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- Buying rental homes near Nellis AFB
- What area of Las Vegas offers the best value for a 3 bed 2 bath house with a decent back yard?
- Las Vegas Short Sales | Don't Gamble With Your Future
- <b>Las Vegas Real Estate</b> Market Report: 04/04/12 - The Official Blog of <b>...</b>
- las vegas condos – Bella Vita 2 Bedroom Las Vegas Condo for sale
- Real Estate Investing with no money down 1 of 6 – real estate <b>...</b>
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- Go UNLV Rebels!
- LAS VEGAS, NV TOP "10" ZIP CODES HOMES SOLD IN 4TH QTR. SEE TODAYS FORECLOSURE LIST
- Las Vegas Short Sale Expert Representation
- Simplifying homebuying experience for agents, homebuyers
- Las Vegas Short Sale Representation | Are Short Sales The Best Option?
- Las Vegas Short Sale Options
- LAS VEGAS, NV HOME SALES PRICES SOARING. INVENTORY DOWN. BOOM! SEE TOADY FORECLOSURE LIST
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| Buying rental homes near Nellis AFB Posted: 10 Apr 2012 05:03 AM PDT I am looking to buy 7-10 properties over the next 1.5 years. Buying one at a time. BUY it - RENT it - BUY another. I would like to rent to Air force for reliability etc. I live in CA and thinking about moving there when I am done with my current job overseas. I need a solid realtor that can handle my business. If first transaction goes well and I am making money I plan on steam rolling houses. |
| What area of Las Vegas offers the best value for a 3 bed 2 bath house with a decent back yard? Posted: 09 Apr 2012 10:42 PM PDT I am trying to find a lower priced house that is nice |
| Las Vegas Short Sales | Don't Gamble With Your Future Posted: 09 Apr 2012 08:10 PM PDT We've all heard the same story over and over. It's the story of a family who gets behind on their mortgage payment, and applies for a loan modification to save their home. After waiting many months, the loan modification is denied, and the bank recommends the homeowner do a short sale. While this story may sound quite familiar, there is another story; much more frightening, that is NOT being told. Has anyone noticed that banks require homeowners to prove they have the ability to make a mortgage payment as criteria to qualify for a loan modification? Excited homeowners, eager to cooperate and do whatever it takes to qualify, submit their tax returns, pay stubs, bank statements, 401K's, IRA's etc., to the bank hoping their loan will be modified. After submiting your financial information in good faith, the majority of loan modification requests get denied, at which point banks typically recommend doing a short sale. Now, here's the frightening part. To qualify for a short sale, you must prove to the bank that you are experiencing financial hardship, and cannot afford to make a payment. Does anybody see the irony (and danger) of the above situation? Moral of the story: Do not trust your bank. Each time you call your bank, the pre-recorded voice says, "Please be advised that the bank is a debt collector attempting to collect a debt?" This is because the bank does NOT represent you. Bankers are not your friends and they have no interest in helping you to modify your mortgage. So why do some homeowners still think loan modification is something worth trying? According to Bill Myers, Nevada Short Sale Expert with The Caliber Realty Group, "Many homeowners still fear short sales, because they've been told that banks can come after you down the road for a deficiency judgement lawsuit. What homeowners do not realize is that most banks now include verbiage in their short sale approval letters waiving the right to pursue legal action against the homeowner." According to Myers, "There has never been a better time to do a short sale." Some banks require homeowners to pay a promissory note as a contingency of obtaining short sale approval. A promissory note is a note requesting that a homeowner re-pay (over time) all or a portion of the deficiency (the difference between what is owed on the mortgage versus what the home is currently worth.) According to Myers, "The majority of our clients have NOT been asked to pay any promissory note amount; however, the clients who have been requested to pay are usually the people who applied for loan modification. This is due to the fact that clients who applied for a mortgage modification went to great lengths to prove their ability to pay, thereby dimishing their hardship in the eyes of the bank. What homeowners fail to understand is that applying for a loan modification may put you in a position where you are more likely to be sued by your bank. The less the bank determines your hardship to be, the greater chance that they will request a promissory note." To add to the confusion, the Federal