Short Sale | Black & LoBello

Mortgage Settlement Deadline January 18

On January 10, 2013, in Community Event, Foreclosure, Mortgage, Real Estate, Short Sale, Strategic Default, Taxes, by blacklobellolaw

National Mortgage Settlement — You May Be Eligible for a Distribution Nevada’s Office of the Attorney General, Bureau of Consumer Protection, is contacting Nevada residents who are eligible to receive a portion of the settlement reached by Nevada with various mortgage servicers, including Bank of America, Wells Fargo, GMAC, Allied, and J.P. Morgan Chase. If your [...]

National Mortgage Settlement — You May Be Eligible for a Distribution

Nevada’s Office of the Attorney General, Bureau of Consumer Protection, is contacting Nevada residents who are eligible to receive a portion of the settlement reached by Nevada with various mortgage servicers, including Bank of America, Wells Fargo, GMAC, Allied, and J.P. Morgan Chase. If your mortgage was serviced by one of these institutions, and you lost your primary residence to foreclosure between January 1, 2008 and December 31, 2011, you are likely eligible to participate in the Settlement.

The Attorney General’s Office is contacting claimants by mail. If you have not heard from their office and believe you may be eligible, you should visit ww.nationalmortgagesettlement.com to inquire. To participate and receive the payment as part of the settlement, you must file a claim by January 18, 2013.

Tagged with: attorney general • B of A • GMAC • mortgage debt • mortgage servicers • National Mortgage Settlement • Nevada • Settlement claim

Black & LoBello on AM720 KDWN

On December 4, 2012, in Bankruptcy, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from November 28th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses notice of defaults (“NOD”) leading to evictions (1:30), what happens to property in a bankruptcy (4:05), the steps leading to eviction (11:50), how to check a potential rental property for scams (14:00), Nevada’s portion of [...]

Click here to listen to the Legal Hour on KDWN AM720 from November 28th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses notice of defaults (“NOD”) leading to evictions (1:30), what happens to property in a bankruptcy (4:05), the steps leading to eviction (11:50), how to check a potential rental property for scams (14:00), Nevada’s portion of the Multi-State Settlement (19:10), upcoming deadlines for real estate tax breaks (21:40), the difference between originating and funding a loan (27:00), loan modification programs (31:55) and debt forgiveness from a short sale (36:00).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: automatic stay • Clark County recorder • evictions • Mortgage Forgivness Debt Relief Act • mortgage insurance • mortgage interest deduction • Notice of Defaults

Mortgage Insurers to Allow Short Sales, Deeds-in-Lieu Without Approval

On November 1, 2012, in Real Estate, Short Sale, by blacklobellolaw

Starting November 1, 2012, if you loan is serviced by Fannie Mac or Freddie Mac, you will not have to receive approval from the mortgager insurer to proceed with a short sale. Typically, if a homeowner purchases a home and their down payment is less than 20% of the fair market value of the property, the [...]

Starting November 1, 2012, if you loan is serviced by Fannie Mac or Freddie Mac, you will not have to receive approval from the mortgager insurer to proceed with a short sale. Typically, if a homeowner purchases a home and their down payment is less than 20% of the fair market value of the property, the homeowner is required to purchase private mortgage insurance. The private mortgage insurance provides a safety net to the lender in the case of default. If a homeowner defaults on a mortgage, the lender could seek insurance proceeds to cover a portion of this loss from the private mortgage insurance. As a result of this ability to collect insurance proceeds from the private mortgage insurer in the event of a default, mortgage insurers had the authority to deny a short sale. However, starting November 1, 2012, under new short sale guidelines for all loans serviced by Fannie Mac and Freddie Mac, mortgage insurers will allow a short sale or deed in lieu without their approval. What this means is one less step in the short sale process, which hopefully will lead to faster closings.

