Selling Northern NV

Reno, Nevada

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Selling Northern NV

June 2009

Freddie Mac Single-Family Seller/Servicer Guide Bulletin

Jun. 8, 2009

Tagged with: bulletin, freddie mac, loan modification, making home affordable, refinance, relief refinances mortgages

Freddie Mac released bulleting Number: 2009-5 on March 4, 2009 in support of the federal Making Home Affordable Program. The bulletin included eligibility requirements for the Freddie Mac Relief Refinance Mortgage. The following are key aspects of that

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FannieMae Pre-foreclosure Sales Commission

Jun. 8, 2009

Tagged with: commission, fanniemae, short sale

Per: Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Pre-foreclosure Sales Commission guidelines are as follows:

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Basic Short Sale Q&A

Jun. 8, 2009

Tagged with: default, loan modification, mortgage, mortgage forgiveness, short sale

What is a Short Sale? Why would a mortgage lender agree to a Short Sale? What are the requirements to begin the short sale process? Will I be responsible to pay taxes on the amount forgiven? What if I don’t want to sell? Should I try a loan modific

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National Association of Realtors and Short Sales

Jun. 8, 2009

Tagged with: nar, realtor, short sale, work group

In February 2008, the Short Sales Work Group (established by NAR) met to put together a report which addressed Realtor’s concerns about Short Sales.

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What Happens to the second mortgage if the first forecloses?

Jun. 8, 2009

Tagged with: chargeoff, civil judgment, default, deficiency judgment, foreclosure, mortgage

When the first lender carries out a foreclosure sale, the second mortgage lender may be able to take the following steps

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Four Things You Should Know if You’re in Default on your mortgage, or about to be.

Jun. 8, 2009

Tagged with: default, deficiency judgment, foreclosure, home retention, loan modification, loss mitigation, mortgage, nevada, real estate, short sale

Everyday more and more Americans are at risk of becoming default on their mortgage, and simply do not know what they can do.

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Don’t mistake a foreclosure with forgiveness of debt. NRS 40.455 Deficiency Judgment

Jun. 8, 2009

Tagged with: 40455, default, deficiency judgment, foreclosure, mortgage, nevada, nrs

Many people make the mistake in thinking that because their lender foreclosed on their home, that they no longer owe on their debt. This is dangerous misconception. In the state of Nevada (check your state laws) after your lender forecloses, they may fi

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Tax Credit for FHA down payment

Jun. 8, 2009

Tagged with: fha, fha down payment, first time buyer, first time buyer tax credit, tax credit

The U.S. Department of Housing and Urban Development issued Mortgagee Letter 2009-15 on May 11, 2009. A portion of this letter outlined the use of the First-Time Homebuyer Tax Credits for use as a Down payment on an FHA mortgage.

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