latest news 6th pay commission image
Honey786
Welcome to any grapevine?
Answer
"Tuesday, February 12, 2008
Financial Express estimates 150% hike in pay
A news article of the Financial Express predicts 150% hike in the salary of Government Employee by Sixth Pay Commission.
Fine points of the reports are :
Pay Commission expected to submit its report next week.
Basic salaries are likely to rise by over 150%
Section officers will get a starting basic salary of Rs 20000, while their department heads, joint secretaries, would get a fixed basic salary of Rs 60000 a month.
Secretaries to the government would earn a fixed salary of Rs 75000 a month. A cabinet secretaryâs monthly salary would also be fixed at Rs 80000.
Government officials will continue to retire at 60 years and will now retire on December 31 of the year they reach age 60.
The points seem same as earlier published by Dainik Jagran."
THE FINANCIAL EXPRESS
"Pay panel estimates 150% civil service salary hike
Surabhi, Bipin Chandran
Posted online: Saturday , February 09, 2008 at 0208 hrs IST
New Delhi, Feb 8 Government salaries may literally give India Inc a run for its money, if one of the latest estimates of salary revisions by the Sixth Pay Commission is to be believed. Basic salaries are likely to rise by over 150%. However, the actual payout may be more moderated, as inclusive of all allowances, existing salaries are not far below the new slabs.
Section officers will get a starting basic salary of Rs 20,000, while their department heads, joint secretaries, would get a fixed basic salary of Rs 60,000 a month. Basic pay for section officers currently begins at Rs 8,000 a month.
Secretaries to the government would earn a fixed salary of Rs 75,000 a month. A cabinet secretaryâs monthly salary would also be fixed at Rs 80,000. At each grade, the 5.5 million central government employees would earn an inflation-neutralising dearness allowance (DA) of 6% of basic. The minimum scale for non-executives is likely to be hiked to Rs 6,500 a month, from the present Rs 2,550 a month.
The buzz around the Sixth Pay Commission has grown louder with the panel headed by Justice BN Srikrishna expected to submit its report next week. The good news, however, may just stop here. Contrary to expectations, government officials will continue to retire at 60 years. The plan to increase the retirement age has been shelved, according to the Pay Commission estimates, a copy of which is with FE. The Commission, though, is expected to recommend that officials will now retire on December 31 of the year they reach age 60.
Other allowancesâincluding DA, house rent and travel benefits, linked to basic payâwould also increase. DA would be hiked by 6% retrospectively from January 1, 2007 and 14% from this year, according to this estimate. House rent is proposed to be hiked by 30% of basic for metros, but with a cap of Rs 12,000. While the recommendations are effective from January 1, 2006, arrears would be given only from January 1, 2007."
"Tuesday, February 12, 2008
Financial Express estimates 150% hike in pay
A news article of the Financial Express predicts 150% hike in the salary of Government Employee by Sixth Pay Commission.
Fine points of the reports are :
Pay Commission expected to submit its report next week.
Basic salaries are likely to rise by over 150%
Section officers will get a starting basic salary of Rs 20000, while their department heads, joint secretaries, would get a fixed basic salary of Rs 60000 a month.
Secretaries to the government would earn a fixed salary of Rs 75000 a month. A cabinet secretaryâs monthly salary would also be fixed at Rs 80000.
Government officials will continue to retire at 60 years and will now retire on December 31 of the year they reach age 60.
The points seem same as earlier published by Dainik Jagran."
THE FINANCIAL EXPRESS
"Pay panel estimates 150% civil service salary hike
Surabhi, Bipin Chandran
Posted online: Saturday , February 09, 2008 at 0208 hrs IST
New Delhi, Feb 8 Government salaries may literally give India Inc a run for its money, if one of the latest estimates of salary revisions by the Sixth Pay Commission is to be believed. Basic salaries are likely to rise by over 150%. However, the actual payout may be more moderated, as inclusive of all allowances, existing salaries are not far below the new slabs.
Section officers will get a starting basic salary of Rs 20,000, while their department heads, joint secretaries, would get a fixed basic salary of Rs 60,000 a month. Basic pay for section officers currently begins at Rs 8,000 a month.
Secretaries to the government would earn a fixed salary of Rs 75,000 a month. A cabinet secretaryâs monthly salary would also be fixed at Rs 80,000. At each grade, the 5.5 million central government employees would earn an inflation-neutralising dearness allowance (DA) of 6% of basic. The minimum scale for non-executives is likely to be hiked to Rs 6,500 a month, from the present Rs 2,550 a month.
The buzz around the Sixth Pay Commission has grown louder with the panel headed by Justice BN Srikrishna expected to submit its report next week. The good news, however, may just stop here. Contrary to expectations, government officials will continue to retire at 60 years. The plan to increase the retirement age has been shelved, according to the Pay Commission estimates, a copy of which is with FE. The Commission, though, is expected to recommend that officials will now retire on December 31 of the year they reach age 60.
Other allowancesâincluding DA, house rent and travel benefits, linked to basic payâwould also increase. DA would be hiked by 6% retrospectively from January 1, 2007 and 14% from this year, according to this estimate. House rent is proposed to be hiked by 30% of basic for metros, but with a cap of Rs 12,000. While the recommendations are effective from January 1, 2006, arrears would be given only from January 1, 2007."
