Best Las Vegas & Summerlin Real Estate Deals -Bank Owned Foreclosures

This weeks best real estate deals are bank owned properties and were found in zip codes 89138, 89144 and 89134 which are on the west side of Las Vegas in the Master Planned Community of Summerlin. Included in this blog is a brief description of each property. If you would like more detailed information about any of these or other great real estate deals in Summerlin or Las Vegas, just call (702-499-1747) or email me (Joe@JoeLaliberte.com) and I will provide it to you. You can also search for great deals like these on your own by going to a great property search system called Home Buyers Scouting Report.

For the past several weeks the banks have been taking a more aggressive approach to listing and selling Las Vegas Real Estate and Summerlin Real Estate and the properties they have in their inventory. The most common approach for them at this time is to list the property at an extremely good value ( For Summerlin Real Estate that would be less than $125 per square foot), generate a lot of traffic through the property and solicit as many offers as possible within the first week or two that it is on the market.

In these cases the buyer of the property will be competing with several other offers and can expect to pay over the asking price to purchase the property. Most buyers are having difficulty understanding that they are going to have to pay over the asking price in this current market. Or that when they close on the property they are still getting a great deal. In some cases my clients have had the appraisal come in at significantly higher ($25,000 or more) than the negotiated sale price. For an appraiser to commit to an appraisal over the negotiated price in this Las Vegas and Summerlin Real Estate market is very unusual.

My suggestion, before you make an offer, is to know the area you are you are looking in. Know the inventory and the market activity. Know what the properties that have most recently closed sold for. Know what the asking price of the properties that are in escrow. Know the asking price of the available homes of the same type and neighborhood. Know how much the bank paid for the property and when. Know the price history of the property. Have a pre-approval letter ready to submit with your offer and expect to get pre-appoved with a representative from the bank that owns the property. Make a clean offer that is a fast close and not asking for anything unusual. In most cases the banks will not pay for certain items. Know what those items are and don’t even ask the bank to pay for those items. Work with a good agent who knows the process and can provide you with all of this information and more. Do not hesitate to offer significantly over the asking price if you have done your homework. You will still be getting a great deal.

Best Las Vegas & Summerlin Real Estate Deals #1

   

10708 Sprucedale Ave.  Las Vegas, Nevada 89144   MLS #819931

5 Bedrooms, 2- Full & 2-3/4 Bathrooms, 3 Car Garage, 3754 Square Feet

Built in 1999.

Asking price is $441,355 or $118 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $405,000. The bank put the home on the market at this price on April 23, 2008. The previous owner paid $630,000 for it in July of 2006.

Best Las Vegas & Summerlin Real Estate Deals #2

 

1029 Bonitos Suenos St.  Las Vegas, Nevada 89138   MLS #829388

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2440 Square Feet. Built in 2006. Asking Price is $289,900 or $119 per Square Foot.

This is a bank owned property. The previous owners purchased the home in August of 2006 for $523,990.

Best Las Vegas & Summerlin Real Estate Deals #3

 

10342 Catclaw Ct.  Las Vegas Nevada 89135    MLS #825187

4 Bedrooms, 3 Bathrooms, Loft, 2 Car Garage, 2113 Square Feet,

Built in 1999.

Asking price is $244,900 or $116 per Square Foot.

This is a bank owned property. The owners paid $232,500 for the property in May of 2008.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me.

Do you know YOUR HOMES VALUE?

CLICK HERE to keep up with the Real Estate Market Trends of Your Home or Your Investment Properties.

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information

www.JoeLaliberte.com 

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com 

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Best Las Vegas Real Estate Deals of the Week

Summerlin Real Estate

The three the best valued homes I have found on the market this week are in Summerlin in zip codes 89144, 89134, 89135. It has been a while since I have been able to say this but with a 20% down payment these homes can be rented at a break even or better cash flow with an after tax rate of return over 9% and a holding period of 5 years.  This is an indication to me that we are nearing the bottom of the residential Real Estate Market. Investors are beginning to find value in the available homes and are not afraid to buy when the price is right and the investment meets their criteria. It is only a matter of time before the exploded rental market comes to the same conclusion and starts buying up these valued homes.  I can provide you with an extensive, 5 pages, and investment analysis on any one of these properties for your review. Call me if you have any questions or would like to discuss this in greater detail.

