Tag Archives: Lance

Lance Denha Helps Clarify the Summary of $25 Billion Legal Settlement with Lenders

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(PRWEB) March 22, 2012

As reported by REUTERS earlier this month, a $ 25 billion legal settlement between 5 banks had been reached stemming from improper foreclosures, mortgage modification misconduct and other abuses against US home owners by mortgage servicers. While the $ 25 billion dollar settlement is an important step towards addressing the existing residential actual estate industry and ongoing mortgage crisis as this settlement efficiently punishes the banks for alleged abuses in the foreclosure procedure. Most authorities nonetheless, are of the opinion that a lot more is essential and is not almost what is required or deserved to homeowners at this time. We think any euphoria more than the deal will rapidly fade as investors realize the flood of added mortgage-connected litigation that the main banks face, mentioned Guggenheim Partners analyst Jaret Seiberg.

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It should be noted that the banks involved have up to three years to meet the provisions of this settlement though there are incentives for banks to help home owners in the first 12 months. In addition there is an unknown as numerous of the five significant banks involved have Securitized their mortgages (i.e sold the money flow from their mortgages) in the loans intended from this deal to have principal balances decreased. The principal reduction assists stabilize the industry a small bit, but not substantially, mentioned Brian Gardner, an analyst at Keefe, Bruyette &amp Woods Inc. The month-to-month savings for those involved will be modest. Furthermore, it seems that any sort of principal create down would have to include some cooperation with the investors that truly personal the mortgage.

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This settlement does not supply a blanket of immunity to the banks and lenders. This settlement is an additional step towards vindication for home owners. All of the Attorney Generals involved for fighting on behalf of the home owners in an work to preserve the rights of struggling home owners although continuing to pursue the lenders for their internal misdeeds must be applauded. Even though the fight is ongoing, there is self-confidence that with the appropriate legal minds addressing home owners issues and holding all mortgage servicers accountable on a everyday basis, even much more effective final results will take place on behalf of struggling home owners.

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The Law Workplace of Lance Denha PA., is committed to insure that every single achievable avenue is pursed in seeing that the homeowners legal rights are preserved. For additional data or help, please get in touch with at 954-840-0770.

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The Law Offices of Lance Denha Explains Taxable Income Implications with Foreclosure

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(PRWEB) April 26, 2012

Anytime a lender writes off, or forgives, debt, it can be considered taxable income to the borrower. The larger the write off of the loan by the lender, the larger the potential tax bill may be issued to the taxpayer/homeowner. Consider that every $ 10,000 in forgiven debt could incur as much as $ 1,500 to $ 3,500 in federal taxes, depending on a familys tax bracket. If a home is $ 100,000 underwater, that could mean a federal tax bill of up to $ 35,000. In addition, state and local income taxes could increase the pain.

In recent years, most underwater homeowners who lost property to foreclosure or short sales were excused from having to pay taxes on this income, thanks to the Mortgage Debt Relief Act of 2007. The current law states that homeowners dont have to include forgiven debt as income provided:

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Lance Denha Discusses Bank of America Announcement to Widen Its Principal Reduction Offerings

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(PRWEB) May 16, 2012

Bank of America announced last week that it has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an estimated average of $ 150,000 each. This reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on May 7, 2012.

The principal reduction offers from Bank of America Home Loans are the direct result of a $ 25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures, as reported in March of this year by the Associated Press. To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities, Ron Sturzenegger, a legacy asset servicing executive, said in the statement. Lance Denha, Esq. of the Law Offices of Lance Denha commented however that The banks involved have up to three years to meet the provisions of this settlement although there are incentives for banks to assist homeowners in the first twelve months.

Bank of America said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year. To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January. Mr. Denha was quick to note, Catering only to those borrowers 60 days or more behind on payments has the added benefit to Bank of America to avoid any potential legal hurdles in cases where shoddy paperwork makes it difficult for them to prove it owns the mortgage and has the right to foreclose. Its a strategic move by Bank of America to assist those homeowners that it initially tried to foreclose on during the Robo-signing period that resulted in the settlement. Many of the original problems and irregularities still exist. The Associated Press noted at the time of the settlement that Bank of America had the largest financial obligation under the settlement at $ 11.8 billion.

The bottom line is this, says Lance Denha, Those who help themselves succeed more than they fail. Those who are conditioned to waiting for the state or federal government to make the banks do the right thing are likely to find themselves with few options. The wise homeowner is already pursuing his bank in the right medium: the courtroom. He is well-prepared, usually has retained an attorney, has the evidence of a securitized loan audit and can prove his case.