Trade Commission announced last year that Nevada loan modification companies are banned from charging up-front fees for negotiating modifications of residential loans. According Myers, "The loan modification industry has been very misleading for homeowners. Government assistance programs such as HAFA, HAMP, HARP, HOPE NOW, and the Making Homes Affordable Program have been complete failures due to the fact that bank participation is voluntary." According to the Las Vegas Review Journal, "Most homeowners in Las Vegas are so far upside down on their homes, (owing significantly more than their home is worth) that they don't qualify for the government's $75 billion Home Affordable Mortgage Plan." According to Eric Witksoki, Chief of the Attorney General's Bureau of Consumer Protection, and the state consumer advocate, "Money spent on mortgage modification consultants is a bad bet for consumers." Additionally, Witkoski commented that spending money on loan modification is "worse than some of the odds at the casino tables." "Homeowners should think twice, before considering loan modification," said Myers. "If applying for loan modification is going to place a homeowner in a worse position than doing a short sale, then homeowners need to make the right decision for their families. This is why the FTC has stepped in and cracked down on the loan modification industry." Since 2007, The Myers Team has sold more short sale listings than any Realtor or Broker in Nevada. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start." Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com Additionally, please visit http://www.VegasShortSaleInfo.com  |
| <b>Las Vegas Real Estate</b> Market Report: 04/04/12 - The Official Blog of <b>...</b> Posted: 09 Apr 2012 08:14 PM PDT Las Vegas Real Estate Blog - New Homes | High Rise Condos by Las Vegas Realtor Steve Harless - Haines & Krieger Realty - 702-217-1680. Monday, April 09, 2012. Las Vegas Real Estate Market Report: 04/04/12. This is the latest Las ... |
| las vegas condos – Bella Vita 2 Bedroom Las Vegas Condo for sale Posted: 09 Apr 2012 04:18 PM PDT EVERYTHING YOU NEED TO KNOW ABOUT THE LAS VEGAS REAL ESTATE MARKET ... las vegas condos – Bella Vita 2 Bedroom Las Vegas Condo for sale. by admin • April 9, 2012 • Las Vegas Real Estate Videos • 0 Comments ... |
| Real Estate Investing with no money down 1 of 6 – real estate <b>...</b> Posted: 09 Apr 2012 02:59 PM PDT Home · Las Vegas Real Estate · Las Vegas Real Estate Articles · Las Vegas Real Estate Media · Las Vegas Real Estate Videos · Las Vegas Real Estate Press · Las Vegas Real Estate News · Las Vegas Real Estate Q&A ... |
| Posted: 09 Apr 2012 02:16 PM PDT i am california resident and i am think of purchasing a home in NV with paying high down payment that will make my mortgage lower, and rent it out for investing purpose. is there any feedback for what i am thinking of ? |
| Posted: 09 Apr 2012 03:28 PM PDT  If you're looking for something to do, I recommend watching live sports. Check out all of your local University Sports... Football starts August 30th... http://www.unlvrebels.com/ From your local Real Estate Specialist, Mark Fleysher, 702-291-8186 |
| LAS VEGAS, NV TOP "10" ZIP CODES HOMES SOLD IN 4TH QTR. SEE TODAYS FORECLOSURE LIST Posted: 09 Apr 2012 03:21 PM PDT The best predictor of potential is to buy a home or invest ina home where other buyers have decided to buy. This makes these areas popular now and will atttract future buyers 89052.....422 sales 89074....339 sales 89108....431 sales 89117....343 sales 89122....363 sales 89123....395 sales 89139....366 sales 89147....354 sales 89148.....393 sales 89149.....383 sales 89178....416 sales 89183.....326 sales 89031....544 sales 89032.....328 sales http://tiny.cc/wy27bw FREE LAS VEGAS HUD PROPRTIES + GOVERNMENT FORCLOSURES <-CLICK  DAVID COOPERS team at "Since 1917 Realty" licensed real estate agents handle residential properties, single family homes, condos, town homes. Property Management and Purchasing Investment Properties. Rental Leasing and Relocation
