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

HAFA Complements HAMP = Short Sale Opportunities… The Treasury Posts a HAMP Report monthly at http://www.makinghomeaffordable.gov/news.html Let's Take a look at some of the stats from February 2010: Of the over 1 million HAMP modifications initiated since the programs inception - only 168,708 have been converted to permanent loan modifications. There are a myriad of reasons why... including borrowers not completing all requirements, turning in documentation, not making the trial payments, etc. This is one big reason why it is CRITICAL TO UNDERSTAND THE HAFA - Home Affordable Foreclosure Alternatives Program and to be a Certified Short Sale Professional! This... Read more →

Here are some recent articles on Short Sales, HAMP, HAFA, Strategic Defaults and the Housing Industry: Studies Show HAMP Promotes Strategic Default on Mortgages Negative Equity, Not Job Loss, Primary Driver of Defaults Future of Fannie and Freddie Debated on Capitol Hill White House Adds Help for Underwater, Unemployed to Housing Plan The Truth About HAMP - Inman News Certified Short-Sale Professional Designation Course CE.4025000-RE 8 Hrs. General MASTER THE SHORT-SALE PROCESS At the end of this course, you will be able to do the following: Know if a short sale is likely to be successful Understand what needs to... Read more →

Today the Administration announced enhancements to the Home Affordable Modification Program (HAMP) to provide additional resources for struggling homeowners. These changes will provide temporary mortgage assistance to some unemployed homeowners, encourage servicers to write-down mortgage debt as part of a HAMP modification, allow more borrowers to qualify for modification through HAMP, and help borrowers move to more affordable housing when modification is not possible. Read the full press release Unemployed borrowers meeting eligibility criteria will have an opportunity to have their mortgage payments temporarily reduced to an affordable level for a minimum of 3 months, and up to six months... Read more →

Stay Informed with These Key Mortgage, Housing & Real Estate Industry Blogs

One of the ways I stay updated on what is happening in the real estate industry and specifically with the economy and our current housing and mortgage default market is by subscribing to the resources listed below. I highly recommend signing up for the daily email alerts so you can have the news and resources come to you. I just take a few minutes a day to scan the emails with the current headlines and either read or bookmark the articles I want to save for later. Calculated Risk - http://www.calculatedriskblog.com/ DS News - http://www.dsnews.com/ Housing Wire - http://www.housingwire.com/ RISMedia... Read more →

We created the Short Sale Professional Network initially for CSP graduates only. We recently opened up the membership to anyone who is working in the short sale market and wants to participate. Read more →

In the State of Nevada, short sale negotiating falls under the category of "loan modification or foreclosure consultant" as defined in Assembly Bill 152 which modified NRS Chapter 645F. You can read AB152 here: Download AB152_LoanMod_ForeclosureConsultant In summary there are three options for negotiating short sales in Nevada: Attorneys Properly licensed companies/3rd party negotiators per the Mortgage Lending Division A licensed real estate agent as a part of a real estate transaction As excerpted from the RE Division position statement: There may be no separate or distinct payment o r compensation for performance of activities defined as loan modification, foreclosure... Read more →

Short sales and the HAFA program (Home Affordable Foreclosure Alternative) are getting attention in the media as we approach the program's start date of April 5, 2010. Las Vegas broker-manager, Kathryn Bovard was recently interviewed by the Wall Street Journal and the article was just published today. Kathryn blogs at ResidentialShortSale.com Here's an excerpt.. read the entire article: New Program to Speed 'Short' Sales. Lenders “have finally gotten on board with the fact that short sales will be a large part of the market over the next 24 to 36 months,” says Ms. Bovard. While the popularity of short sales... Read more →

Nevada leads the nation with the highest percentage of negative equity properties according to the First American Core Logic 4th Quarter 2009 Negative Equity Data Report released 2-23-10. More than 70% of mortgaged properties in Nevada are in a negative or near-negative equity position. Read more →

This is an update to that post as the GLVAR addendum to the purchase agreement regarding short sales has been revised as of 06-09. Also, I wanted to re-iterate and expand on my opinion of best practice for handling multiple offers. Read more →

Realtor Resources for Short Sales, HAFA, Alternatives to Foreclosure

UPDATED MARCH 31, 2010 Here are important downloads, resource sites and aticles concerning short sales, HAFA/HAMP, and alternatives to foreclosures. To Download this Post as a PDF: ShortSale_Foreclosure _Links Join www.ShortSaleProfessionalNetwork.com FREE Membership is open to all Real Estate Professionals HAMP/HAFA Making Home Affordable http://www.makinghomeaffordable.gov/ Home Affordable Admin Site for Servicers https://www.hmpadmin.com/portal/index.html Making Home Affordable – HAFA page with latest Program Guidelines; Borrowers Documents https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html From Realtor.org: http://www.realtor.org/government_affairs/short_sales_hafa (PDF) Download HAFA+Brochure+Text (PDF) Download Government_affairs_hafa_brochure (PDF) Download Government_affairs_hafa_faqs_121109 Resources for Short Sales Realtor.org Short Sales: The Basics - http://www.realtor.org/realtors/basics_short_sales Realtor.org - Short Sales Tools, Tips - http://www.realtor.org/realtors/short_sales_tips_tools GLVAR Short Sale/Foreclosure Resource... Read more →

