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Thursday, November 11th, 2010
If you are having trouble paying your mortgage each month then you are one of 450,000 homeowners nationwide with this same problem! When you get paid each month do you ever have enough money to save for a rainy day or for that matter just have any money at all left over? One sure way to figure if you are in over your heads with your mortgage payments each month is this. Write down your gross pay for each month and then multiply that by 31% the answer is what you should be paying each month for your mortgage or less. Right now because of the amount of homeowners that are in over there heads with their mortgages banks are offering a number of programs to assist homeowners with this problem and you should check with your lender to find out what program you may qualify for. We will offer some sound advice to you on this matter, before you jump into a program of any kind “do your research” as some programs can cause a homeowner more harm than good!!
Tags: bank, bank programs, banks, Foreclosure, help for homeowners, help las vegas homeowners, Homeowner, homeowner assistance, Homeowners, las vegas foreclosure, las vegas homeowner assistance, las vegas homeowners, las vegas nevada, las vegas realestate, money, Mortgage, mortgage help, Mortgages, Nevada, nevada real estate, realestate, saving your home in nevada, savings, troubled homeowners
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Thursday, November 11th, 2010
Apparently in the 3rd quarter part of this year there has been an increase in homeowners that have transitioned from current on their mortgages to delinquent. These statistics come from homeowners whom have received home foreclosure notices on their credit reports. With this happening we could be seeing allot more short sales hitting the market real soon. From what we are gathering we should start seeing this happen in December sometime as the banks foreclosure fiasco should be coming to an end by then.
Tags: credit report, delinquent homeowners, Foreclosure, Henderson Nevada, Home, homes for sale. las vegas homes for sale, Las Vegas, Las Vegas Short sales, Mortgages, Short Sales
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Thursday, October 28th, 2010
We have been listing and purchasing short sales for clients for going on two years now. When we got into this area of real estate back in January 2009 agents were turning away these kinds of listings they wanted nothing to do with these type of listings. They were not only turning them away we were whom they came to for answers and then also listed them for these agents with a 25% to 30% cut of course. What we have learned over the year or so is that to be an experienced short sale agent you need to have knowledge of how each lender operates . What we mean by this is learning what the percentages of the mortgage loan balance certain lenders will approve and will not approve and what lenders will work well with others. This will give you an idea on how to list the property and whom you will be trying to target sell your short sale listing. This also goes for when you have a buyer and you are looking at short sales you will have more due diligence to cover with the short sales in that you will have to know the questions to ask the listing agent before showing your client this property.
Tags: Las Vegas Real Estate, Las Vegas Short sales, Short Sale, shortsales
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Friday, October 8th, 2010
The banks are halting foreclosures due to pressure from congress. Recently the banks have been in trouble again due to a former employee of Bank of America admitting to pushing files through to foreclosure without even looking at the circumstances, not even opening the file just stamping foreclosure on it and moving on to the next. The employee stated that the reason for this was that there was not enough staffing to go through each and every file. For those of us listing short sales we are not at all surprised at these allegations against Bank of America. The most famous line the employees with Bank of America have been taught to say is “It’s with the Investors!”. When you have other agents calling you on your listings and the first question out of the mouths are “Is the lender Bank of America? Yes “Click” This has been happening for at least a year now. Let’s be honest though is there any entity out there that will be able to make the banks do what is right. We all believe that this greed started from the top and then to add insult to injury even started at the top with bail outs. Now is the time that the common people get theirs, it’s time to get this mortgage fiasco which was created by our society’s big business greed under control but who will do this?
Tags: bank of america, Banking, banks, business, Financial Institution, investors, Las Vegas mortgage, las vegas realestate, las vegas realty, Las Vegas Short sales, Mortgage, Mortgage Broker Company, Short Sales
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Thursday, September 30th, 2010
Home owners whom are facing a hardship with their mortgage and are considering a short sale could see some light at the end of the tunnel. There is a new law which may come into effect in the near future which is called the H.R. 6133 this has been referred to the house committee of financial services by U.S. representatives. H.R. 6133: Prompt decision for qualification of short sale act of 2010 if passed in the near future would make it law for lenders or servicers of a home mortgage to respond to consumers short sale requests within 45 days on whether to allow the sale. This is great news for home owners because with most short sales it takes from four to eight months to reach a decision.
Tags: Las Vegas Home Owners, Las Vegas Homes, Las Vegas mortgage, Las Vegas Real Estate, Las Vegas Short sales, Short Sale
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Wednesday, September 29th, 2010
A short sale is when the homeowner is experiencing a financial hardship of some kind and is no longer capable of paying their mortgage payments and is upside down on their mortgage. What this means is that the amount the homeowner owes on their mortgage is greater than what the home is actually worth in today’s market. In most cases where a homeowner is considering a short sale of their home they are experiencing a loss in pay due to loss of job, or loss of hours, divorce or death in the family in any case there should be a legitimate reason for their hardship and not just because the homeowner wants to get out from under there upside down mortgage.