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| Las Vegas Short Sale Expert Representation Posted: 09 Apr 2012 12:57 PM PDT Las Vegas, Nevada - A recent report named The Myers Team the #1 Short Sale Realtors in Nevada. Number one status was determined by actual short sale listings closed from January 1, 2007 through December 31, 2011. According to the report, The Myers Team with the Caliber Realty Group has negotiated more short sale approvals and closed more short sale listing transactions than any Realtor or Broker in Las Vegas. The majority of these closings have been short sales with Bank of America. The Myers Team is nationally recognized as one of the most influential figures in Real Estate today. According to Myers Team owner, Bill Myers, "Surrendering a home worth half of what you owe is NOT a failure, it's a business decision. A short sale is an opportunity for you and your family to take control and walk away free and clear. Nobody wants to lose their home; however, loan modification doesn't work and there is no need to go down with a sinking ship. Homeowners need to know when to say enough is enough." Many Realtors proclaim themselves to be short sale experts; however, according to Myers, "A Realtor in Las Vegas can become a Certified Short Sale Expert by attending a one day class at the Board of Real Estate. The ability to be called an expert in any field should be based upon performance and consistent results; not based upon attending an afternoon seminar." Myers added, "This would be the same as declaring yourself a 'home run expert' after attending a one-day baseball class yet never picking up a bat or actually hitting a ball." The Myers Team has continually broken sales records, and when it comes to short sale transactions, they are considered by most experts to be industry leaders. The Myers Team worked for Century 21 for nine years; however, in 2011 they joined forces with the Caliber Realty Group. According to Myers, "Our Real Estate market has changed; however, most Real Estate companies have not. While most Real Estate Brokers are still learning how to do short sales, the Caliber Realty Group is backed by ownership that has been dealing with Banks and Loss Mitigation Departments for almost three decades." Additionally, Myers said, "A short sale is one of the most complicated transactions in residential Real Estate and experience is everything. If you needed open-heart surgery, would you go to jack of all trades physician, or would you visit a heart specialist? The Caliber Realty Group specializes in short sale transactions. This experience allows Caliber Realty to provide a higher caliber of service and stand out in today's unique Real Estate market." Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to negotiate the best possible outcome. Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible." Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com Also visit http://VegasShortSaleInfo.com |
| Simplifying homebuying experience for agents, homebuyers Posted: 09 Apr 2012 03:27 PM PDT |
| Las Vegas Short Sale Representation | Are Short Sales The Best Option? Posted: 09 Apr 2012 12:45 PM PDT
So far, big government mortgage programs haven't delivered nearly as much relief as they expected for homeowners. In each instance, a much smaller number of homeowners received the help than what was projected. To understand why homeowner assistance so often falls short, here's a look at what experts say went wrong with five of the major government relief efforts.
Home Affordable Modification Program •Projected to help: 3 to 4 million homeowners •Actually helped: 933,327 through December 2011 Launched in early 2009, the Home Affordable Modification Program is aimed at allowing struggling homeowners to lower their monthly payments. Borrowers -- who can still apply for HAMP -- can qualify if they signed up for their mortgage no later than Jan. 1, 2009, are employed, have a mortgage payment that's more than 31% of their pre-tax income, and can prove that they're at risk of -- or actually have -- fallen behind on their mortgage due to financial hardship. With many employees taking wage cuts as the recession gained steam, HAMP was hailed as a program that could bring relief to many. And while it did lead to permanent mortgage modification for nearly 940,000 homeowners, HAMP hasn't yet met the government's initial projections of three to four million. Experts say the program encountered setbacks from the start. To begin with, a big marketing campaign to attract eligible homeowners didn't materialize. HAMP's rules weren't fully developed when the program began, and guidelines were repeatedly revised creating confusion among applicants. Initially, lenders could sign up homeowners for a modification while giving them 90 days to provide documentation proving their financial hardship. In many instances, borrowers failed to do that and they were dropped from the program, says Keith Gumbinger, vice president at mortgage-data firm HSH Associates. That rule was later changed to require documentation before a homeowner enrolled in HAMP. The Treasury Department, which oversees this program, says HAMP's impact goes beyond its own modifications. Since HAMP's launch, more than 2.7 million private modifications -- many following the same steps the program established -- have been offered to homeowners, says Andrea Risotto, a Treasury spokeswoman. HAMP "catalyzed improvements in modifications across the board," she says.
