Obama Administration’s White Paper Proposes Phasing Out Fannie and Freddie
The Obama administration released its “white paper” outlining the winding down and replacement of Fannie Mae and Freddie Mac. The goal of the proposals is to decrease the government’s involvement in the mortgage industry. The first proposal presented by the administration would create a government backstop under a federal reinsurance model. In the second proposal […]
HOPE NOW Data Shows Increase in Loan Modifications in 2010
HOPE NOW, a group of mortgage servicers, investors, non-profit counselors, and mortgage insurers released its final 2010 numbers showing its members completed about 1.24 million loan modifications last year. During this same time, servicers also completed 512,712 Home Affordable Modification Program (HAMP) loan modifications. During December alone, approximately 100,000 loan modifications were completed. Faith Schwartz, […]
Report Indicates Nevadans are “Walking Away” From Distressed Properties
The Nevada Association of Realtors (hereinafter “NVAR”) recently released a report entitled “Face of Foreclosure.” This report paints a rather grim picture. It reports that more than 20% of Nevada homeowners have strategically defaulted and allowed a foreclosure to occur rather than pursuing other alternatives. The NVAR report explored the reason that people went to […]
Qualify for a mortgage with bankruptcy
Contrary to popular belief, acquiring a mortgage after filing for bankruptcy is not impossible. The Federal Housing Administration insures mortgages despite bankruptcy, with seasoning requirements. Time Frame Per the FHA Guidelines, a debtor must wait at least two years after a Chapter 7 or 13 is discharged before you can qualify for a mortgage. FHA […]
Tisha Black Chernine quoted in the RJ
BofA unit ordered to halt foreclosures By John G. Edwards A Nye County district judge has ordered ReconTrust Co., a unit of Bank of America Corp., to stop most of its foreclosures in Nevada, based on allegations made by a Pahrump woman. To read the full article, click here.
Distinct Nevada Laws Concerning Deeds of Trust & Foreclosure
Nevada requires that a deed of trust be used to secure a real estate loan. Although commonly referred to as a mortgage, a deed of trust has significant differences from a mortgage. In addition, states using deeds of trust differ among themselves in their requirements. All mortgages are two-party instruments between the lender and the borrower. […]
Change is coming to the Home Affordable Foreclosure Alternative Program
Pursuant to the new guidelines released December 28, 2010, servicers are expected to put into place the revised guidelines on or before February 1, 2011. As a part of the updated guidelines servicers are now required to complete and send a Short Sale Agreement (SSA) to the borrower within 30 calendar days from the date […]
Homeowners Given False Hope
Following the purchase of a property, whether it is your home or an investment, an owner would like to believe that the property will increase in value over time. The past few years have shown quite the opposite trend and most Nevadan’s are aware of the decrease in the value of their home or investment […]
Foreclosure Outlook 2011
The outlook for the New Year is grim if you own a home in Las Vegas and are not paying attention to your legal rights. Likely, you are one of the two-thirds of our valley’s property owners who are in an underwater position, most being more than 50%. Since property values are expected to drop […]
Principles of principal: Should banks cut mortgages?
Should lenders be forced to reduce the principal amount owed on home mortgages that are “underwater”? The proposition probably would win the vote of homeowners in Nevada, because CoreLogic, a Santa Ana, Calif.-based analysis company, calculates that two-thirds of homeowners in the Silver State owe more than their home is worth — the highest percentage in […]