Las Vegas, NV – January 20, 2011 – (RealEstateRama) — 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.
“The Home Affordable Mortgage Plan (HAMP) didn’t work in Las Vegas because of the city’s unique housing situation,” said Barbara Buckley, former state Assembly speaker.
“Nevada homeowners have asked banks to write down principal mortgage to current values, but only 1.8 percent of those who qualify for the program saw a reduction in principal in Nevada,” said Nasser Daneshvary, director of the Lied Institute for Real Estate Studies at UNLV.
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. The FTC has stepped in to protect homeowners from misleading loan modification promises and unethical people who take advantage of Nevada families in distress. Government assistance programs such as HAFA, HAMP, HOPE NOW, and the Making Homes Affordable Program have failed due to the fact that bank participation is voluntary. ”
“Despite the bad news, Nevada homeowners have options. There has never been a better time for Nevada homeowners to do a short sale.” Myers said.
People are worried about short-sale deficiency judgments in which the first-mortgage noteholder has six months to file for judgment and junior lienholders have six years to file, however, most major banks now include verbiage in their short sale approval letters which waives the banks right to pursue deficiency action.
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 through 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.
A recent report released by IMS Advanced Realty Data Services on January 10, 2011 named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.
For additional Nevada Short Sale Information, please visit http://www.nevadashortsaleinfo.com