84 posts categorized "REO, Short Sales, Foreclosures" Feed

Help Your Client Find the Best Alternative to Foreclosure… Next CFAC℠ Designation Course Las Vegas Short Sale Training Certified Foreclosure Alternatives Consultant℠ Trainers: Jan O'Brien, Steven Kitnick, & Attorney Robert Noggle Wed. February 23rd, 2011 | 9:00 am to 4:00 pm includes Lunch Location: Toll Brothers ~ Traccia Clubhouse ~ Summerlin 11350 Merado Peak Dr., LV, NV 89135 From 215 Beltway exit Sahara Ave. ~ just west of the 215 ~ across from the entrance to Red Rock Country Club $109 (Reg. $229 ~ Save $120) register before February 18th, after $149. Register ONLINE Now or call (702) 255-8722 Download... Read more →


FHA Extends 90 Day Anti-Flipping Waiver to Expedite REO Sales

There is some good news for the Las Vegas Real Estate market and home buyers wishing to purchase a home with FHA financing that was sold at a trustee sale and now on the market for sale (aka "flipped"). The Federal Housing Administration has extended the suspension of its ‘anti-flipping rule’ through the remainder of 2011. FHA regulations typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days, but in February of last year, FHA temporarily waived this regulation through January 31, 2011, noting that in today’s foreclosure-ravaged marketplace, the agency’s research has... Read more →


Certified Foreclosure Alternatives Consultant Trainers: Steven Kitnick, Jan O'Brien, Robert Noggle Date: Wednesday, January 26, 2011 | 9:00 am to 4:00 pm Location: iMortgage 9139 W. Russell Rd., Suite 100, Las Vegas, NV 89148 (Behind the Bank of George in the Desert Canyon Business Park – 215 & W. Russell Rd. Take Jerry Tarkanian Way to W. Oquendo Rd. Cost: $109 (Save $120) Space is Limited - Reserve your seat - Register ONLINE Now! Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the... Read more →


Since the Treasury launched HAMP (Home Affordable Modification Program) in March 2009, the participating servicers have started approximately 1.4 million trial modifications with 519,648 of them converted into permanent status. A borrower is supposed to move out of a trial when it he or she has made three monthly payments under the new terms and has submitted all documentation. Source: Download Oct 2010 MHA Public Final 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. The Treasury says of active trial... Read more →


In my blog post dated January 26, 2010, Negative Equity and Strategic Defualts - Will We Ever See Principal Reduction Loan Mods? - I addressed the fact that the primary reason for stratgeic defaults on mortgages is negative equity. Numerous studies, white papers and articles have and continue to address this major concern for a continued distressed property market in the US and in particular in Las Vegas, Nevada. Here are some recent stats on Negative Equity: Core Logic - Negative Equity Report 2nd Quarter 2010 National negative equity rates declined for the second consecutive quarter. According to CoreLogic, 11... Read more →


Deficiency Judgments in Nevada...Foreclosures vs. Short Sales

In Las Vegas, Nevada short sales, the biggest concern and issue for the short sale seller (not to mention the real estate professional and other parties to the transaction) is whether or not the lender/bank will agree to not pursue a deficiency judgment as a part of the short sale approval. Read more →


Image via Wikipedia Let's do a quick recap of recent news regarding foreclosures, banks and more. This recent article from DS News - Bank of America Halts Foreclosures Nationwide sums it up nicely. On September 20th, GMAC Mortgage was the first to halt foreclosures in 23 judicial states due to what it called an “internal procedural error.” JPMorgan Chase followed suit on September 30th. PNC Financial reportedly notified its industry partners that it is suspending foreclosures for 30 days in the judicial states while it reviews servicing procedures. Consumer advocacy groups, state attorneys general, and federal lawmakers are all calling... Read more →


Ask The Attorneys - FREE Event October 13th

ASK THE ATTORNEYS! Free to first 50 registrants! Time: October 13, 2010 from 9am to 12:30pm Location: iMortgage 9139 W. Russell Rd., #100, Las Vegas, NV 89148 (Johnson, Jacobson, Wilcox Bldg.) 215 & W. Russell Rd. take Jerry Tarkanian Way to W. Oquendo Rd. into the Desert Canyon Business Park Organized By: Steven Kitnick Seminars, LLC BRING YOUR CLIENTS! Event Description: Join Attorney Mickey Bohn and Attorney Robert Noggle in a discussion on the Nevada Foreclosure Mediation Program. Mickey is a mediator and Robert represents clients in Mediation. Get a bird's eye view! They will also entertain general questions about... Read more →


