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Steve Harless "Your Las Vegas Real Estate Connection"

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Free Las Vegas High Rise Condo Search Tool

09-23-08
Steve Harless "Your Las Vegas Real Estate Connection"

There are lots of opportunities in the Las Vegas Condo Market. Consumers need to be able to find what they are looking for with ease and in the privacy of their own home. Try this search - Las Vegas High Rise Condos

Should you need more information, feel free to call Steve Harless - Realty World - 702.217.1680

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WHAT ARE YOU DOING IN MY HOUSE???

09-19-08
Steve Harless "Your Las Vegas Real Estate Connection"

It started out as a normal, sunny great day in Las Vegas.....Sky was blue, traffic was normal, the neighborhood I was going to show looked great! This is an exremely high end area of Henderson, Nevada and the homes all showed nice here at Horizon Ridge/Eastern.

Then the REAL fun started.

First I could'nt find the right code to open the combination to the door, as the listing agent, who works with me, listed the wrong code. no problem....call him and find out what it is.....

I called the agent, he was'nt answering his phone. What next?

I then proceeded to call my Broker, Realty World Luxury Homes Owner: Michele Sullivan. As usual, being the dependable Broker she is, she provided me with the right code to open the door. After thanking her for her support, I hung up the phone and proceeded to open the door.

My preferred lender, Brian Hammond of Prospect Mortgage has decided to sit this open house with me in case we had some traffic to the home to help pre-qualify potential buyers.

Then All Hell Broke Loose.....

5 minutes after we both had placed the signs pointing to the property, we both hear a knock at the door.

I open the door, and a lady screams: " What Are You Doing In My House?"

Don't you know I just signed docs and this is now MY HOME?

OOOOHHHHH my gawd....I was panicking to myself, never being in this position before.....

I am sorry Miss, but this house was listed in Contingency, and we did'nt know that it was going to be closed today!

The buyer, God bless her heart, softly mentioned, I know it is awkward and you did'nt know....But I just signed docs an hour ago.....My lender and I started slowly heading toward the door.....not knowing what to expect.

Make a long story short....she was cool and understood what we were doing there on the property and said everything was ok. she proceeded to tell us about how hard it was to get the bank to take care of all the pool problems in the back yard.

But WOW..... you never know what is going to happen at these open houses.....HAVE YOU EVER HEARD OF SUCH STORIES????? LET ME KNOW! STEVE HARLESS - REALTY WORLD LUXURY HOMES

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Foreclosure Loophole?

09-18-08
Steve Harless "Your Las Vegas Real Estate Connection"

The pooling of home loans into securities has been practiced for decades and helped propel real estate prices in recent years as investors sought the higher yields that such mortgage trusts could provide.

A federal judge in Ohio has ruled against a longstanding foreclosure practice, potentially creating an obstacle for lenders trying to reclaim properties from troubled borrowers and raising questions about the legal standing of investors in mortgage securities pools. If the bank cannot produce the actual Promissory Note, the bank has to prove they are the 'Holder-In-Due-Course'. In other words, the bank has to PROVE they own the house.

If this is the case, you may see a loophole where people who face foreclosure ask the courts to prove bank ownership. has anyone else heard of this?

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Do You Think The Las Vegas Real Estate Market Has Bottomed Out?

09-11-08
Steve Harless "Your Las Vegas Real Estate Connection"

Multiple offers...offers over list price....REO Listing Agents not returning your calls on your offers. It certainly is busy lately. But the question still exists:

Do You Think The Las Vegas Real Estate Market Has Bottomed Out?

Click Here To Vote

Steve Harless is committed to providing
you with any information you may need on buying or selling a home,
current interest rates, neighborhood news and more. Feel free to call 702.216.1680 to discuss your buying or selling plans.

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Help Fight Foreclosures In Any State - Home Save Solutions

09-08-08
Steve Harless "Your Las Vegas Real Estate Connection"

Neighborhood Assistance Corporation Of America (NACA)

This article is intended to assist people that are currently in the process of losing their homes, and can be seen here

HOME SAVE SOLUTIONS

All of the below solutions provide for an affordable mortgage payment over the long-term. In fact the Restructuring sometimes lowers the fixed interest rate to less than a NACA Refinance. As opposed to the refinance, a Restructure is available throughout the country and is not based on factors such as equity, debt ratios and credit score. NACA through its Mortgage Consultants and Home Save Department will make a determination of the solution that is most appropriate for your particular situation.

