Las Vegas, NV – January 18, 2011 – (RealEstateRama) — According to the Associated Press, the bleakest year in the foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.
One in every 11 Nevada households received a foreclosure filing last year. Nevada posted the highest foreclosure rate in 2010 for the fourth straight year. In December, foreclosure activity increased 18 percent from November with a 71 percent spike in bank repossessions. Nevada remains number one in foreclosures and number one in unemployment.
To add to the confusion, the Federal Trade Commission recently announced that effective January 31, 2011, Nevada loan modification companies are banned from charging up-front fees for negotiating modifications of residential loans. According to Bill Myers, Nevada short Sale Expert and owner of The Myers Team with Century 21 MoneyWorld, “The loan modification industry has been very misleading for homeowners. Government assistance programs such as HAFA, HAMP, HOPE NOW, and the Making Homes Affordable Program have been failures due to the fact that bank participation is voluntary.” According to the Las Vegas Review Journal, “Most homeowners in Las Vegas are so far upside down on their homes, (owing significantly more than their home is worth) that they don’t qualify for the government’s $75 billion Home Affordable Mortgage Plan.”
“Despite the bad news, Nevada homeowners have options,” Myers said. According to Myers, “There has never been a better time for Nevada homeowners to do a short sale.”
A short sale is when a bank allows a homeowner to sell their house for less than what is owed on the mortgage. Many homeowners in Nevada have tried to save their homes by attempting a loan modification; however, mortgage modifications “just don’t work,” according to Myers. “Surrendering a home worth half of what you owe is not a failure, it’s a business decision. A short sale is not the end. It’s an opportunity for you and your family to take control and walk away free and clear.” Myers said.
In 2010, The Myers Team with Century 21 MoneyWorld was ranked the #1 Short Sale Team in Nevada. The Myers Team has successfully closed more short sale transactions and negotiated more short sale approvals than any Realtor or Broker in our state.
For additional information, please visit The Myers Team web site at http://www.NevadaShortSaleInfo.com