What steps can an Heir take if a home with a reverse mortgage is being foreclosed on?
dvdcsr
I'm sorry I should have been more clear. The owner has passed away. The executor is looking for options. I believe they have an extension but I'm not sure how long. I guess I'm just wondering if there are any new laws that would apply to reverse mortgages. I've looked online and couldn't find any. thanks for the help
Thank you all for the info.
MRA - Thank you so much for the additional information. I will pass it along to my New York family.
Answer
no new laws per se, unless the home is under water (home is worth less than what is owed).
the only thing still up in the air is whether a relative can buy/refinance the home for what it is worth, and not for what is owed, when the home is under water. it has always been said that you can never owe more than the house is worth. but in 2008, FHA came up with Mortgagee Letter (ML 2008-38) clarifying that a short sale would only be allowed if it was an arms-length transaction (no relatives allowed). if a relative wanted to buy the house after the death of the senior, they would have to pay off the full amount of the loan even if the home was not worth as much. a big furor arose over this, and in Mortgagee Letter ML 2011-16, FHA rescinded their "clarification." they were going to provide "new guidance in the future," but we haven't heard anything yet. so expect the worst, and hope for the best.
That being said, all loans become due when the note holder (senior) dies. you have 3 options to pay off the loan:
1) the heir can refinance the existing mortgage into their own name, and keep the home (assuming they qualify). a reverse mortgage is not assumable, even if the heir is over 62. if the heir is not able to refinance and/or does not qualify for any loan in their own name, they have to sell. the same thing would happen regardless if the loan was a reverse or not.
2) sell the home, and keep the difference after the reverse mortgage is paid off (again, this would apply regardless of the type of loan on the home, reverse or otherwise). with a reverse, you would only be expected to pay off 95% of the loan, as you get a credit for the sales commission.
3) if the loan balance is greater than the home value, the heir can sign a Deed-in-Lieu of Foreclosure and walk away from it legally and ethically. The bank will then take over the title and be responsible for selling it for just as much as is needed to pay off the loan or market value, whichever is less. the bank will not try to make money off it as they are not in the real estate business. since these loans are insured by FHA, the lender will always be made whole later on by FHA.
The good news about it being a reverse is for one thing, the lender will work with you for 6-12 months while you try to refinance or sell the home (if not more, in this economy). interest will continue to accrue each month until the loan is paid off. but you must stay in communication with the lender and make a good faith effort to either sell or refinance. regular forward lenders won't do that.
also, since it is a non-recourse loan, the heirs or the estate are never personally responsible for any shortage. only the home stands for the loan, not any other asset of the estate, or the heirs.
unfortunately, because of some abuse, many lenders will immediately begin the foreclosure process simultaneously while they give you 6 months to refinance or sell, since they know the foreclosure process typically takes 6 months as well. if they wait to begin the process until after they gave you the 6 months to refinance or sell, and then you've done nothing, they would find themselves out a whole year before they can legally take over the home. its a nasty process to go through while the family is grieving; just remember that it is common practice and automated form letters, not a reflection of your family. Work with the lender and document.
no new laws per se, unless the home is under water (home is worth less than what is owed).
the only thing still up in the air is whether a relative can buy/refinance the home for what it is worth, and not for what is owed, when the home is under water. it has always been said that you can never owe more than the house is worth. but in 2008, FHA came up with Mortgagee Letter (ML 2008-38) clarifying that a short sale would only be allowed if it was an arms-length transaction (no relatives allowed). if a relative wanted to buy the house after the death of the senior, they would have to pay off the full amount of the loan even if the home was not worth as much. a big furor arose over this, and in Mortgagee Letter ML 2011-16, FHA rescinded their "clarification." they were going to provide "new guidance in the future," but we haven't heard anything yet. so expect the worst, and hope for the best.
That being said, all loans become due when the note holder (senior) dies. you have 3 options to pay off the loan:
1) the heir can refinance the existing mortgage into their own name, and keep the home (assuming they qualify). a reverse mortgage is not assumable, even if the heir is over 62. if the heir is not able to refinance and/or does not qualify for any loan in their own name, they have to sell. the same thing would happen regardless if the loan was a reverse or not.
2) sell the home, and keep the difference after the reverse mortgage is paid off (again, this would apply regardless of the type of loan on the home, reverse or otherwise). with a reverse, you would only be expected to pay off 95% of the loan, as you get a credit for the sales commission.
3) if the loan balance is greater than the home value, the heir can sign a Deed-in-Lieu of Foreclosure and walk away from it legally and ethically. The bank will then take over the title and be responsible for selling it for just as much as is needed to pay off the loan or market value, whichever is less. the bank will not try to make money off it as they are not in the real estate business. since these loans are insured by FHA, the lender will always be made whole later on by FHA.
The good news about it being a reverse is for one thing, the lender will work with you for 6-12 months while you try to refinance or sell the home (if not more, in this economy). interest will continue to accrue each month until the loan is paid off. but you must stay in communication with the lender and make a good faith effort to either sell or refinance. regular forward lenders won't do that.
also, since it is a non-recourse loan, the heirs or the estate are never personally responsible for any shortage. only the home stands for the loan, not any other asset of the estate, or the heirs.
unfortunately, because of some abuse, many lenders will immediately begin the foreclosure process simultaneously while they give you 6 months to refinance or sell, since they know the foreclosure process typically takes 6 months as well. if they wait to begin the process until after they gave you the 6 months to refinance or sell, and then you've done nothing, they would find themselves out a whole year before they can legally take over the home. its a nasty process to go through while the family is grieving; just remember that it is common practice and automated form letters, not a reflection of your family. Work with the lender and document.
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