Chapter 13 Bankruptcy Or Loan Modification?
Rarely does a loan modification include a principal reduction. The typical loan modification only deals with the first mortgage and will only reduce the monthly payment, not the total amount due and owing. For most Las Vegans it does not make sense to keep paying on an asset that is completely upside-down. Therefore, many people […]
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 […]
Las Vegas Home Prices Continue To Fall
Unfortunately, Las Vegas home prices bucked the national trend by falling in May according to Standard & Poor’s monthly S&P/Case-Shiller Home Price Indices report. Prices in Las Vegas fell 0.5% from April to May and were off 6.5% compared to May 2009. As for the rest of the country, home prices in May in the […]
REALITY CHECK: Loan Modifications Rarely Include A Principal Reduction
Las Vegans are subjected to a non-stop barrage of commercials and advertisements from people and companies promising principal reductions through loan modifications. However, the majority of loan modifications do not include a principal reduction. The majority of loan modifications come in three different forms: The lender reduces your interest rate to no lower than 2%; The […]
June HAMP Numbers Look Gloomy
The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000. Therefore, more than forty […]
Fraud Still Happening Despite Crackdown by Lenders
Despite the mortgage industry’s recent decline in fraud risk, CoreLogic reports that 1 in 200 home loans still contain misrepresentations that could result in default. Short sales have also become an area of concern due to their growing popularity as a preferred foreclosure alternative. CoreLogic reports that short sale volume from the first quarter of 2008 […]
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. […]