Loan Modifications HAMP HAFA Home Affordable Foreclosure Alternatives (HAFA) Las Vegas Nevada

Guidelines and Overview

Hello everyone, I have been receiving telephone calls (702-307-4070 ext 107) from Las Vegas Homeowners asking me questions about these new Loan Modification Programs by the Government that are starting April 5, 2010. When do they start? Do I qualify? What happens if I do not qualify what are my Options? What are the requirements? What is HAMP HAFA RASS SSA? If you have any questions that I can Help you with, call me at 702-307-4070 ext 107 and I will be happy to advise you. Please read below a Helpful Overview that will answer majority of your questions in regards to these Government Loan Modifications:

- HAMP: Home Affordable Modification Program

- HAFA: Home Affordable Foreclosure Alternatives

- RASS: Request for Approval of a Short Sale

- SSA: Short Sale Agreement

Loan is eligible if all of the following conditions

are met:

• Property is borrower’s principal residence
• Loan is a 1st lien mortgage
• Originated before Jan 1, 2009
• Mortgage is delinquent or default is reasonably foreseeable

• Current unpaid balance is equal to or less than $729,750
• Borrower’s total monthly mortgage payment exceeds 31% of borrower’s gross income

Requirements

• Servicers must consider HAMP eligible borrower for HAFA within 30 days of the date the borrower:
• Does not qualify for trial period plan
• Does not successfully complete trial period plan
• Is delinquent on HAMP modification by…CLICK HERE TO READ MORE http://www.vegasshortsalehomes.com/857256/2010/01/11/Loan-Modifications-HAMP-HAFA-Home-Affordable-Foreclosure-Alternatives-HAFA-Las-Vegas-Nevada.aspx

Steve & Gerri Wadkins, Realtors®-Advanced CDPE-SFR-Short Sales and Foreclosures Resource Specialists.

To Sell your House www.VegasShortSaleHomes.com 702-307-4070 ext 107

To Buy A Home www.WadkinsHomeTeam.com 702-307-4070 ext 106

Local & Native Las Vegas Agent Provides Free Information Resource to Las Vegas & Henderson Nevada Homeowners Facing Financial Hardships

New Web site presents options for homeowners confronted

with the possibility of foreclosure.

Las Vegas Nevada – Local ReMax Real Estate Agent and community advocate, Steve Wadkins of ReMax Associates/Wadkins Home Team today announced the creation of a new information Web site for Las Vegas area homeowners in distress. www.VegasShortSaleHomes.com contains vital facts about the Options available to these homeowners, to help them make the educated decisions about their future. 702-307-4070 ext 107

“I developed this site with my community in mind,” Wadkins said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a Real Estate Agent. These people did not know the options available, or even how to find any information on their situation.

“I want more for the people of Las Vegas where I was Born & Raised, and more comes with making informed decisions.”

www.VegasShortSaleHomes.com acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert^® designation are helping distressed homeowners understand that there may be options available to them,” Charfen said. “Steve Wadkins has been trained to help homeowners avoid foreclosure, and this Web site resource to educate the community is a commendable public service.”

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience that Steve Wadkins is Certified in SFR Short Sale & Foreclosure Resource, F.A.C.S. Foreclosure Alternative Certified Specialist & CDPEs is able to provide solutions for homeowners facing hardships in today’s market.

Steve Wadkins, Realtor® ReMax Associates/Wadkins Home Team

702-307-4070 ext 107

www.VegasShortSaleHomes.com

Gerri Wadkins, Realtor® ReMax Associates To Buy A Las Vegas Home www.WadkinsHomeTeam.com

702-307-4070 ext 106

“Short Sales” Treasury Releases Guidance for Making Home Affordable Short Sales Las Vegas, Henderson Nevada

The Treasury Department laid out finalized guidelines for carrying out short sales under the Making Home Affordable program.

The administration is urging participating servicers to follow through with short sales as an alternative to foreclosure for those homeowners that don’t qualify for a reworked mortgage under the Home Affordable Modification Program (HAMP). Wadkins Home Team 702-307-4070 ext 107 Steve Wadkins Realtor® ReMax Associates, Henderson Nevada. www.VegasShortSaleHomes.com

To entice servicers to accept a sale on defaulted properties for less than the outstanding mortgage balance, Treasury is offering incentive payments of $1,000 per completed short sale.

Homeowners who agree to a short sale or deed-in-lieu of foreclosure will get up to $1,500 to help with relocation, and must be “fully released” from any future liability, according to the guidelines.

