Category Archives: Foreclose Relief Programs


Lease to Own Options

In our efforts to continue helping sellers who think they can’t sell and buyers who think they can’t buy, we have a new option for buyers and renters who are not currently able to qualify for a new mortgage.  If you cannot qualify for a loan because you have a low credit score or are […]



MORTGAGE FORGIVENESS DEBT RELIEF ACT UPDATE

As we have reported before, Congress has yet to renew the Homeowners Relief Act which provided a tax break on mortgage forgiveness obtained through short sale, foreclosure, or principal reduction.  It now appears that Congress will extend the Act after the November elections, making it retroactive for all of 2014.  However, it is unclear if […]



Delinquency Rates and Foreclosures Down

Nevada ranks second in 90 day plus delinquency rates and 8th in terms of loans in foreclosure. The Mortgage Bankers Association released their first quarter national survey of mortgage delinquency data.  From a national perspective, mortgage delinquencies and foreclosures declined during the latest reporting period.  New Jersey reported the highest rate of foreclosure starts and loans […]



Legislative Update On Mortgage Relief Act

Recently my broker invited the lobbyist for the Nevada Association of Realtors to speak at our office.  He had just returned from Washington, D.C. and one of the topics he discussed was the status of the extension of the Mortgage Relief Act, originally enacted in 2007 by President Bush, and extended twice since, which expired […]



Ocwen Principal Reductions

Good news for Nevadans who have their loans serviced by Ocwen Mortgage, which is the largest nonbank servicer of home mortgages.  Because of foreclosure irregularities such as foreclosing too early or not following foreclosure guidelines and using falsified documents in foreclosures, Ocwen has reached an agreement with the state of Nevada to provide over $32.7 […]



Bank of America Lawsuit on Loan Modifications

On June 14, Bloomburg News published an article on a class action lawsuit filed for homeowners who had been denied loan modifications due to Bank of America deliberately blocking the review of their loans for modifications and forcing them into foreclosure. As I began to write this blog (it’s 9:15 a.m.) the news radio show, […]



Banks Unfairly Foreclosed On Homeowners

This past week saw several news agencies reporting that as a result of a review of mortgages, several big banks have uncovered hundreds of cases of improperly foreclosed loans. Over 700 active military members lost their homes due to the improper handling of their delinquent loans. According to the Servicemembers Civil Relief Act, lenders cannot […]



A New Idea?

Perhaps you recall last year that the county of San Bernardino, the heart of the California inland empire devastated by the real estate meltdown, was considering buying up underwater mortgages and refinancing them for the owners to help them stay in their homes.  Where did the county come up with the idea?  A company called […]



Should You Consider a Loan Modification?

One alternative to foreclosure or short sale is a loan modification which may be offered by a mortgage holder to help a homeowner stay in their house.  Many banks actively promote this alternative and it can be a win-win situation for the bank and the homeowner by allowing the bank to continue receiving payments on […]