Tag Archives: Principal

Peak Corporate Network Entities’ Principal, Eli Tene, States Much more Clarity Concerning Short Sales Outlook is Crucial to Predicting Actual Estate Recovery

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(PRWEB) June 27, 2012

Current sector reports show that Southern California residence sales accelerated sharply in Might and prices improved for the second consecutive month mirroring a national trend of sales acceleration spurred by bargain-basement mortgage prices and declining foreclosures. Eli Tene, co-founder, Managing Director and Principal of the Peak Corporate Network entities (http://www.peakcorp.com) contends that with the uncertainty with regards to brief sales in the subsequent 12 months, clear analysis about a true estate recovery is shrouded.

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Tene states, The Mortgage Debt Relief Act expires December 31st, and there has yet to be any indication if Congress will extend that Act into 2013. If the Act is not to be extended beyond 2012, expect quick sales to plummet in 2013, with true estate sales to endure accordingly.

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The Mortgage Debt Relief Act, very first enacted in 2007, permits homeowners who have received principal reductions on their mortgages as the result of loan modifications, short sales or foreclosures to avoid revenue taxation on the amounts forgiven. Prior to 2007, all cancellations of debt by creditors whether on auto loans, private loans or mortgages have been treated as taxable events under the federal tax code.

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Under the debt relief law for certified home owners, you can keep away from taxation on forgiven mortgage amounts up to $ two million (married filing jointly) and $ 1 million for single filers. To be eligible, the debt should be canceled by a lender in connection with a mortgage restructuring, brief sale, deed-in-lieu of foreclosure or foreclosure. The transaction need to be completed no later than December 31, 2012.

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Given the enormous public and private resources now becoming devoted to assisting financially-distressed homeowners which includes a $ 25 billion national mortgage settlement with five major banks some real estate authorities contend that a essential federal tax law advantage underpinning these efforts would be a shoo-in for renewal. Conversely, election-year politics and a contentious lame-duck, year-finish congressional session loaded down with tax and budget troubles could doom renewal of the debt relief tax legislation and put huge numbers of loan modification participants deeply in the hole. Republican strategists say the price of continuing the system $ 2.7 billion for two years is substantial adequate to catch the eyes of price range-deficit hawks. Beyond that, they add, some members of Congress might be opposed to what they see as nonetheless an additional targeted federal advantage for men and women who didnt pay their mortgages subsidized by taxpayers who did the appropriate issue and stayed present on their loans, even whilst underwater or facing severe economic distress.

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Regardless of whether youre a homeowner contemplating a quick sale or a legislator wondering no matter whether or not to extend the Mortgage Debt Relief Act beyond December 31, 2012, time is of the essence, stated Tene. With the offered uncertainty, brief sales predictions can’t be clear, and that in turn impacts general predictions about a real estate industry recovery.

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As a leading authority in the true estate market, The Peak Corporate Network entities offer a complete array of complete genuine estate solutions nationwide like brokerage services, mortgage financing, loan servicing, escrow services, brief sales, foreclosure processing and 1031 exchange. For a lot more details, pay a visit to http://www.peakcorp.com

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The Peak Corporate Network is a brand that represents a group of associated separate legal entities, each and every delivering its unique set of genuine estate services.

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Peak Corporate Network Entities’ Principal, Gil Priel, Lauds CA Homeowner Bill of Rights for Requiring Lender Single Point of Speak to for Distressed Borrowers

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Woodland Hills, CA (PRWEB) July 18, 2012

Gil Priel, Co-founder, Managing Director and Principal of the Peak Corporate Network entities (http://www.peakcorp.com), a top provider of complete services for Almost everything Genuine Estate, mentioned nowadays that even though the new California Homeowner Bill of Rights Law final week signed by California Governor Jerry Brown is far from best, one certain aspect of the law requiring a lender to supply to the borrower 1 point of contact for foreclosure and/or loan modification will relieve borrowers from obtaining the run-around.

