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Archive for HAFA/HAMP

A recent article in the New York Times portend some clearly good news for buyers and some good news for those looking to short sell. Let’s take a look at each, in turn.

First, a fact you might already know: Housing prices are very low, making for a great environment for those looking to buy. Now this isn’t good news for many, especially because the prices might even drop further, but for buyers this isn’t a bad thing. The depressed prices, as you might have guessed, are the result of a surplus of foreclosed homes, with banks owning a grand total of about 872,000 foreclosed homes, Eric Dash reports for the New York Times. The surplus is bound to grow: Banks are in the process of foreclosing roughly a million homes and in the coming years are estimated to eventually take millions. Typically, foreclosures and sales stay one-to-one, but in some hard-hit cities, such as Minneapolis, the ratio is six-to-one. In Las Vegas, a whopping fifty-three percent of all home sales are foreclosures, Buck Wargo reports for VegasInc.

Now this all might look like gray skies, especially for banks, home owners, and even for those working in the real estate business. But if you’re looking to buy a home, we’re either at the bottom or we’ll be there very soon. As Les Christie for CNN Money reports, given the current economic climate, buying is typically a better deal than renting.

Now what about those already in their homes? Well, there are some government programs–namely the Home Affordable Foreclosure Alternative (HAFA)–that short sellers could take advantage of, but unfortunately, the program and the short sellers aren’t hooking up. As Hubble Smith of the Review Journal reports, HAFA has been seen as a failure, but things may be picking up. HAFA was billed as a program to streamline the short sale process, but either the program wasn’t advertised widely enough, or it didn’t help: Sometimes short sellers, close to a sale, would be foreclosed on because of a technicality. But things are looking up. As Laurie Maggiano notes, policy director in the Treasury’s Office of Homeownership Preservation, the program has been modified to allow more borrowers to participate. So there is help out there for short sales, but finding it can sometimes require a savvy real estate agent. If you’re smart, you can gracefully exit your home with minimal loss.

Kathryn Bovard is experienced with the often lengthy and sometimes 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.

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Jan
11

Las Vegas Short Sale Time Frame

Posted by: Kathryn Bovard | Comments (1)

One of the most often asked question that I get asked from Las Vegas homeowners who are thinking of short selling their home is “How long does it take?”

There are many variables such as condition of the home, pricing and location but once the seller has accepted an offer and that offer has been submitted to the bank for approval, the short sale time frame really depends on two things for the banks response time. Is it a delegated or non-delegated loan?

What this means is if it is a delegated file/loan the the bank has the ability to make a decision on the investor’s behalf without sending the investor a complete package for review. If it is a non-delegated file/loan then the bank cannot make the decision without a complete document review by the investor. The investor makes the decision in a non-delegated arrangement.

So basically the time frame for a short sale usually falls within the following:

INITIAL REVIEW AND SUBMISSION:

Delegated loans:                                                      5 weeks

Non-delegated loans                                            12 weeks

Valuation stage                                                       1-3 weeks

Held stage or negotiations                                   4 weeks

AFTER FILE HAS BEEN REVIEWED

Approval for delegated                                          2 weeks

Approval for Non-delegated                                4 weeks

Your Realtor or short sale negotiator will be able to determine from the bank asset manager what type of loan you have once a file has been opened.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   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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If you are a Las Vegas homeowner who is currently attempting a loan modification or have been denied a permanent modification or are unable to continue making the trial payments, you still have options to avoid a foreclosure.  One of those options to consider is a Las Vegas short sale.  The good news?….. you have already gathered and submitted the required documentation to the lender that they also require to approve a Las Vegas short sale.

The Making Home Affordable Program is the government’s initiative to reach out and help homeowners facing foreclosure.  The program has met with much criticism in the press, the real estate industry and from frustrated homeowners alike.  Let’s take a look at the real numbers for HAMP loan mods for October 2010.   Source: Download Oct 2010 MHA Public Final

  • Eligible borrowers identified for the program = 1,467,243
  • Trial Plans have been extended to 1,553,925 borrowers.  Of that total, 1,395,543 borrowers started loan modification trials.
  • More than half (719,487) of the trial plans started have been canceled.
  • Borrowers who are still in trial loan mods =  156,408
  • Trial mods transitioning to permanent status have been averaging about 37,000 for the past six months, but during the month of October, only 23,750 permanent modifications were granted.
  • There have been 519,648 permanent modifications to this point. These are people who otherwise would have lost their homes.
  • Of those permanent modifications, 36,306 have been canceled for a total of 483,342 Active permanent modifications
  • The Treasury says of active trial modifications, 69,000 have lasted at least six months, down from more than 266,000 at the beginning of the second quarter of 2010.
  • Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the HAMP as of September, up 27% from the previous month.
  • The top eight servicers – including BofA, Wells Fargo, Chase, CitiMortgage, GMAC – have canceled 551,821 trials either due to a redefault, lack of documentation, or the borrower was deemed ineligible. Those same servicers have declined 842,436 homeowners from entering a trial.
  • Of the canceled trials in that time, 47,001 have been liquidated through a short sale or the homeowner gave up the deed-in-lieu of foreclosure. Of the mortgages that were denied from a trial, 44,826 went into short sale or deed-in-lieu for a total of 91,827.

Kathryn Bovard is experienced with the often lengthy and sometimes 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.

Categories : HAFA/HAMP
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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.

Here’s a follow-up to our post from 9-5-2010: HAMP July Scorecard…Are Loan Modifications Really Working?

This article from REO Insider references the loan modifications completed through proprietary programs offered by the various servicers.

There were 120,351 permanent mortgage modifications done through proprietary programs in July, more than triple the 36,695 completed through the Home Affordable Modification Program (HAMP) in the same month.

Servicers completed 1.13 million modifications through both private programs and HAMP so far in 2010, according to Hope Now, a private sector alliance of those servicers, investors, mortgage insurers and nonprofit counselors.

According to Hope Now, if a homeowner does not qualify for HAMP, he or she is considered for eligibility in the proprietary programs.

Foreclosures starts did almost double the modifications in July. Hope Now reported 226,664 foreclosure starts for the month, a 22% increase from June. Foreclosure sales reached 97,951 in July as well, a 12% growth from the previous month.

But Lender Processing Services (LPS) reported last week that 900,000 loans that were current at the beginning of the year are now either 60-plus days delinquent or in foreclosure.

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, Broker-Manager
Prudential Americana Group, REALTORS
7475 West Sahara Ave. Suite 100
Las Vegas, NV 89117
Cell: 702 348-7191

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