Las Vegas Homeowners --- Who Really Owns your Loan?

Thursday, November 24th, 2011 at 7:39pm. 277 Views, 0 Comments.

Who Really Owns Your Home Loan?

I was recently reminded of just how confusing this was when a client of mine who works for a big bank asked what I meant when I updated him to let him know that the final Short Sale Aproval was submitted for a "final" approval by the investor that actually owns the loan.

This whole time he thought it was up to "Big Bank" to approve the short sale... So it threw him off a little when I had to explain that "Big Bank" was just a loan servicer and the entity that actually owned the loan was Fannie Mae.

He's been sending his payments into "Big Bank" but this whole time... that big bank was just "servicing" the loan.

Think of it like you are renting a home managed by a Professional Property Management company. You make the rent…

New Nevada Law Puts Brakes on Foreclosure Notices Filed in Las Vegas

Thursday, November 17th, 2011 at 10:43am. 328 Views, 2 Comments.

Effects of Assembly Bill 284 Now Evident

Well... it's been over a month since AB 284 went into effect and the numbers are out. Check out the updated chart showing the big drop in Notices of Defaults filed in Las Vegas for October of 2011. 

What is AB 284?

The simplest article I've read explaining it can be found here.

Besides the basic new requirements, take note of the following statement:

"Failure to comply is subject to a civil penalty, and the penalty to make false representations concerning property title was increased from a gross misdemeanor to a category C felony."

That should certainly make Robo Signers think twice such as the ones that were recently indicted in Nevada for 606 counts of Robo Signing.

What does it mean for the big picture for Las Vegas…

Las Vegas Short Sales Report for September, 2011

Tuesday, October 11th, 2011 at 5:19pm. 432 Views, 1 Comments.

Las Vegas Short Sales Closed

Las Vegas Short Sales Closing Escrow in the month of September on the Las Vegas MLS for areas 101 through 606 which includes North Las Vegas, Las Vegas and Henderson were reported at 1,005 closings.

Broken Down by Category:

HAFA Short Sale Guidelines Being Modified

Friday, January 7th, 2011 at 10:28am. 1402 Views, 2 Comments.

Help for Las Vegas Short Sale Sellers

HAFA Short Sales... A somewhat complicated short sale program created by the Treasury Department with the help of the National Association of REALTORS® with good intentions that started April 1st of 2010. Loads of paperwork but if you do get a HAFA Approved short sale, the good news is that it's ready to go. For buyers, this means you don't have to wait six months to find out that the seller's lender is going to deny the short sale and send the property to foreclosure. 

For Example -- My Listing Here is a HAFA Approved Short Sale.  The bank has told me what they will accept as a minimum. All I need is a buyer and we can have it closed in 45 days. Actually... it's probably better then buying a Las Vegas REO home because…

Las Vegas Short Sales Report 12/19/10

Sunday, December 19th, 2010 at 6:06pm. 1176 Views, 1 Comments.

Las Vegas Homes for Sale Inventory Increases

For 12/19/2010 - Inventory of Las Vegas area homes for sale in areas 101 through 606 on the Las Vegas MLS which includes Las Vegas, Henderson and North Las Vegas is now at 16,118. This number includes Single Family Homes, Condominiums, Townhomes, Manufactured Homes and Las Vegas High Rise Condominiums.

Las Vegas Short Sales for Sale

There are currently 7,951 Las Vegas area short sales available for sale or 49% of all the Las Vegas homes currently for sale are listed as Short Sales.

In Escrow

A total of 12,130 properties on the Las Vegas MLS are listed in Contingent or Pending Status. Of these 12,130 properties, 8,046 of them are classified as Short Sales or 66% of the properties in escrow.

Short Sales that closed…

Bank of America Short Sale Approved for an Investment Property with future Deficiency Rights Waived!

Wednesday, November 24th, 2010 at 5:21pm. 963 Views, 0 Comments.

Las Vegas Short Sale Approved

I can't tell you how many times I've heard from sellers that they were told that Bank of America would not approve a short sale on an investment property AND waive their future deficiency judgement rights.

In Nevada, Lenders have the right to pursue a deficiency judgement for up to six years after a short sale closes unless they waive these rights and put it in writing.

Honestly, on my latest short sale with Bank of America that was just approved for an Investment Property WITH the future deficiency rights waived, it was not easy but it was accomplished proving that it is doable.

So... if you have an investment property in Las Vegas where Bank of America is the lender / servicer and somebody tells you that getting a short sale…

Summerlin Short Sales Report

Tuesday, November 23rd, 2010 at 12:22pm. 563 Views, 0 Comments.

Summerlin Short Sales Report

As of 11/23/2010, there are a total of 373 short sales currently available for sale in Summerlin on the Las Vegas Multiple Listing Service (MLS) and 461 Summerlin short sales currently in Contingent or Pending status.

A Further Breakdown of Summerlin Short Sales by zip code:

Paul Francis, CRS
Prudential Americana Group, REALTORS
Summerlin Short Sales
702.592.3058

Nevada Short Sale Strategy

Tuesday, August 10th, 2010 at 2:31am. 1413 Views, 0 Comments.

A Nevada Short Sale Strategy worth Trying

Over the years of doing Las Vegas short sales, I've come across quite a bit of strategies through multiple educational classes, real estate short sale forums, networking with other True Short Sale agents and sitting down with my client's Attorneys. Honestly, I pretty much read at least one case about short sales a day to stay on top of all the changes that are constantly going on. Some of the strategies are completely ridiculous and a waste of time... more often then not strategies that would never fly with Nevada laws or just downright Mortgage Fraud, while some have been worth trying. But nothing really consistent that Any Nevada Home seller upside down on their mortgage can use with any lender.

I've pretty much…

Las Vegas Homeowners Who Strategically Default About to See Stiff Penalties

Wednesday, July 28th, 2010 at 7:12am. 992 Views, 0 Comments.

Las Vegas Home Owners who Strategically Default about to see Stiff Penalties

Fannie Mae, the largest Guarantor of Home Loans in the Country, recently announced some new changes for homeowners eligibility to receive a home loan beginning on 10/01/2010 that you can read here:

Fannie Mae Increases Penalties for Homeowners who Walk Away

Time Frame of Short Sales by Major Loan Servicers ranked by Deutsche Bank

Saturday, July 10th, 2010 at 5:40am. 1690 Views, 1 Comments.

Major Loan Servicers Ranked in Time to Complete Short Sale Process

So you started up that short sale process with Bank of America and received their welcome letter with a brief overview of the process: (Taken from an Actual Bank of America Short Sale Welcome Letter)

Six months later and reality hits just like the Las Vegas homeowners interviewed by Channel 13 on Las Vegas Homeowners Frustrated with Short Sales.

Somewhere along the way, you may have gotten the impression that a short sale was going to be short... It could have been from a PR campaign or some overzealous promises made by somebody inexperienced with the process.

Regardless... the good news is that someone Finally did a study on…