Kathi Soprano Russo CDPE

Nevada Homeowners : what does the Robo signing settlement mean to you?

Thu, 16 Feb 2012 18:12:04 GMT

Nevada Homeowners what does the Robo signing settlement mean to you?

Major banks will now be working towards the goal of clearing homes through the foreclosure pipeline. They can now move forward to liquidate homes that had the market and inventory clogged up. They will be looking to sell the distressed housing inventory right away. Bank now are working with homeowners and suggesting short sale options to homeowners unable stay in their homes . This is favorable since banks can avoid costly foreclosure procedures and comply with the settlement terms.

For more information and to see how you can benefit.

Call Kathi Soprano Russo , Las Vegas short sale specialist (702) 277-0075.

www.nationalmortgagesettlement.com for details of the settlement

Nevada Attorney General Catherine Cortez Masto
Old Supreme Ct. Bldg., 100 N. Carson St., Carson City, NV 89701
(775) 684-1100
http://ag.state.nv.us/

Kathi Soprano Russo

RE/MAX Las Vegas CDPE

www.lasvegashomesearch@gmail.com

http://lasvegashomesaver.com

(702)277-0075

What is everyone talking about?

Thu, 16 Feb 2012 14:37:48 GMT

The Language of Distress

Bank-owned /real estate–owned (REO): Properties that have been taken back by the lender during the legal foreclosure proceeding to become an asset of the lender bank.

Broker price opinion (BPO): When the estimated value of a property is determined by a real estate broker or firm based on property characteristics, appropriate comparable properties, and market analysis.

Deed-in-lieu (DIL) of foreclosure: When borrowers can no longer make their mortgage payments, a DIL transfers ownership of a property to the lender, allowing the home owner to avoid foreclosure.

Distressed property: A property that is under a foreclosure order (pre-foreclosure), has undergone the foreclosure process, and is now an REO, or is being marketed as a short sale.(See lender-mediated properties.) Historically, this has also referred to properties in dilapidated condition.

Distressed sellers: Home owners in default on their mortgage or at risk of becoming late on their mortgage payments, due to financial hardship.

Forbearance: A reduction or suspension of loan payments as agreed upon by the lender for a predetermined period of time.

Foreclosure: The legal process in which a lender takes possession of a property as a result of a mortgage default by the owner-borrower.

Home Affordable Foreclosure Alternatives (HAFA): A federal program for home owners who can no longer afford their mortgage.HAFA provides two options for transitioning out of a mortgage: a short sale or a deed-in-lieu of foreclosure.
Eligibility requirements:

You live in the home or have lived there within the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion in connection with a mortgage or real estate transaction.

Home Affordable Modification Program (HAMP): A federal program that provides foreclosure-prevention initiatives to help borrowers in or at risk of default avoid foreclosure via loan modification or principal reduction to lower their monthly mortgage payments. The FHA and VA also offer HAMP programs for struggling home owners. See second-lien modification program.
Eligibility requirements:
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

Home Affordable Refinance Program (HARP): A federal program for mortgage borrowers who are current on their payments but having trouble acquiring traditional refinancing because the value of their home has declined. These borrowers are usually underwater, meaning they own more on their mortgage than what their home is currently worth.
Eligibility requirements:

The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Insolvency: When a borrower does not have enough liquid assets to pay down a mortgage.

Lender-mediated properties: Homes that are in the pre-foreclosure process, are already bank-owned, or are subject to a lender-approved short sale.

Loan modification: Changes to the loan terms and conditions to reduce monthly payments for the borrower.

Portfolio loan:A loan or asset owned and controlled in-house by the lender itself.

Principal Reduction Alternative (PRA): A federal program forhome owners who owe significantly more on their mortgage than what their home is currently worth. The program encourages non-GSE mortgage servicers and investors to reduce the principal loan amount.
Eligibility requirements:

Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.
You owe more than your home is worth.
You occupy the house as your primary residence.
You obtained your mortgage on or before January 1, 2009.
Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.
You owe up to $729,750 on your 1st mortgage.
You have a financial hardship and are either delinquent or in danger of falling behind.
You have sufficient, documented income to support the modified payment.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering, or tax evasion, in connection with a mortgage or real estate transaction.

Refinance: The replacement of a loan (mortgage) with a new loan at a lower interest rate and under different terms and conditions, often reducing monthly payments, the term of the loan, or the loan risk.

Second Lien Modification Program (2MP): A federal program for borrowers who have two mortgages on the same property and the first mortgage was permanently modified under HAMP. 2MP provides a modification or principal reduction on the second mortgage as well.
Eligibility requirements:

Your first mortgage was modified under HAMP.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
You have not missed three consecutive monthly payments on your HAMP modification.

Servicing agent: A lender or other entity that services a loan or asset on behalf of the investor that owns the loan. Often, the lender that originates the loan is neither the owner nor the servicer.

Shadow inventory:The cache of homes that have undergone the foreclosure process and are on the balance sheets of banks and GSEs but are not yet on the market for resale.