Home Affordable Refinance Program •Projected to help: 4 to 5 million homeowners •Actually helped: nearly 1 million through November 2011 The Home Affordable Refinance Program began in March 2009 to help homeowners refinance in instances when they owed more on their home than it's worth. The program kicked in as mortgage rates were dropping, allowing homeowners who previously couldn't refinance to get a new, lower rate that would make their monthly payments smaller. The government hoped it would also keep underwater homeowners from walking away from their homes, a trend that was picking up. Three years into its existence, HARP has only helped about 20% of its intended homeowners. A big reason was that, in its infancy, HARP was only open to borrowers who owed up to 105% of their home's market value. In 2009, that accounted for roughly just 5% of homeowners with a mortgage, according to CoreLogic. Meanwhile, around 13% owed 105% to 125% while another 13% or so owed more than 125%. (HARP was later expanded to homeowners owing up to 125% of their home's value, and then changed again this past December; its newest incarnation dubbed HARP 2.0 removed the cap, allowing all underwater borrowers to qualify. The Federal Housing Finance Agency, which oversees HARP, says the latest changes are expected to boost enrollment in the program, which is scheduled to end in December 2013.) Still, borrowers need to cross several hurdles before qualifying. Many lenders place their own limitations on which borrowers they'll work with, says Gumbinger, typically denying those who owe more than 105% of a home's value. (It's up to lenders to choose whether and how to participate in HARP.) Dave Stevens, president and CEO of the Mortgage Bankers Association, says that's because lenders have a difficult time selling mortgages to the secondary market that are beyond 105% of a home's value and that many of them aren't able to hold these loans on their books. Still, he says, the new HARP rules have already boosted refinances: For the first week of March, HARP refis accounted for about 30% of all refis, compared to about 10% in January 2012.
FHA Short Refi Program •Projected to help: up to 4 million homeowners •Actually helped: 880 Launched in 2010, the Federal Housing Administration's Short Refi Program is supposed to help homeowners who are current on their mortgage but at risk of defaulting because they have no equity in their homes. The program provides borrowers with a principal reduction while also refinancing them into a new mortgage insured by the FHA. To qualify, homeowners must have a non-FHA mortgage, be current on their mortgage, and owe more on their home than it's worth, among other requirements. To boost participation, the government announced changes to the program this week to make it easier for more borrowers to qualify in part by allowing them to carry more debt. In addition, the program was extended through 2014. (It was supposed to end this year.) To date the program has fallen far short of projections largely because most lenders have been reluctant to write down principal, says an official at the Department of Housing and Urban Development, which oversees the FHA Short Refi program. For underwater borrowers to refinance, they can't owe more than 115% of their home's market value. Anything over that will need to be forgiven or written off as a loss by their existing lender first. So, a borrower with a $130,000 mortgage on a home that's worth $100,000 would need to get his lender to agree to take a loss on $15,000 before he can get into the program. Participation was low largely because lenders prefer to find other ways to work with struggling homeowners, says Stevens of the Mortgage Bankers Association. That includes modifying loans or temporarily lowering interest rates, he says. "There's a lot of concern about moral hazard whose loan do you write down and whose loan do you not?"
FHASecure •Projected to help: an estimated 80,000 homeowners •Actually helped: 3,290 Introduced in 2007, the so-called FHA Secure program was largely geared to borrowers with adjustable-rate mortgages who were struggling to make their payments because their rates reset. (Most ARM borrowers pay a fixed rate for the first few years of the loan, but after that the rate becomes variable and can rise or fall.) As rates rose, so did the chance homeowners would default on their mortgage. In part, FHA Secure struggled with bad timing, says an official at the Department of Housing and Urban Development, which oversaw the program. When the program rolled out, rates had stopped rising and were about to begin their descent. Many borrowers decided to hold onto their ARMs because with rates dropping their required monthly payments were shrinking, says Stevens of the Mortgage Bankers Association. ARM borrowers who wanted to refinance and were current on their mortgage could do that in the private market, outside the government program, he says. In an effort to boost enrollment in FHA Secure, the program expanded to include not just ARM borrowers who were current on their mortgage but also those who had missed up to three mortgage payments within that year. Still, that wasn't enough to get the program going. The government projected that around 80,000 homeowners would be helped, but by the end of 2008 just 3,290 had received relief when FHA Secure came to an end.