Bank of America Signs on for HAMP Second Lien Program

I was pleasantly surprised last Friday when I was reviewing the Making Home Affordable website for our Certified Short Sale Professional designation training. I noticed that Bank of America and Countrywide are now on the list of servicers who have have formalized their commitment to the program through a signed contract. Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure: Complete the quick online form on the eligibility page of Making Home Affordable http://www.makinghomeaffordable.gov/eligibility.html Determine if your lender is participating in HAMP by either looking them up on this page: http://www.makinghomeaffordable.gov/contact_servicer.html AND calling your lender... Read more →

Have you noticed a lot of recent press criticizing the HAMP program as short-sighted and delaying the inevitable onslaught of more foreclosures? The underlying theme is pointing to "negative equity" as a primary factor for homeowners "strategically defaulting" - ultimately deciding to let their home go to foreclosure or short sale. Read more →

According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009. GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices. GLVAR reports that the average single family home sold in the area in December 2008 was $204,000 in December 2008. By December of 2009, that number had fallen to $165,000. Read more →

The following is a re-posting of the recent article from Realtor.org on the newly released guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA) with added commentary from me :) On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA.... Read more →

Real Estate Professionals... are you staying informed and updated on the developments and guidelines regarding all alternatives to foreclosures in order to assist homeowners? Be the conduit of information. Provide options and possible solutions as well as recommendations to other experts and professionals to help each individual make their best decision. Read more →

Become a Certified Short-Sale Professional (CSP) AND receive 8 hrs of Continuing Education credits. Last course for 2009: Friday, December 18th - 9:00am-5:30pm ~ Doors Open 8:30 Realty Executives 1903 S. Jones Blvd., #100, LV, NV 89146 (N of Sahara Ave.) MAP REGISTER NOW for the December 18th Course - Tuition $299 Here is a preview of one of the many topics covered in this full day certification course. This post compares short sales and foreclosures in the areas of tax consequences, credit impact, and deficiency judgments. What is a Short Sale? A Short Sale is when the home sold... Read more →

Answers to Common Short Sale Questions - Real Estate Trends 2010 in Las Vegas

Darren Welsh, General Counsel for Prudential Americana Group, REALTORS will be one of the panelists at the upcoming REAL ESTATE TRENDS 2010 & Short Sale Market Update. This all-day, special event is packed with updates and answers regarding the current short sale market. We also have Stefan Swanepoel delivering two powerful keynote addresses. Read more →

I was in New York City, when this "sensationalized, let's write about the seedier side of life and Las Vegas because that's what sells"... cover story in TIME MAGAZINE hit the news stands. I read it and have been meaning to comment on it and set the record straight. If you missed the article - here is a link to it on Time's website : Less Vegas: The Casino Town Bets on a Comeback Today, I read Paul Francis's blog and brilliant review of the story - so I highly recommend checking it out! Las Vegas Real Estate Agent Creates... Read more →

CSP Designation Courses for August - Las Vegas

MASTER THE SHORT-SALE PROCESS The housing market has changed. Gone are the days when anyone could get financing for a home. People who may have over extended themselves now need help. This creates a tremendous opportunity and responsibility for real estate agents who understand the ins and outs of the short sale process. The biggest problem with short sales transactions is knowing if a deal will be successful. This course is unique because we show you how to pre-screen and select which short sales will be successful before investing a ton of effort. Plus, this course teaches you how to... Read more →

Certified Short-Sale Designation Course - July Schedule - Las Vegas, NV

Certified Short-Sale Professional Designation Course CE.4025000-RE 8 Hrs. General Tuesday, July 14th - 9:00am-5:30pm ~ Doors Open 8:15am Realty Executives 1903 S. Jones Blvd., #100, LV, NV 89146 (N of Sahara Ave.) Enroll in the July 14th Course Friday, July 17th – 9:00am-5:30pm ~ Doors Open 8:15am Prudential Americana Group, REALTORS, 2140 E. Pebble Rd., #160, LV, NV 89123 (off Eastern) Enroll in the July 17th Course Enroll in the CSP designation course for $299 at http://www.NevadaCE.com Join the WBNL Coaching Wanderers Club - The online, virtual coaching and training platform for Real Estate and Business Professionals. Your basic, FREE... Read more →