Nationstar’s New Short Sale Requirements for Buyers
If a homeowner is “underwater” on the mortgage, meaning that the fair market value of the house does not equal the amount owed on the loan note, then the homeowner cannot sell the house through traditional means. A traditional sale recoups sufficient funds to pay off the amount owed to the homeowner’s mortgage company or […]
Private Mortgage Insurance Provides Woes for Lenders and Consumers Alike
When one hears the word “insurance,” you automatically think you are “covered” from any and all “qualified” loss that exists under the umbrella of that coverage. Unfortunately, that does not appear to be true as all types of insurance from medical to long term disability have been the subject of movies and articles slamming the […]
MBA Asks for Exemptions to Dodd-Frank Act
The Dodd-Frank financial reform, which passed this summer, requires lenders to retain a five percent stake in loans it packages and sells to investors. The goal of this retention is for lenders to have a stake in the future of these loans, making the lenders accountable for the quality of the loans they packaged and […]
Vlog: Stripping a 2nd Lien in Chapter 13 Bankruptcy
Randy M. Creighton, Esq., of Black & LoBello explains what you should know before you try to get rid of your second mortgage by declaring Chapter 13 bankruptcy in the state of Nevada.
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 […]
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 […]
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.
Channel 13 Investigation of Bank of America
Local news station, Channel 13 Action News, investigates Bank of America, the largest home mortgage lender in Nevada. Read the full story here.