 Best Summerlin Real Estate Deal #1

 

5360 Fairbranch Lane,  Las Vegas, Nevada 89135   MLS #790005

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2768 Square Feet

Asking price is $278,500 or $101 per Square Foot.

It has been on the market since January 10, 2008. The original asking price of the home was $399,900 and on May 20, 2008 they dropped the price by $71,500. It was purchased on October 1, 2007 by the bank for $399,000. Bank owned foreclosure.

 

Best Summerlin Real Estate Deal #2

 

10342 Catclaw Ct. Las Vegas, Nevada 89135   MLS #828586

4 Bedrooms plus a Loft, 3 Bathrooms, 2 Car Garage, 2113 Square Feet

Asking Price is $244,900 or $116 per Square Foot. The home was relisted on May 22, 2008 for $34,100 less than the previously listed price. The property has been listed since July 5, 2007 with an original asking price of $409,990. 

  Best Summerlin Real Estate Deal #3

 

 509 Bianca Bay St. Las Vegas, Nevada 89144 MLS #784541

5 Bedrooms + Loft, 3 ½  Bathrooms, 3 Car Garage 3754 Square Feet

Asking price is $425,000 or $113 per square foot.

It has been available since March 13, 2007 when the asking price was $599,900. It went into contract on April 12  when the asking price was $450,000 and came back available on May 23, 2008 at $450,000. The price has dropped $25,000 to $425,000 on May 26, 2008.

 

To find properties like these yourself or to keep up with the changes I the Las Vegas Real Estate Market look at this site Home Buyers Scouting Report. To keep up with the current Las Vegas Market activity on your specific home look at the Market Snapshot Report.

Do you know YOUR HOMES VALUE?

CLICK HERE to keep up with the Real Estate Market Trends of Your Home or Your Investment Properties.

 If you would like any additional information or would like to see any of these properties just call or email me.

Cellular 702-499-1747

Office 702-463-0593

Joe@JoeLaliberte.com

Las Vegas Information www.JoeLaliberte.com

Summerlin Information www.OurLasVegasRealEstateAgent.com

The Vista’s Community Information www.TheVistasHomes.com

Best Real Estate Deals in Las Vegas & Summerlin

Joe’s Top 3 Best Real Estate Deals in Las Vegas

Week of May 19, 2008

These homes are updated weekly at www.SummerlinRealEstate.Wordpress.com . If you would like to see the previous best valued homes or if you don’t want to wait for the monthly email, just visit the site.

The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89138 and 89135, 89134, 89144. Two of the properties are new never lived in homes that are being sold by the builder. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

Best Las Vegas Real Estate Deal #1

616 Sistine St. Las Vegas, Nevada 89144   MLS #826058

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1705 Square Feet

Built in 2000.

Asking price is $210,000 or $123 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $256,000.

 

Best Las Vegas Real Estate Deal #2

11233 Salentino Dr.  Las Vegas, Nevada 89138   MLS #826529

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1723 Square Feet

Built in 2002

Asking Price is $214,900 or $125 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $279,495.

 

Best Las Vegas Real Estate Deal #3

2013 Cape Cod Landing Dr.  Las Vegas Nevada 89135    MLS #825187

3 Bedrooms, 2.5 Bathrooms, Loft,  2 Car Garage, 2742 Square Feet,

Built in 2007.

Asking price is $308,900 or $113 per Square Foot.

This is a bank owned property. The owners paid 489,240 for the property in April of 2007.The original asking price was $599,900 in January of 2007.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com .

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information

www.JoeLaliberte.com

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Las Vegas Real Estate Best Deals

This is probably the best most comprehensive overall home search site that I have found available on the internet today. I believe in it so strongly that I have invested in the system and provide it free to all of my clients. They have found it extremely helpful and informative. Not only does it provide all the available homes and information that anyone can find from the Las Vegas Multiple Listing Service like foreclosures and short sales but it also provides neighborhood demographics, mapping in multiple views, area services as well as their location and directions on proximaty to the house being viewed. The information available to the user is staggering. Take a look at it and see for your self.

Best Home Search System Available

Call or email me if you have any questions. Good luck with your search.