Affordability Budget:
NACA's Home Save Program provides four long-term solutions. The NACA process considers the individual characteristics for each homeowner but provides a framework and standardization to provide for the most effective long-term solution. The Affordable Budget provides an analysis of your current financial situation. If completed accurately and completely, it will show the mortgage amount you can afford. The solutions are based on what you can afford based on a tight budget consisting of the following:

Net Income:
Less:

Required Liability Payments
Required Monthly Expenses
Allowance for Non-Recurring Expenses (usually $200)
Net Available Income for a Mortgage Payment (i.e. Principal, Interest, Taxes and Insurance)


Options:
NACA's home save options are based on what you can afford based on our comprehensive Affordability Budget. They are provided in the order that is most appropriate for your situation. The most viable and appropriate solution for most homeowners is the Restructure. Servicers and investors are now more willing to restructure a loan given the collapse of the mortgage market and the significant loss they would incur with a foreclosure.

PAYMENT PLAN (i.e. forbearance agreement):
A Payment Plan is an arrangement with the servicer for you to become current within a twelve month period. This is appropriate if your interest rate is reasonable and your mortgage payment is affordable. Payment Plans are effective when life's circumstance (i.e. illness, short-term job loss, or personal issues) have created a short term financial setback. The past due amount is spread as an additional payment over a number of months and on completion you would be current. While Lenders/Servicers often advocate for this, it will not prevent an eventual foreclosure if your existing mortgage payment is unaffordable or will become unaffordable.

MODIFICATION:
A Modification of a loan is where the past due amounts are added into the remaining balance or made payable upon loan payoff (i.e. refinance or selling of the house) This works if you have an affordable payment but have experienced a long-term financial set back and cannot become current in 12 months. The monthly payment does not decrease and often increases due to the higher loan amount (Interest rate reduction modifications are considered a Restructure Solution as described below).

RESTRUCTURE:
A Restructure requires either a reduced interest rate and/or reduction in the mortgage amount. This is the most powerful tool for many homeowners to save their home. NACA has been extremely successful in making dramatic reductions in interest rates saving homeowners hundreds and thousands of dollars a month in their mortgage payments. You would work with your NACA Mortgage Consultant to determine a mortgage payment you can afford based on the above described Affordability Budget. The monthly taxes and insurance are deducted from the available payment leaving the principal and interest payment. The NACA Restructure Solution locks in the principal and interest for the remaining term of the loan thus allowing you to achieve true homeownership. The NACA Restructure Solution requires that the mortgage payment reflects this affordable monthly payment. This can be accomplished by adjusting either or both the interest rate and outstanding mortgage amount. The Restructure is not conditioned on the three major limitations for refinances:
  1. Equity in the home (i.e. loan-to-value)
  2. Debt-to-income ratio
  3. Payment History (i.e. credit score)

The mortgage payment for principal and interest is submitted to the servicer of your loan (the servicer may not be the original lender). The servicer would reduce either or both to achieve the mortgage payment over the remaining term of the loan. The servicers has certain authority to change the terms of your loan. They may need to get the investors approval for such a solution. If the investor rejects this solution, NACA may appeal the decision since your Affordability Budget documents the maximum amount you could afford for a mortgage payment. If the servicer and investor still refuse the Restructure Solution then NACA could work with you as part of the Homeowner Advocacy campaign as described below.

NACA REFINANCE:
The NACA Refinance provides an important option for homeowners to achieve an affordable long-term mortgage payment. The NACA Refinance is one product that is the best in America. It is at a below-market 30 year fixed rate interest (Currently at 5.875%), no points, no closing costs, and no fees. There are also NO abusive terms: No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, and No other unnecessary or overpriced insurance. NACA has committed One Billion dollars to help homeowners who have an unaffordable mortgage keep their homes in the wake of the mortgage crisis. This continues to be the most significant refinance option for homeowners at-risk of foreclosure in this mortgage crisis.

While the NACA Refinance is the best in America, there are eligibility criteria that are not limitations with a Restructure Solution. These include Loan-to-value, Debt-to-Income Ratio, Payment History, property located within a NACA service area, and other criteria. There would also be additional documentation of income, previous mortgages and other documentation requirements. All properties to be refinanced must have thorough inspections.

OTHER OPTIONS:
NACA does not consider selling your home or a deed-in-lieu to be viable solutions. If you are determined to keep your home and are willing to engage in the Homeowner Advocacy there is a good chance that you will not lose it. If selling or doing a deed-in-lieu is your desire, we may be able to assist and work with you to reestablish yourself to become a homeowner in the future with an affordable mortgage payment. To purchase another home would likely take a significant period of time.
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