The Law Office of Lance Denha P.A. is committed to ensure that every possible avenue is pursed so that the homeowners legal rights are preserved. Actively monitoring the ever changing landscape of foreclosure laws, recent foreclosures across the nation as well as state imposed rules and procedures associated with foreclosure, is vital to ensure and protect these rights. The Law Offices of Lance Denha P.A. is a multistate law firm and helps legally defend wrongful foreclosure actions and utilize any and all legal tactics available to help accomplish preserving homeowners rights. For further information or assistance, please call at 954-840-0770.







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Top “Main Street” Mortgage and Real Estate Scams Exposed in New eBook by D. Lance Roberts

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New York, NY (PRWEB) September 06, 2012

Mortgage and Real Estate Fraud is at an all time high. In 2008 The United States economy nearly collapsed. It’s no secret that the greed and corruption mitigated by Big Banks and Wall Street decimated the U.S. Real Estate Market and almost completely destroyed the economy. Most have heard of the various deceptive practices Wall Street used to defraud millions. The manipulation of CDO’s was a primary method of deception, credit default swaps were another.

Homeowners throughout the United States were enraged over this; millions are still being kicked out of their homes due to foreclosure. On the other hand, trillions of dollars went into the pockets of these crooks on Wall Street and for the most part many, to this day, have not been held accountable for their actions.

This corruption on Wall Street has been well documented. However, much less attention has been paid to the actions of those on Main Street. Main Street consists of Real Estate Agents, Mortgage Brokers, Loan Officers, Loan Processors, Title Companies, Loan Modification Companies, Real Estate Appraisers, and others, all operating in a neighborhood near you.

The Top “Main Street” Mortgage and Real Estate Scams of the 21st Century exposes the fraud and scams used by these Main Street players. Anything goes in this world of falsified documentation, identity theft, lying on mortgage applications, bank and wire fraud, embezzlement, and coercion.

Paid too much for your home? – Real Estate Agents. Refinanced your home and got robbed at the closing? – Mortgage Brokers, Loan Officers. Mortgage Loan Application exaggerated your income? – Loan Processors. Refinanced your mortgage and found out that it was never paid off? – Title Companies. Paid someone to represent you to negotiate a restructured mortgage, and you are still in foreclosure? – Loan Modification Companies. Way upside in your home due to inflated values? – Real Estate Appraisers.

One of the most amazing things about these scams is the fact that in most cases multiple players have to be involved to pull it off.

For example, In this scenario a homeowner with very little equity unable to sell his home is approached by a Realtor offering to represent this seller. As the Seller Agent he guarantees that he can sell the home; under certain “conditions.

THE PLAYERS

1) The Homeowner-Agrees to the scam

2) The Seller Agent-Originator of the scheme

3) The Buyer Agent-Brought in by the Seller Agent to make the transaction look legitimate

4) The Loan Officer-Provides the identity of the Straw Buyer

5) The Loan Processor-Submits the fraudulent mortgage application

6) The Appraiser-Inflates the value of the property

7) The Title Company-Conducts the fraudulent closing

In this scam, the Homeowner agrees to let the Real Estate Agent represent him because the sale is guaranteed, for a price (kickback). The Seller Agent contacts an Appraiser who will inflate the actual value of the property (for a fee of course). The Seller Agent pulls in his friend the Buyer Agent, to represent the buyer. There really is no buyer. From his rolodex, or the rolodex of his friend, the Loan Officer, emerges the “loan applicant” (stolen identity). This applicant has no intent to occupy the property; this person is totally unaware that they are in the process of applying for a mortgage. The loan application is submitted by the Loan Processor. The Title Company conducts the closing; the buyer is not present. How could he be? Once the deal closes the Real Estate Agents split the commission, the additional money now available due to the inflated property value is divided between the remaining participants. Incredible, but true.

About the Author

After witnessing this excessive fraud, greed and corruption in his 10 years experience in the industry, D. Lance Roberts decided to write this expos

Lance Denha Comments About the Looming Deadline for Short Sales

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(PRWEB) October 09, 2012

As reported earlier this year by The Baltimore Sun on June 20th, unless Congress grants an extension, a law created in 2007 to help troubled homeowners expires at the end of this year. It allows them to avoid paying taxes on forgiven debt for their primary residences. As of this date, Congress has failed to take any action which could leave many sellers facing a daunting tax bill in 2013. If, for example, a lender wipes away a $ 100,000 debt in a short sale or finalizes a foreclosure on a delinquent homeowner, the typical borrower could owe more than $ 25,000 in taxes.

In recent years, most underwater homeowners who lost property to foreclosure or short sales were excused from having to pay taxes on this income, thanks to the Mortgage Debt Relief Act of 2007. The current law states that homeowners dont have to include forgiven debt as income provided:

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