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

www.JoeLaliberte.com

www.OurLasVegasRealEstateAgent.com

www.TheVistasHomes.com

 Neighborhood Information

Your Homes Value – Instantly

Summerlin Real Estate – Best Deals

 

These homes are updated weekly. The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89135, 89134 and 89144. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy two of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail. 

Best Las Vegas Real Estate Deal #1

2012 Canyon Breeze Drive  Las Vegas, Nevada 89134   MLS #775769

4 Bedrooms, 2.5 Bathrooms, 3 Car Garage, 2522 Square Feet. Built in 1992. Asking price is $289,900 or $115 per Square Foot. 

This is a bank owned property. The bank bought the property on August 1, 2007 for $373,500. The original asking price by the bank was $329,777. The most recent price reduction was $25,000 made on March 21, 2008.

 

 

 Best Las Vegas Real Estate Deal #2

11078  Crystal Crest Ct.  Las Vegas, Nevada 89135   MLS #814187

4 Bedrooms, 3.5 Bathrooms, 3 Car Garage, 2672 Square FeetBuilt in 2002. Asking Price is $319,900 or $120 per Square Foot. 

This is a bank owned property. The original asking price was $595,000. The most recent price reduction was $35,000 made on March 14, 2008. 

Best Las Vegas Real Estate Deal #3

509 Bianca Bay St.  Las Vegas Nevada 89144    MLS #784541

5 Bedrooms, 3.75 Bathrooms, 3 Car Garage, 3754 Square Feet,Built in 1999. Asking price is $450,000 or $120 per Square Foot. 

This is not a short sale or bank owned property. The original asking price was $599,900 in March of 2007. The most recent price reduction was $35,000 made on March 27, 2008. 

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com . 

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com 

Las Vegas Real Estate Information www.JoeLaliberte.com 

Summerlin Real Estate Information www.OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information www.TheVistasHomes.com 

Home Buyers Scouting Report – Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Best Las Vegas & Summerlin Real Estate Deals

The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89138 and 89135. Two of the properties are new never lived in homes that are being sold by the builder. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

Best Las Vegas Real Estate Deal #1

5459 Pinecroft Drive Las Vegas, Nevada 89135   MLS #783589

3 Bedrooms, 1 Den, 1 Loft, 2.5 Bathrooms, 2 Car Garage, 2883 Square Feet.

Built in 2007. Asking price is $302,990 or $105 per Square Foot. 

This is a new home and never lived in being sold by KB Homes. The original asking price by the builder was $339,990. The most recent price reduction was $27,000 made on March 7, 2008. 

Best Las Vegas Real Estate Deal #2

10409 Winter Grass Dr. Las Vegas, Nevada 89135   MLS #779909

3 Bedrooms, 1 Den, 1 Loft, 3 Bathrooms, 2 Car Garage, 2835 Square Feet

Built in 2007 Asking Price is $349,990 or $115 per Square Foot. 

This is a new home and never lived in being sold by KB Homes. The original asking price by the builder was $339,990. The most recent price reduction was $10,000 made on March 7, 2008. 

Best Las Vegas Real Estate Deal #3

11064 Whooping Crane Lane Las Vegas Nevada 89138    MLS #771959

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2016 Square Feet

Built in 2000. Asking price is $240,000 or $116 per Square Foot. 

This is a bank owned property. The previous owners paid $350,000 for the property on December 1, 2004. The bank bought the property back on October 1, 2007 for $304,637. The original asking price by the bank was $329,000. The most recent price reduction was $25,000 made on March 4, 2008. 

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me.

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com 

Las Vegas Real Estate Information

JoeLaliberte.com 

Summerlin Real Estate Information

OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information

TheVistasHomes.com 

Home Buyers Scouting Report – Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

 

Las Vegas Best Real Estate Deals

Best Las Vegas Real Estate Deals for the week of March 2, 2008

The three the best valued homes I have found on the market this week are in Summerlin, in zip code 89138 & 89144. We have now reached 2003 home prices in some areas on some homes. Some homes are now available at prices less than what was paid for them in 2003. Buyers are starting to come out in larger numbers and are making offers on several homes. The better valued homes are not on the market more than a few days before offers are made (yes I said offers) and the property goes into escrow. In the past 10 days I have had two clients that I showed homes to that were available the night before and were in contract within 1 day.  These properties had just come on the market within two days at a significantly reduced price or the price was reduced significantly within two days.  If this trend continues this could mark the bottom of the Las Vegas real estate market.  

