

What do you think???


If you currently own property and are thinking of placing it on the market, this site contains FREE REPORTS  about preparing your home or business for sale, selecting the right agent, pricing your property appropriately, marketing it effectively, going through the inspection processes (pre-listing inspection and buyer inspection), and receiving a timely market evaluation. 

**Learn how you can be the recipient of a Self-Storage Unit until moving day.

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Gail Gladstone, CIPS, TRC, SRES, RECS

Coldwell Banker Commercial NRT 
Coldwell Banker Residential Brokerage

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