Now let’s say that the homeowner has stopped paying on their mortgage and it has been a month or two of non payment and the homeowner is getting calls from their lenders and receiving letters hopefully offering some assistance. The homeowner may want to start responding to these calls from their lender and see what programs they have to offer them at this time. In most cases the lenders may work with the homeowner and start them on a forbearance plan. This is no more than lowering your payments for a couple of months to see if you can get back on your feet within the time frame given. The amount the lender lowers the payment may be substantially less than what you usually pay but the each month but the lender will be tacking on the remaining amount that you are not paying to the end of the loan. You will have to follow this forbearance to the letter and one late payment and you will be cancelled out of this program.
Once you have stopped paying on your mortgage the foreclosure timeline starts ticking away. The timeline I am speaking of is this 120 days after a homeowner stops payment on their mortgage the homeowner will receive what is called a Notice of Default letter. From the date on the Notice of Default letter the homeowner has another 120 days more in which to resolve the non payment issue. The homeowner may resolve this issue in a number of ways Forbearance, Modification, Short Sale or Deed in Lieu of Foreclosure other wise the property will be in foreclosure after that time and the homeowner will have to vacate the property.
To short sale your home the homeowner will need to gather the following information. Most recent mortgage statement, two most recent paycheck stubs, two most recent bank statements and the last two years of their tax returns. Once you have all these items you will need write out a one page explanation of the reason for your hardship. Then on a seperate sheet of paper write down your income and expenses, which should show more debt than income. Once you have completed all this you will need to contact an experienced Realtor in short sales to list your property whom will list your property on the market at current market value and then the Realtor will submit all documents that you have gathered to your lender.
IMPORTANT INFOMATION: If you are able, and in most short sale cases you should be able if you stopped making your payments IT IS IMPORTANT TO maintain paying all utilities and any Home Owner Associations etc you do not want to have a lean placed on your property during the short sale process and this is what will happen if you do not pay these
This will conclude this first portion of JNC Realty Groups short sale process information session of the blog. Please look for our next blog as we will be continuing this session on the second part of this process or for more information right now please contact us through our web sight at JNCRealtyGroup.com or JCarrion@Century21.com
Tags: Consumer Finance Company, Death, Deed in Lieu of Foreclosure, Divorce, Financial Hardship, Forbearance, Foreclosure, Hardship, Homeowner, Lender, Lender Assistance, Loss of Job, Modification, Mortgage Broker Company, Non payment, Notice of Default, Short Sale, Short Sales
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Thursday, September 23rd, 2010
I recently spoke with a Political Science student who seemed to me to have her presence of mind and so I asked her this question “Are we still in a recession?” She laughed as she began to explain to me of how the recession was over at least 6 months ago! I listened intently as she went on to explain that there are elections going on and that this was our media and politicians causing a fear factor affect which in turn would create for the politicians a sort of white elephant effect with our public. So let me get this straight what I am hereing is that having the fear of a recession in the air is nothing more then a political concoction to help some politicians get elected into office, yeah that makes sense. She also said that corporations are taking full advantage of this as well which also makes allot of sense someone getting making money off of others hardships. Apparently big corporations are using this recession fear to their full advantage as well and outsourcing jobs to job agencies which in turn means that they would not have to pay full benefits yeah that makes sense too. I do believe Mr Warren Buffet put it correctly last week when he said that when we start to see the GDP return to it’s pre downturn levels that’s when we will be out of the recession. This sort of thinking can be looked at within the real estate market we are not back to pre market bubble levels and will not be back there for a quite sometime. We have bottomed out with the recession and the only way to go is up from here.
Tags: big cor, political science, recession, recession fear, white elephant effect
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Wednesday, September 22nd, 2010
We have started to see more home owners whom are not in distressed situations coming onto the market. This is a positive sign that the market is stabilizing throughout the Las Vegas area. Short sales still dominate the market but have buyers and agents frustrated and for good reason. Bank repossessions are a big part of the market as well and can be frustrating but fail in comparison to short sales. This frustration in the bank repo area is due to the market being saturated with buyers. Since we are seeing the market saturated with buyers and their overall frustration with short sales we have seen a drop in the bank repo inventory. With this drop in bank repo inventory and given the fact that our banking system has had to hold onto a shadow inventory of bank repossessions we should start to see more entering the market soon. The best thing for buyer’s to do in this crazy market is to excersize alot of patients and wait it out, also to make sure to have strong representation. By having a strong representative who will be right there with you going through the trenches of this market and having faith in each other you will make it through this market and on to purhasing your home.
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Ave. Home Sale: $379,000
Avg. Sales Price: 379,000
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