For investors, I can provide you with a extensive, 5 page, investment analysis showing down payment, loan amount, cash flow and return on investment for any one of these properties for your review. Call me if you have any questions or would like to discuss this in greater detail.

Best Las Vegas & Summerlin Real Estate Deal #1

11709 Grotta Azzurra Ave., Las Vegas, Nevada 89138   MLS #771978

4 Bedrooms, 3 Bathrooms, 2 Car Garage, 2532 Square Feet

Built in 2003

Asking price is $320,000 or $126 per Square Foot.

This property is bank owned. The previous owners paid $540,000 for the property in November 2006. The bank bought the property back in October 2007. The bank was originally asking $374,900 and has reduced the price by $40,000 on February 8, 2008.

Best Las Vegas & Summerlin Real Estate Deal #2

11008 Cherrywell Ct., Las Vegas, Nevada 89144   MLS #793189

4 Bedrooms, 3 Bathrooms, 3 Car Garage, 4040 Square Feet

Built in 2001

Asking Price is $515,000 or $127 per Square Foot.

This property is bank owned. The previous owners paid $799,000 for the property in March of 2006. The bank bought the property back in November of 2007 for $610,000. The banks original asking price was $625,000 and dropped the price by $64,000 on February 26, 2008 to $515,000.

Best Las Vegas & Summerlin Real Estate Deal #3

11064 Whooping Crane Lane, Las Vegas, Nevada 89144 MLS # 771959

3 Bedrooms, 3 Bathrooms, 2 Car Garage, 2067 Square Feet,

Built in 2000.

Asking price is $265,000 or $128 per Square Foot.

The property is bank owned and was purchased by the previous owner in December of 2004 for $350,000. The bank just purchased it back on October 1, 2008 for $304,637. The bank started out asking $329,000 for the property and have been recently reducing it by approximately $5,000 every three weeks.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me.

Joe Laliberte

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information                                  www.JoeLaliberte.com

Summerlin Real Estate Information www.OurLasVegasRealEstateAgent.com

The Vistas of Summerlin Real Estate Information www.TheVistasHomes.com

Home Buyers Scouting Report – Do your own searching for the best real estate deals in Las Vegas and Summerlin.

Market Snapshot – Keep track of your homes value and the market activity in your area with this montly report.

 

 

Best Las Vegas Real Estate Deals of the Week

Best Real Estate Deals Week of 2/23/08

 The three the best valued homes  I found on the market this week are in Green Valley at zip code 89074. It has been a while since I have been able to say this but with a 10% down payment these homes can be rented at a break even or better cash flow with an after tax rate of return over 9% and a holding period of 5 years.  This is an indication to me that we are nearing the bottom of the residential Real Estate Market. Investors are beginning to find value in the available homes and are not afraid to buy when the price is right and the investment meets their criteria. It is only a matter of time before the exploded rental market comes to the same conclusion and starts buying up these valued homes.  I can provide you with an extensive, 5 page, investment analysis on any one of these properties for your review. Call me if you have any questions or would like to discuss this in greater detail.

2858 Misty Ct. Henderson, Nevada 89074   MLS #8004823 Bedrooms, 3 Bathrooms, 2 Car Garage, 1833 Square Feet Asking price is $223,900 or $122 per Square Foot. It has only been on the market since February 14, 2008. It was purchased in August of 2002 for $188,000.

142 Carriage Way Henderson, Nevada 89074   MLS #7909724 Bedrooms, 3 Bathrooms, 2 Car Garage, 1918 Square Feet. Asking Price is $245,000 or $128 per Square Foot. Price dropped $15,000 on February 4, 2008. The property has been listed since July 18, 2007 with a price of $290,000. It was purchased in April of 1998 for $130,000. 

 

342 Hutchings Lane Henderson 89074 MLS #7893523 Bedrooms + Den, 1 ¾ Bathrooms, 2 Car Garage 1862 Square Feet. Asking price is $249,000 or $134 per square foot. It has been available since January 8, 2008 when the asking price was $293,000.The price has dropped $30,000 to $263,000 on January 25, 2008 then another $14,000 on February 14, 2008.The owner paid $103,450 for the home in January of 1990. 

