Update on the U.S. Real Estate Market
At the end of August, Lender Processing Services (LPS) reported that mortgages on 4,947,000 properties nationwide were at least 30 days past due but NOT in foreclosure. Of those, 2,374,000 were 90 or more days delinquent. The good news is that the delinquency rate of loans that are 30 days or more past due have […]
Real Estate Town Hall Meeting Official Flyer
Mark your calendars. This FREE Town Hall meeting hosted by Prudential Americana features experts from various fields related to the Real Estate market to answer YOUR questions. This meeting will be on September 25, 2010 at 10:00 AM located at Green Valley Ranch, Conference Room La Sirena IV. Please submit any questions you would like to have answered […]
House Democrats Ask Fannie Mae to Suspend Lawsuits Against Underwater Borrowers
In a letter addressed to Treasury Secretary Timothy Geithner, several house Democrats requested that Fannie Mae suspend its new policy to bring deficiency judgment lawsuits against underwater homeowners who “strategically default” on their mortgages. The House Democrats state they are concerned about Fannie Mae’s new policy because it is “unclear why Fannie Mae is proposing […]
Tisha Black quoted in the LV Sun
Walking away from a mortgage comes with risks Walking away from a mortgage you can afford won’t be the end of the story By Buck Wargo (contact) Friday, Sept. 3, 2010 | 2 a.m. The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they’re worth. […]
Fannie Mae to Monitor Loan Servicers
Fannie Mae announced this week that it will begin monitoring all delinquent loans in its portfolios and backed-securities to guarantee that servicers comply with foreclosure time frames. Fannie Mae currently monitors the progress of the foreclosure process by reviewing delinquent loans at the first of the month. If Fannie Mae believes there is a delay […]
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.
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 […]
60 Minutes Special: Walking Away
The incidence of negative equity in properties is unmatched in history. 65% of residences in Nevada are drowning and the water continues to rise. See the full 60 Minutes broadcast here.
12 Percent of all Defaults are Strategic
U.S. homeowners are deciding to strategically default in greater numbers. A homeowner strategically defaults by ceasing mortgage payments he could otherwise afford because the loan is underwater. According to Morgan Stanley, approximately 12 percent of all mortgage defaults in February 2010 were strategic, up from 4 percent in mid-2007. A Morgan Stanley analyst stated that […]