The Automatic Stay In Bankruptcy
The instant bankruptcy is filed, for either Chapter 7 or Chapter 13, a protective umbrella called the automatic stay is triggered which protects the debtor and the debtor’s property against the continuance of any action by any creditor. For example, the automatic stay would protect and STOP a pending foreclosure. Additionally, when filing a Chapter […]
Negative Equity Refinance Program
Starting September 7, 2010, the Federal Housing Administration (FHA) will offer a new refinance program to qualifying underwater homeowners. To be able to participate in the program you must be current on your home loan, your credit score must be 500 or above, and the home must constitute your primary residence. Further, all lien holders […]
Changes Ahead to FIRPTA
Before convening on its August break, the House of Representatives passed the Real Estate Jobs and Investment Act of 2010. The bill advances the real estate industry’s goal of increasing foreign investment in Real Estate Investment Trusts (REIT). The Bill doubles foreign investors’ allowable ownership interest in a REIT to 10%. Anything over that percent […]
What is the Meeting of Creditors?
Between thirty (30) and forty (40) days after filing your bankruptcy petition, the randomly assigned Chapter 7 Trustee will hold a meeting of creditors. During this meeting, the debtor is placed under oath and the Chapter 7 Trustee along with any creditors that attend may ask questions regarding your bankruptcy petition. You MUST attend this […]
The Chapter 7 Discharge
The goal of any bankruptcy proceeding is to obtain a discharge of debts. A discharge releases the debtor from personal liability from most debts and prevents creditors from taking any collection action against you. Nonetheless, there are many exceptions to receiving a discharge in a bankruptcy proceeding. Therefore, debtors should consult competent legal counsel before […]
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 […]