United States of America (USA) Currency Reporting Requirements
If you are planning on entering the U.S. from any port of entry (i.e.- Detroit-Windsor Tunnel, Ambassador Bridge, Blue Water Bridge, Sault Ste. Marie International Bridge, ferry, etc.) anytime soon, you must educate yourself on the U.S. Currency Reporting Requirements.
The law provides that if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in an aggregate amount exceeding $10,000.00 or its foreign equivalent at one time from the United States to any foreign country, or into the United States from any foreign country, you must file a report with the U.S. Customs and Border Protection. This report is called the Report of International Transportation of Currency or Monetary Instruments, FinCEN Form 105.
“Monetary Instruments” include-
- U.S. or foreign coins and currency;
- Travelers checks in any form;
- Negotiable instruments (including checks, promissory notes, and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in a form that the funds can be transferred to another person;
- Incomplete instruments (including checks, promissory notes, and money orders) signed, but with the payee’s name omitted; and
- Securities or stock in bearer form or otherwise in a form that the funds can be transferred to another person.
“Monetary Instruments” do NOT include-
- Checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements;
- Warehouse receipts; or
- Bills of lading.
Reporting is required under the Currency and Foreign Transaction Reporting Act (PL 97-258, 31 U.S.C. 5311, et seq.). Failure to comply can result in civil and criminal penalties and may lead to forfeiture of your monetary instrument. The purpose of the law is to prevent money laundering and to prevent criminal activity that is often times associated with cash transactions (i.e.- drugs).
The Government has Seized my Money. What are My Options? Must I forfeit my money?
All hope is not lost once the government seizes your money. You do not have to forfeit your money as options are available. Once the government seizes your money, it is critical to retain a lawyer immediately as time is of the essence. You are more likely to prejudice your case the longer you wait.
When the government has seized your money, you must file a petition for relief to get your money back. Otherwise, you automatically forfeit your money to the government. When filing a petition for relief with the government, you will have to prove the source of your funds and that there was a legitimate use of the funds. There is no exact science for getting your money back. That is why it is so critical to have a lawyer represent you. We have a record of success in dealing with the U.S. Customs & Border Protection. Do not take the government on by yourself because your risk of failure is increased.
Has your government seized your money? Or has the government begun civil forfeiture proceedings against you? We know the law and have helped others fight the government and get their money back. To retain Garmo & Kiste, PLC, call Attorney Brian Garmo at (248) 398-7100 ext. 2 for a free consultation.
Cash for Keys- An Alternative to Foreclosure Evictions
What is the “Cash for Keys” Program?
“Cash for Keys” is an opportunity offered by many mortgage foreclosure companies for the homeowners who are being evicted. The program can sometimes be known as “Cash for Redemption” as well. It involves mortgage companies giving money to the homeowner in return for the keys and the home turned over in good condition. This program is a win-win for both the lenders and the borrowers. This program helps the homeowner by giving them a little extra cash to move and the mortgage company by receiving the home in better condition.
Generally, the amount a mortgage company offers is a set amount that is higher if the homeowner moves quickly and is reduced if the move takes longer. In Michigan, a homeowner has a six month right of statutory redemption to redeem their home once it has been foreclosed on. Regardless, the homeowner will be required to be out of the home by a certain date when utilizing the Cash for Keys as an alternative to eviction. To get Cash for Keys from a mortgage foreclosure company the homeowner must abide by certain terms. Any personal belongings must be removed from property before the lender will tender a check to the homeowner. In addition, the lender will typically send out a real estate agent or broker to examine the property before the deal can be finalized.
Some of the major foreclosure law firms in the metropolitan Detroit, Michigan area that we have negotiated with include Trott & Trott, Schneiderman & Sherman, Orlans & Associates, and Potestivo & Associates.
Can the Mortgage Company Still Sue Me for the Deficiency?
Yes, a mortgage company could still sue you for a deficiency in spite of a Cash for Redemption agreement. However, we have been successful in negotiating with lenders to waive any deficiency against our clients. This is the key to negotiating a Cash for Keys agreement. Without such language in the agreement, you may find yourself eventually getting sued and having to file for bankruptcy protection if you cannot pay the deficiency.
Has your home been foreclosed on? Is the mortgage company now evicting you? Or is the mortgage company now suing you for a money judgment after a short sale? We know the law and have helped homeowners in Oakland, Macomb, and Wayne Counties fight back against the mortgage companies. To retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation.
