Federally Registerd Non Profit Law Clinic

Santa Ana, CA (PRWEB) December 1, 2010

As the housing crisis deepens, true relief for homeowners is scarce. A Non Profit Law Clinic with supporters and volunteers that range from law students, 38 year multi state licensed Mortgage and Real Estate Contract Litigators, Real Estate/Mortgage Professionals to large Investment Firms has launched a breakthrough approach, effectively allowing for a substantial “principal reduction” – something unheard of in the Financial Industry until now, by allowing individual homeowners to participate in a very common banking practice.

Consumer Protection Assistance Coalition (CPAC), an established Non Profit Organization with Federal Government recognition as a 501 c3 Tax deductable organization with a current presence in Washington DC, Arizona, California, Colorado and New York is taking a very unique but effective approach to help all families especially those with children and the elderly facing homelessness due to wrongful or illegal Bank Practices including wrongful foreclosure. One of CPAC’s Directors, James Curtis Esq, a practicing Attorney for almost 25 years and 10 year veteran as lead criminal prosecutor in the Assistant District Attorneys Office has attracted many supporters and alliances for their cause.

“In our struggles to help families that the lenders have seemed to “toss aside” out of greed and in most cases very questionable if not illegal actions perpetrated by the same lenders our Tax (TARP) Payer Billions went to, we have seemed to have attracted some very innovative supporters that now allow us to offer a true “Restructured Mortgage” program by using the same system those same lenders have been using for decades, buying and selling Mortgage Notes back and forth to each other, only they never allowed the homeowner to benefit from, until now, we call it Consumer Home Affordable Restructured Mortgage program or just CHARM for short. ” states Mr. Curtis.

Mr. Curtis continues “In today’s Banking environment, Note Holders of Home Mortgages are trading, buying and selling both Non Performing as well as Performing Mortgage Notes like a Monopoly game, only with real people’s lives that they don’t seem to care about. Our approach is very simple, yet very effective. We help the consumer with every aspect and level of aggressiveness in approaching their lender to allow a long term sustainable alternative to foreclosure. We use many different approaches, some very subtle and non threatening to very aggressive methods including but not limited to State and or Federal Law suits filed against the Lender and the actual Note Holder for very commonly found errors, mistakes, violations or misrepresentations in the loan itself that may make that loan legally unenforceable let alone un-foreclosable”.

According to Mr. Curtis statement, “Every one knows the lenders have no intention in voluntarily helping the homeowner, not if it causes the lender any type of loss. That’s why the current failure rate on voluntary lender loan modifications has been reported higher than 99%. I read some where that out of 650k families that finally received a Trail Plan, with a promise to get permanently modified, only 2000 families received a permanent loan modification. Most of those re-defaulted and were only short term rate reductions that will place the home owner back in the same or worse spot in the near future”. Mr Curtis continues “Unfortunately the homeowners now have very few real alternatives other than what their lenders want them to do, either selling their home, being forced to accept a meaningless temporary interest rate reduction, experiencing foreclosure or finding a more aggressive offensive approach based on the lenders short comings, that’s where we come in. Unlike other than Non Profit entities paid by, sponsored by or supported by the banks them selves, like wolves in sheep’s clothing guarding the hen house. We work against the bank and only for the Consumer using Consumer Protective Laws and the United States Court System”.

According to Mr. James Curtis Esq “CPAC offers all consumers many completely free, no fee services and products that many consumers benefit from every day, because we have a very high level of Banking Professionals with in our organization, we actually get a good percentage of our clients meaningful and sustainable restructured mortgages with out having to resort to more aggressive methods, and that’s our goal 100% of the time. But in the event that the consumer wishes or is forced to by their lender, we put on our boxing gloves and kick them between the legs.”

Mr. Curtis continues “If that doesn’t get our consumer a settlement that they can truly afford, then we are prepared to go the full 12 rounds, but we slide a brick in each glove for leverage. Whack the Bank once upside the head then offer them a extra strength Tylenol and a pillow. We have attracted a few very interesting supporters that are investment firms, one is publically traded and others have pledged up to $ 78 million in revolving credit lines and are prepared to buy the Non performing Mortgage Notes or in some cases buy the homes from the foreclosing bank and resell the same home back to the homeowner, homeowners and their relatives for close to today’s market value”.

