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Tag Archives: IRS

Sentencing Date Set for Former JPMorgan Loan Officer

Former senior loan officer at JPMorgan Chase & Co. admitted to a $33 million mortgage fraud scheme recently. A Florida federal judge accepted the plea and set the sentencing date for August 17. In exchange for shorter sentencing and other charges to be dropped, the $33 million will be paid in restitution.

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Alleged Real Estate Fraud Leads to New York Man’s Indictment

According to SIGTARP, Zherka secured the loans for the purchase and refinance of apartment complexes across the country, lying all the while about the purchase prices of the real estate, the amount of the down payments he was making, and his assets, income, and tax returns. He also misrepresented the circumstances of a court judgment made against him in 2000 for assault and breach of contract, the special inspector general's office said.

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QuestSoft Certifies Acceptance of Seven e-Signature Providers

QuestSoft Corp., a provider of automated mortgage compliance software headquartered in Laguna Hills, California, announced it has added e-signature gateways from six providers, broadening options for customers using the company's IRS 4506-T and Social Security Administration SSA-89 verification services.

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DocuTech Integrates Veri-Tax Verification Solutions

DocuTech Corp., a compliance and documentation technology company headquartered in Idaho, has partnered with Veri-Tax to automate the 4506-T IRS verification process in its flagship software ConformX. The company says this technology enhancement will help lenders to simplify the disclosure process while ensuring compliance with consumer protection regulations.

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Eleven Indicted in California Mortgage Mod Scam

Federal agents arrested 10 defendants who worked at a Rancho Cucamonga, California-based business accused of offering false loan modification programs to homeowners, SIGTARP announced Wednesday. Those taken into custody are among 11 defendants named in a federal indictment over a mortgage fraud scheme that allegedly cost distressed homeowners more than $7 million.

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GAO Reports 6,327 Tax Debtors Received FHA-Insured Mortgages

Under federal policy, those who are behind on their taxes are ineligible for FHA mortgage insurance unless they repay their debt or are in a valid repayment agreement with the IRS. However, the Government Accountability Office (GAO) found that FHA insured over $1.44 billion in mortgages for 6,327 borrowers who had a total of $77.6 million in federal tax debt. The watchdog group explained that the borrowers benefited from the 2009 American Recovery and Reinvestment Act, which includes a provision that increased mortgage insurance loan limits and provided an estimated $12 billion in Recovery Act First-Time Homebuyer Credits (FTHBCs) to 1.7 million individuals.

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What an Extension of the Mortgage Debt Relief Act Could Mean

According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater, according to CoreLogic. That's a lot of potential debt to be forgiven, and through the Mortgage Debt Relief Act of 2007, homeowners get a break from paying taxes on their forgiven debt, whether it was forgiven through a short sale, foreclosure, or a modification. The act though, is set to expire at the end of this year.

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