Las Vegas Home Sales Drop But Home Price Remains Stable
According to the latest report from MDA DataQuick, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level. A total of 4,386 new and re-sale houses and condos closed escrow in the Las Vegas-Paradise metro area, down 1.7 percent from April and 3.3 percent below last […]
President Approves Extension of Tax Credit Deadline
On Friday, July 2, 2010, President Obama approved the home buyer tax credit extension for more than 180,000 American homebuyers who were at risk of losing tax credits totaling up to $8,000. These qualifying homebuyers were under contract for a home on or before April 30, 2010 and originally had to close no later than […]
Home Buyer Tax Credit Extension Passes
The Senate unanimously approved a bill that creates a three month closing extension for the home buyer tax credit. In summary, the home buyer tax credit extension gives borrowers until September 30, 2010 to complete the sale of the property if the deal was in escrow before the deadline of April 30, 2010.
Tisha Black Chernine quoted in the Las Vegas Review Journal
Tisha Black Chernine, Esq. is quoted in the Las Vegas Review Journal’s article, Homeowner gets foreclosure reprieve regarding the breakdown of communication between mortgage specialists and within banks’ mortgage departments.
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. […]
Equitable Subordination in Nevada
Nevada is a first-in-time recording state, which means that the lien recorded on real property first has priority over subsequently recorded liens. Huntington v. Mila, Inc. 119 Nev 355, 357, 75 P.3d 354, 356 (2003). However, there are exceptions to this rule. In cases of equitable subordination, a lien recorded first in time can be […]
Government Arrests Mortgage Lenders
As part of Operation Stolen Dreams, the government’s push against mortgage fraud, federal authorities investigated 1,215 criminal defendants allegedly responsible for more than $2.3 billion in losses and made 485 arrests. Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused on federal criminal cases as well as civil enforcement, recovering money for victims and increasing […]
Fannie and Freddie to Delist Stock from NYSE
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. To read the full article on DSNews.com, click here.
Bank of America’s Principal Forgiveness Program Begins
On June 2, Bank of America began its new mortgage program for eligible underwater borrowers which includes an earned principal forgiveness in a loan modification. Bank of America mailed out an initial round of letters notifying customers who may qualify. Upon review of these customer applications, the first trial offers for the program could find […]
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 […]