The Foreclosure Process In Nevada
What is the foreclosure process in Nevada? The answer can help a homeowner decide what course of action to take in this stressful situation. A foreclosing lender in Nevada is entitled to a nonjudicial foreclosure of its Deed of Trust. The Deed of Trust secures the payment of the promissory note given by the homeowner […]
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 […]
Government Helps Make Loan Modifications Permanent
If you are a homeowner who has received a home mortgage loan modification recently, chances are your lender offered you a three-month trial program. The three-month trial program is a creation of the Federal Government’s Making Homes Affordable Program (MHA). Homeowners are required to make a mortgage payment for three months in a row, normally […]
Nevada Foreclosure Mediation Program Helps Thousands of Homeowners
Nevada Supreme Court Justice James W. Hardesty announced that more than 3,400 homeowners who received notices of default have requested mediation in the Nevada Foreclosure Mediation Program as they seek to hold on to their homes. Since the program first began on July 1, 2009, 372 mediations have been conducted and another 805 mediations have […]
Tax Form 982 and Mortgage Forgiveness Debt Relief Act
Homeowners whose mortgage debt is partly or entirely forgiven during the calendar years of 2007 through 2012 are able to claim tax relief by filling out the newly-revised Form 982, filing it with the Internal Revenue Service, and submitting it with their year-end federal tax returns. Normally, when a bank gives a homeowner debt forgiveness […]
Federal Programs for Homeowners
We have received a lot of questions regarding the federal plans to aid homeowners facing the threat of foreclosure. The federal programs, called the Making Home Affordable Programs, are also nicknamed the “Obama Plans.” There is a plan for Home Refinancing and another for Home Loan Modification. Here are some facts to assist borrowers to […]