Workout sale: A situation in which the lender agrees not to move forward with foreclosure proceedings for a specific period of time, allowing the home owner to sell the property and pay off the loan.

Kathi Soprano Russo

RE/MAX Las Vegas CDPE

www.lasvegashomesearch@gmail.com

http://lasvegashomesaver.com

(702)277-0075

Las Vegas short sale youtube page

Mon, 13 Feb 2012 21:12:38 GMT

<iframe width="560" height="315" src="http://www.youtube.com/embed/AIdCj6GazDI?rel=0" frameborder="0" allowfullscreen></iframe>

Kathi Soprano Russo

RE/MAX Las Vegas CDPE

www.lasvegashomesearch@gmail.com

http://lasvegashomesaver.com

(702)277-0075

Administration Announces Changes to HAMP

Fri, 27 Jan 2012 17:24:32 GMT

The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP).

Among the changes, borrowers who are struggling because of debt beyond their mortgage will be eligible for a secondary evaluation with more flexible debt-to-income criteria, and eligibility will be extended to investor-owned homes that are used as rental properties. The administration is also giving principal reductions a bigger role within the program, tripling incentives for investors that agree to write down an underwater borrower’s principal balance and offering these same incentives to the nation’s two biggest mortgage investors – Fannie Mae and Freddie Mac.

Kathi Soprano Russo

RE/MAX Las Vegas CDPE

www.lasvegashomesearch@gmail.com

http://lasvegashomesaver.com

(702)277-0075

A Guide to the language of Distressed Property

Wed, 25 Jan 2012 14:50:32 GMT

What does it all mean? This quide will help the homeowner decipher the terminology used in todays real estate market...

Bank-owned /real estate–owned (REO): Properties that have been taken back by the lender during the legal foreclosure proceeding to become an asset of the lender bank.

Broker price opinion (BPO): When the estimated value of a property is determined by a real estate broker or firm based on property characteristics, appropriate comparable properties, and market analysis.

Deed-in-lieu (DIL) of foreclosure: When borrowers can no longer make their mortgage payments, a DIL transfers ownership of a property to the lender, allowing the home owner to avoid foreclosure.

Distressed property: A property that is under a foreclosure order (pre-foreclosure), has undergone the foreclosure process, and is now an REO, or is being marketed as a short sale.(See lender-mediated properties.) Historically, this has also referred to properties in dilapidated condition.

Distressed sellers: Home owners in default on their mortgage or at risk of becoming late on their mortgage payments, due to financial hardship.

Forbearance: A reduction or suspension of loan payments as agreed upon by the lender for a predetermined period of time.

Foreclosure: The legal process in which a lender takes possession of a property as a result of a mortgage default by the owner-borrower.

Home Affordable Foreclosure Alternatives (HAFA): A federal program for home owners who can no longer afford their mortgage.HAFA provides two options for transitioning out of a mortgage: a short sale or a deed-in-lieu of foreclosure.
Eligibility requirements:

You live in the home or have lived there within the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion in connection with a mortgage or real estate transaction.

Home Affordable Modification Program (HAMP): A federal program that provides foreclosure-prevention initiatives to help borrowers in or at risk of default avoid foreclosure via loan modification or principal reduction to lower their monthly mortgage payments. The FHA and VA also offer HAMP programs for struggling home owners. See second-lien modification program.
Eligibility requirements:
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

Home Affordable Refinance Program (HARP): A federal program for mortgage borrowers who are current on their payments but having trouble acquiring traditional refinancing because the value of their home has declined. These borrowers are usually underwater, meaning they own more on their mortgage than what their home is currently worth.
Eligibility requirements:

The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Insolvency: When a borrower does not have enough liquid assets to pay down a mortgage.

Lender-mediated properties: Homes that are in the pre-foreclosure process, are already bank-owned, or are subject to a lender-approved short sale.

Loan modification: Changes to the loan terms and conditions to reduce monthly payments for the borrower.

Portfolio loan:A loan or asset owned and controlled in-house by the lender itself.

Principal Reduction Alternative (PRA): A federal program forhome owners who owe significantly more on their mortgage than what their home is currently worth. The program encourages non-GSE mortgage servicers and investors to reduce the principal loan amount.
Eligibility requirements:

Your mortgage is NOT owned or guaranteed by Fannie Mae or Freddie Mac.
You owe more than your home is worth.
You occupy the house as your primary residence.
You obtained your mortgage on or before January 1, 2009.
Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.
You owe up to $729,750 on your 1st mortgage.
You have a financial hardship and are either delinquent or in danger of falling behind.
You have sufficient, documented income to support the modified payment.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering, or tax evasion, in connection with a mortgage or real estate transaction.

Refinance: The replacement of a loan (mortgage) with a new loan at a lower interest rate and under different terms and conditions, often reducing monthly payments, the term of the loan, or the loan risk.

