Entries Tagged as 'las vegas mortgages'

Loan Modification/Loss Mitigation Programs Pt. 1

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:

LOAN MODIFICATION:

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)

If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender’s approval. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program. 

For more information regarding the aforementioned program contact Matthew Garnes directly by phone at 702.526.3133, toll-free at 866.427.6375 or by e-mail at mgarnes@garnesmortgage.com 

 

 

 

Tags: Uncategorized, mortgage loan modification by Matt Garnes
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Las Vegas Mortgages-FHA Energy Efficient Mortgages

Energy Efficient Mortgages

Energy efficient mortgages are for one to four unit existing and new construction properties. Standard credit underwriting guidelines are used requiring the borrower to have a three percent investment into the transaction. The borrower is able to finance the costs of energy efficient improvements on their loan. The amount added to the mortgage does not require additional down payment and borrowers do not need to qualify for the addition to the payment.

The amount of energy efficient improvements allowed to be financed is the greater of: 5% of the property’s value, or $4,000. Financing cannot exceed $8,000. The improvements must be cost effective in order to be included for financing. Cost efficiency is determined by the total cost of the improvements to be less than the total present value of the energy saved over the useful life of the energy improvement. The cost of the energy improvements and the estimation of the energy savings are determined by a report from an energy consultant.

The energy improvements are installed after the closing of the mortgage. The amounts of funds, which are financed in the mortgage, are placed in an escrow account. Once the borrower has the energy improvements installed, they are then inspected for completion and verification of energy savings. The lender will then release the funds upon satisfactory review of the inspection.

FHA allows the mortgage amount plus the cost of the energy improvements to exceed the maximum mortgage limits by only the cost of the improvements. For example, if the maximum mortgage limit for your area is $202,500 and the cost of the improvements is $4,000, a total mortgage amount of $206,500 is allowed for this program.

For more information regarding the FHA Energy Efficient Mortgage contact me directly by phone at 702.526.3133 or e-mail at mgarnes@garnesmortgage.com. Thank you for reading and make it a great day!!

Tags: FHA, las vegas mortgages by Matt Garnes
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Las Vegas Mortgages and News

We all know by now that President Obama and the Congress passed the almost trillion dollar spending bill without actually reading the almost 1100 page bill.  What do you think this will mean for the Las Vegas mortgage and housing market? Is this what we have all been waiting for to pull us up out of this housing crisis? Or, do you believe it is best to let things work themselves out?  Apparently this bill, according to HUD Secratary Shawn Donovan,  will aid 4-5 million homeowners with rate and principal balance reductions on their current mortgages. He also says standardized guidelines will be issued by March 4, 2009. I truly hope this will help the Las Vegas mortgage and housing market; but only time will tell.

The government may take a 40% share in Citigroup. Does this mean we are heading for a nationalization of our banks? Citigroup announced this morning they are laying off 50,000 workers.

Also in the news, President Obama has promised to cut our deficit in half by 2013. And this is after spending almost a trillion dollars his first month in office.  Obama announced the budget will look 10 years ahead, outlining spending and expected deficits, and that the budget will be scrutinized “line by line” to find savings. He also said the U.S. government will use transparent accounting practices.

What do you think? Leave a comment, send me an e-mail or visit me on Yahoo IM at ‘thefinancemaster’

Thank you for reading and make it a great day!

Tags: las vegas mortgages by Matt Garnes
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