-Randy M. Creighton

Tagged with: deed-in-lieu • Fannie Mae • Freddie Mac • Mortgage • PMI • short sale

Black & LoBello on AM720 KDWN

On September 27, 2012, in Civil Litigation, Foreclosure, Legislation, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from September 19th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest Judge Kelly Earley from Department Four of the 8th Judicial District Court. Mrs. Black Chernine and Judge Earley discuss the importance of judicial elections (1:30), pro se litigants (5:20), tips for negotiating a [...]

Click here to listen to the Legal Hour on KDWN AM720 from September 19th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest Judge Kelly Earley from Department Four of the 8th Judicial District Court. Mrs. Black Chernine and Judge Earley discuss the importance of judicial elections (1:30), pro se litigants (5:20), tips for negotiating a short sale (9:00)(25:10), banks that sue for loan deficiencies (12:00), how incompetent judges affect the litigation process (15:50), the important aspects of a case for a judge (22:20), loan negotiation scams (28:50) and defense against false claims and loan defaults (31:05).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: cost of litigation • deficiency lawsuits • elections • pro se litigants • short sale negotiation • show me the note • voter apathy

The Federal Housing Financing Agency is Making Great Strides for Borrowers

On September 4, 2012, in Finance, Real Estate, Short Sale, Strategic Default, Taxes, by blacklobellolaw

In a recent news release, The Federal Housing Financing Agency gave word of new short sale guidelines for Fannie Mae and Freddie Mac servicers. The changes are set to go into affect November 01, 2012 and are meant to clarify and expedite the short sale process. The announced alterations are as follows: 1) Homeowners with [...]

In a recent news release, The Federal Housing Financing Agency gave word of new short sale guidelines for Fannie Mae and Freddie Mac servicers. The changes are set to go into affect November 01, 2012 and are meant to clarify and expedite the short sale process. The announced alterations are as follows:

1) Homeowners with a Fannie Mae or Freddie Mac mortgage will be permitted to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship, such as death of a borrower or co-borrower, divorce, disability, or relocation for a job, unemployment, business failure, etc., all without special approval from Fannie Mae or Freddie Mac;

2) Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes, whereby servicers will evaluate borrowers for additional capacity to cover the shortfall between the outstanding loan balance and the property sales price as part of approving the short sale;

3) Special treatment will be provided to military personnel with Permanent Change of Station (PCS) orders; and

4) Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale.

All of the changes hint to incredible strides forward for borrowers, especially the provision that indicates borrowers will be considered without default and the limit on contributions to second lien holders. They are claimed to create a single, uniform short sale procedure, with specific rules or timelines when a foreclosure sale is looming. Borrowers that short sell will not be eligible for a Fannie Mae or Freddie Mac loan for two years thereafter.

Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:

• http://www.FannieMae.com/loanlookup or calling 800-7Fannie (8 am to 8 pm ET)

• https://www.FreddieMac.com/corporate/ or 800-Freddie (8 am to 8 pm ET)

Kristy Black, JD MBA

Tagged with: deficiency judgments • Fannie Mae • Federal Housing Administration • Freddie Mac • military foreclosures • Mortgage • second mortgage • short sale

Black & LoBello on AM720 KDWN

On August 10, 2012, in Foreclosure, Real Estate, Short Sale, Strategic Default, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from August 1st, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses her debate with Laurie Anne Maggiano of the US Treasury Department regarding strategic defaulters (2:45), modification solution fatigue (5:40), the difficulty of defining financial hardship (6:20), Bank of America’s principal reduction programs (7:50), LIBOR rigging scandal (11:00), right [...]

Click here to listen to the Legal Hour on KDWN AM720 from August 1st, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses her debate with Laurie Anne Maggiano of the US Treasury Department regarding strategic defaulters (2:45), modification solution fatigue (5:40), the difficulty of defining financial hardship (6:20), Bank of America’s principal reduction programs (7:50), LIBOR rigging scandal (11:00), right of redemption (14:30), how to recoup retainer fees (20:50), why banks won’t release foreclosed properties back into the market (24:15), how to use the Multi-State Settlement to get out of a HELOC (30:10) and what you can learn from your mortgage servicer (37:10). .