Hope for Homeowners •Projected to help: up to an estimated 400,000 •Actually helped: 764 As the subprime mortgage fallout intensified in the fall of 2008, the Hope for Homeowners program was created to help homeowners avoid foreclosure. The program called for lenders to voluntarily reduce the principal balance on mortgages to 90% of a home's value and to refinance the mortgage into a new loan that would be backed by the Federal Housing Administration. But early on, it became evident that the program wouldn't come close to meeting the government's expectations. Five months after it went into effect, Hope for Homeowners had helped just one homeowner avoid foreclosure. Few lenders could comply with its provisions, says an official at the Department of Housing and Urban Development, which oversaw the program. Chief among their concerns was writing down balances and incurring those losses, experts say. In an attempt to boost enrollment, the program was adjusted so that lenders would write down a smaller amount of losses. Still, the program never took off and ended up helping just 764 homeowners when it ended in September 2011.
How Short Sales Can Help In an effort to move troubled mortgages off their books, banks have begun offering cash to delinquent homeowners so that they can sell their properties for less than they owe. (Short Sales) No lender likes to do short sales, but many banks have decided that short sales are quicker and less expensive than foreclosing. In addition to offering cash incentives, banks have been pre-approving details, streamlining the process of closing and forgoing their right to pursue unpaid debt in the hope of getting through some of the backlog. At this point, more than 14 million homes (nationally) are in foreclosure, and the pending repossessions that have accumulated are standing in the way improving the housing market. Some banks have been offering cash as an incentive to get homeowners to short sell, versus walking away from their home. The largest incentives are extended by JP Morgan Chase, who approve about 5000 short sales monthly, many of whom have included settlements up to $35,000. Additionally, many buyers who purchased their homes using FHA loans have been receiving cash back at the close of the short sale process. On average, short sale transactions, from listing to sale, take an average of 123 days…much less time than a foreclosure. While cash back is never a guarantee, the fact remains that each lender and investor is different. From January 1, 2007 through December 31, 2011, The Myers Team sold more short sale listings than any Realtor or Broker in Nevada. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start." Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com or http://www.vegasshortsaleinfo.com/home.asp
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| Posted: 09 Apr 2012 11:55 AM PDT Over the past few years, the federal government's major mortgage relief programs helped just a fraction of the homeowners they initially set out to reach. The so-called Home Affordable Modification Program and the Home Affordable Refinance Program, both introduced in 2009, have so far assisted just 20% of the homeowners' government officials projected. Other programs shuttered altogether after not gathering enough borrower or lender participation. In fact, the U.S. government's five major programs, which were projected to assist 13.4 million homeowners, only reached 1.9 million. This week, the government filed the settlements it reached in its $25 billion agreement with banks over alleged foreclosure abuses. The five banks involved (Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo) will spend much of that money providing aid to homeowners by reducing mortgage principal, refinancing more mortgages and making payments to those they foreclosed on. But while the settlement is legally binding, some housing experts predict the efforts may not have the impact government officials expect. For one, borrowers who owe more on their home than it's worth stand to receive a principal reduction of about $20,000 on average , although those same borrowers are underwater by $51,000 on average, according to CoreLogic. Additionally, homeowners who were foreclosed on between 2008 and 2011 stand to receive a meager $1,500 to $2,000. "Potential participants should temper their expectations," says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles. For their part, the lenders say they're committed to helping as many homeowners as possible. (Bank of America says it will even extend benefits to its customers that go beyond the requirements laid out in the settlement). So far, big government mortgage programs haven't delivered nearly as much relief as they expected for homeowners. In each instance, a much smaller number of homeowners received the help than what was projected. To understand why homeowner assistance so often falls short, here's a look at what experts say went wrong with five of the major government relief efforts.
