Will Filing for Bankruptcy Protection Affect My Job?
As Nevada continues to lead the country in per capita bankruptcy filings, many Las Vegans are concerned they might be fired or face other retaliation by their employers if they file bankruptcy. Nevada, like most states, considers employees “at will” which means that employees can be fired for any reason or even no reason as […]
REALITY CHECK: Loan Modifications Rarely Include A Principal Reduction
Las Vegans are subjected to a non-stop barrage of commercials and advertisements from people and companies promising principal reductions through loan modifications. However, the majority of loan modifications do not include a principal reduction. The majority of loan modifications come in three different forms: The lender reduces your interest rate to no lower than 2%; The […]
June HAMP Numbers Look Gloomy
The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000. Therefore, more than forty […]
Fraud Still Happening Despite Crackdown by Lenders
Despite the mortgage industry’s recent decline in fraud risk, CoreLogic reports that 1 in 200 home loans still contain misrepresentations that could result in default. Short sales have also become an area of concern due to their growing popularity as a preferred foreclosure alternative. CoreLogic reports that short sale volume from the first quarter of 2008 […]
New Foreclosure Numbers For 1st Half of 2010
Nearly 1.7 million homeowners received a foreclosure-related warning between January and June of this year. That translates to 1 in 78 U.S. homes. It is projected that more than 1 million homeowners are likely to lose their homes to foreclosure this year as lenders work through a huge backlog of borrowers who are delinquent on […]
Avoid Foreclosure with a Deed-In-Lieu?
The latest question in the local real estate market seems to be about the Deed-In-Lieu of Foreclosure and how it can help. A Deed-In-Lieu of Foreclosure was traditionally a release of all liability on a mortgage note, provided that the borrower hand the deed to the lender and leave the home in “broom swept” condition. […]
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 […]
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. […]
Nevadan at Work – Featuring Tish…
Nevadan at Work – Featuring Tisha Black-Chernine: http://www.lvrj.com/business/59169007.html