Las Vegas, NV – February 15, 2012 – (RealEstateRama) — Real estate professionals will provide answers and much-needed clarity to the recent Mortgage Debt Settlement, foreclosure and short sale issue for struggling Southern Nevada homeowners. Coldwell Banker Premier Realty (CBPR) will facilitate 3 FREE public roundtables taking place at 8290 W. Sahara Ave., 2nd floor, Las Vegas on Wednesday, February 15 from 7:00-8:00pm, on Thursday, February 16 at 2200 Paseo Verde Parkway, Suite 190 in Henderson from 6:00-7:00pm, and again on Saturday, February 18 at 6628 Sky Pointe Drive, Suite 200 from 11am-noon. “Even though ‘short sale’, ‘foreclosure’, ‘loan reduction’ and now the new ‘mortgage settlement’ are the current buzz words, most homeowners have little idea what these terms mean, if or when they might receive a settlement or what the short sale process looks like,” says Bob Hamrick, Chairman and CEO of Coldwell Banker Premier Realty. CBPR senior management believes that while consumers are focused on the proposed $26 billion Mortgage Debt Settlement, which may not put money in the homeowners’ pocket for 2-3 years, the real concern is the Mortgage Forgiveness Debt Relief Act that will quietly go away in just 10 months – with significant tax consequences for those who have not closed their short sale by the deadline.
This roundtable, just one in a series of Neighborhood Awareness Campaign (NAC) events, will help educate homeowners about a variety of housing programs. “NAC is a grass roots initiative where our sales associates are at ground zero going door-to-door speaking with residents and offering help for consumers who are upside down in their mortgage and don’t know what to do about it.” We have assembled a team of real estate professionals to provide answers and accurate information that people deserve to know,” says Hamrick. Representatives include Wells Fargo, Ticor Title of Nevada, Cogburn Law Offices, Millennium Consulting Group, along with CPA’s Payan & Miles who will share information about the tax implications of a short sale vs. foreclosure, and the critically important Mortgage Forgiveness Debt Relief Act that expires Dec. 31, 2012.
The mortgage settlement will essentially provide aid to homeowners who owe more than their homes are worth and are current on payments, with some relief also available for underwater homeowners not current on their payments. It is expected that cash will also go to prior homeowners who lost their homes in foreclosures. What is unclear is who qualifies for a slice of the financial pie. It is reported that the settlement will deliver $21.5 billion in aid for three classes of homeowners and $3.5 billion to states directly. The New York Times has reported that an additional $1 billion beyond the $25 billion will go to the Federal Housing Administration.
According to First American Corelogic, currently more than 66% of Las Vegas valley homeowners are upside down in their mortgage, meaning they owe more on their loan than what the house is worth, representing nearly 280,000 homes in Las Vegas – the percentage of underwater homeowners has been as high as 75% at one time.
The public may email at NAC (at) CBVegas (dot) com for NAC information, or call 702-877-6200. For more information on CBPR, please call 702-939-5102, or visit the company website at www.lasvegashomes.com.
About Coldwell Banker Premier Realty
Coldwell Banker Premier Realty is a service-driven, highly productive team of professional sales and support people. We are dedicated to consistently providing superior real estate brokerage and related services, setting the industry standard of value and excellence.