Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

2 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 26 2010 10:02AM

A Great Day in Las Vegas seeing Short Sales & REO Bank owned homes- a few pics

It was so crisp out! The sky was so blue with big beautiful puffy clouds.

I was out yesterday showing homes to a few Las Vegas buyers and it was a nice Sunny Day in Las Vegas as opposed to the past week, but it was still a cold day with snow on all the mountains around the Las Vegas Valley.

We viewed a few Las Vegas Bank owned homes and a few Las Vegas Short Sales. We viewed homes from North Las Vegas Short Sale to a Summerlin Short Sale, a home in North Shores, a REO bank owned home in the Charleston Heights area and eve a flip house...yep... I cover the whole Las Vegas Valley area and we did put it an offer on a beautiful home with a pool in the $200,000 price range.

Las Vegas Mountains with Snow © by Dawn Barrier

Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Dawn Barrier Century 21 Aadvantage Gold (702) 812-4550

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

4 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 24 2010 11:18AM

FHA Home Buyers may have to come up with more Down Payment & Higher Credit Scores Part 2

I did a blog about this earlier....FHA Home Buyers may have to come up with more Down Payment & Higher Credit Scores but here is another update.Read the Whole news at RISMEDIAd

Update the combination of FICO scores an down payments for new borrowers.
-New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% downpayment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
-This change will be posted in the Federal Register in February 2010 and, after a notice and comment period, will go into effect in the early summer.

For more information, visit www.hud.gov.

So,,,,,if you think you are going to buy a home in the Las Vegas area before these take affect, you need to get a PREAPPROVAL from a lender asap,,,,call me.

Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

My Website

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

2 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 23 2010 09:33PM

REO Bank Owned Cash Buyers in Las Vegas, Nv May Not Always win the Bid

What? But I thought Cash was King? That is what you are most likely saying to yourself right now?

But, in this market it may not always be. You can't assume that Cash will always get the house, at least that is what I'm seeing.

There are a lot of cash buyers bidding on homes in Las Vegas right now, and it seems (or you would think) that most of the time a cash buyer will get the home over a buyer who is financing, but, that is not always the case.

I am currently working with a few cash buyers and one of them actually did not win a bid on a home they wanted, even when the bids were at asking price (which by the way was at the TOP of the price range for this area and home, it would be the new high comp), buyer was paying all closing cost and offering a 15 day close with inspections being the only contingency.

Now, maybe this bank did actually get a higher offer from the fha/conventional buyer (even Cash buyers have a limit as to how much they are willing to pay), but the bank maybe running the risk that this home may not appraise at that higher offer and then they will be 2-3 weeks into the deal and have to lower their price anyway or ask the buyer to pay the difference.

Or maybe, just maybe in that area we maybe seeing a turn around in prices for the better. Maybe they didn't believe me when I said, "No, they are not an investor, they want to retire in this home". That is a possibility as some lenders will actually favor a first time home buyer over what they think will be an investor. Maybe the other buyers agent worked for the same company. There are many variables and you just never know what a bank will do in this market and the sellers agent most likely will not let you know why your offer wasn't chosen, but your offer will most likely be in backup position with the other offers that came in.

So, buyers in the Las Vegas area, get ready to make several offers on several homes before you actually get one.

By the way, my buyers moved on and we have another home in escrow now.

Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

My Website

FHA FLIP RULE WAIVED--HUD Waives the 90 day Flip Rule for 1 Year with Conditions

2 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 22 2010 09:35AM

FHA FLIP RULE WAIVED--HUD Waives the 90 day Flip Rule for 1 Year with Conditions

FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days.

HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner, but there are some conditions, here are a few:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

In Las Vegas this may open up some homes for buyers to put offers in on, but since our inventory is low right now, there will still be a lot of competion for these homes. Buyers still need to be prepared to put in their best offer on their first offer as they will still be competing with a lot of cash and conventional buyers.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website

Click below to read the News from HUD and see all the details.

