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Steve Wadkins Re/MAX Affiliates
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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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Posts Tagged ‘Bank Owned Homes’

LAS VEGAS FORECLOSURE RESCUE AND MORTGAGE MODIFICATION FRAUD – LAWYER ALERT ISSUED, HENDERSON

Thursday, November 19th, 2009

FORECLOSURE RESCUE AND MORTGAGE MODIFICATION FRAUD – LAWYER ALERT ISSUED

Hello Everyone!

Florida Bar made public the misleading representations that have recently plagued the Loan modification industry nationwide. 702-307-4070 ext 107 The Loan modification industry has sprung up faster than weeds – mostly through mortgage brokers that have seen their ability to make loans dry up in this recession and are applying net office sales techniques to the Loan modification boom.  The problem is that many states have enacted new laws to put them out of business.

The situation is important enough that an “Ethics Alert”was issued by the Florida Bar on March 15th. Check the Nevada Law of Ethics Alert too.

Typically, the mortgage modification firm – which often uses “net offices” just like in the good old lending days and are just where a sales person hangs out - will recruit an attorney to “watch” the modification process and they will advertise that there is an attorney “representing” the client’s (the borrower’s) interests.  Typical language is, “our attorney will represent you in the modification process and review all of your documents,” or similar.  In reality the attorney does almost nothing or works under the direct control of a non-lawyer. Be very careful. There are too many frauds out there that states they can do Las Vegas Short Sales, Las Vegas Loan Modifications, Las Vegas Foreclosure Preventions and so on.

Florida passed a Mortgage Rescue Consultant law in 2008and many firms have sought to stay in the lucrative Florida mortgage assistance market by trying to skirt that law by using a letter opinion by the Florida Attorney General that exempts attorneys from work they are doing in defending a client in a foreclosure. Check back and I will have the Nevada Law. The result however is a plethora of ethics violations for the lawyers that get involved and Unauthorized Practice of Law (UPL) violations for the mortgage loan modification firm if they give any type of legal service.

Usually these firms charge between $1,500 to $3,500 up to $10,000 for Loan modification services – the price is often set by the salesman (who is not an attorney).  The salesman gets a commission (anything above the set fee) and the attorney gets a nominal review fee – or something up to 10% of the total fee if special services are provided, such as using the attorney trust account to deposit the fee for clearance and then disbursement to the loan modification firm.  The Bar also issued an instructive articleon how one Loan modification firm was prosecuted, saying, “Florida lawyers are being approached about working with nonlawyers offering foreclosure-related services to consumers, but the proposals present a veritable minefield of ethical problems.”

If you have any questions or concerns in this area of Las Vegas or Henderson, write me and I will guide you to a Licensed Professional that will “Try” to do your Loan Modification for FREE if you do not qualify I will Short Sale your House as another OPTION to Foreclosure.

www.WadkinsHomeTeam.com To look for a Home, Bank owned Home, Information about what your Las Vegas Home, Henderson Home Summerlin Home is worth.

www.VegasShortSaleHomes.com To gain FREE information about what is a Short Sale

Steve & Gerri Wadkins, Realtors-Advanced CDPE 702-307-4070 ext 107

Be sure to contact your own attorney for Nevada state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

 

 

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Henderson Home Buyer Tax Credit Extended, Expanded Las Vegas

Tuesday, November 17th, 2009

Henderson Home Buyer Tax Credit Extended, Expanded Las Vegas

The extension of the first-time Las Vegas homebuyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas. 702-307-4070

President Barack Obama recently signed legislation that extends the deadline on the first-time homebuyer tax credit and adds a smaller tax credit for move-up and other Henderson homebuyers.

The extension and expansion gives homebuyers a tax incentive to buy a home until at least April 30, 2010 — April 30, 2011 for qualifying military personnel. The previous deadline was just weeks away, November 30, 2009.

“The extension of the first-time home buyer tax credit will be crucial to clearing out unsold inventory and especially the lagging bank owned inventory that has not even hit the market yet,” said Steve Wadkins of ReMax Associates Henderson Nevada.

That’s true of many housing markets.

The existing tax credit for first-time homebuyers remains at a maximum $8,000.

A new tax credit of up to $6,500 is available to qualifying existing homeowners who buy a new primary residence (or have one built) by April 30, 2010, if they owned their existing home for five consecutive years over the last eight years. Second homes don’t qualify for the credit. www.WadkinsHomeTeam.com  

Las Vegas Home buyers have to repay the credit if they live in their primary residence less than 36 months and are not members of the military.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000. www.WadkinsHomeTeam.com

The maximum allowed home purchase price is $800,000, which won’t be as useful to move-up buyers in high-cost areas.