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: hardship • housing inventory • Laurie Anne Maggiano • LIBOR rigging scandal • modification solution fatigue • principal reduction • right of redemption • Strategic default

Black & LoBello on AM720 KDWN

On July 2, 2012, in Bankruptcy, Foreclosure, Landlord & Tenant, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from June 27th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Randy M. Creighton, Esq., a bankruptcy attorney practicing at Black & LoBello. Mrs. Black Chernine and Mr. Creighton discuss the tax exemption for short sales regarding the Mortgage Debt Relief Act (2:05)(20:55)(26:50), improvement in the short [...]

Click here to listen to the Legal Hour on KDWN AM720 from June 27th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Randy M. Creighton, Esq., a bankruptcy attorney practicing at Black & LoBello. Mrs. Black Chernine and Mr. Creighton discuss the tax exemption for short sales regarding the Mortgage Debt Relief Act (2:05)(20:55)(26:50), improvement in the short sale market (9:31), how Eaton v. Fannie Mae affects the foreclosure process (14:00), when to ask your attorney for a refund (17:15), how to find out which lender owns a mortgage loan (20:20), the trend of principal reductions as a result of the Multi-State Settlement (30:31), whether a bank can foreclose during a short sale (32:30) and how to argue apartment maintenance issues (35:20).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: dual tracking • Eaton v. Fannie Mae • foreclosure paperwork • Mortgage Debt Relief Act • Multi-State Settlement • principal reduction • short sale market • TILA • TILA letter

Black & LoBello on AM720 KDWN

On May 31, 2012, in Bankruptcy, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from May 30th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Randy M. Creighton, Esq., a bankruptcy attorney practicing at Black & LoBello. Mrs. Black Chernine and Mr. Creighton discuss misconceptions about bankruptcy (3:40), how to improve credit (8:15), the differences between chapter 7, 11 and 13 [...]

Click here to listen to the Legal Hour on KDWN AM720 from May 30th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Randy M. Creighton, Esq., a bankruptcy attorney practicing at Black & LoBello. Mrs. Black Chernine and Mr. Creighton discuss misconceptions about bankruptcy (3:40), how to improve credit (8:15), the differences between chapter 7, 11 and 13 bankruptcies (10:15), how and when bankruptcy can protect real estate assets (12:40), student loans in a bankruptcy (14:44), which debts can be discharged (18:40), short sale vs. bankruptcy (21:00), 1099-C tax forms and promissory notes (25:45), how to use TILA letters (30:37) and how a lawyer can help in a loan modification (35:50).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: 1099-c • Bankruptcy • chapter 11 • chapter 13 • chapter 7 • credit repair • promissory notes • Real Estate • short sale vs. bankruptcy • student loans • TILA letter

Black & LoBello on AM720 KDWN

On April 16, 2012, in Foreclosure, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from March 28th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses why Federal programs fail to help the real estate market (3:00), how private lenders can guard against title fraud (5:40), how to dissolve ownership of a property (11:00), short sales vs. principal reductions (17:17), options [...]

Click here to listen to the Legal Hour on KDWN AM720 from March 28th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses why Federal programs fail to help the real estate market (3:00), how private lenders can guard against title fraud (5:40), how to dissolve ownership of a property (11:00), short sales vs. principal reductions (17:17), options for elderly homeowners in an underwater property (21:05), problems with WRAP mortgages (26:43), whether a beneficiary on a deed of trust can collect on a default from a renter (31:33) and the Channel 8 “Desert Underwater” series winning a Peabody Award (35:30).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: private lenders • property ownership • property value • robo signing • title fraud • wrap mortgage

Black & LoBello on the Radio

On March 26, 2012, in Real Estate, Short Sale, Strategic Default, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from March 21st, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Mark Baker from Sierra Pacific Mortgage. Ms. Black Chernine and Mr. Baker discuss what the HARP program does and how it can help people (1:50), the limits to the HARP (12:45), the pros and cons of strategic default vs. [...]