“One firm has agreed to do the same and actually lease back the home to the homeowner that was getting foreclosed on and give that homeowner a Purchase Option Agreement that will give the homeowner the chance to address any financial as well as credit issues. We are actually actively making great advances in aligning ourselves with a Private Banking institution that will actually give a new loan to the homeowner while they are in foreclosure, no other Non Profit or For Profit Organization that I know of can say that”. He continues, “ Our Coalition has many successful cases that resulted in the homeowner that was getting foreclosed on not getting any voluntarily help from their lender either bought their same house back for market value thru our investment partners or are still living in the same home paying a much lower monthly payment, in some cases less a third of what their prior payment was with the first right of refusal to purchase back their home for close to today’s market value, in a specific case that meant $ 250k less, half of that was previously owed on the same property to the foreclosing lender with a faulty mortgage loan contract”.

CPAC offers any consumer free consultation, free lender fraud and violation analysis, free permanent principal reduction program pre-qualification, free loan modification package that is lender specific with web based paperless document upload, storage and immediate recall delivery with password protected access for the homeowner or any one the homeowner wishes to have viewing access to what is now always getting lost by lenders. CPAC also offers free Home Affordable Modification Program (CHAMP) long term result review and free explanation of consumer protective laws, services and products that are available to educate and prepare every consumer to make the decision that’s right for them. Some thing your lender and your lenders paid affiliates, including most Non Profit company’s wont do. CPAC will even offer consumers a free explanation of non legal alternatives that will only help the consumer not the lender then refer or introduce the pre-qualified consumer to a vetted experienced professional to properly execute that alternative. Why do they do all this for free, well they do it hoping that their free services, advice and products do the trick, but in the event that a consumer needs a more aggressive approach CPAC wants the consumers to understand and be aware of other very reasonably priced consumer protective legal products and services CPAC’s Staff Attorneys or Of Council hopefully will assist with, including but not limited to Class Action Lender Law Suits seeking Quiet Title, that’s a paid off free and clear home due to lender Fraud, violations, misrepresentation and complete mishandling of official documents.

CPAC also seeks contributions, donations and pledges from both the public and private sector that will be used 100% to help post or pre foreclosure families with children or the elderly that are or maybe facing homelessness due to foreclosure. There is a lot of focus on foreclosure; there has been Billions of dollars in bail out funds given to Corporate America, Wall Street Criminals, Banking Institutions that didn’t really need Billion Dollar Bonuses. So far all the focus has been placed on post foreclosure assistance to the Banking Institutions. But no one has addressed the poor families suffering from the lenders greed, abuse and illegalities committed against America’s average John Doe, who has Grandpa or Grandma and 2 small innocent children living with them who can’t fight the Bankers alone, that’s why CPAC exists.

If you are or know a family in need of CPAC’s help, or you wish to make a donation, pledge or contribution to a very worthy cause before the end of the year, please visit CPAC’s web site http://www.CPACaid.org. Its time America re-focuses in the right direction. CPAC’s phone number is 866-773-7864

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Tax reduction are the results from tax deductions. Tax deductions reduce taxable income but do not directly reduce federal income taxes. For example, 0,000 of tax deductions reduces federal income taxes by ,000 (0,000 X 35%), assuming a 35% tax rate. Most tax reduction require a cash expenditure (labor, material, supplies, utilities, etc). A current period cash expenditure is not required for some real estate tax deductions and may not be required for a casualty loss.

A casualty loss may occur as a result of a flood, hurricane, tornado, mudslide, or other natural disaster. The intuitive thought pattern is: “My apartment complex worth ,000,000 suffered major damage totaling ,500,000 for repairs and rent loss. Fortunately, I was completely covered for both physical damage and rent loss, other than a small deductible. There is clearly no casualty loss which will generate tax reduction, right?”

