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Archive for Loan Modifications

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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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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Overall, Nevada has done a pretty good job of cracking down on all the individuals who took advantage of so many distressed property owners…as this article attests to.

Three people were indicted for allegedly operating a foreclosure rescue scam in Las Vegas during 2008 and 2009, according to the Nevada Attorney General’s Office.  The indictment alleges that Doninador Palalay a.k.a. Dominador Palalay, Marie Tejada Medina and Benjamin Aquino Moraleda III operated a foreclosure rescue scam under the business name PDM Financial Group.

Read more at www.reoi.com

It is still good advice to be aware of foreclosure scams … read our previous posts on the subject and for some helpful tips…

Be Aware of Nevada Foreclosure Scams

Loan Modification Companies Must Have NV State License

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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