Archive for the ‘las vegas loan modification’ Category

6 Loan Modifications Facts for Las Vegas Residents

Saturday, October 1st, 2011

Las Vegas was hit badly by the housing bubble, and now many homeowners are facing mortgage debt that’s greater than the value of their homes. People in these situations have several options, such as continuing to pay the loan, refinancing, or short selling the house or offering the lender the deed in lieu of foreclosure. One other option is getting a Las Vegas loan modification. Here are a few important facts about them.

  1. Aside from the handful of large banks that have been offering “option ARM” mortgagors significant principal modifications, according to the New York Times [http://www.nytimes.com/2011/07/03/business/03loans.html?_r=4&ref=mortgages], the vast majority of modifications apply only to the interest payments on the mortgages. Only about three percent of mortgage modifications involve principal reducations.
  2. Creditors will often extend the life of the mortgage, whether to make up for the reduced interest or the lost payments.
  3. The government’s Home Affordable Mortgage Program (HAMP) helps borrowers obtain mortgage modifications with their lenders. Data on the program suggest that the median reduction in monthly payments was 40 percent, which amounts to $520 each month.
  4. Even those who are ineligible for HAMP, for whatever reason, can still ask for a modification from their banks, which are often willing to cooperate.
  5. Any company that offers to help you with a mortgage modification and requires a fee in advanced is breaking the law. Modification scams do exist.
  6. Most importantly, the median HAMP modification still resulted in a mortgage worth 118% of the home, which means it only reduces the negative equity but doesn’t eliminate it. Until the equity turns positive, a single disaster such as a job loss can wipe out the benefits of the modification. Sadly, many modified loans fail.

Las Vegas mortgage modifications may be beneficial to homeowners. We encourage people in these circumstances to look at all their options but to consider the benefits of bankruptcy, especially because the automatic stay that goes into effect upon filing halts any foreclosure action against your home.

For more questions about bankruptcy in Las Vegas, please feel free to contact an experienced Haines & Krieger Las Vegas bankruptcy attorney for a free initial consultation.

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Banks Are Not Playing Fair During Home Loan Modification

Tuesday, July 5th, 2011

National banks that took federal bail-out money also agreed to participate in government home modification programs.  These banks have created in-house loan negotiators to assist in home-loan modifications, which may reduce loan principle or interest to adjust the loan to an affordable rate. Many American homeowners have applied for these programs, but few have been approved. In many cases the empty promise of home loan modification leaves the homeowner in a worse position than when he started.

It has become clear that these banks are simply not playing fair. Several lawsuits have been filed against national banks alleging fraud. A federal lawsuit was recently filed by the State of Nevada Attorney General against Bank of America, the nation’s largest home loan servicer, alleging deceptive practices. Additionally, a class-action lawsuit against Bank of America is pending in Massachusetts federal court.  These suits claim that Bank of America deceived consumers into depleting their savings by making mortgage payments based on false hopes they’d be eligible to modify their home mortgages. The lawsuits allege that BOA accepted $25 billion from the U.S. government in 2008 as part of the Troubled Asset Relief Program (TARP), but has failed to participate in programs such as the Home Affordable Modification Program (HAMP) aimed to minimize foreclosures.

If you are in need of a Las Vegas home loan modification, review your options with an experienced Las Vegas bankruptcy attorney by calling 702-880-5554 or by visiting our Las Vegas bankruptcy appointment scheduler . Many bankruptcy debtors are able to strip away a second or third mortgage, or pay past-due payment over three to five years. Bankruptcy debtors can also apply for government programs such as HAMP during the bankruptcy case, while under the protection and supervision of a federal bankruptcy court judge.

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Posted in bankruptcy in las vegas, bankruptcy in nevada, haines and krieger, las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas home foreclosures, las vegas home loan modification, las vegas loan modification | No Comments »

Banks Are Not Playing Fair During Home Loan Modification

Friday, July 1st, 2011

National banks that took federal bail-out money also agreed to participate in government home modification programs.  These banks have created in-house loan negotiators to assist in home-loan modifications, which may reduce loan principle or interest to adjust the loan to an affordable rate. Many American homeowners have applied for these programs, but few have been approved. In many cases the empty promise of home loan modification leaves the homeowner in a worse position than when he started.

It has become clear that these banks are simply not playing fair. Several lawsuits have been filed against national banks alleging fraud. A federal lawsuit was recently filed by the State of Nevada Attorney General against Bank of America, the nation’s largest home loan servicer, alleging deceptive practices. Additionally, a class-action lawsuit against Bank of America is pending in Massachusetts federal court.  These suits claim that Bank of America deceived consumers into depleting their savings by making mortgage payments based on false hopes they’d be eligible to modify their home mortgages. The lawsuits allege that BOA accepted $25 billion from the U.S. government in 2008 as part of the Troubled Asset Relief Program (TARP), but has failed to participate in programs such as the Home Affordable Modification Program (HAMP) aimed to minimize foreclosures.