Both first-time Henderson home buyers and others must contract to buy a home by April 30, but close escrow by June 30, 2010. To search for Las Vegas Home or Henderson Hom or Summerlin Home www.WadkinsHomeTeam.com  

Buyers can claim the credit on their 2009 taxes, even if the purchase is made in 2010 by filing an amended return.

Steve Wadkins said “This will also assist in selling the short sale inventory that those buyers were afraid to consider because of the time frame involved in closing them when they were on this deadline to close by the end of the month (November).”

Buyers who don’t owe taxes can have the credit refunded to them as a rebate.

More information is available from the Internal Revenue Service (IRS}, including a question and answer page.

It’s all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

The first-time home buyer tax credit’s availability has coincided with mortgage rates often hanging below 5 percent, according to Gerri Wadkins of Wadkins Home Team ReMax Associates.

Tax credit history

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

To search or Buy a Home www.WadkinsHomeTeam.com

To Short Sale Your Home: www.VegasShortSaleHomes.com

Steve & Gerri Wadkins® Realtors Advanced CDPE

702-307-4070

 

 

 

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Las Vegas Real Estate Outlook: Henderson Pending Sales Rise, Recession Over

Tuesday, November 10th, 2009

 

Las Vegas Real Estate Outlook: Henderson Pending Sales Rise, National

A record jump in pending home sales — pointing to higher numbers of closed transactions in the next two to three months — tops the housing economic news this week.

Pending sales rose by 6.1 percent nationwide during the month of September, pushed in part by consumer concerns that the $8,000 tax credit might expire at the end of the month – and we now know that won’t happen.

The pending home sale index, compiled monthly by the National Association of Realtors, was up 21 percent higher this September compared with September of 2008. That’s the biggest year-over-year increase in the history of the index, dating back to 2001.

Plus the September gain in pending sales was the eighth straight month of higher numbers — and that’s also a record for the index. Pending sales were up by 10.2 percent in the Western states, 8.1 percent in the Midwest, 5 percent in the South.

Only the Northeast saw a decline, and that was by 2 percent.

Those numbers are pretty robust, but some economists caution that the index is likely to see a tapering off during the winter and holiday months, when fewer people are shopping.

David Semmens, an economist with Standard Chartered Bank in New York, said “we expect a far slower growth rate going forward.”

But other economists question whether that seasonal pattern might be overridden by the short term extension, and expansion, of the tax credit through next June.

That extension not only continues the $8,000 credit for first time buyers, but allows people who’ve owned their homes for the past five years to qualify for a $6,500 credit if they sign a contract by April 30th 2010 and go to closing by June 30.

In other key economic developments affecting real estate this week, the Commerce Department reported that spending on construction, both residential and commercial, was up by eight tenths of a percent during September. That’s a further welcome indication the recession is over.

Also, the Clear Capital “HDI” home price index rose by 3.7 percent on a national average basis between September 26th and October 28th.

Meanwhile, mortgage rates got even a little better last week, according to the Mortgage Bankers Association. Average 30-year fixed rates slipped just below 5 percent, while 15-year fixed rate loans dropped significantly — and now average just 4.3 percent.

Not surprisingly, given all these positive indicators, new applications for mortgages to buy homes were up again last week — this time by 3 percent.

The recovery looks like it’s well on track.

Steve & Gerri Wadkins® Realtors-Advanced CDPE

To Buy A Henderson Las Vegas Home www.WadkinsHomeTeam.com

To Short Sale your Henderson Las Vegas House  http://www.wadkinshometeam.com/vegasShortSale.html

 

 

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Is Your Las Vegas Realtor Experienced in Short Sales/Distressed Properties?

Thursday, November 5th, 2009

Is Your Las Vegas Realtor Experienced in Short Sales/Distressed Properties?

Hi again everyone…If you are buying a Henderson short sale, Henderson foreclosed home or other distressed property in the Las Vegas Housing Market, you ought to have someone experienced in distressed properties working for you.

Just in the nick of time, the Certified Distressed Property Institute and the National Association of Realtors (NAR) is coming to the rescue with real estate agents specifically schooled in those subjects. Like myself, I am an Advanced CDPE-Certified Distressed Property Expert for Las Vegas, Henderson and surrounding areas.

Short Sales and Foreclosure Certification Program (SFR) and CDPE trains agents how to manage short-sales, foreclosures, and real estate owned (REO or bank owned) transactions, and keeps agents current on national and state-specific information and regulations on these issues.

“There’s a lot of activity in this area and it is certainly helpful for buyers if they have someone who is better able to serve them,” says Gerri Wadkins with ReMax Henderson Nevada.

“There are some regular sales, but most of our market is short sales, REO, especially in Las Vegas & Henderson. We have multiple offers on everything that comes up, so the better you can deal with them and work with banks and sellers, the better you can serve your clients,” Wadkins added.

