The Mortgage Guru

IF YOU’VE had or have lost a property here is your timeline for purchasing a new home:

FHA allows home purchase 3 years after foreclosure

FANNIE AND FREDDIE:                                                                                                                          Deed in Lieu’s or Short Sales WITH Late Payments: 4 years   

Short Sales With No Late Payments: 2 Years

Straight Foreclosure: 5-7 Years

HUD:                                                                                                                    Foreclosure or Short Sale: 3 Years

Experts agree once the dust settles these restrictions may loosen

For more information contact Matt directly at 702.526.3133 or mjgarnes@gmail.com

Tags: FHA, Uncategorized, foreclosure by Matt Garnes
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What do you think Las Vegas?? Congress just shot down a bill which could have potentially saved over 38,000 homes in Nevada. Let’s look at the details…The proposed bill would have allowed bankruptcy court judges to modify the terms of residential mortgages for owner-occupied properties just like they do for vacation homes. Senate Majority Leader Harry Reid, D-Nev., who supported the bill blames the banks for the failure in Congress and was quoted as saying “I hope the banks are proud of themselves. What they have done to our country. And now they are standing in the way of our trying to help a little bit, trying to help people who have a home and they cannot get any relief.”

Citi backed the bill but other large banks warned the legislation would make home buying more expensive because in order to recoup losses banks would need to increase interest rates and require more money down. (Wow! just like in the 1980’s…and I seem to remember we did not have a housing crisis in this country when you were actually required to qualify and put 20% down on a home, hmm)

Here’s another bit of information which may help to shed some light on this…the banking industry spent tens of millions of dollars lobbying Congress in the past year. These same banks are now receiving your tax dollars from Congress to bail them out because they are “too large too fail.” So what’s the motivation for the banks to shoot down a bill that would keep homeowners in their homes? They can spend millions upon millions of dollars lobbying to Congress but they say they cannot afford the losses if bankrupcty judges modified loans and would need to raise interest rates to recoup these predicted losses.

On the flip side the bankrupcty provision could have allowed any homeowner to stop paying their mortgage, file for bankruptcy and get a lower payment. So is it fair that your neighbor could cut a deal just by filing for bankruptcy? Where would it end?

That gives you a lot to think about doesn’t it? What do you think Las Vegas? Send your comments to mgarnes@garnesmortgage.com I would love to hear from you.

Tags: foreclosure by Matt Garnes
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With home foreclosures such a major portion of the real estate market it’s an excellent time to pick up one of these deals. I said it months ago, ‘foreclosures are on the rise and interest rates are low, it’s an excellent time to buy.’  Remember, when the general population realizes what a great time it is to buy and jumps on the band wagon, it will be too late.

Steve Dexter, author of “Prospering in the Rising Wave of Foreclosures,” has bought dozens of foreclosed homes and thinks now is a good time to dive in. “It’s the best way to buy, and it’s time to buy again,” said

PRE-FORECLOSED HOME

The first step in the process is called ‘pre-foreclosure’.  Essentially when a home owner in Las Vegas falls over 120 days late on a mortgage the bank will issue a notice of default. Once this happens, you are officially in pre-foreclosure. How do I know when a home is in pre-foreclosure you may ask? Great question. If you are in the Las Vegas, Henderson Nevada area you can contact me directly and I would love to assist you. Otherwise you can go over the delinquency notices that lenders file with county courthouses when a home owner enters pre-foreclosure.

POST-FORECLOSED HOME

Once the lender takes back the property it is then classified as an REO or ‘real estate owned’ property.  Steve Dexter prefers to buy REOs because the process is so clean; the title is clear and the property is delivered vacant.  A couple things to keep in mind is ,number one, lenders are receiving multiple offers on these REO properties within a day or two of listing.  Number two, given the fact the lenders are receiving multiple offers they are not paying concessions. Keep that in mind when you consider purchasing an REO.  Most of these properties are in decent shape but I have noticed that most of them do not have appliances; something else to keep in mind.

I lend in many states on the mortgage side and I am a Realtor in Nevada. Do not hesitate to contact me directly with questions or concerns regarding your specific situation. 702.526.3133 or mgarnes@garnesmortgage.com

Just a reminder, if you are upside down on your mortgage and perhaps facing a foreclosure or a rate that is about to adjust click the link below to be added to my contact list so I can refinance you under the new FHA Housing Bill.

http://garnesmortgage.com/fha_bill.html

Tags: foreclosure by Matt Garnes
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