Home Affordable Modification Program •Projected to help: 3 to 4 million homeowners •Actually helped: 933,327 through December 2011 Launched in early 2009, the Home Affordable Modification Program is aimed at allowing struggling homeowners to lower their monthly payments. Borrowers -- who can still apply for HAMP -- can qualify if they signed up for their mortgage no later than Jan. 1, 2009, are employed, have a mortgage payment that's more than 31% of their pre-tax income, and can prove that they're at risk of -- or actually have -- fallen behind on their mortgage due to financial hardship. With many employees taking wage cuts as the recession gained steam, HAMP was hailed as a program that could bring relief to many. And while it did lead to permanent mortgage modification for nearly 940,000 homeowners, HAMP hasn't yet met the government's initial projections of three to four million. Experts say the program encountered setbacks from the start. To begin with, a big marketing campaign to attract eligible homeowners didn't materialize. HAMP's rules weren't fully developed when the program began, and guidelines were repeatedly revised creating confusion among applicants. Initially, lenders could sign up homeowners for a modification while giving them 90 days to provide documentation proving their financial hardship. In many instances, borrowers failed to do that and they were dropped from the program, says Keith Gumbinger, vice president at mortgage-data firm HSH Associates. That rule was later changed to require documentation before a homeowner enrolled in HAMP. The Treasury Department, which oversees this program, says HAMP's impact goes beyond its own modifications. Since HAMP's launch, more than 2.7 million private modifications -- many following the same steps the program established -- have been offered to homeowners, says Andrea Risotto, a Treasury spokeswoman. HAMP "catalyzed improvements in modifications across the board," she says.
Home Affordable Refinance Program •Projected to help: 4 to 5 million homeowners •Actually helped: nearly 1 million through November 2011 The Home Affordable Refinance Program began in March 2009 to help homeowners refinance in instances when they owed more on their home than it's worth. The program kicked in as mortgage rates were dropping, allowing homeowners who previously couldn't refinance to get a new, lower rate that would make their monthly payments smaller. The government hoped it would also keep underwater homeowners from walking away from their homes, a trend that was picking up. Three years into its existence, HARP has only helped about 20% of its intended homeowners. A big reason was that, in its infancy, HARP was only open to borrowers who owed up to 105% of their home's market value. In 2009, that accounted for roughly just 5% of homeowners with a mortgage, according to CoreLogic. Meanwhile, around 13% owed 105% to 125% while another 13% or so owed more than 125%. (HARP was later expanded to homeowners owing up to 125% of their home's value, and then changed again this past December; its newest incarnation dubbed HARP 2.0 removed the cap, allowing all underwater borrowers to qualify. The Federal Housing Finance Agency, which oversees HARP, says the latest changes are expected to boost enrollment in the program, which is scheduled to end in December 2013.) Still, borrowers need to cross several hurdles before qualifying. Many lenders place their own limitations on which borrowers they'll work with, says Gumbinger, typically denying those who owe more than 105% of a home's value. (It's up to lenders to choose whether and how to participate in HARP.) Dave Stevens, president and CEO of the Mortgage Bankers Association, says that's because lenders have a difficult time selling mortgages to the secondary market that are beyond 105% of a home's value and that many of them aren't able to hold these loans on their books. Still, he says, the new HARP rules have already boosted refinances: For the first week of March, HARP refis accounted for about 30% of all refis, compared to about 10% in January 2012.
FHA Short Refi Program •Projected to help: up to 4 million homeowners •Actually helped: 880 Launched in 2010, the Federal Housing Administration's Short Refi Program is supposed to help homeowners who are current on their mortgage but at risk of defaulting because they have no equity in their homes. The program provides borrowers with a principal reduction while also refinancing them into a new mortgage insured by the FHA. To qualify, homeowners must have a non-FHA mortgage, be current on their mortgage, and owe more on their home than it's worth, among other requirements. To boost participation, the government announced changes to the program this week to make it easier for more borrowers to qualify in part by allowing them to carry more debt. In addition, the program was extended through 2014. (It was supposed to end this year.) To date the program has fallen far short of projections largely because most lenders have been reluctant to write down principal, says an official at the Department of Housing and Urban Development, which oversees the FHA Short Refi program. For underwater borrowers to refinance, they can't owe more than 115% of their home's market value. Anything over that will need to be forgiven or written off as a loss by their existing lender first. So, a borrower with a $130,000 mortgage on a home that's worth $100,000 would need to get his lender to agree to take a loss on $15,000 before he can get into the program. Participation was low largely because lenders prefer to find other ways to work with struggling homeowners, says Stevens of the Mortgage Bankers Association. That includes modifying loans or temporarily lowering interest rates, he says. "There's a lot of concern about moral hazard whose loan do you write down and whose loan do you not?"