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Give me a call Dawn Barrier (702) 812-4550

Home Prices Up Five Months in Row

Dawn Barrier
Century 21 Aadvantage Gold
2 offices to serve your needs - 1 in the Green Valley Area and 1 in the North
Las Vegas, Nv
(702) 812-4550

My Website

2 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 18 2010 01:41PM

Fannie Mae Adopts New REO Policy- Lender May have to reimburse Fannie Mae

Here is an interesting bit of news direct from RISMEDIA

In an effort to expedite REO sales, Fannie Mae has adopted a new policy. As part of this policy, Fannie Mae may accept offers to purchase homes it has repossessed without notifying loan servicers, and loan servicers may be required to reimburse Fannie Mae for a loss if it turns out the original mortgage on the home did not meet its eligibility or underwriting requirements..

Previously, if there was a question over whether a mortgage on a repossessed property met Fannie Mae's requirements, servicers were given 15 days to turn over loan files for review. Rather than reimburse Fannie Mae for an incurred loss, loan servicers had the opportunity to try and find a better offer for the property or buy it themselves.

The rules have changed, though. In a recent announcement to loan servicers, Fannie Mae said it has implemented a change regarding assurance reviews. When the company is notified that a property has been acquired, it will begin the disposition process by obtaining opinions on the market value of a repossessed home and list it with a real estate broker.

"When Fannie Mae receives an offer to purchase a property that is also subject to an underwriting or servicing review, Fannie Mae may accept the purchase offer without first notifying the servicer, whether or not a final decision has been reached with respect to the review," Fannie Mae said in its announcement. "If, after completion of the review, Fannie Mae determines that the mortgage loan did not meet its eligibility or underwriting requirements and Fannie Mae has incurred a loss by selling the property, the lender will be required to fully reimburse Fannie Mae for its loss."

Read the whole article at RISMEDIA

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 12 2010 12:08PM

Housing Video from CNBC - Mixed News on Housing News

25% of homeowners are underwater is what they say.

Banks and investors should be exploring principle reduction in Loan Modifications

Tues. Jan. 5 2010 | 4:37 AM[07:31] Discussing the state of the housing market with James Lockhart, the former head of the Federal Housing Finance Agency.

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Give me a call Dawn Barrier (702) 812-4550

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Certified Short Sale Professional

Dawn Barrier
Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

My Website

Pre Approved Short Sales in 2010: Home Affordable Foreclosure Alternatives Program (HAFA)

ABC NEWS - Short Sales Help Homeowners

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 07 2010 02:11PM

Short Sales Tips for Sellers in Las Vegas, Nv or anyplace USA

There are many tips to give here are a few:

1. Work with an agent who has experience dealing with selling short sales.

2. Typically a Las Vegas Short Sale is better option than foreclosure, but don't expect a short sale to solve your financial problems. Here are some things to keep in mind:

You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options.
Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.Read more from the sources..Realtor.org

If you are considering doing a Las Vegas Short Sale have you explored other options first?

If you really want to stay in your home....Have you first tried a Las Vegas Loan Modification?

Have you contacted your lender first and ask them to do a Las Vegas Loan Modification?

Did you consult your Las Vegas CPA, tax advisor or account?

Did you consult with a real estate attorney?

Do you think maybe you are going to file bankruptcy?

These are all things to check into Before you do a Las Vegas Short Sale

Give me a call Dawn Barrier (702) 812-4550

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Certified Short Sale Professional

Dawn Barrier
Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

My Website

Pre Approved Short Sales in 2010: Home Affordable Foreclosure Alternatives Program (HAFA)

ABC NEWS - Short Sales Help Homeowners

Las Vegas Century 21 REALTOR® helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • January 06 2010 11:32PM

Las Vegas is the place to be for New Years-Las Vegas Tops Poll as Favorite City to Ring in 2010

No surprise to those of us who live here.

Last year the fireworks sucked here in Vegas because they took them off the hotel and casino rooftops. Everyone complained and the powers that be woke up.

Well, this year they should be back to normal as our Mayor Oscar Goodman and everyone agreed they are going back on the rooftops this year.

You don't even have to be on the strip to see them and sometimes you may even getting a better view of the overall fireworks being just a bit off the strip.

Well, no matter where you are at this year--Have a Happy New Year everyone!

