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Archive for October, 2010

In the last week several large lending institutions announced a halt on their foreclosure process due to the “robo-signing” of mortgage note assignments. During the sworn deposition of GMAC loan officer Jeffrey Stephan, he admitted that he had signed off on up to 10,000 foreclosure documents a month for five years without reviewing the documents thoroughly. This caused an immediate halt by GMAC as well as other banks, on their foreclosure process particularly in “judicial” states (those states that require a bank to go to court to get a foreclosure order) which is not the case for Nevada.

So does this mean that banks will look even more favorable on approving a short sale so that they can fore go the possibility of homeowners contesting foreclosure and demanding documents that the bank cannot supply? It would seem to make good business sense when coupled with the fact that bank will net about 30% more from a short sale than foreclosure

According to an article written by John Carey for CNCBC.com:

The most damaging thing that could happen to banks would be the discovery that they simply cannot prove they hold a mortgage on a house. In that case the loan would probably have to be written down to zero.”

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Are you thinking of taking advantage of the great bargains in the Las Vegas short sale market? Before you make an offer, it’s best to know a little about the short sale process.

A short sale is different than a foreclosure in that the seller still owns the home and the seller as well as the bank will have to accept your offer. This can take anywhere from the average of five weeks to twelve weeks for bank approval.

There are great opportunities in short sales and you may want to consider them if:

  • You’re very patient. Most of the negotiations are between the bank and the third party negotiator and you may not receive much information on the ongoing process. Most negotiators are in weekly contact with the asset manager providing additional requested documentation which can be a slow process.
  • Flexible Time Frame. The process can take months but once the bank has accepted your offer, they will want to close quickly, usually in a matter of weeks or days. Make sure your financing is in order and ready to go.
  • There are no contingencies. If you have a home to sell, or you need to be in your home in a certain time frame, a short sale may not be for you.

If you’re still serious about making a short sale offer then it is important to have a qualified real estate professional who is experienced in the short sale process, their knowledge can increase your chances of a successful close of escrow.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

This week, Catherine Cortez Masto, the Nevada Attorney General, spoke to Las Vegas real estate agents regarding an issue that the Attorney Generals office has been inundated with: Mortgage Fraud.

“…,In 2007, when the economy started going down, we saw loan foreclosures and fraud go up. The legislature passed a law in 2007 that allowed our office to criminally prosecute those people committing loan fraud. At that time, there were 40 companies engaging in these types of activities, in 2008 that number increased to 100, then 150 and now there are over 200 companies engaging in mortgage scam. In addition to mortgage fraud, we now have loan modification companies that are illegally taking your money up front, not performing the work and then skipping town.”

If you think you have had any experience with loan modification or mortgage fraud, please contact the Attorney Generals’ office, they need your information and help put a stop to illegal practices.

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

MakingHomeAffordable.gov

FinancialStability.gov

HopeNow.com

FHA Homeownership portal

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

We receive many calls from homeowners who are just starting to collect information on the process of short selling their home. Although there are many things to consider, including the proverbial “does this make me a bad person question“, there are also 6 Important Documents that you will need to provide to your qualified short sale specialist.

1. Hardship Letter

2.Paycheck Stubs (most recent last two months)

3.Financial Statement (this will detail all income and monthly expenses)

4.Bank Statements (most recent from all checking and savings, retirements accounts most often are not asked for)

5.Income Tax Returns (last two years that you filed)

6.Third party Authorization (this is the form that allows the short sale specialist to deal directly with the lender)

As these forms will determine the lenders approval or rejection of your short sale request, it is important that you have a knowledgeable and sophisticated representative working for you. Make sure they have the appropriate designations, training and experience to help you navigate the process.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

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