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Catherine Cortez Masto, the attorney general of Nevada filed a lawsuit against  Bank of America accusing it of engaging in “widespread fraud” by misleading customers with “false promises“.  “Bank of America’s callous disregard for providing timely, correct information to people in ther time of need is truly egregious” stated Ms. Masto.

Former employees said that Bank of America’s modification staff was “chaotic, understaffed and not oriented to customers”, according to a news release. One former employee said, “The main pupose of the training is to teach us how to get customers off the phone in less than 10 minutes”. Another employee said, “When checking on a borrower’s status, I often found that the modification request had not been dealt with or was so old that the request had become inactive. Yet, I was instructed to inform borrowers that they were  ”active and in status”. One time I complained to a supervisor that I felt I was always lying to borrowers”

Will this debacle with their loan modifications allow more short sale approvals from Bank of America-one can only surmise that the continued build up of customers who cannot make their payments will only bring more pressure on a already overtaxed system.

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.

I recently met with a client who owns a home in Las Vegas and they asked me if they should short sell their home or just go ahead and let the bank foreclose. The husband had just recently lost his job and they could not afford to pay their monthly bills on top of the mortgage payment.

Deciding on doing a short sale or just throwing up your hands and letting the  bank foreclose should be  based on you deciding on what is in your best interest.

A few of the advantages of a short sale are:

1. Shorter time frame usually 2 to 6 months to close that allows you to get on with your life.

2. You are in control in determining who the buyer is and what the sale price will be.

3. Avoiding the stigma of “foreclosure”.

4. Usually less negative credit impact than a foreclosure.

An experienced short sell real estate agent can fully explain each step of the process and familiarize you with all of the required forms before you make your decision. At the end of your first meeting, you should know exactly what are the advantages and disadvantages of a short sale vs a foreclosure. In the Las Vegas short sale market, we are seeing more accepted short sale from banks than ever before and a greatly reduced time frame, anywhere from 30 to 4 months.  

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.

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.

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