Archive for June, 2010
Las Vegas Short Sales Now Possible for Fannie Mae & Freddie Mac Mortgages
Posted by: | CommentsHAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury that became effective on April 5, 2010 designed to streamline and standardize the short sale process for qualified homeowners. Read our 5 part series to learn more about the HAFA program.
HAFA excluded all Fannie Mae and Freddie Mac loans with the understanding that these GSEs (Government Sponsored Enterprises) would publish their own guidelines at a later date. Well that date has arrived… on June 1, 2010 both GSEs announced their guidelines for HAFA short sales. These programs will allow homeowners with GSE loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the government’s foreclosure prevention program.
Do you have a Fannie or Freddie mortgage? Find out by looking your loan up at this site: Fannie or Freddie Loan Lookup
Both programs are almost identical to the Treasury’s HAFA program for non-GSE mortgages. The borrower must first be evaluated and denied for a Making Home Affordable Program (HAMP) workout plan. The GSE HAFA programs take effect Aug. 1, 2010, but servicers are allowed to use HAFA immediately.
Here are some minor differences from the Treasury HAFA program:
- Servicers are eligible for a $2,200 cash incentive for each completed short sale (it is $1,500 for non-GSE HAFA) and $1,500 for each completed deed-in-lieu.
- Freddie Mac Eligibility: 60 days late and have cash reserves less or $5,000 or 3 times their monthly mortgage. Borrowers may be in foreclosure, in pending litigation involving the mortgage, or in active bankruptcy.
- In addition, Freddie said it does not require or accept cash contributions or promissory notes from the borrower.
All the details of the programs can be found at the respective websites:
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a Las Vegas short sale?
Call Kathryn at 702-348-7191 for your confidential, no obligation Las Vegas short sale consultation regarding your options – there are solutions and we are here to help you navigate the distressed property process.
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Las Vegas Short Sale and Real Estate Market Report for May 2010
Posted by: | CommentsResidential Short Sale blog presents the Las Vegas Real Estate Market Condition Report for April 2010-May 2010 , courtesy of Nevada Title Company with chart breakdowns of all Las Vegas Home closings by type and Las Vegas short sale statistics.
Note from the Las Vegas Real Estate Market History table above that May 2010 demand is significantly less than May 2009 demand. Median price, which had been holding in the mid $130′s, has now begun to increase with three positive outcomes in a row. When the last four months are averaged (Feb-May), the outcome is a very strong +$2,437. The decline in supply (listed) has come to halt and increased 546 units over last month, while demand (closed month) moved up 195 units.
In Escrow properties (pending/contingent) fell for the first time in several months signaling increased movement of Las Vegas Short Sales out of escrow. The overall tight supply/demand situation should continue to place upward pressure on the price schedule. However, Standard prices (31% of demand) are weak at closing. The upper price ranges, while showing some activity, continue to suffer from lack of demand, especially those above $1 million.
Las Vegas Short Sale supply declined slightly from last month but demand moved up a significant (222 units). Market Speed is moderate but increasing. Percent Selling remains somewhat depressed but is moving up. Escrow inventory remains at high levels but appears to have peaked. In May of 2009, the percentage of Las Vegas Short Sale closings was 8%. In May of 2010, it climbed to 30%. The closing process remains inefficient and challenging, but improving. Prices are stable.
The final Las Vegas Real Estate market chart for this month depicts the sharp declining trend in median Las Vegas home prices since January 2008.
Do you have a trusted adviser and Las Vegas Short Sale Realtor to handle your short sale transaction? Contact us today for a confidential, no obligation foreclosure alternatives consultation to discuss your options. Call Kathryn, at 702-348-7191.
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