The Home Affordable Foreclosure Alternatives Program (HAFA), as it is being called by the Treasury, but was delayed because of concerns over legalities involved in the process and the rights of second lien holders to hold claim over the property. DSNews.com reported in October that the administration was readying guidelines for the program, and yesterday, they arrived.

Under the terms of the program, once a servicer determines a homeowner does…Read More Click Here http://www.vegasshortsalehomes.com/849327/2010/01/04/Short-Sales-Treasury-Releases-Guidance-for-Making-Home-Affordable-Short-Sales-Las-Vegas-Henderson-Nevada.aspx

Steve & Gerri Wadkins-Realtors® ReMax Associates Henderson Nevada 702-307-4070 ext 107

To Sell Your House 702-307-4070 ext 107 www.VegasShortSaleHomes.com  

To Buy A Las Vegas Home 702-307-4070 ext 106 www.WadkinsHomeTeam.com  

Federal Programs for Homeowners Las Vegas, Henderson Nevada, Your Trusted Las Vegas Real Estate Advisors

I have received a lot of questions regarding the federal plans to aid homeowners facing the threat of foreclosure.  The federal programs, called the Making Home Affordable Programs, are also nicknamed the “Obama Plans.”  There is a plan for Home Refinancing and another for Home Loan Modification.  Here are some facts to assist borrowers to make sense of the two programs. For more FREE information www.VegasShortSaleHomes.com Steve Wadkins 702-307-4070 ext 107 

Home Affordable Refinance Program (“HARP”) 

• Fannie Mae and Freddie Mac loans only
• A borrower must be current in mortgage payments (not over 30 days delinquent)
• The amount owed on 1^st lien mortgage does not exceed 125% of current market value of the residential property
• The borrower must have a reasonable ability to pay the new mortgage payments; and
• The refinance improves the long-term affordability or stability of the home loan. 

FAQs: 

Q:  My house is worth less than I owe.  Do I qualify? 

A:  As long as the amount due on the first lien mortgage is…read more Click here http://www.vegasshortsalehomes.com/841512/2010/01/03/Federal-Programs-for-Homeowners-Las-Vegas-Henderson-Nevada-Your-Trusted-Las-Vegas-Real-Estate-Advisors.aspx

Steve & Gerri Wadkins Realtors® CDPE-FACS-SFR Short Sale Foreclosure Resourse “Specialists”

ReMax Associates 4350 E. Sunset Rd #201, Henderson, Nevada 89014

To Sell A Las Vegas Home call Steve Wadkins 702-307-4070 ext 107

www.VegasShortSaleHomes.com

To Buy A Las Vegas Home call Gerri Wadkins 702-307-4070 ext 107

www.WadkinsHomeTeam.com

Bankruptcy Court Finds IRS Form 1099-C Does Not Prevent Collection of Debt, Las Vegas, Henderson Nevada

By Black & Lobello “Robert Noggle”

A bankruptcy court in Pennsylvania recently ruled on an issue that has been a frequent source of confusion to those working with short sales. 

The issue is whether a 1099-C issued by a lender to a borrower automatically relieves the borrower of liability for the debt.  In other words, is a creditor prevented from pursuing collection of a debt for which it has issued a 1099-C pursuant to IRS requirements?

A 1099-C is issued to the borrower by the lender for “cancelled” debt.  This debt generally is taxable income to the borrower.  The exceptions to this have been covered extensively in other articles including that for purchase money debt on a primary residence. By Robert Noggle Black & Lobello Law.

In the case of In re Zilka (407 B.R. 684) the court considered this issue in a situation that did not involve a short sale. Nonetheless, the case is illustrative of what may happen when a court considers the issue in a short sale context. The judge wrote:

[The creditor's] issuance of the Forms 1099-C did not itself operate to  legally discharge the Debtor from further liability on each of the [creditor's] four claims. That is because Forms 1009-C, as a matter of    law, do not …Read More CLICK HERE http://www.vegasshortsalehomes.com/841134/2010/01/02/Bankruptcy-Court-Finds-IRS-Form-1099-C-Does-Not-Prevent-Collection-of-Debt-Las-Vegas-Henderson-Nevada.aspx

To Sell a Las Vegas Home 702-307-4070 ext 107 Steve Wadkins www.VegasShortSaleHomes.com

To Buy a Las Vegas Home 702-307-4070 ext 106 Gerri Wadkins www.WadkinsHomeTeam.com

Members of the military who find themselves in a short-sale situation now have a new tool via the Homeowners Assistance Program (HAP) through the Department of Defense (DoD). Call Steve Wadkins For Any Help 702-307-4070 ext 107

Congress expanded HAP when they passed the American Recovery and Reinvestment Act of 2009; and now nearly every military personnel involved in a short sale can get financial help through HAP if they find themselves upside down when they must sell because of a mandatory permanent transfer.

