5 Facts About the FHFA’s Streamlined Mortgage Modification Initiative

In the past, we discussed how one can obtain a mortgage after filing bankruptcy by obtaining a Federal Housing Administration mortgage guarantee. There is good news for Las Vegas homeowners who are underwater in their mortgages: Instead of filing bankruptcy and then trying to obtain a new loan, the Federal Housing Finance Agency’s (FHA’s) Streamlined Modification Initiative can help homeowners …

Report: Las Vegas Still Home to Many Underwater Mortgages

It’s no secret that the housing bubble hit Las Vegas and its surrounding cities particularly hard, leaving many of them with negative equity, situations where they owe more on their mortgages than their houses are worth. Thus, it’s important to keep track of how Las Vegas homeowners are underwater. To answer this question, a recent report from Zillow provides information on …

Mortgage Debt Relief Act Set To Expire

Prior to 2007, when a home went through foreclosure the homeowner was not only stuck with a large deficiency balance, he could owe taxes on any debt that was canceled by the lender. While the lender may “forgive” the debt, the tax man does not. To fix this problem Congress passed the Mortgage Debt Relief Act of 2007 which exempted …

6 Differences Between Judicial and Non-Judicial Foreclosure in Nevada

Foreclosure is still a hot issue in Nevada, and people who have underwater mortgages and are behind on their payments often wonder how the foreclosure system works. One point in particular that they might be concerned about is whether Nevada is a “Judicial” or a “Non-Judicial” foreclosure state. The distinction is important because many of the problems with robo-signed foreclosures …

5 Things to Know About Government Lawsuits Against Mortgage Banks

Even though housing prices in Las Vegas and elsewhere began sliding in the mid-2000s, and the mortgage crisis didn’t strike until 2008, the federal government is finally prosecuting banks for committing various illegal acts. This should be welcome news for underwater homeowners who are considering filing Las Vegas bankruptcy. What benefits this will provide anyone is debatable, but based on …

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 …

Mortgage Modifications, Short Sales, Unnecessary for Discharged Mortgages

Financial hardships can strike Las Vegas residents more than once. Worse, they often occur to people who have already filed a Chapter 7 bankruptcy and received a discharge. This means a second bankruptcy is not an option. For those who have underwater mortgages, that is, they owe more on their houses than those houses are worth. For them, a mortgage …

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 …

4 Frequent Las Vegas Mortgage Scams

With difficult financial times come….scam artists.  And if you’ve read this blog or watched the news, then you know that the mortgage world is no exception.  Mortgage problems add a lot of pressure to people’s lives, and as a result turn many Las Vegas residents into scam victims. Below are 4 frequent mortgage scams that you might encounter in Las …