To find properties like these yourself or to keep up with the changes I the Las Vegas Real Estate Market look at this site Home Buyers Scouting Report. To keep up with the current Las Vegas Market activity on your specific home look at the Market Snapshot Report.  If you would like any additional information or would like to see any of these properties just call or email me. 

Cellular 702-499-1747

Office 702-463-0593

Joe@JoeLaliberte.com 

Las Vegas Information www.JoeLaliberte.com 

Summerlin Information www.OurLasVegasRealEstateAgent.com

The Vista’s Community Information www.TheVistasHomes.com

Recovery Rebates & Economic Stimulus

This is a response from Senator Harry Reid updating us on the Recovery Rebates and Economic Stimulus for the American People Act. I thought you might find this interesting and hopefully informative. You can also visit Senator Reid’s web site at www.reid.senate.gov for additional information and updates. As you can see, not only are the real estate and lending concerns being addressed but our representatives are assessable and responsive to your comments.

 

Dear Mr. Laliberte:

Thank you for contacting me regarding the mortgage provisions in the Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140). I appreciate hearing from you. Recent turmoil in the global financial markets offers fresh evidence that our nation’s economy is struggling.   Faced with surging energy and food costs, rising home foreclosures, falling home values and a slumping job market, Americans’ confidence in our economy has been shaken.  In addition, millions of Americans are finding it more and more difficult to make ends meet, particularly those living on fixed incomes.  As the troubling economic news mounted, a growing number of economists came to believe that Congress needed to take urgent action to provide some relief.  In a much needed instance of bipartisan cooperation, Congress and the President were able to come together to enact an economic stimulus plan that provides timely measures to boost the economy.    

As you know, the Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140) was recently passed by Senate and signed into law by the President. Recognizing that the credit markets were experiencing a liquidity freeze, I made it a priority to include increases in loan limits for mortgages backed by the Federal Housing Administration (FHA) and those purchased by Fannie Mae and Freddie Mac. You might be interested to learn that H.R. 5140 will raise the single-family loan limit to 125 percent of the median value for homes in a given area. This could mean an increase from $362,790 to $729,750. In less expensive markets, H.R. 5140 will raise these limits from 48 percent to 65 percent of median value, which could mean an increase from $200,160 to $271,050. Additionally, FHA will have the discretion of raising loan limits up to an additional $100,000 if market conditions warrant such increases. Finally, you should also know that the stimulus package would raise loan limits for single family homes purchased by Fannie Mae and Freddie Mac from $417,000 to as high as $729,000. Congress has created these temporary loan limits in FHA, Fannie Mae, and Freddie Mac in order to improve credit availability in the mortgage markets.

As Nevada’s senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation’s economy and make Nevada an even better place to live. I very much appreciate your input regarding this matter, and assure you that I understand the important role that this bill will play for the financial security of all Americans. As Congress moves forward with housing legislation, you can be certain that I will keep all your thoughts in mind.

Again, thank you for taking the time to share your thoughts with me. I look forward to hearing from you in the near future. 

My best wishes to you.

Sincerely,

HARRY REID

United States Senator

Nevada 

 

Las Vegas Real Estate Foreclosure Alternatives and Resources

This blog is a compilation of information related to foreclosure options in an effort to help people facing the possibility of foreclosure on their home. Many people do not know or understand what their options are when it comes to the possibility of loosing their home. I hope to help anyone who would like to learn more about how to stop their home from going into foreclosure and the options they may have to avoid it. This is not written to be a complete and comprehensive document on the subject only a starting point and guide to head in the right direction. I hope you find it helpful.

These are the basic options available with a brief description:  

A. Do Nothing– Let the mortgage rate adjust and the payment increase. Read your note (the lenders documentation you signed when you purchased the home) to find out if your mortgage interest rate adjusts, what the interest rate will adjust to, when it will adjust and how it will affect your payment. If you cannot afford to make the monthly payments the home will ultimately be lost to foreclosure at auction. Future creditors will ask if you have ever been foreclosed on. Credit reports will disclose this information.

B. Payoff/Refinance– Obtain a new loan or refinance the property. Identify if the current loan has a prepayment penalty for paying off the loan within the current time frame or within the time frame since the loan was first originated.

C. Reinstatement– Paying off all the amounts owed to the lender to make the loan current. This may include not only back payments but also interest, late fees, taxes, attorneys fees and possibly more.