Click here to listen to the Legal Hour on KDWN AM720 from March 21st, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Mark Baker from Sierra Pacific Mortgage. Ms. Black Chernine and Mr. Baker discuss what the HARP program does and how it can help people (1:50), the limits to the HARP (12:45), the pros and cons of strategic default vs. short sale (16:45), financing reverse-mortgages (29:50), why Bank of America no longer works with Fannie Mae (31:50) and the Shared Appreciation Modification Program (34:40).

Please tune in to AM720 KDWN’s “Legal Hour,” Wednesdays, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

Tagged with: Fannie Mae • Freddie Mac • HARP • Mark Baker • Shared Appreciation Modification Program • short sale • Sierra Pacific Mortgage • Strategic default

Nevada’s Attorney General Talks About Mortgage Settlement

On March 2, 2012, in Foreclosure, Mortgage, Real Estate, Short Sale, by blacklobellolaw

The nationwide mortgage settlement will mean $1.5 billion dollars is headed Nevada’s way. But once that money is divided, will it help underwater Nevadans stay in their homes? via Nevada’s Attorney General Talks About Mortgage Settlement.

The nationwide mortgage settlement will mean $1.5 billion dollars is headed Nevada’s way. But once that money is divided, will it help underwater Nevadans stay in their homes?

via Nevada’s Attorney General Talks About Mortgage Settlement.

Tagged with: Attorney General Catherine Cortez Masto • Mortgage Settlement • Nevada • Tisha Black-Chernine

Black & LoBello on AM720 KDWN

On February 22, 2012, in Foreclosure, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from January 25th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses the impact of walking away from a mortgage vs. negotiating with the banks (4:26), how banks committed fraud during the housing bubble (6:10), how to spot title issues when buying real estate (9:52) (33:36), trouble foreigners [...]

Click here to listen to the Legal Hour on KDWN AM720 from January 25th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses the impact of walking away from a mortgage vs. negotiating with the banks (4:26), how banks committed fraud during the housing bubble (6:10), how to spot title issues when buying real estate (9:52) (33:36), trouble foreigners have qualifying for lending (14:00) (30:40), laws that protect renters (21:20) and how to speed up the foreclosure process (28:15).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: clear title issue • deed of trust • lending to foreigners • property profile • rental • renters • Strategic default • trustees deed • walking away from mortgages

Black & LoBello on AM720 KDWN

On February 16, 2012, in Foreclosure, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from January 18th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses some of the different fraud schemes related to the real estate crisis (2:00)(14:20), whether AB 284 can help during a short sale (10:35), steps to take when setting up a small business (17:28), rent-to-own properties (30:50) [...]

Click here to listen to the Legal Hour on KDWN AM720 from January 18th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses some of the different fraud schemes related to the real estate crisis (2:00)(14:20), whether AB 284 can help during a short sale (10:35), steps to take when setting up a small business (17:28), rent-to-own properties (30:50) and strategy for renting properties (34:48).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: AB 284 • credit score • LLC • notice of default • NRS 118 • property manager • real estate fraud schemes • small business setup

Black & LoBello on AM720 KDWN

On January 23, 2012, in Foreclosure, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from January 4th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses recent case law regarding homeowners’ right to sue lenders under HAMP or HAFA (2:40), how to dispute NODs (4:05), the book Chasing Goldman Sachs by Suzanne McGee and what it says about how Fannie Mae and Freddie [...]

Click here to listen to the Legal Hour on KDWN AM720 from January 4th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., discusses recent case law regarding homeowners’ right to sue lenders under HAMP or HAFA (2:40), how to dispute NODs (4:05), the book Chasing Goldman Sachs by Suzanne McGee and what it says about how Fannie Mae and Freddie Mac operate and other controversies of the current economic crisis (10:16)(23:00)(38:02), how to deal with bank lawsuits (12:50), refinancing an underwater property with Fannie Mae (19:00), how the securitization process avoids taxes (33:55) and how AB 273 can protect homeowners from being pursued by banks (32:56).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: Chasing Goldman Sachs • Fannie Mae • Freddie Mac • lenders • NOD • notice of default • right to sue • securitization process

Black & LoBello on AM720 KDWN

On December 16, 2011, in Asset Protection, Estate Planning, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from December 7th, 2011. Tisha Black Chernine, Esq. hosts with guest lawyer Tiffany N. Ballenger, Esq. who practices in corporation law and estate planning at the law firm Black & LoBello in Las Vegas, Nevada. Ms. Chernine and Ms. Ballenger discuss quit claims to remove or add right to ownership of a [...]

