6 Loan Modifications Facts for Las Vegas Residents

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 …

Banks Are Not Playing Fair During Home Loan Modification

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 …

Banks Are Not Playing Fair During Home Loan Modification

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 …

HAMP Calculator Helps Determine Modification Eligibility

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 …

Las Vegas Homeowners Have Options for Underwater Mortgages

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. …

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

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 …