According to those polled, respondents would rather spend time in Las Vegas on New Year's than other traditional New Year's Eve destinations. In fact, Las Vegas (35%) beat out New York City (30%), Miami (19%), Los Angeles (9%) and Chicago (7%) as respondents' favorite New Year's Eve destination. Possible reasons for this result include the A-list entertainment at the city's top clubs and shows, the massive party on a pedestrian-only Strip with fireworks lighting up the sky at midnight, and the availability of incredible deals that Las Vegas has to offer this year.

Las Vegas is the preferred New Year's Eve destination among a variety of travelers this year
-With its many different offerings, Las Vegas is not only the preference for the general group of respondents (35%), but also amongst a wide range of sub-groups.
-41% of men chose Las Vegas as the spot for New Year's celebrations, which isn't a surprise considering all the great action that awaits at upscale sports books and table gaming rooms. On the other hand, women are virtually split between Las Vegas and NYC as the place they'd want to be.
-In addition, more than 36% of respondents 51+ years-old, 32% aged 31-40 and respondents with incomes between $35,000 and $99,000 plan to count down to midnight in Las Vegas. These results are a good testament to the wide appeal Las Vegas has created for itself through its diverse entertainment options and varying price points.

Starting over in 2010 - Start Now -Get your Credit Report Now and Plan ahead

Since the year is winding down and many of us may have some extra time over the next 2 weeks, now might be the time to check your credit report and start a plan of action for 2010.

Many across the nation have had a rough year and times could continue to be rough for many even into 2010. But, many are also going to be trying to recover in 2010 from things such as foreclosure, job loss, wage cuts and the likes.

So, why not go and get your credit report and scores now and start a file on yourself. Date it with the day you get your scores and maybe write a brief list of things that may help you bring your scores up or a note about paying off a credit card a little each month, putting away $20 bucks a month for emergency fund, etc.

Don't overwhelm yourself---You may just want to keep it simple and start small. Like the $20 for savings, or $20 bucks on the credit card with the highest balance, etc.

Wishing everyone a Happy New Year!

The 3 Credit Bureaus

1. Equifax
800-685-1111
www.equifax.com

2. Experian
888-397-3742
www.experian.com

3. Trans Union
800-916-8800
www.transunion.com

How Do I Order My Free Credit Report?

The three major credit bureaus have set up a central website, toll-free telephone number, and mailing address that you use to order your free credit reports.

Web Site: www.annualcreditreport.com
Toll-free Telephone Number: 877-322-8228

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Las Vegas Century 21 REALTOR® helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal or financial advice, consult an attorney or financial expert for legal advice.

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 24 2009 09:49AM

Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the rise was expected. "This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead," he said. "We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline."

"Nearly all markets experienced a solid sales gain from one year ago," Yun said. "The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento, where inventory shortages for lower priced homes are limiting sales."

Read the whole article from REALTOR.ORG

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

0 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 22 2009 04:01PM

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

On one of my recent blogs...SHORT SALES, BANK OF AMERICA, Fannie Mae, REO Trans & REDC -WILL IT MAKE SHORT SALES MOVE FASTER? David Lidz off Hagerstown, MD ask...

Do you know - What's the latest on whether or not the forgiven debt will be considered taxable income by the IRS and the various states?

My Response:

David...

Since I can't give out legal advice and it depends on each individuals situation....Here is some links to the info...

Here are some snipets from the IRS website (go there for the info) and ck it out.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

IRS TAX TIP 2009-44 .... Read about it at IRS TAX TIP 2009-44 ....

If your mortgage debt is partly or entirely forgiven during tax years 2007 - 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.

Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return--this info direct from the IRS website...Read about it at IRS TAX TIP 2009-44 ....

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Las Vegas Century 21 REALTOR® helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Las Vegas Century 21 REALTOR® helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

3 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 17 2009 09:56PM

Las Vegas Attorney Files Class-action suit against Bank of America regarding Loan Modifications

The suit was filed on behalf of homeowners facing foreclosure who say there has been no progress made with regard to negotiations with their lender.

"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."

The class-action suit against Bank of America represents about 30 people so far; it alleges that the bank has failed to act in accordance with a section of the government's Making Home Affordable program, saying the lender has "refused to evaluate loans" and "failed to suspend foreclosure proceedings."

Many of the customers' stories are similar; they attempt to negotiate with their lenders but are passed around to different representatives. In some cases they think the negotiations are going well yet come home to find a foreclosure notice on their home.

