SellingNorthernNV

Posted By admin on February 21, 2010

On December 1, 2009, the Treasury announced that is was going to begin fining services that fail to permanently modify as many mortgages as the government thinks they should be. The press release says:

Servicers failing to meet performance obligation under the Servicer Participation Agreement will be subject to consequences which could include monetary penalties and sanctions.

Originally, mortgage lenders and services were encouraged to modify the mortgages of troubled homeowners through government incentives. Through the Treasury’s homeowner-assistance program, the servicers are paid $1,000 in return for reducing interest rates or extending loan terms when economically sensible.

When a mortgage is modified, it must first go through a trial phase. If the trial phase goes well, then the modifications should become permanent. The problem however is that in many cases these modifications were not made permanent, yet the services would still collect the incentive.

Although the idea of placing sanctions and fining those servicers that are not cooperating as they should sounds like a step in the right direction, it may be nothing more then empty threats. Since the program is voluntary for services, servicers may ultimately decide that the incentive isn’t worth remaining in the program. In the end, the biggest threat may simply be moral suasion. By publicizing the poor performance of many servicers, the negative publicity may have a much higher impact on their bottom line then the government incentive, and has caused some banks to already step up their modification activities.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Loan Modification Series | No Comments »
Tags: Chase International, homeowner-assistance program, Loan Modification, mortgage, Nevada, NV, Real Estate, reno, Servicer Participation Agreement, Talayka, www.sellingnorthernnv.com

Posted By admin on February 17, 2010

In the state of Nevada, it has been possible for a borrower to receive a deficiency judgment even after they’ve already lost their home to foreclosure. Effective October 1, 2009 Assembly Bill No. 471 addresses this issue by limiting who may be awarded a deficiency judgment relating to real property. Below are a few portions of the Assembly Bill that I believe are of importance, to view the entire Bill, please visit: http://www.leg.state.nv.us/75th2009/Reports/history.cfm?ID=912

Legislative Counsel’s Digest:

Section 2 of this bill provides that if the judgment creditor or the beneficiary of the deed of trust is a financial institution, a court may not award a deficiency judgment to the judgment creditor or the beneficiary of the deed of trust if: (1) the real property is a single-family dwelling and the debtor or grantor was the owner of the property; (2) the debtor or grantor used the loan to purchase the property; (3) the debtor or grantor occupied the property continuously after obtaining the loan; and (4) the debtor or grantor did not refinance the loan

Section 3 of this bill provides that the amendatory provision of this bill apply only prospectively to obligations secured by a mortgage, deed of trust or other encumbrance upon real property on or after the effective date of this bill.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Short Sale & Foreclosures | No Comments »
Tags: AB 471, AB471, Assembly Bill 471, Chase International, Credit, deficiency judgment, Foreclosure, Nevada, NV, Real Estate, reno, Talayka, www.sellingnorthernnv.com

Posted By admin on February 9, 2010

On Monday November 30, 2009, the U.S. Treasure set guidelines on a plan for mortgage companies to speed up “Short Sales” and other loan modification alternatives. These new guidelines will become effective on April 5, 2010

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales. The new guidelines address problems such as setting limits on the time it takes a bank to approve an offer, freeing borrows from debt and capping claims of subordinate lenders.

The guidelines also include financial incentives for completing short sales or deed-in-lieu transactions. These incentives include a $1,000 payment to services, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders. Borrowers would also receive $1,500 in relocation expenses. The guidance also caps the aggregate proceeds to subordinate lien holders at $3,000. However, second lien holders may proceed with a short sale outside of the Treasury’s program if they felt the cap was to low.

Other requirement of the program is that the mortgage services are to approve the short sale terms, including a minimum listing price before the home is even put on the market.

The following must be met in order to qualify under the new guidelines:

- The property must be the homeowner’s principle residence.
- The homeowner is delinquent on the mortgage or default looks likely.
- The loan was made prior to Jan 1, 2009 and is less than $729,650
- The borrowers’ total monthly mortgage payment exceeds 31% of their gross income.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Short Sale & Foreclosures | No Comments »
Tags: Chase International, Foreclosure Prevention, Nevada, NV, Real Estate, reno, short sale, Talayka, treasury, www.sellingnorthernnv.com

Posted By admin on January 20, 2010

According to an article posted by The Sacramento Bee, in a survey of 197 people, 49 of them were kept from getting a home, bank account or job due to mistakes on their credit report. The article also states that by Experian’s own admission, that 50 percent of all credit reports contain errors. Although these errors may not lead to disqualification, they may result in increased interest rates and higher payments.

On average, there is a 2% difference in interest rates between a person with good credit, and one with credit that meets the minimum requirements when applying for a home mortgage. On a $200,000 home, that’s around an additional $370 a month. Whether you believe your credit report is accurate or not, properly monitoring your credit report can save you thousands in the long run.

To learn more on how to monitor your credit, visit my blog entry: Monitoring Your Credit Report

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Credit | No Comments »
Tags: Chase International, Credit, Credit Report, Experian, Nevada, NV, Real Estate, reno, Talayka, www.sellingnorthernnv.com

Posted By admin on January 17, 2010

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Here is a summary of your major rights under the FCRA.

Information used against you – Anyone using a credit report or any type of consumer report to deny your application for credit, insurance, or employment (or to take another adverse action against you), must tell you. They must also give you the name, address, and phone number of the agency that provided the information.

Right to know what is in your file – You may request and obtain all the information about you in the files of a consumer reporting agency (file disclosure). You will be required to provide proper identification, and in many cases the disclosure will be free if. You are entitled to a free file disclosure if:

- a person has taken adverse action against you because of information in your credit report;
- you are the victim of identity theft and place a fraud alert in your file;
- your file contains inaccurate information as a result of fraud;
- you are on public assistance;
- you are unemployed but expect to apply for employment within 60 days

In addition, as of September 2005 all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.

Your Credit Score – You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it.

Dispute incomplete or inaccurate information – If information in your file is incomplete or inaccurate and report it to the consumer reporting agency, the agency must investigate it unless your dispute is frivolous. See www.ftc.gov/credit for dispute procedures.

Correcting disputed information – Any inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. A consumer reporting agency may continue to report the information it has verified as accurate.

Outdated negative information – In most cases, consumer reporting agencies may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.

Limited Access – A consumer reporting agency may provide information about you only to people who have a valid need for it. The FCRA specifies those who have a valid need for access.

Consent for employers – Your information may not be given out to your employer, or potential employer without your written consent. However, written consent is generally not required in the trucking industry.

Limiting “prescreened” offers – Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5 OPTOUT (1-888-567-5688).

Identity theft victims and active duty military personnel have additional right.

For more information, visit www.ftc.gov/credit or write to:

Consumer Response Center, Room 130-A
Federal Trade Commission
600 Pennsylvania Ave. N.W.
Washington, D.C. 20580

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Credit | No Comments »
Tags: Chase International, Credit, Credit Report, Credit Score, fair credit reporting act, FCRA, Federal Trade Commission, FTC, Nevada, NV, Real Estate, reno, Talayka, www.sellingnorthernnv.com