FHA Program for Underwater Homeowners
Beginning September 7th, the Federal Housing Authority (FHA) will offer FHA-insured mortgages to qualifying borrowers who have a non-FHA mortgage. To be eligible, the borrower must owe more on the mortgage than the home is worth, be current on the mortgage, occupy the property as a primary residence, qualify for the new loan under standard […]
Prudential Americana features Tisha Black Chernine, Esq.
Prudential Americana hosts Tisha Black Chernine as a legal expert on the housing market in Las Vegas. Click here to watch the video.
Fannie Mae: Friend or Foe?
Fannie Mae has unleashed a new website purporting to give consumers a new opportunity to explore options regarding their home loans including, but not limited to, information regarding short sales and foreclosures. The website, http://www.knowyouroptions.com/, is available in both English and Spanish and is designed to be a “one-stop-shop” for those seeking foreclosure alternatives. It […]
New Foreclosure Numbers For 1st Half of 2010
Nearly 1.7 million homeowners received a foreclosure-related warning between January and June of this year. That translates to 1 in 78 U.S. homes. It is projected that more than 1 million homeowners are likely to lose their homes to foreclosure this year as lenders work through a huge backlog of borrowers who are delinquent on […]
Avoid Foreclosure with a Deed-In-Lieu?
The latest question in the local real estate market seems to be about the Deed-In-Lieu of Foreclosure and how it can help. A Deed-In-Lieu of Foreclosure was traditionally a release of all liability on a mortgage note, provided that the borrower hand the deed to the lender and leave the home in “broom swept” condition. […]
Another Government Program to Help Underwater Home Owners
The “Hardest Hit” Fund is a new government program designed to help states that are suffering from the largest drop in home values. Nevada is one of those states and its share of the fund is $103,000,000. The fund is designed to help 5,000 homeowners, according to Lon DeWeese, Nevada Housing Division. Eligible applicants will receive about $20,600. […]
Fannie Mae and Freddie Mac HAFA Guidelines Announced
Government sponsored entities (GSE), Fannie Mae and Freddie Mac, both issued new guidelines to servicers on June 1. The new stipulations allow homeowners with GSE owned or guaranteed loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the Home Affordable Modification Program (HAMP) program. Both Fannie […]
Channel 13 Investigation of Bank of America
Local news station, Channel 13 Action News, investigates Bank of America, the largest home mortgage lender in Nevada. Read the full story here.
Two Programs Help Nevada’s Foreclosure Rate
Just as it has for the past 13 quarters, Nevada continues to lead the nation in foreclosures during the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing which is more than four times the national average and an increase of nearly 15 percent from the previous quarter. However, […]
“The Coming Second Wave” Tisha Black Chernine, Esq. quoted in Las Vegas Business Press
A Las Vegas Business Press article discusses how lenders can pursue property owners long after they default on a mortgage. Read the full story here