If you are in need of a home modification, review your options with an experienced Las Vegas bankruptcy attorney at Haines and Krieger. Call us at 702-880-5554 to set up your free consultation. Many bankruptcy debtors are able to strip away a second or third mortgage, or pay past-due payment over three to five years. Bankruptcy debtors can also apply for government programs such as HAMP during the bankruptcy case, while under the protection and supervision of a federal bankruptcy court judge.

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HAMP Calculator Helps Determine Modification Eligibility

Wednesday, May 25th, 2011

The U.S. Treasury Department has developed an online calculator to assist homeowners in determining eligibility for assistance under the federal Home Affordable Modification Program. HAMP is a federally funded program that defines the process for borrowers who are in default, at risk of imminent default, or in foreclosure to modify their home mortgage to a more affordable monthly payment targeted at 31 percent of their monthly gross income.  The HAMP calculator, found at CheckMyNPV.com, is designed to calculate the net present value (NPV) of their mortgage, and can be used by homeowners prior to applying for a HAMP modification with their lender. The NPV is a formula used to determine your eligibility for a loan modification under the HAMP Program. The Treasury Department cautions that the calculator “provides only an estimate of a servicer’s NPV evaluation and is intended for use only as a guide.”

Unveiling the calculator at CheckMyNPV.com is the latest move to streamline the HAMP process. It comes on the heels of an announcement by the Treasury Department to require that servicers designate a single point-of-contact through the entire default resolution process.

If you are behind on your mortgage payments, or can’t afford your current mortgage payment, you have options! In addition to the federal bankruptcy laws, HAMP is one of several government programs that are available to homeowners in distress. In some cases, bankruptcy can provide time for the homeowner to negotiate lower payments with the lender, repay mortgage arrears, or even strip away a second or third mortgage loan.

The housing bubble has burst, but that doesn’t mean the fallout must rain down all over you and your family. Protect your home by taking advantage of the legal processes in place to refinance, modify, or discharge your home debt. Speak with an experienced Haines & Krieger Las Vegas bankruptcy attorney and discuss your legal options by calling us at 702-880-5554.

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Las Vegas Homeowners Have Options for Underwater Mortgages

Wednesday, March 16th, 2011

If you are a Las Vegas homeowner who owes more money on your mortgage than your home is worth, there are a several options for saving your home. One of the latest is an $11 billion program through the Federal Housing Administration called “Short Refi.” Under this program a non-FHA borrower may be able to obtain a new FHA-insured mortgage.

To qualify for the Short Refi program, the homeowner must be current on the monthly mortgage payments. The new primary FHA-backed loan cannot exceed 97.75 percent of the value of the property; and the second mortgage cannot exceed 15 percent of the property value. Additionally, the lender must agree to write off at least 10 percent of the loan’s principal balance.

Fannie Mae and Freddie Mac loans do not qualify for the Short Refi program. The New York Times reports that 23 lenders have signed on to the Short Refi program and are offering refinancings. Notable non-participants are Bank of America, Citibank, and JP Morgan Chase.

There are several programs available to save an underwater mortgage, so the homeowner is not stuck with a “one-size-fits-all” refinancing dilemma. One federal refinance program that has seen some recent success is the Home Affordable Refinance Program (HAMP). Refinancing a mortgage under HAMP during bankruptcy is specifically authorized and can save the homeowner significant money when combined with a bankruptcy discharge. Additionally, debtors in Chapter 13 bankruptcy may be able to strip off a second or third mortgage if the loan is entirely unsecured. For instance, if the value of the home is $200,000, and the first mortgage is $200,000 or more, then any additional mortgage or lien on the property would be entirely unsecured and could be stripped off during Chapter 13 bankruptcy.

If your home is underwater and you are struggling with debt, speak with an experience Haines & Krieger bankruptcy attorney and discuss your options. Call us at 702-880-5554 to set up your free consultation. In many cases you can discharge your unsecured debt through bankruptcy and refinance or modify your underwater home loan to new, affordable terms. Get the facts about rescuing your underwater mortgage today.

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Las Vegas Loan Modification: The right steps and the wrong result?

Tuesday, September 14th, 2010

Does the following situation sound familiar?

You pursued a mortgage modification on your own and did all the right steps:

1.  You contacted your mortgage lender when you knew you might not be able to make your mortgage payment.

2.  You provided all the information and documents requested by your mortgage lender in pursuing a mortgage modification.

3.  You’ve made payments in the amount requested by your mortgage lender.

Yet for some reason the mortgage lender’s collection agency is still coming after you as if the collection department and the mortgage modification department were not part of the same company.  Or even worse, the collection department has passed your account on to an outside law firm, which in turn is pursuing a foreclosure action against you.

Clearly the mortgage lender is in the wrong.  But you’re facing foreclosure and need to do something.  What can you do to avoid getting steamrolled by this seemingly faceless entity and its broken process?

1.  Try calling the Homeownership Preservation Foundation at (888) 995-HOPE (which is the Homeowner’s HOPE Hotline). HPF has trained professionals who can answer questions over the phone and it’s free.

2.  Set up a free consultation with an experienced Las Vegas loan modification attorney.  Haines & Krieger attorneys know how the loan modification system works and are intimately familiar with the mortgage lenders and how they operate.  If you’re having trouble working through the mortgage modification process on your own, let us help you, call us at 702-880-5554 today.

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