Click here to listen to the Legal Hour on KDWN AM720 from December 7th, 2011. Tisha Black Chernine, Esq. hosts with guest lawyer Tiffany N. Ballenger, Esq. who practices in corporation law and estate planning at the law firm Black & LoBello in Las Vegas, Nevada. Ms. Chernine and Ms. Ballenger discuss quit claims to remove or add right to ownership of a loan (3:26) (21:00), the Secretary of States’s audit into home based business exemptions (6:46) (13:25), the latest developments in the robo-signing scandal (10:55), trusts as a tool to protect property (25:15) and Nevada’s economic recovery (31:00).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: Attorney General Catherine Cortez Masto • economic recovery • home based business exemptions • probate limits • quit claim deed • robo signing

Black & LoBello on AM720 KDWN

On December 8, 2011, in Foreclosure, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from November 30th, 2011 in which Managing Partner, Tisha Black Chernine, Esq., discusses the Nevada Secretary of State’s decision on home-based business exemptions, the latest developments in the Tracey Lawrence robo-signing fraud case (2:12), what to consider before attempting a short sale (12:15), how to argue a landlord/tenant dispute [...]

Click here to listen to the Legal Hour on KDWN AM720 from November 30th, 2011 in which Managing Partner, Tisha Black Chernine, Esq., discusses the Nevada Secretary of State’s decision on home-based business exemptions, the latest developments in the Tracey Lawrence robo-signing fraud case (2:12), what to consider before attempting a short sale (12:15), how to argue a landlord/tenant dispute (17:27), how to apply the robo-signing fraud case to specific foreclosure cases (22:20), how to determine ownership of a property (29:37) and what documents should be disclosed by the lender in the loan modification process (35:30).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: APN number • judicial foreclosure • robo signing • short sales • Tracy Lawrence

Short Sale Update: HAFA Process Improvements

On December 2, 2011, in Real Estate, Short Sale, by blacklobellolaw

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer. The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure [...]

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer.

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents can indicate a homeowner’s HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the agent experience. Our outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:

Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)
If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

Additional Recommendations:

Help your homeowners understand the benefits a HAFA short sale, including the relocation incentive at closing. Review the agent HAFA education guide to learn more.
Provide the Bank of America HAFA Eligibility FAQ to interested homeowners.
Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Tagged with: Bank of America • Equator • HAFA eligibility • short sales

Black & LoBello on AM720 KDWN

On November 30, 2011, in Foreclosure, Legislation, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from November 16th, 2011 in which Managing Partner, Tisha Black Chernine, Esq., discusses her contribution to Channel 8′s Desert Underwater series and talks with Chief Investigative Reporter, George Knapp, about the effects of the Real Estate crisis on the Las Vegas valley. Assemblyman Marcus L. Conklin also makes a guest appearance [...]

Click here to listen to the Legal Hour on KDWN AM720 from November 16th, 2011 in which Managing Partner, Tisha Black Chernine, Esq., discusses her contribution to Channel 8′s Desert Underwater series and talks with Chief Investigative Reporter, George Knapp, about the effects of the Real Estate crisis on the Las Vegas valley. Assemblyman Marcus L. Conklin also makes a guest appearance to talk about the government’s role in Real Estate and the new legislation that seeks to restore the foreclosure process such as AB 284 and AB 273. (22:15)

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: AB 273 • AB 284 • Channel 8 • Desert Underwater • George Knapp • homes underwater • housing crisis • Marcus Conklin • real estate market • title insurance issues

Black & LoBello On the Radio

On November 29, 2011, in Bankruptcy, Guardianship, Probate, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from November 14th, 2011. Christopher Phillips, Esq. hosts with guest lawyer Randy M. Creighton, Esq. who practices bankruptcy at the law firm Black & LoBello in Las Vegas, Nevada. Mr. Creighton and Mr. Phillips discuss why luxury purchases cannot be included in a bankruptcy (2:00), how to avoid probate of a deceased’s property [...]