D. Loan Modification-Renegotiate your loan before or after the rate adjusts with the current lender. Negotiate the interest rate down from where it is or where it is going. Negotiate a fixed rate loan and or the term of the loan over a longer period like 35 or 40 years vs. 30 year. Call your mortgage company and ask for the note modification or home retention department and will most likely work with you. It is possible they will put you in a new mortgage with no fees. If you would like we can help you with this process and there are references contact information below,  just call.

E. Forbearance– Call your lender. They may consider allowing a temporary payment reduction.

F. Short Refinance – Although rare, in this case the lender agrees to forgive the difference between what you owe on the property and what the home is currenly worth. A more complete blog on this can be found at Bankrate. 

G. Partial Claim – Lender may loan borrower a second loan on the property for the amount that settles the back payments, costs and fees associated with the borrower being behind in the loan payments.

H. Deed in Lieu of Foreclosure – This option gives the property back to the lender instead of forcing the lender to foreclose on the property. The lender may require that the home be in good condition and current on mortgage payments and taxes. Most new loan applications will inquire if this has ever happened to the borrower.

I. Sell the property for maximum value. Have the property in the best possible condition and price it to sell. Pay off the debt and retain any equity derived from the sale.

J. Sell the property Short (better than foreclosure or bankruptcy). This occurs when the property value is less than the amount owed on the property when combining the first mortgage, second and potentially the third mortgage on the property. A good real estate agent who knows how to handle short sales will help his client through the process by helping with the following for his clients.

    1. Guide the homeowner through compiling all the related documents needed. Identify exact loan balances, delinquent mortgage payments, Home Owner Association payments, possible judgements and/or liens and prepayment penalties.

    2. Coordinate a written authorization for the Realtor and title company  to speak to the lender(s) on their behalf.

    3. Contact the title company to request copies of liens/judgements, Deeds of Trust and Notices of Default if applicable against the property. Carefully read the documents identifying the type of loan and any possible additional charges connected to the loan.

    4. Contact the lenders (first, second and third mortgage holders if applicable) loss mitigation or short sale department. Ask them for approval to sell the property as a short sale. Identify what documents they will require to review the loan for a short sale. Identify what their turn around time is and request those documents be faxed as soon as possible. Identify the maximum amount of closing costs that the lender can be charged. Take extremely good notes.

    5. Compile and forward the documentation that is required by the lender(s) back to the lender(s).

    6. Compile the documents for the title company.

    7. Negotiate with the buyers and the lender(s).

    8. Continuous contact and communication with all the parties involved in the transaction. Terms of the sale can be changed by the lender(s) during the escrow period.

K. Foreclosure – Notice of default filed. Because this is a matter of public record people will be calling, letters will be received and people will be knocking on the door to discuss the sale of the property. The lender will get more insistent about receiving payment on the outstanding loans. The process will take 3-4 months before the homeowner is evicted from the property. The homeowner will loose the house.

L. Bankruptcy – This option can liquidate debt and/or allow more time.

  1. Chapter 7 – Completely liquidates and settles personal debt.

  2. Chapter 13 – Coordinates a plan for payments to be made toward paying off debts within a specific period of time (generally 3-5 years).

For additional information about bankruptcy I suggest going to the blog of Darren Welsh our General Council at Prudential Americana Group, Realtors at http://ameglegal.wordpress.com/ . He offers more a more detailed explanation and resources.

We want to help anyone who is in this situation that needs help and advice. This is a difficult process to go through and we want to help make it as smooth as possible for those who need and/or want it.

Additional resources referred to me by Aaron Gordon (who also has a great blog) are:

Homeownership Preservation Foundation hot-line at 888-995-HOPE.

Home Retention Departments by Lender

Web site designed to help people stay in their homes by Moe Bedard .

These are some very knowledgeable local contacts that can be very helpful.

Anita Krikes – First Horizon Home Loans Akrikes@firsthorizon.com or 702-795-0774.

Mickie Salgado – Equity Title Company MSalgado@EquityNv.com or 702-835-0777

Joe Laliberte – Prudential Americana Group, Realtors Joe@JoeLaliberte.com or 702-499-1747

JoeLaliberte or OurLasVegasRealEstateAgent or TheVistasHomes

I am continuing to research this topic and will continue to update this posting as I get additional information.