FHASecure •Projected to help: an estimated 80,000 homeowners •Actually helped: 3,290 Introduced in 2007, the so-called FHA Secure program was largely geared to borrowers with adjustable-rate mortgages who were struggling to make their payments because their rates reset. (Most ARM borrowers pay a fixed rate for the first few years of the loan, but after that the rate becomes variable and can rise or fall.) As rates rose, so did the chance homeowners would default on their mortgage. In part, FHA Secure struggled with bad timing, says an official at the Department of Housing and Urban Development, which oversaw the program. When the program rolled out, rates had stopped rising and were about to begin their descent. Many borrowers decided to hold onto their ARMs because with rates dropping their required monthly payments were shrinking, says Stevens of the Mortgage Bankers Association. ARM borrowers who wanted to refinance and were current on their mortgage could do that in the private market, outside the government program, he says. In an effort to boost enrollment in FHA Secure, the program expanded to include not just ARM borrowers who were current on their mortgage but also those who had missed up to three mortgage payments within that year. Still, that wasn't enough to get the program going. The government projected that around 80,000 homeowners would be helped, but by the end of 2008 just 3,290 had received relief when FHA Secure came to an end.
Hope for Homeowners •Projected to help: up to an estimated 400,000 •Actually helped: 764 As the subprime mortgage fallout intensified in the fall of 2008, the Hope for Homeowners program was created to help homeowners avoid foreclosure. The program called for lenders to voluntarily reduce the principal balance on mortgages to 90% of a home's value and to refinance the mortgage into a new loan that would be backed by the Federal Housing Administration. But early on, it became evident that the program wouldn't come close to meeting the government's expectations. Five months after it went into effect, Hope for Homeowners had helped just one homeowner avoid foreclosure. Few lenders could comply with its provisions, says an official at the Department of Housing and Urban Development, which oversaw the program. Chief among their concerns was writing down balances and incurring those losses, experts say. In an attempt to boost enrollment, the program was adjusted so that lenders would write down a smaller amount of losses. Still, the program never took off and ended up helping just 764 homeowners when it ended in September 2011.
How Short Sales Can Help In an effort to move troubled mortgages off their books, banks have begun offering cash to delinquent homeowners so that they can sell their properties for less than they owe. (Short Sales) No lender likes to do short sales, but many banks have decided that short sales are quicker and less expensive than foreclosing. In addition to offering cash incentives, banks have been pre-approving details, streamlining the process of closing and forgoing their right to pursue unpaid debt in the hope of getting through some of the backlog. At this point, more than 14 million homes (nationally) are in foreclosure, and the pending repossessions that have accumulated are standing in the way improving the housing market. Some banks have been offering cash as an incentive to get homeowners to short sell, versus walking away from their home. The largest incentives are extended by JP Morgan Chase, who approve about 5000 short sales monthly, many of whom have included settlements up to $35,000. Additionally, many buyers who purchased their homes using FHA loans have been receiving cash back at the close of the short sale process. On average, short sale transactions, from listing to sale, take an average of 123 days…much less time than a foreclosure. While cash back is never a guarantee, the fact remains that each lender and investor is different. From January 1, 2007 through December 31, 2011, The Myers Team sold more short sale listings than any Realtor or Broker in Nevada. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start." Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com
Sources: SmartMoney.com, "Mortgage Relief Programs That Fell Short." |
| LAS VEGAS, NV HOME SALES PRICES SOARING. INVENTORY DOWN. BOOM! SEE TOADY FORECLOSURE LIST Posted: 09 Apr 2012 10:11 AM PDT THE spring buying season is just beginning. PRICES ARE SPIKING HIGHER AS DEMAND BY INVESTORS FOR RENTAL HOUSES picks up. |
| Posted: 09 Apr 2012 12:02 PM PDT |
| Online home auctions shake up real estate space Posted: 09 Apr 2012 12:06 PM PDT |
| Las Vegas Commercial Real Estate: National Recovery Underway <b>...</b> Posted: 09 Apr 2012 10:13 AM PDT Las Vegas Real Estate, Investment, Commercial, Land, Multi-Family, Resort, Hotel, and Gaming Properties. .... Las Vegas "Strip" Land For Sale · Las Vegas Real Estate Investing. ► August (1). Las Vegas Commercial Real ... |
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