A Short Sale Reduces Credit Score by 120-140

“Both short sales and foreclosures are considered negative by the score, because our data shows us it’s very predictive of future credit risk,” Tom Quinn, of Fair Isaac, said. “The claim that doing a short sale is not going to hurt your score is false. It’s inaccurate.” In both cases, banks will be wary ofContinue reading “A Short Sale Reduces Credit Score by 120-140”

HAFA- Home Affordable Foreclosure Alternatives

WILL HAFA BE AS GOOD FOR LAS VEGAS AS HOFFA? The HAFA program is a volunteer program basically although those servicers that have participated in the HAMP program must offer the HAFA program to homeowners under certain circumstances. The servicers have to opt into this program and they have to do this by December 31,Continue reading “HAFA- Home Affordable Foreclosure Alternatives”

Only 372 Mediation Sessions Completed First Six Months of Program

1 OUT OF 10 HOMEOWNERS IN DEFAULT OPT FOR MEDIATION The Nevada Supreme Court says more than 3,400 homeowners who’ve received notices of default have requested mediation under a new program that took effect July 1. Under the program administered by the Supreme Court, homeowners who receive default notices have 30 days in which toContinue reading “Only 372 Mediation Sessions Completed First Six Months of Program”

Kansas Supreme Court Rules Against MERS

The Kansas Supreme Court ruled in Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, that MERS, a company designated as nominee on millions of real estate security instruments, has no standing and can not initiate or maintain an action to foreclose a defaulted loan. A private company, MERS was created by a combination ofContinue reading “Kansas Supreme Court Rules Against MERS”

Las Vegas Neighborworks Workshop

On July 24, I attended a Neighborworks workshop, at Aliante Station and Casino, to assist roughly 1,000 Las Vegas Valley homeowners struggling to remain in their homes. Homeowners also met face-to-face with their mortgage company and a U.S. Department of Housing and Urban Development-certified counseling agency to work on a solution to help them stayContinue reading “Las Vegas Neighborworks Workshop”