New Nevada Laws Relating to Homeowners
Nevada Assembly Bill 273 makes major improvements to Nevada law to protect homeowners by limiting the amount of money a bank can collect after a homeowner loses their home. The law also reduces the time a bank has to file a lawsuit against some homeowners. These protections will greatly improve a homeowner’s opportunity to start […]
Reducing Any Potential Deficiency Judgment
One of the main questions our clients have when they receive an approval on a short sale is, “Does it provide a deficiency release?” While this is a fantastic question in that it proves Las Vegans are becoming more aware of their rights and liabilities, the answer we must then give, unfortunately, is not always […]
Renting in Las Vegas: What You NEED to Know
The time when people once waited on a lottery to buy a home is long gone for Las Vegas. While this may be construed as stating the obvious, one thing that our mortgage crisis has spurred and is not often discussed is that we are now a city of renters. Many do not want to […]
Are there any disadvantages of receiving the Home Buyers Tax Credit?
Homeowners Given False Hope
Following the purchase of a property, whether it is your home or an investment, an owner would like to believe that the property will increase in value over time. The past few years have shown quite the opposite trend and most Nevadan’s are aware of the decrease in the value of their home or investment […]
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 […]
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 […]
Fannie Mae Shortens Wait Time to Get a New Mortgage
Fannie Mae announced a reduction in wait time for some borrowers between when they complete a deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage. Previously, a borrower waited four years before getting a new mortgage. Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure can get a […]
“The Coming Second Wave” Tisha Black Chernine, Esq. quoted in Las Vegas Business Press
A Las Vegas Business Press article discusses how lenders can pursue property owners long after they default on a mortgage. Read the full story here
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. […]