The CDPE certification program is offered by ReMax.

The program includes training for ReMax real estate agents on how to manage short-sales, foreclosures, and REO transactions. Agents learn how to direct distressed sellers to finance, tax and legal sources. They also learn to qualify sellers for short sales, how to negotiate with lenders and how to limit buyers’ risk associated with distress property transactions. The training provides resources to help Realtors stay current on national and state-specific information as the market for these distressed properties evolves.

 

“Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a ReMax real estate professional … for these kinds of purchases,” said Steve Wadkins with ReMax Henderson.

“Nothing beats on the job training. It’s a great idea to ask a Realtor ‘How many short sales, how many bank owned sales have you done?’ You want to be working with someone who has the right knowledge, right now. You wouldn’t want a heart surgeon to do your brain surgery,” Steve Wadkins an agent with ReMax Associates in Henderson.

Wadkins said many real estate agents are grappling with distressed properties for the first time and unless they are schooled and experienced, they may be fine for a regular sale, but perhaps not so much for distressed properties.

“I think certification gives some level of experience. I took a two day seminar on short sales and REOS and at that point no one was thinking about certification,” said Wadkins.

                                                                        

In our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

ReMax Associates

http://www.wadkinshometeam.com/vegasShortSale.html

 

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Short Sales Las Vegas, Banks might be seeing the Light!

Tuesday, November 3rd, 2009

Banks may be seeing the light on Las Vegas Short Sales

 

Larry Murphy, president of SalesTraq, which follows foreclosures, says he expects bank repossessions this year to be about 25,000, matching those in 2008.  Murphy believes banks are starting to realize it makes better financial sense to allow owners to sell homes through short sales rather than repossess them.  Of the 35,742 closings through the first three quarters, 75% were foreclosures and only 10% were short sales, but Murphy expects this percentage to rise.  Murphy says 21,576 homes are on the MLS and 52% of those have a contingent sale in place.  Of those 11,249, 71% are short sales, and 21% are bank-owned properties.  The median price of a home sold through foreclosure is $116,900 and homes sold through short sales have a median price of $150,000, Murphy says, which explains the growing interest for bank in going the short-sale route. Read more…
http://www.lasvegassun.com/news/2009/oct/30/banks-may-be-seeing-light-short-sales/

If you or someone you know are under water on their mortgage, call us for Free advise before spending any money. You have several OPTIONS. 702-307-4070 or go to www.VegasShortSaleHomes.com and click on the right side for your free reports. Or another site at  http://www.wadkinshometeam.com/vegasShortSale.html See, you have OPTIONS!

If you are Looking to Buy a Las Vegas Home, call us at 702-307-4070 or go to our website and search for homes at www.WadkinsHomeTeam.com

In Our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

ReMax Associates

702-307-4070

www.WadkinsHomeTeam.com

Serving Las Vegas and Surrounding areas!

 

 

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Home Affordable Modification Program

Wednesday, October 28th, 2009

Home Affordable Modification Program

Hi Everyone! This issue touches me in so many different ways. I receive several telephone calls daily from Las Vegas Distressed Homeowners that have tried every possible way to keep their Las Vegas Home or Henderson Home. When the telephone rings, I always wonder if it is another Nevada Distressed Homeowner that is going to be crying telling me that a Loan Modification Company has taken them and now they want me to Short Sale their Home before it goes into Foreclosure. As most of you know, Nevada has been hit the hardest in Foreclosures and will continue for sometime. Call Me for Las Vegas Foreclosure Avoidance “You Have Options” 702-307-4070

You as a Las Vegas Homeowner that is upside down in their Home, have OPTIONS: one of your OPTIONS to saving your Home is to pay it if you can, try a Loan Modification with your bank, Short Sale with me or Foreclose on it. Obviously, the F-word is not an OPTION in my opinion when you have the other OPTIONS that are available to you. Especially the F-Word is FOREVER!

In Las Vegas Nevada, Henderson, Summerlin, North Las Vegas, Mountains Edge, Seven Hills, Anthem, Lake Las Vegas and surrounding communities, our Las Vegas Real Estate Team and Henderson Real Estate Team of Full Time Licensed Realtors are specialized and Certified in: Buyers-Looking for a Las Vegas Home to Buy, Investors-Looking for a Las Vegas Investment, Rentals-Looking for a Las Vegas Rental, Las Vegas Luxury Homes-Looking for that special Home for a great price, Las Vegas Selling Homes, Las Vegas Short Sale Homes, Las Vegas Bank owned Homes, REO Properties, Las Vegas Commercial Properties. Or you just need advise on Short Selling your home or Foreclosure Avoidance, we are here. We are your Las Vegas Real Estate One Stop.