Most real estate owners and investors believe the above statement to be true. Few investors claim the casualty loss tax reduction the federal income tax code allows them. Let’s next review the criteria for a casualty loss tax deduction and the thought process regarding acquisition of a property that has suffered a casualty.

Real estate owners suffer a casualty loss when the market value immediately after the casualty plus insurance proceeds is less than the market value immediately before the casualty. The complex issue is how to value the property immediately after the casualty. Let’s consider a 1-story suburban office park in Mississippi which suffered 3-feet of flooding due to Hurricane Katrina. Let’s further assume: 1) 8 feet of sheet rock must be replaced in the entire property to rebuild, 2) although the property was 90% occupied before the flood, occupancy is expected to only be 5% while rebuilding occurs, 3) stabilized occupancy after renovation is not clear since some businesses may not return, 4) construction will take 12-18 months due to the labor constraints and 5) the owner has casualty insurance to rebuild but did not have rent loss/business interruption insurance.

It is clear the market value after the casualty is less than the market value before the casualty less construction costs. Other factors to consider are: rent loss, market risk that not enough tenants will be available after construction is completed, cost of construction management, a illiquid market with few buyers just after the casualty, construction risk, interest rate risk (rates could rise during the construction period negatively affecting value), risk that operating expenses could increase during the construction period (perhaps insurance) and compensation for entrepreneurial effort to induce a buyer to coordinate labor capital, management and endure the previously mentioned risks.

A careful analysis by an appraiser might show the improvements have no value after the flood. In appraisal assignments performed by the writer, a casualty loss of 10-30% of the market value before the casualty has occurred (in a straight-forward, defensible analysis) is typical. This can generate a meaningful casualty loss tax deduction which results in tax reduction.

For example, a property with a market value of ,000,000 suffers a 30% casualty loss. While the casualty is a serious hardship for the owners, the ,500,000 (,000,000 X 30%) tax deduction will mitigate the financial loss. Based upon a 35% tax rate, the tax reduction is 5,000.

Congress provided a casualty loss tax deduction to encourage investment in real estate. If you have the misfortune to suffer a casualty loss, take the helping hand offered by congress and take the tax deduction.

Click here for a FREE preliminary analysis of income tax savings for your property.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions.

City:

Memphis, TN
San Francisco, CA
New Orleans, LA
New York, NY
Hartford, CT
Las Vegas, NV
Los Angeles, CA
Atlanta, GA
Orlando, FL
Miami, FL
Louisville, KY
Salt Lake City, UT
Boise, ID
Lakeland, FL
Wichita, KS
McAllen, TX
Columbus, OH
Ft. Lauderdale, FL
San Antonio, TX
Durham, NC
Allentown, PA
Youngstown, OH
Little Rock, AR
Greensboro, NC
Greenville, SC
Kansas City, MO
Raleigh, NC
San Jose, CA
Palm Bay, FL
Honolulu, HI

Cost segregation produces tax deductions for virtually all property types, including the following:

Property Type:

Regional mall
Service station
Drugstore
Night club
Supermarket
Racket club
Auto service garage
Airplane hangar
Nursing home
Subsidized housing

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

Nondurable good wholesalers
Durable good wholesalers
Day care facilities
Computer and electronic manufacturing
Health care facilities
Chemical manufacturing
Printing activities
Warehousing and storage
Electronic and appliance stores
Apparel manufacturing

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, due diligence, insurance valuations, tax deduction, tax reductions, cost segregation, market study, feasibility studies, property tax, market research, condemnation appraisal, gift tax, lease abstraction, casualty loss, Fort Bend Central Appraisal District, Tips and Tricks for Appealing Your Property Taxes in Harris, Harris county appraisal, and Federal tax reduction. Our appraisers have experience with all types of property including department stores, research and developments, lumber storages, fast food restaurants, convenience stores, retail centers, airplane hangars, lodgings, daycare centers, hotels, truck stops, manufacturing/processing facilities, greenhouses and auto dealers.

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