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Archive for HAFA/HAMP

The Federal Housing Finance Agency (FHFA) just released its’ Second Quarter 2010 Foreclosure Prevention & Refinance Report.

This FHFA_Q2_Report contains data on foreclosure prevention activity, refinance and the Making Home Affordable (MHA) program activity of the GSEs (Government Sponsored Enterprises) – better know as Fannie Mae and Freddie Mac – through June 2010.  FHFA,  which regulates Fannie and Freddie, stated that the GSEs are continuing to utilize these foreclosure alternatives “to reduce foreclosure-related costs and to minimize the impact of foreclosures on borrowers, communities, and neighborhoods.”

Here are some specifics about Short Sales and Deed in Lieu of foreclosure activities for Fannie Mae and Freddie Mac:

  • Approximately  31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu during the second quarter of this year.
  • The figure represents a 27 percent increase over the 24,000 short sale and deed-in-lieu transactions completed by the GSEs during the previous three-month period.
  • Fannie and Freddie servicers completed 29,000 short sales last quarter. During the same period last year, the GSEs’ short sale tally was just 11,700. Two years ago, it was 3,000.

Fannie and Freddie Mortgage Performance:

  • Loans that are only one month delinquent increased by 55,300 loans or 9.1 percent during the second quarter to approximately 664,300.
  • Loans 60-plus-days delinquent declined for the second consecutive quarter. The 60-plus-days delinquent loans decreased by more than 122,100 loans, or 7.0 percent during the second quarter to approximately 1.6 million.

The GSEs’ Foreclosures:

  • Foreclosure starts increased 12 percent to nearly 275,100, while completed foreclosure sales and third-party sales increased 15 percent to nearly 112,400 in the second quarter.

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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If you are a Las Vegas Homeowner facing a foreclosure or in danger of defaulting on your home loan(s), it is critical to understand all of your options to avoid foreclosure.

Take advantage of our FREE REPORT: “10 Alternatives to Foreclosure – Know Your Options” and download it today.  Just complete the form in the sidebar and you will receive the report via email.

One of those 10 Alternatives to Foreclosure is a Loan Modification.  Contacting your lender is the first step.  Many lenders (loan servicers) are participating in HAMP (Home Affordable Modification Program)  or have their own loan modification guidelines and procedures.

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.

Contact us today for a free Las Vegas Short Sale Consultation to discover if a short sale is the best course of action for you.

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 through July 2010.   Download the full report: July-2010-HAMP-Report

  • Eligible borrowers identified for the program = 1,456,363
  • Trial Plans have been extended to 1,553,925 borrowers.  Of that total, 1,307,489 borrowers started loan modification trials.
  • Of those who started the trial loan modifications, 616,839 could not complete the three-month trial period and will likely lose their homes.
  • Borrowers who are still in trial loan mods =  255,934.  This is down from 364,077 last month. There is still a large number of borrowers in limbo since only 165 thousand trials were started over the last 5 months.
  • There have been 421,804 permanent modifications to this point. These are people who otherwise would have lost their homes.

Summary:
  • If you are a Las Vegas, Henderson or North Las Vegas  homeowner with a distressed property and want to try and remain in your home, then attempting a loan modification is a definite first step…. Contact your lender.  Statistically speaking and based on the results to date, roughly 32% of the trial loan modifications have been permanently modified.
  • If you fall into one of these categories… You may want to consider a streamlined short sale… Contact Us for a Foreclosure Alternatives Consultation.
    • you are currently in a trial loan modification and having difficulties making your modified payment
    • you have been disapproved for a permanent loan modification
    • you don’t qualify for a loan modification at this time
    • you don’t want  loan modification and want to sell the property

    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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Bank of America services approximately one-third of Nevada mortgage loans.

