Yesterday’s announcement that Nevada joined 48 other states in a $25 billion settlement with the nation’s five largest residential mortgage services is certain to impact Nevadans but it could take as long as three years to find out just how many homeowners will be helped.
On February 10, 2012,
in Foreclosure, Real Estate,
by blacklobellolaw
Improper foreclosure practices are so widespread in Las Vegas that one reporter trying to expose them instead found he too was a victim of foreclosure fraud. Las Vegas foreclosure attorney Tisha Black told Knapp that nine out of 10 foreclosure filings aren’t done properly, jeopardizing the ownership status of the house in the future.
To read the full article, click here.
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 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.
One of the most insightful reports about the mortgage crisis gripping the nation, and especially Nevada, took an unexpected twist of irony when the leading reporter for the series found out that he himself was a victim of mortgage fraud. Channel 8 News Now has been airing “Desert Underwater” for the past two weeks with Chief Investigative Reporter, George Knapp. According to an article from Poynter, during an interview with Black & LoBello’s Managing Partner, Tisha Black Chernine, Esq., Knapp discovered that the foreclosed home he had bought had “some kind of problem with…chain of title.”
To read the full article, click here.
The foreclosure crisis has several causes, but government investigators now believe that high risk gambling by major banks is mostly to blame for the economic meltdown. Millions of Americans who played by the rules and paid their bills have lost their homes because banks and their service providers cranked out mountains of bogus mortgage documents.
To read the rest of this article or watch this episode click here.
Watch Tisha Black Chernine, Esq., Managing Partner of Black & LoBello on the Channel 8 week-long special titled, “Desert Underwater” at 5 PM and 11 PM. Las Vegas, used to decades of continuous building and growth, is now in the middle of an unprecedented housing crisis. With unemployment over 13 percent and thousands of homes underwater and going into foreclosure every month, Southern Nevadans are wondering how we can possibly find our way out of the worst economic predicament in the state’s history.
Watch a preview here.
Beginning September 7th, the Federal Housing Authority (FHA) will offer FHA-insured mortgages to qualifying borrowers who have a non-FHA mortgage. To be eligible, the borrower must owe more on the mortgage than the home is worth, be current on the mortgage, occupy the property as a primary residence, qualify for the new loan under standard FHA underwriting requirements, and have a credit score of at least 500. Similar to the under-performing Home Affordable Refinance Program (HARP), the FHA program will have limited affect on the current housing situation because so many borrowers are behind in their payments and lenders are reluctant to write off a portion of the principal.
Lenders are hesitant to write-off mortgage principals because then they would have to pay the investors for the amount of debt forgiven and it might establish a precedent that loan contracts can be changed due to market fluctuations. HUD recommends that borrowers contact their lenders to inquire about eligibility and whether the lenders will write down a portion of the mortgage.
Joshua D. Carlson, Esq.
Tisha Black Chernine, Esq., is featured in the Las Vegas Sun’s article, Coldwell Banker program is similar to federal tax credit.
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