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 […]
Bank of America Will Cut Loan Principal for Some Customers
Bank of America announced on March 25, 2010 that it will implement a principal forgiveness program to modify underwater loans. Bank of America is specifically targeting certain, subprime and adjustable-rate mortgages (ARMs) qualifying for its National Homeownership Retention Program (NHRP), Pay-Option ARMs, and prime two-year hybrid ARMs. The program is limited to Bank of […]
Even High-Score Borrowers at Risk of Mortgage Default
A New York Times article explains how a high credit score won’t necessarily insulate borrowers from the home-foreclosure crisis, according to a new study from FICO.
“Developers victimized by commercial real estate slump” Tisha Black Chernine quoted in the Las Vegas Business Press
A Las Vegas Business Press article discusses the growing trend of lenders coming after developers for their personal holdings Read the full story here
“The Coming Second Wave” Tisha Black Chernine, Esq. quoted in Las Vegas Business Press
A Las Vegas Business Press article discusses how lenders can pursue property owners long after they default on a mortgage. Read the full story here
Bank of America’s New Short Sale Processing Software
In an effort to streamline their processing of a half-million short sales, Bank of America has announced that all short sales must now be processed through the Equator online transaction manager regardless of the file’s proximity to approval. Effective March 1, 2010, all properties secured by a Bank of America loan must be uploaded electronically. […]
Claiming the First-Time Homebuyer Tax Credit
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation requirements: Settlement Statement: Purchasers of conventional homes must attach a copy of the Form HUD-1 or other properly executed Settlement Statement; Properly Executed Settlement Statement: Generally, a […]
First-Time Homebuyer Credit
If you purchased a home in 2009, or the first four months of 2010 and are a first-time homebuyer or a long-time resident purchasing a new home, you may be eligible to claim the First-Time Homebuyer Credit. Here are five key factors to consider when claiming the tax credit: You must enter into a binding […]
Mortgage lenders pursue homeow…
Mortgage lenders pursue homeowners even after foreclosure(http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0)