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 Benefits and 2 Drawbacks to Refinancing a Las Vegas Mortgage

One of the most common options for dealing with a deteriorating mortgage condition in Las Vegas is refinancing it. “Refis,” as they’re called, are more conventional than, say, paying until you hope to secure new income to avoid a default, short selling, offering the bank the deed in lieu of foreclosure, discharging secondary loans if possible, or strategically defaulting on …

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 …

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 …

Ways Las Vegas homeowners benefited from the mortgage modification process

Two ways Las Vegas homeowners have benefited from the mortgage modification process (even if the modification is not ultimately granted) Many Las Vegas homeowners facing foreclosure may not be able to get a mortgage modification through the Making Homes Affordable Program.  But that doesn’t mean they haven’t still benefited from HAMP. Say what? Here are two ways Las Vegas homeowners …

Las Vegas Mortgage Refinancing Can Be Full Of Surprises

Many homeowners participating in the federal “Making Home Affordable” program, a federal mortgage assistance program, have found that the program benefits have not lived up to the political promises. Homeowners have discovered that this refinance process is not only difficult, but in some cases can be destructive to their credit. The Making Home Affordable program is a $75 billion dollar loan …

Possible mortgage and foreclosure help from the federal government?

To date, most mortgage help for Las Vegas homeowners has come from state government in the form of the Nevada Foreclosure Mediation Program, which is just starting to take off. However, recently there’s been some activity in Washington, D.C. indicating that maybe the federal government will finally provide some additional and much needed help to homeowners facing foreclosure. Congressman Barney …