Tisha Black Chernine quoted in the Las Vegas Review Journal
Tisha Black Chernine, Esq. is quoted in the Las Vegas Review Journal’s article, Homeowner gets foreclosure reprieve regarding the breakdown of communication between mortgage specialists and within banks’ mortgage departments.
Another Government Program to Help Underwater Home Owners
The “Hardest Hit” Fund is a new government program designed to help states that are suffering from the largest drop in home values. Nevada is one of those states and its share of the fund is $103,000,000. The fund is designed to help 5,000 homeowners, according to Lon DeWeese, Nevada Housing Division. Eligible applicants will receive about $20,600. […]
Equitable Subordination in Nevada
Nevada is a first-in-time recording state, which means that the lien recorded on real property first has priority over subsequently recorded liens. Huntington v. Mila, Inc. 119 Nev 355, 357, 75 P.3d 354, 356 (2003). However, there are exceptions to this rule. In cases of equitable subordination, a lien recorded first in time can be […]
Government Arrests Mortgage Lenders
As part of Operation Stolen Dreams, the government’s push against mortgage fraud, federal authorities investigated 1,215 criminal defendants allegedly responsible for more than $2.3 billion in losses and made 485 arrests. Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused on federal criminal cases as well as civil enforcement, recovering money for victims and increasing […]
Fannie and Freddie to Delist Stock from NYSE
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. To read the full article on DSNews.com, click here.
Bank of America’s Principal Forgiveness Program Begins
On June 2, Bank of America began its new mortgage program for eligible underwater borrowers which includes an earned principal forgiveness in a loan modification. Bank of America mailed out an initial round of letters notifying customers who may qualify. Upon review of these customer applications, the first trial offers for the program could find […]
Fannie Mae and Freddie Mac HAFA Guidelines Announced
Government sponsored entities (GSE), Fannie Mae and Freddie Mac, both issued new guidelines to servicers on June 1. The new stipulations allow homeowners with GSE owned or guaranteed loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the Home Affordable Modification Program (HAMP) program. Both Fannie […]
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 […]
New Mortgage Program for Unemployed
The Home Affordable Unemployment Program (UP) takes effect July 1, 2010, offering eligible unemployed borrowers an option to temporarily reduce or suspend mortgage payments for a minimum of three months. Applicants must qualify for the Home Affordable Modification Program (HAMP), currently receive unemployment benefits, and must request the option before missing three monthly payments. Homeowners, […]