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Numerous property owners in California facing foreclosure even though searching for a loan modification have been frustrated when they would be communicating with one person from their lender and all of a sudden be told that another person should be the 1 handling documents for the loan modification.

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Starting January 1, 2013, the California Homeowner Bill of Rights will: &#13

Ban “dual-tracking” (which is when banks pursued foreclosure even though the homeowner was in search of a loan modification) &#13

Need 1 lender get in touch with person per buyer &#13

Boost penalties for lender robo-signing (which automatically approves foreclosure without having any individual reading documents) &#13

Let property owners sue lenders for violations

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The American dream of homeownership has turned into a time-drain nightmare for lenders and borrowers alike thanks to what has up until now been a somewhat murky world of hopes derailed and false promises for these attempting to keep away from foreclosure and obtain a loan modification, stated Priel.

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Priel noted that even though property owners will garner higher accountability from lenders, the law doesnt address the potential for irresponsible behavior by home owners when it comes to filing frivolous lawsuits. To some degree, frivolous lawsuits will be time-wasting and resources-draining and heightened lender charges connected with difficult frivolous lawsuits will, unfortunately, probably be passed on to customers performing business with lenders, said Priel.

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As a major authority in the real estate market, The Peak Corporate Network entities give a full array of comprehensive genuine estate solutions nationwide including brokerage solutions, mortgage financing, loan servicing, escrow services, quick sales, foreclosure processing and 1031 exchange. For a lot more data, check out http://www.peakcorp.com

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The Peak Corporate Network is a brand represents a group of connected separate legal entities, every single delivering its unique set of true estate services.

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Receivership Assignments Outcome in Sales In Excess of $120M for State Court Receiver and Coreland Principal Patrick Galentine

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Tustin, Calif. (PRWEB) March 07, 2013

Below the path of State Court Appointed Receiver and Coreland Firms Principal Patrick Galentine, 3 complex receivership assignments were sold in the previous eight months, like two direct sales by Galentine in his capacity as Receiver. The three assets garnered in excess of $ 120 million.

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All 3 of these properties have been complex assignments that demanded an extraordinary quantity of effort from the receivership parties, like loan servicers, purchasers, and the house management and sales teams, said Galentine, who possesses 20 years of knowledge in the receivership and management of troubled assets by way of rents and income receiverships.

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While the sale of receivership properties are uncommon, they can be accomplished in todays industry with a powerful group functioning efficiently through a complex process. A receivership sale is a best-case situation in the right circumstance due to the fact it maximizes worth, reduces expenses, and gives an exit technique in an unstable environment.

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The 3 California properties incorporated a 75,785-square-foot retail/workplace mixed-use home in Mammoth, a 256,000-square-foot retail center in Northridge, and a 239,849-square-foot office creating in Torrance.

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Sierra Center&#13

This 75,785-square-foot, 3-level retail/office center was assigned to Galentine in 2010. The high-profile property situated on Old Mammoth Road suffered from significant neglect. Beneath Galentines appointment, the developing undertook a deferred upkeep improvement plan, expert services had been established, a significant county lease termination was resolved, and a professional leasing group was place in spot. Galentine subsequently identified a purchaser and negotiated sale terms, which includes a loan modification and assumption. The property sold for $ 9 million and closed escrow in second quarter 2012.

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Tampa Plaza&#13

Galentine was appointed receiver of this 249,745-square-foot neighborhood retail center in 2009. Under redevelopment at the time, Galentine coordinated the settlement of roughly 20 lawsuits, and negotiated the resolution and funding to release more than 100 building liens. In addition, Galentine managed the final phases of the $ 15 million renovation, which includes entitlements, analysis, funding documentation, and $ 7.5 million in landlord, tenant and web site building. A number of national tenant lease modifications have been negotiated and the home was stabilized. As a result, the borrower was capable to comprehensive a loan modification and sale. The house closed escrow in third quarter 2012 for $ 85 million although in receivership.