Short Sale Best Practices...Protecting Homeowner's Rights and Your License

Unethical and/or illegal real estate practices will definitely catch up to those who engage in such behaviors. The Washington State Department of Licensing recently suspended the licenses of brokers engaging in unethical/illegal practices regarding short sales. Read the full blog post - here is an excerpt: Investigators found evidence of ongoing patterns and practices that financially harmed consumers. These practices included: misrepresenting to sellers that the home would be purchased by the broker if it didn’t sell within 30 days telling homeowners to stop making mortgage payments so they could do a short sale listing homes at prices not authorized... Read more →


Attention Las Vegas, Nevada Real Estate Agents: Are you advising your eligible clients to Elect to Mediate and use the Nevada Foreclosure Mediation Program? If not, why? What if mediation is in the best interest of your client? Did you know that electing to mediate can postpone a trustee sale? Did you know that short sale approval is one of the possible outcomes? Come and hear Attorney Robert Noggle discuss how the Nevada FMP can assist your client obtain short sale or loan modification approval. Robert will also entertain general questions about tax issues, foreclosures, and asset protection. Also scheduled... Read more →


Guest Blogger: Steven Kitnick, CFAC, CNE, CSP, GRI, RRG Steve is a Nevada Real Estate Broker-Salesman, California Real Estate Broker, & Managing Director of Steven Kitnick Seminars, LLC – a real estate continuing education provider. Here's a common question from homeowners - especially those dealing with a distressed property... “How soon will I be able to get a home loan if I file for bankruptcy, let my house go to foreclosure, execute a deed-in-lieu of foreclosure, or agree to a short sale? The following may assist you in understanding general guidelines used by many underwriting departments: Conventional Loans Bankruptcy Chapter... Read more →


Fannie/Freddie (GSE) Announce HAFA Guidelines.... finally!

On June 1, 2010 both Government Sponsored Enterprises (GSEs) announced their guidelines for HAFA (Home Affordable Foreclosure Alternatives). 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. Both programs are almost identical to the Treasury's HAFA program that was effective April 5, 2010 for non-GSE mortgages. Which makes one wonder..... why the big delay? The borrower must first be evaluated and denied for a Making Home Affordable Program (HAMP) workout plan. The GSE HAFA programs take effect Aug.... Read more →


Certified Foreclosure Alternatives Consultant℠ CE..5094000-RE 7 Hrs. General This course is approved by the Nevada Real Estate Commission Friday, June 18th 9am-4:30am ~ Lunch included! iMortgage 9139 W. Russell Rd., #100, LV, NV 89148 (Behind Bank of George in the Desert Canyon Business Park ~ 215 and W. Russell Rd; take Jerry Tarkanian Way to W. Oquendo Rd.) Once you complete the Certified Foreclosure Alternatives Consultant℠ Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process. A CFAC℠ encourages clients to partner up with other trusted advisors such as... Read more →


Steve Kitnick and I launched our new distressed properties designation course on Thursday, May 21, 2010 and received excellent feedback and reviews of the new training course that. It is entitled Certified Foreclosure Alternatives Consultant and focuses on the real estate agent as a trusted advisor who understands how to navigate the distressed property process to include short sales. Over the 15 months, Steve and I have certified over 600 professionals through the CSP course. We saw the need to present a more comprehensive certification course that trains the real estate professional on a advanced communication and negotiation techniques, understanding... Read more →


HAFA Revisions March 26 - Incentives & Real Estate Commission Enhancements

On March 26, 2010 (a week before the April 5th launch of the HAFA program) the Treasury Department issued revised HAFA short sale guidelines... Read the press release and download the Consumer FAQs, HAMP Improvement Fact sheet Another link to bookmark for Latest News / Press Releases for HAMP/HAFA: https://www.hmpadmin.com/portal/news/press.html Here are the highlights to the revision that impact the HAFA Program: Enhancements to the Incentives portion of HAFA: Double relocation assistance payment for borrowers successfully completing foreclosure alternative to $3,000 Increase payoffs to subordinate lien holders who agree to release borrowers from debt to facilitate greater use of foreclosure... Read more →


Video Blog Launch - HAFA Updates from Jan OBrien - Real Estate Coach

I'm happy to announce that I have entered the world of Video Blogging as of today. Look for more how to videos from me on everything from real estate business systems, agent team building, blogging, social media marketing and online reputation management. Today's video covers two important websites to bookmark regarding the HAMP/HAFA Programs. Read more →