Second Lien Modification Program (2MP): A federal program for borrowers who have two mortgages on the same property and the first mortgage was permanently modified under HAMP. 2MP provides a modification or principal reduction on the second mortgage as well.
Eligibility requirements:

Your first mortgage WAS MODIFIED under HAMP.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
You have NOT missed three consecutive monthly payments on your HAMP modification.

Servicing agent: A lender or other entity that services a loan or asset on behalf of the investor that owns the loan. Often, the lender that originates the loan is neither the owner nor the servicer.

Shadow inventory:The cache of homes that have undergone the foreclosure process and are on the balance sheets of banks and GSEs but are not yet on the market for resale.

Short sale: A property transaction in which the lender or lenders agree to accept less than what is owed by the current home owner. Because the net proceeds from the sale are not enough to cover the sellers’ mortgage obligations, the difference is forgiven by the lender, or other arrangements are made with the lender to settle the remainder of the debt. Call (702) 277-0075 to see if you qualify for one of the many new short sale programs available to homeowners that owe more on thier mortgage then the value. ***This is the option that can save your credit and avoid foreclosure***

Workout sale: A situation in which the lender agrees not to move forward with foreclosure proceedings for a specific period of time, allowing the home owner to sell the property and pay off the loan.

Kathi Soprano Russo CDPE SFR

RE/MAX Elite

Las Vegas , Nevada

(702) 277-0075

Kathi Soprano Russo CDPE

Nevada Homeowners : what does the Robo signing settlement mean to you?

What is everyone talking about?

The Language of Distress

Las Vegas short sale youtube page

Administration Announces Changes to HAMP

A Guide to the language of Distressed Property

What does it all mean? This quide will help the homeowner decipher the terminology used in todays real estate market...

Bank-owned /real estate–owned (REO): Properties that have been taken back by the lender during the legal foreclosure proceeding to become an asset of the lender bank.

Robo signing and the "BIG Five Banks"

Kathi Soprano Russo CDPE SFR

Fannie Mae Extends Mortgage Relief for Unemployed Borrowers

Fannie Mae issued new guidelines to its servicers , introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default.

Kathi Soprano Russo CDPE SFR

Steps to follow if you think your loan servicer Isn’t Following the Making Home Affordable Program Guidelines

Kathi Soprano Russo CDPE SFR

Is your servicer participating in short sales?

PARTICIPANTING SHORT-SALE SERVICERS

Kathi Soprano Russo CDPE SFR

Helping Nevada’s Hardest-Hit Homeowners

Nevada’s Hardest Hit Funds

Kathi Soprano Russo CDPE SFR

Nevada Sellers Real Property Disclosure

Who is exempt?

Kathi Soprano Russo CDPE SFR

Calculating monthly gross income under HAFA

For information on selling your home as a short sale in Las Vegas Nevada call today

Kathi Soprano Russo CDPE SFR

Can a homeowner in bankruptcy do HAFA?

Kathi Soprano Russo CDPE SFR

Decline of Home Value ? There is still hope!

Kathi Soprano Russo CDPE SFR

HAFA and Divorce, who signs?

Kathi Soprano Russo CDPE SFR

What is store for 2012 Las Vegas real estate market?

We expect to see short sales continue to take center stage in 2012. Currently short sales have accounted for a larger percent of Lender workouts and we expect to see those levels rise in 2012. While Loan Modifications volumes have declined in 2011, performance has steadily improved over time.

Kathi Soprano Russo CDPE SFR

Todays Las Vegas short sale environment

Navigate away from an unmanageable mortgage in 2012

Mortgage payment weighing you down?

Tip the scales away from foreclosure

Major Banks will increase 2012 short sale approvals

It is a great time to think about listing your home as a short sale and avoid foreclosure.

2012 could be a fresh start for many Las Vegas Nevada homeowners who are underwater on thier mortgage and facing a possible foreclosure. One of the Major national banks has projected a 60-70% increase of processing short sales in the coming year. I expect the others to follow the lead.

Call me direct to discuss this option and how you can benifit and help save your credit rating .

Kathi Soprano Russo CDPE SFR

Consequences of a Foreclosure

Kathi Soprano Russo CDPE SFR

Will a short sale effect your credit?

Kathi Soprano Russo CDPE SFR

The HAFA short sale process

Kathi Soprano Russo CDPE SFR

Decline in Las Vegas Housing Market

Projected Five Weakest Markets

1. Bakersfield, CA -5.5% 2. Reno/Sparks, NV -5.1% 3. Deltona/Daytona Beach/Ormond Beach, FL -5.1% 4. Las Vegas/Paradise, NV -5.0% 5. Fresno, CA -4.8%

Kathi Soprano Russo CDPE SFR

1. Bakersfield, CA -5.5%
2. Reno/Sparks, NV -5.1%
3. Deltona/Daytona Beach/Ormond Beach, FL -5.1%
4. Las Vegas/Paradise, NV -5.0%
5. Fresno, CA -4.8%