New Mortgage Program for Unemployed
The Home Affordable Unemployment Program (UP) takes effect July 1, 2010, offering eligible unemployed borrowers an option to temporarily reduce or suspend mortgage payments for a minimum of three months. Applicants must qualify for the Home Affordable Modification Program (HAMP), currently receive unemployment benefits, and must request the option before missing three monthly payments. Homeowners, […]
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.
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.
Republicans Want to End Fannie and Freddie
On Wednesday, Republicans announced a plan to wind down bailed-out mortgage-financing giants, Fannie Mae and Freddie Mac. This proposal has the potential to create some political headaches for Democrats and the Obama administration which have bet heavily on the companies’ futures. Republicans submitted the measure as an amendment to the financial-regulatory bill in the Senate. […]
Fannie Mae Shortens Wait Time to Get a New Mortgage
Fannie Mae announced a reduction in wait time for some borrowers between when they complete a deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage. Previously, a borrower waited four years before getting a new mortgage. Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure can get a […]
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 […]
Tisha Black Chernine quoted in the Las Vegas Sun
Tisha Black Chernine, Esq., is featured in the Las Vegas Sun’s article, Coldwell Banker program is similar to federal tax credit.
Tisha Black Chernine, Esq. on Face to Face Channel 3
Tisha Black Chernine, founder and principal of Black & LoBello Law, will be discussing “Strategic Default” on Face to Face with Jon Ralston this evening, April 21: KVBC-TV NBC, Channel 3 at 6:30 PM. Ms. Black Chernine has been widely quoted on “Strategic Default,” essentially the act of a homeowner voluntarily putting property that has […]
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, […]
Homes Projected to Remain Underwater until 2020
According to the latest research by First American CoreLogic, average Las Vegas area homeowners will not return to positive equity in their homes until the year 2020. Negative equity, also referred to as “being underwater,” refers to a homeowner owing more on the mortgage than the home is worth. In the U.S., the typical underwater […]