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Archive for Loan Modifications

Are you a divorced homeowner who is considering removing your former spouse’s name from the mortgage? A recent article in The New York Times offers some good advice for those recently divorced and considering refinancing. Avoiding an extra cost to the tune of 3 to 6 percent of the outstanding principal would be a good deal to anyone who has just bought out their ex’s equity stake in the home, and here is how you do it:

Simply ask your lender to remove your ex’s name, leaving the loan note in your name only. Now, not all lenders offer this service, but the ones who do generally don’t advertise it either. The saying “it never hurts to ask” definitely applies here. But before you get too excited, keep a couple of things in mind.

1. The lenders will run a credit check and expect you to meet some minium score.

2. If you owe more on the mortgage than the home is currently worth, you will be disqualified.

3. The lenders may require that any investors in the loan, after it is sold off, agree to the deal.

To sum things up, if the homeowner can prove that they can afford the payments and meet the required credit criteria, the release of liability might be granted. And remember, having a name removed can be good for both parties’ credit in that a lien can’t be placed on the home due to a former spouse’s failure to pay debt. In addition,  being delinquent on a mortgage payment will not affect the other person’s credit.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

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.

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.

Single family residential closings declined by 207 units from September sales but were down 936 units or -26.5% from October 2009. The median sales price dipped to $133,000 with available REO properties nearly reaching 3,500 units. Cash was certainly “king” in October as 46% of all closings were cash. Las Vegas short sales accounted for 29.5% of all sales in October, and REO coming in at 39.7%  The market appears to be soft, but stable as we close out the fourth quarter of 2010.

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

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