For those of you that need help with your Mortgage and want to keep your Las Vegas Home, I have copied & pasted the HAMP Home Affordable Modification Program for your review. You can get a Loan Modification. You need a financial hardship, 31% debt to ratio, You DON’T have to be behind on your payments to qualify under this program. It is Government backed and has been around since March 2009. Remember friends, its always changing! This Loan Modification Program will not reduce your principal, but will take your interest rate down to 2%.

If you don’t qualify or someone you know needs Help Short Selling their Home in Las Vegas and surrounding areas or any Help in Buying, Selling Las Vegas, call Gerri Wadkins & Steve Wadkins with RreMax Associates and we will be happy to Help you.

Below are the HAMP Guidelines:

 

On March 4, 2009, the U.S. Department of the Treasury announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program.

Guide Bulletin Updates

Our September 18, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-23 [PDF] provides Servicers with HAMP requirement updates, including the mandatory use of Workout Prospector® when evaluating borrowers for a modification under HAMP, new reporting requirements, and providing guidance on mortgages with second liens.

Previous Guide Bulletins provide requirements for Servicers to implement, underwrite, and service eligible Freddie Mac-owned mortgages under the program. We urge Servicers to thoroughly review the Guide Bulletins, which are available below, and Guide Chapter C65 for complete requirements.

HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers should no longer solicit borrowers for a modification under the Streamlined Modification Program, and should instead begin to solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP. Servicers should not solicit borrowers for this program who are less than 31 days delinquent.

Mortgage and Borrower Eligibility Requirements

The following mortgages are eligible for a modification under the Home Affordable Modification program (HAMP):

  • First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) – eligible manufactured homes, and our negotiated conforming jumbo mortgages.
  • FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
  • Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
  • Mortgages may be previously modified, but can only be modified once under HAMP.

Borrowers may be eligible for this program if they meet the following requirements:

  • Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
  • A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. In addition, the borrower must have a Debt Coverage Ratio that is less than 1.20 and Cash Reserves that are less than three times their current monthly PITIA payment.
  • Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
  • Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
  • Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.

Other mortgage and borrower eligibility requirements apply as noted in our Guide Chapter C65.

  1. To Search for Las Vegas, Henderson Homes www.WadkinsHomeTeam.com

 

  1. To Get FREE information on Las Vegas, Henderson Short Sale your Home www.VegasShortSaleHomes.com

 

  1. Las Vegas Henderson Rentals www.WadkinsHomeTeam.com

 

Keep checking on mine and Gerri’s Blogs sign up, it is free and stay up with Las Vegas Real Estate with the Experts.

 

All of my Blogs are my own opinion and Expert Advise. Until then, Be Blessed!

 

 

Steve & Gerri Wadkins, Realtors®-Advanced CDPE

ReMax Associates

www.WadkinsHomeTeam.com

702-307-4070

“A Bet You Wont Regret”

 

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“Short Sales Las Vegas Homeowners You Have Options”

Friday, October 23rd, 2009

 

“Short Sales Las Vegas Homeowners You Have Options”

 

Hi Everyone!

 

I hope you’re doing well! I always like staying in touch with the members of my community – especially clients! I wanted to let you know about a free call to me to inform homeowners in Las Vegas, Henderson, Summerlin, Anthem Country Club, and our surrounding communities about their foreclosure-avoidance options. You can call me anytime at 702-307-4070 or Email me at Steve@WadkinsHomeTeam.com or reply to my Blog and ask me any question that will help you in all of your options before Foreclosure.

You may not know this, but I am an Advanced Certified Distressed Property Expert. This means I have an extensive knowledge of all the options available to homeowners facing financial hardship and Expert in Short Sale. If you are struggling on your Mortgage, contact me there are several options like Loan Modification and Short Sale. I List several Homeowners Homes in Las Vegas Short Sale their homes while they stay in their home. Personally, I think that one Las Vegas foreclosure in our community is one too many! I know that Las Vegas foreclosure can be prevented with information alone.

 

I sell Las Vegas & Henderson Homes and the surrounding areas as Short Sales including Luxury Home Short Sales. You can also view our Listings in Las Vegas, Nevada at www.WadkinsHomeTeam.com  

 

Recent statistics show that more than 1 in 8 homeowners are behind on mortgage payments. In this market, chances are you or someone you know could use some HELP and Advice in Las Vegas Real Estate Market. That is why my services are FREE. I want to HELP as many members of the Las Vegas & Henderson community as I can to find assistance and solutions.

 

Please call me I am “A Bet You Wont Regret”.

 

Sincerely yours,

 

 

Steve Wadkins-Advanced CDPE Realtor®

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