Click here to listen to the Legal Hour on KDWN AM720 from November 14th, 2011. Christopher Phillips, Esq. hosts with guest lawyer Randy M. Creighton, Esq. who practices bankruptcy at the law firm Black & LoBello in Las Vegas, Nevada. Mr. Creighton and Mr. Phillips discuss why luxury purchases cannot be included in a bankruptcy (2:00), how to avoid probate of a deceased’s property (4:40), beneficiary deeds, debt repayment plans vs. bankruptcy (6:30), foreclosing vs. short selling a rental property (11:15), transferring title of property to spouse (15:45), payday loans covered in a bankruptcy (18:45), the benefits of bankruptcy (24:30), negotiating a mortgage deficiency vs. filing for bankruptcy (31:25), how to administer a deceased’s estate under $20,000 (33:55) and Notice of Proposed Action changes on trusts (42:20).

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

Tagged with: administrator affidavit • automatic stay • Bankruptcy • beneficiary deed • debt repayment plans • filing an objection to Notice of Proposed Actions • foreclosing vs. short selling • luxury purchases • Notice of Proposed Actions • rental property • Strategic default

Freddie Mac Requires New Affidavit in Hope of Combating Short Sale Fraud

On November 23, 2011, in Foreclosure, Real Estate, Short Sale, by blacklobellolaw

Effective January 1st, 2012, Freddie Mac will require parties to a short sale to sign affidavits which will apparently make them liable for negligent or intentional misrepresentations to a transaction, to try and ensure the deal is one of the required “arms-length” transactions. This is according to an internal guidance instruction sent this past Friday. [...]

Effective January 1^st, 2012, Freddie Mac will require parties to a short sale to sign affidavits which will apparently make them liable for negligent or intentional misrepresentations to a transaction, to try and ensure the deal is one of the required “arms-length” transactions. This is according to an internal guidance instruction sent this past Friday.

Although it’s not required until 2012, Freddie is requesting servicers to make the change immediately. This is supposed to expedite short sales, however in practicality it may delay short sales that are far along in the process, by requiring yet another form to complete a file.

This past August, Freddie issued a statement to real estate agents to beware of “shady” deals- the main concern being flopping. Flopping is when an agent on the buyer’s side fails to disclose other bids on the property, manipulating a lower purchase, or under fair market value, price. The buyer can then in turn flip the property, making an immediate profit.

“With this change, you will have more information to identify potential mortgage fraud and a clearer understanding of the intent of all parties involved in the real estate transaction,” Freddie stated in its guidance letter.

Of additional note in the guidance letter is that Freddie also seeks to trim other rules to hopefully assist servicers to speed up loss mitigation processing. It also eliminated the 120-day listing requirement for homes to be considered for a short sale prior to requesting a deed-in-lieu of foreclosure.

Tiffany N. Ballenger, Esq.

Tagged with: Freddie Mac • loan servicers • mortgage companies • short sale fraud

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Mortgage Settlement Deadline January 18

Black & LoBello on AM720 KDWN

Mortgage Insurers to Allow Short Sales, Deeds-in-Lieu Without Approval

Black & LoBello on AM720 KDWN

The Federal Housing Financing Agency is Making Great Strides for Borrowers

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

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Nevada’s Attorney General Talks About Mortgage Settlement

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Black & LoBello on AM720 KDWN

Short Sale Update: HAFA Process Improvements

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Black & LoBello On the Radio

Freddie Mac Requires New Affidavit in Hope of Combating Short Sale Fraud

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