New HAMP Guidelines Take Effect June 1, 2010
The federal government provided new Home Affordable Modification Program (HAMP) outreach and communication guidelines for foreclosure actions while evaluating the borrower. These guidelines provide additional protection for delinquent borrowers who have filed bankruptcy but would otherwise be eligible for HAMP benefits. Some key highlights from the directive include: FORECLOSURE The servicer must evaluate the borrower’s […]
FHA’s new principal reduction program
A new program issued by the Federal Housing Administration (FHA) requires lenders to reduce the principal by at least 10% for qualified borrowers. Borrowers can qualify for the FHA principal reduction program if they are current on their payments and their loan was acquired from a failed bank seized by the FDIC. Additionally, the program […]
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 […]
Tisha Black Chernine, Esq. speaks at CEO-CFO Group Meeting
CEO-CFO GROUP MEETING, FRIDAY, APRIL 23: Strategic Default – Homeowners Walking from their Homes- April 23rd Tisha Black Chernine, Esq., Black & LoBello will discuss residential and commerical “Strategic Default.” Ms. Black-Chernine was recently featured in the Las Vegas Review-Journal’s article, Housing Meltdown: Modification and Misery. Friday, April 23rd. Check-in is at 11:30 AM; the […]