Tuesday, February 28, 2012

Feds, Colorado AG Form Tag Team In Civil Suit Targeting Outfit Allegedly Peddling Bogus Sale Leaseback Arrangements To Homeowners Facing Foreclosure

From the Office of the Colorado Attorney General:

  • Colorado Attorney General John Suthers and U.S. Attorney John Walsh announced today that they have filed a joint lawsuit against Georgia-based Bella Homes and its principals(1) on suspicion that they ran a nationwide foreclosure-rescue scam between March 2010 and February 2012.

  • According to the joint lawsuit, filed in U.S. District Court in Denver, Bella Homes preyed on homeowners facing foreclosure by accepting more than $3 million in fees disguised as “rent” while they did little to actually help homeowners avoid foreclosure.

  • Bella Homes is accused of asking homeowners to give the company the titles to their homes and then to enter into a lease agreement with Bella Homes where they would “rent” their homes while Bella Homes allegedly worked to halt the foreclosure and purchase their mortgages.


  • According to the complaint, the promises made by Bella Homes were false and Bella Homes did not provide any meaningful assistance to homeowners to avoid foreclosure and remain in their homes.(2)


  • Bella Homes accepted money from more than 450 consumers, including five in Colorado. Bella Homes’ suspected activities affected consumers living in more than two dozen states.

For the Colorado AG press release, see Attorney General, U.S. Attorney announce joint lawsuit, injunction to end national foreclosure-rescue scam.

Go here for:

(1) The individual defendants named in the lawsuit are:

  • Daniel David Delpiano,
  • David Delpiano,
  • Mark Stephen Diamond,
  • Michael Terrell, and
  • Laura C. Tabrizipour.

(2) According to the complaint, Bella Homes told consumers they would:

  • Avoid foreclosure;
  • Allow Bella Homes to purchase or settle their mortgages;
  • Be protected under federal law from eviction during the terms of the lease agreements;
  • Be able to repurchase their homes in three years for 90 percent of its fair market value and receive credit for 60 percent of the rent paid to Bella Homes;
  • Enjoy a mortgage payment following their repurchase that is 40 percent to 60 percent lower than previous payments; and
  • Not have foreclosures noted on their credit reports.

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