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Hamilton Spot&#13

Galentine was appointed receiver on this 239,849-square-foot, mid-rise South Bay workplace creating in 2011. Soon after transitioning management and leasing services, he coordinated the sale of this home, which was positioned on a Superfund internet site. The property sold for $ 34 million and closed escrow in third quarter 2012.

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Coreland Firms offered different home management, brokerage and building management services on each and every of these properties.

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Our previous experience with distressed assets, combined with our potential to provide in-property management and leasing solutions as necessary, permits us to effectively navigate complex assignments, mentioned Chris Hite, co-founder and president of Coreland Companies. I believe that our consumers appreciate the efficiencies we offer you. We perform hard to customize a technique that ideal suits every asset and generates measurable outcomes.

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About Coreland Firms&#13

Coreland Businesses (http://www.coreland.com) is a complete-service commercial true estate business with experience in retail, workplace and industrial properties. Coreland is a single of the biggest privately held commercial true estate service companies based in California with a current portfolio exceeding one hundred properties and totaling more than 13 million square feet. Founded in 1990, the business boasts a effective track record of industrial actual estate ownership, management, repositioning and brokerage.

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Apollo Financial Group Shows How Principal Forgiveness Can Work for Fannie Mae

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Miami,FL (PRWEB) May 15, 2013

Distressed debt investment experts, Apollo Financial Group demonstrate how Congressional Budget Office plan to cut home loan balances could work for Fannie Mae and Freddie Mac.

Apollo has been purchasing, selling and modifying distressed mortgage debt, creating win-win solutions for parties on both sides of the issue, and generating attractive yields for investors, while helping to ease the current burden facing U.S. taxpayers.

New debates are being fueled by the May 2013 release of a new Congressional Budget Office (CBO) report supporting the Treasury Departments push to force Fannie Mae and Freddie Mac to embrace principal forgiveness for home loan borrowers. The Federal Housing Finance Agency (FHFA) that regulates Fannie and Freddie has so far resisted the move, but this could change with President Obamas nomination of Rep. Mel Watt as the new head of the agency.

Coverage of the debate on the Wall Street Journal blog on May 6th, 2013 highlights the FHFA stance, whom has repeatedly argued that principal reduction of mortgage balances does not justify the costs and promotes moral hazard; encouraging more borrowers to strategically default on their loans.

Backing up the Treasurys proposed program, the CBO report identified significant government savings from allowing principal reduction on Fannie Mae and Freddie Mac loans. Depending on the exact execution of the initiative the report estimates the government could save almost $ 3 billion.

Government savings in the billions of dollars range could clearly provide significant potential relief for taxpayers as it trickles down and reduces the need to raise taxes further.

While the debates rage and decisions continue to be delayed New York based, Apollo Financial Group has already been proving that principal reduction can work for both note holder and borrower. As a substantial buyer of non-performing notes, Apollo makes it work as the note holder by working out favorable outcomes with homeowners to resolve the default. Spokesman for the Wall Street distressed debt investment, Dean Anastos says the companys proprietary model has proven extremely beneficial for all involved, while delivering superior returns to investors.

In fact, homeowners enjoy double tax benefits from this form of resolution. Not only does the government avoid major losses that would need to be padded by increased taxes, but the individual borrowers involved dodge huge personal tax bills by accepting loan modifications with principal reductions prior to the expiration of the Mortgage Debt Forgiveness Act.

On the flip side Apollo also empowers investors to achieve attractive yields, fuel wealth building and help the wider economy by alleviating the burden on tax payers, by becoming distressed debt note buyers themselves and tapping into the channels and relationships the firm has developed. Some of the recent media coverage of the firms progress can be seen in this video.

Those interested in finding out more about how note buying works and how principal reductions can be profitable for note holders will find more information on Apollo Financial Groups website http://apollofinancialgrp.com, where dates and locations of upcoming live educational events on the subject can also be found.







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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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