  • Are you a Las Vegas Homeowner with a Bank of America loan struggling to make your payments or facing a possible foreclosure?
  • Have you considered all of your options to foreclosure – to include a Las Vegas short sale?
  • Have you tried a loan modification and experienced frustration with the process?
  • Do you qualify for a HAFA short sale with BofA?
  • Are you familiar with the eligibility requirements and the HAFA short sale process?

Here are some options and recommendations to ensure you get the answers to these and other important questions:

1. Start your personal research and gather information.

Bank of America has opened the first of three outreach centers to serve Nevada mortgage customers who are seeking loan modifications or other foreclosure prevention assistance.

With the acquisition of Countrywide in 2008, Bank of America services about one in three mortgage loans in Nevada. The lender says its home retention efforts have resulted in completed mortgage modifications for more than 15,000 Nevada homeowners since January 2008, with another 7,500 currently in active trial modifications as part of the federal government’s Home Affordable Modification Program (HAMP).

2.  Contact us today for a free consultation to discuss your options to foreclosure.

The Serra Group is qualified and experienced with the often lengthy and stressful Las Vegas short sale process.  We will be happy to guide you to other professionals to discuss both the legal and tax ramifications when considering a short sale or any other option to include a foreclosure.  Should a Las Vegas short sale be the best option for you, we are prepared to assist and navigate you through the entire process.

Kathryn Bovard 702-348-7191

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HAFA 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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Comments (1)

This is part 5 in a 5 part series on HAFA.  HAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury effective April 5, 2010.  HAFA is designed to complement the HAMP program and is expected to streamline and standardize the short sale process for qualified homeowners.

The previous posts covered the eligibility, participating servicers/lenders, and the procedures and time-frames for HAFA for a borrower who has already started the HAMP process.

This post will answer the question Can I Request a HAFA Short Sale without first applying for HAMP (the loan modification program)?

The short Answer – Maybe Yes… with the Alternative Request for Approval of Short Sale (Alternative RASS)

Here is the scenario:

You are a homeowner who did not know about the HAMP program or possibly can not or do not want to pursue a loan modification.    The property is your primary residence and you have a hardship that can be documented and are considering a short sale as an option.  To qualify for HAFA, you will have to meet all the basic eligibility requirements outlined in this previous post.

Your next step is to contact a licensed real estate agent (we can help!) and review all of your options including the Alternative Request for Short Sale Approval through the HAFA program.  If your decision is to do the short sale, we list the property and help you negotiate an offer to purchase from a qualified borrower.

Here are the highlights of the Alternative RASS directly from the Supplemental Directive:

If the borrower has an executed sales contract and requests the servicer to approve a short sale under HAFA before an Short Sale Agreement (SSA) has been executed, then the borrower must submit the request to the servicer in the form of the Alternative Request for Approval of Short Sale (Alternative RASS), Exhibit B.  To download and review an example of the documents got to the HAMP Admin site and scroll down to Borrower Documents.

Upon receipt of the Alternative RASS, the servicer must determine the basic eligibility of the borrower as described in the HAFA Consideration section of the Supplemental Directive…..HAFAsd0909r_Mar26_2010.

If the borrower appears to be eligible and was not previously considered for a Trial Period Plan, the servicer must notify the borrower verbally or in writing of the availability of a HAMP modification and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written communication and request consideration for a HAMP modification.

In addition, the servicer must verify the borrower’s financial information through documentation and obtain a signed Hardship Affidavit from the borrower prior to approving the short sale.

If the borrower does not wish to be considered for a modification, the servicer may consider the Alternative RASS in accordance with this Supplemental Directive without first having to enter into an SSA with the borrower. If the servicer approves the short sale, then the loan will qualify for the HAFA program.

A borrower may not participate in a HAMP Trial Period Plan and agree to a HAFA SSA simultaneously.

Read the rest of the series on HAFA:

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? Contact us today to discuss your options and/or to see if you qualify for HAFA.

Call Kathryn at 702-348-7191 or Stephanie 497-7705.

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