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  • I was Born & Raised in Las Vegas. I have been a ReMax Las Vegas Agent for several years and love Helping people in Real Estate. My Bride Gerri of 26 years and I have a large Team of Full-time...
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Archive for January 2010

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

Monday, January 11th, 2010

 

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

 

 

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

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Posted in Short Sale | 4 Comments »

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

Tuesday, January 5th, 2010

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

 

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Posted in Short Sale | 3 Comments »

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

Monday, January 4th, 2010

“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  

 

 

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Posted in Short Sale | No Comments »

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

Sunday, January 3rd, 2010

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 1st 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

 

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Posted in Short Sale | 5 Comments »

Bankruptcy Court Finds IRS Form 1099-C Does Not Prevent Collection of Debt, Las Vegas, Henderson Nevada By Robert Noggle, Black & Lobello

Saturday, January 2nd, 2010

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

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Posted in Nevada Bankruptsy | 20 Comments »

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