This is an open class-action complaint. Meaning, if you feel Bank of America hasn't acted in good faith with your loan, you can contact Matthew Q. Callister, the attorney on this case, at www.call-law.com or 702-385-3343.

Read the whole article at:Channel 3 News...Local attorney files suit against Bank of America

It will be interesting to see what happens with this!

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Las Vegas Century 21 REALTOR® helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 16 2009 09:02PM

FHA Home Buyers may have to come up with more Down Payment & Higher Credit Scores

Currently FHA home buyers need 3.5% down payment.

Read the Whole news at RISMEDIA, December 11, 2009-(MCT)-The Federal Housing Administration (FHA) is about to beef up the borrowing requirements for home buyers, a move that could dampen the fragile housing market's recovery.

The agency also plans to seek permission from Congress to raise the annual mortgage insurance premiums and sellers will be able to help buyers with only 3%, rather than the current 6%, of associated closing costs.

If this goes thru homes sales may slow down considerably next year and if that happens home prices will most likely remain stagnant.

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Las Vegas City Center online Tour Ck it out- City Center

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 16 2009 12:17PM

Las Vegas is in the Spotlight today! Sin City -The Good Bad & The Ugly

Las Vegas is all over the national news today.

CNBC is in town for the big spotlight on City Center.

It is reported that you can book a room for next week at Aria for about $150.00.

Here is the link to more pics taken a while back City Center, Las Vegas Strip Construction PICS,, Aria, work is still moving on

They will most likely be highlighting both the good and bad of what is happening here in Las Vegas housing market and employment issues.

For Las Vegas Sellers, it can be a depressing issue with having to do a Las Vegas Short Sale due to home values dropping so much over the past 2 years, but a short sale may be a better option to foreclosure.

on the flip side...

For Las Vegas Buyersit is a great time to buy due to those prices drops. The problem for Las Vegas Buyers right now is winning a bid on a home. Due to those low prices, we have so many investors and cash buyers right now pushing out a lot of first time home buyers by bidding above asking price on many homes. Even move up buyers are having the same issue. Las Vegas Buyers need to be prepared to put in several offers on possible several homes before they actually get a home right now and they have to be willing to hang in there thru this process.

Betting on Vegas Tues. Dec. 15 2009 | 4:30 AM[04:53] Sin City is betting on a new mutli-million dollar development, with CNBC's Jane Wells.

Century 21 REALTOR® in Las Vegas, Nevada helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Press Release, HAMP Update-New Program Offers Borrowers Foreclosure Alternatives

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

1 comment • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 15 2009 11:54AM

Pre Approved Short Sales in 2010: Home Affordable Foreclosure Alternatives Program (HAFA)

This info is direct from Realtor.org see full article...

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at MakingHomeAffordable.gov

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed). "This would be Great!"
Uses standard processes, documents, and timeframes/deadlines. "Yet to be seen"
Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

Notice: This is a Guideline Not law so it doesn't mean the lender will do it, we can just hope they will

Supplemental Directive 09-09, Introduction of Home Affordable Foreclosure Alternatives-Short Sale and Deed-in-Lieu of Foreclosure 43 pages

Century 21 REALTOR® in Las Vegas, Nevada helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550

Century 21 REALTOR® in Las Vegas, Nevada helps homeowners Avoid Foreclosure in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley

2 comments • Las Vegas Short Sale Realtor® Dawn Las Vegas Short Sale Real Estate • December 12 2009 07:49PM

Las Vegas Foreclosure filings are down, Las Vegas is Not #1 anymore!

Maybe not cause for a big who ho at this point but slowly maybe the tides is turning. Although it may be only temporary it is great to Not be #1 for filings, but we are still too close to the top.

Read the whole article in Las Vegas Review Journal..Foreclosure filings fall in November

Nevada still has the highest foreclosure rate within the U.S., but Las Vegas is no longer No. 1 among cities, a report being released today shows.

Also, the number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible

Las Vegas, which had been No. 1 on that list for four straight months, fell to No. 5. Nevada recently adopted a program that requires mediation before banks can seize a property.

If you are looking to buy or sell in the Las Vegas area give me a call Dawn Barrier (702) 812-4550