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Archive for July, 2009

Beware of Foreclosure Rescue Scams – Help Is Free!

foreclosure_help(Source: MakingHomeAffordable.gov)
  • There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
  • Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
  • Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
  • Never submit your mortgage payments to anyone other than your mortgage company without their approval.

The Federal Trade Commission and the Better Business Bureau have both issued recent warnings about foreclosure rescue and loan modification scammers who have been ripping off consumers by typically collecting money upfront and preying upon distressed homeowners.

FTC Alerts:

MSNBC reports …Government cracks down on mortgage scams. Attorney General: FBI investigating about 2,100 mortgage fraud cases

You can get free advice and consultation for your refinance, loan modification and foreclosure needs through several government agencies:




FHA Homeownership portal

Contact the Short Sale Professionals

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?

Contact us for a free consultation regarding your options – there are solutions!

Call  702 – 497-7705

Categories : Short Sale Tips
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The Fundamentals of a Short Sale

Posted by: Kathryn Bovard | Comments (0)

scale photoShort sales have exponentially increased in Las Vegas in the last few months and will continue to grow in market share as banks implement newer streamlined procedures and see the cost benefits over foreclosures.

Although a short sale in real estate is not always a easy process,  the right help and guidelines can make it manageable. A lender will accept a short sale, that is accepting less than the total amount due  when it makes financial sense to do so.  Most lenders have different requirements and may demand that a borrower submit a wide array of documentation, but the following steps will give you a pretty good idea of what to expect.

1. Call the Lender. This may take numerous attempts to reach the right person responsible for short sales.  Remember you want to talk to someone in the “loss mitigation” or “loan workout department” and always get the name of the individual capable of making the decision.

2. Submit Letter of Authorization. Lenders will not talk or release any information to anyone but you without authorization. If you are working with a real estate agent, attorney, or third party negotiator, you will need to give your permission for disclosure to theses parties.

3. Net Sheet. This is an estimated closing sheet that shows all of the costs related to selling your home and if your not familiar with what this would be, your real estate agent or attorney can prepare this for you.

4. Hardship Letter. This is a simple statement from you describing your hardship and why you can no longer continue to live in the home or make the payments.

5. Proof of Income and Assets. Lenders will want to know of ALL assets which would include but not be limited to cash, stocks or bonds, money market accounts, other real estate, negotiable instruments, or anything else of value.

6. Copies of Bank Statements. If you have had unusual large withdrawals or a large number of checks, you might want to have a concise explanation for them.

7. Comparative Market Analysis. The fact that your homes property value has fallen below what is owed on it can be substantiated through a comparative market analysis or CMA.  This can be prepared for you by your real estate agent and will show the sale of similar properties in your neighborhood.

8.   Full Purchase Agreement. The lender will want to have a copy of the purchase agreement that you have made with a potential buyer. The lender will approve or disapprove the price based on their “bottom line” and expect negotiations.

And finally if all goes well, you will have an accepted short sale!

Contact the Short Sale Professionals
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?

Contact us for a free consultation regarding your options – there are solutions!

Call  702 – 497-7705

Comments (0)

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