The HAP website (http://hap.usace.army.mil) contains several brochures for military personnel and for real estate professionals to help understand the expanded guidelines for those using the program.

Authorized under Section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966, HAP is a law that is managed by the U.S. Army Corps of Engineers “to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.” The American Recovery and Reinvestment Act expands the legislation temporarily for DoD employees caught up in the mortgage crisis. Those who can apply for assistance include:

service members and DOD employees who are….read more by CLICKING HERE  http://www.vegasshortsalehomes.com/837372/2009/12/28/Military-Personnel-Receive-Federal-Help-on-Short-Sales-Las-Vegas-Henderson-Nevada-NAFB.aspx

To Sell Your Las Vegas House: Call Steve Wadkins Realtor® 702-307-4070 ext 107 and visit our website for free information on everything regarding your House Position www.VegasShortSaleHomes.com

To Buy A Las Vegas Home: Call Gerri Wadkins Realtor® Realtor 702-307-4070 ext 106 and visit our website to see our Homes Listed for sale and Search for all Las Vegas/Henderson and surrounding areas www.WadkinsHomeTeam.com

Steve & Gerri Wadkins-Realtors® ReMax Associates-CDPE, FACS, SFR-Short Sale & Foreclosure Resource

Compliments of http://realtytimes.com/rtpages/20091228_military.htm

 

Home Affordable Modification Program: Overview

The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.

Borrower eligibility is based on meeting specific criteria including:
1) borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower’s primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.

After determining a borrower’s eligibility, a servicer will …click here to read more http://www.vegasshortsalehomes.com/835380/2009/12/23/Home-Affordable-Modification-Program-Las-Vegas-Henderson-Nevada.aspx

Steve Wadkins® Realtor-CDPE-SFR-FACS

To Sell your Home www.VegasShortSaleHomes.com 702-307-4070 ext 107

Gerri Wadkins® Realtor

To Buy a Las Vegas Home www.WadkinsHomeTeam.com 702-307-4070 ext 106

Frequently Asked Questions

It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us at 702-307-4070 ext 107 

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

• Your interest rate
• Your principal balance (through a reduction)
• Your loan terms (example: from an adjustable to a fixed rate)

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

• Information about your first mortgage, such as your monthly mortgage statement
• Information about any second mortgage or home equity line of credit on the house
• Account balances and minimum monthly payments due on all of your credit cards
• Account balances and monthly payments on all your other debts such as student loans and car loans
• Your most recent income tax return
• Information about your savings and other assets
• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

• Loss Mitigation
• Mortgage Modification
• H.O.P.E.
• HAMP

Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify….click here to read more http://www.VegasShortSaleHomes.com/FAQ.aspx

Steve Wadkins® Realtor-CDPE-SFR-FACS

702-307-4070 ext 107

To Buy A Las Vegas Home visit us at www.WadkinsHomeTeam.com

To Sell a Las Vegas Home visit us at www.VegasShortSaleHomes.com

How do I qualify for a mortgage modification? Las Vegas, Henderson

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

• Loss Mitigation
• Mortgage Modification
• HAMP
• H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, F.A.C.S., SFR-Short Sale Foreclosure Resource have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Call me and I will let you know if you qualify 702-307-4070 ext 107. or visit my website www.VegasShortSaleHomes.com

Steve Wadkins® ReMax Associates Henderson Nevada

702-307-4070 ext 107

www.WadkinsHomeTeam.com

 

Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage. 

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

Financial Hardship – There is a…Click Here to read more http://www.vegasshortsalehomes.com/Short-Sales-Explained.aspx

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the Advanced CDPE® Designation, SFR, and F.A.C.S Recognized by National Association of Realtors and am ready to identify all possible options and, when possible, assist in the quick execution of a Henderson short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a FREE consultation at 702-307-4070 ext 107.

Understanding your options now could mean all the difference in the world.Short Sales ExplainedShort Sales ExplainedShort Sales ExplainedShort Sales Explained

Steve Wadkins® Realtor CDPE, SFR, FACS

To Buy A Las Vegas Home www.WadkinsHomeTeam.com

To Sell A Las Vegas House www.VegasShortSaleHomes.com

702-307-4070 ext 107