Zombie “Foreclosures” as Reported by CNNMoney.com

English: Foreclosure auction 2007

Zombie foreclosures: Borrowers hit with debts that won’t die

By Les Christie @CNNMoney February 22, 2013: 1:04 PM ET

Les Christie @ CNNMoney touches on a subject that Donald Lainer covers in his Neighborhood Home Rescue Workshops.  This Article is important as Homeowners do not realize that a Deed-in-Lieu or Foreclosure can come back to Haunt them like a “Zombie” if the bank sinks a great deal of money into the property for repairs or losses and determines to forward those costs onto the past Homeowner via a 1099 Filing for “Earned Income.”  You can see a Sample of Don’s Neighborhood Home Rescue Workshops on our Youtube Channel as well as other “Featured Videos.”  We will be releasing Chapters from Donald Lainer’s Neighborhood Home Rescue via Youtube that cover subjects like;

  • The Las Vegas Market & How did we get here
  • Distressed Homeowner Options
  • Short Sale Options and Benefits
  • Foreclosure | Mediation
  • Bankruptcy
  • Credit Ramifications
  • Moving Forward with Lending Options
  • Estate Planning & how to protect your assets

Featured Guest Speakers & Professionals in each of these areas of practice cover their “No Cost Fee & No Advance Fee” Programs through the Neighborhood Home Rescue Resource Network.  For these video chapter release notifications and reserve a seat at future events RSVP to Events@PlatinumElite.com or call us at 702-869-9999.

Lock Your FHA Mortgage Rate : FHA Mortgage Insurance Premiums May Rise In Early-2013

Platinum Elite Group wants you to be aware of FHA Mortgage changes for 2013

Article published by The Daily Mortgage Reports – Author Dan Green

Get the whole article here

Recent FHA Mortgage Insurance Premium Changes

The FHA is no stranger to changing MIP rates. Since 2008, the agency has changed its annual mortgage insurance premiums four times.

In 2008, the FHA charged 0.50% in annual MIP to home buyers using 30-year fixed rate mortgages and a 3.5% downpayment. Since then, those rates have climbed.

  • In 2009, the FHA charged 0.55 percent
  • In 2010, the FHA charged 0.90 percent
  • In 2011, the FHA charged 1.10 percent
  • In 2012, the FHA charged 1.25 percent (or 1.50 percent in high-cost areas)

For 2013, the FHA may get the ability to charge 2.05 percent for annual mortgage insurance premiums. This would be the highest annual MIP in FHA history.

In addition, because the Federal Housing Administration Fiscal Solvency Act of 2012 establishes a minimum annual MIP of 0.55%, homeowners currently exempted from FHA mortgage insurance — those using 15-year FHA mortgages with 78% loan-to-value or lower — would no longer be exempted.

Author Dan Green, Daily Mortgage Reports

Below are other related articles for you to be more familiar with this subject…….

Any Takers? Yahoo Homes Reports a $100 Million Dollar Estate purchase & you cannot move in, Yet?!

Article published by Yahoo Homes;

$100 million De Guigné estate comes with quite a contingency

By

Yahoo! Homes Editor

By | Spaces – Thu, Feb 21, 2013 7:29 PM EST

Here’s one of the more unusual home sale restrictions we’ve come across — and we aren’t referring to the estate’s 

de-guigne-exterior

whopping $100 million price tag, although that does indeed put the home among the top five or so most expensive properties in the nation. (The most expensive is the Crespi-Hicks estate, in Dallas of all places, offered at $135 million.) No, here’s the real catch: You can’t move in right away.

In fact, who knows when you’ll be able to move in.

The property has been in the De Guigné family for 150 years. It’s currently owned and occupied by Christian de Guigné IV (pronounced de-GEEN-yay), who was born there 76 years ago, the Contra Costa Times reports, and doesn’t plan to leave the estate before he leaves this vale of tears. So it’s being offered with the stipulation that the new owner can only move in after De Guigné dies. Quite a contingency, that “life estate” arrangement.

[See also: Why the super-wealthy are buying and selling in secret]

But here’s what the farsighted buyer will get: 16,000 square feet of living space and, perhaps more stunningly, 47 acres of land in Hillsborough, Calif., halfway between San Francisco and Silicon Valley — in one of the most expensive ZIP codes in the nation. The mansion was designed by architects Bliss & Faville and decorated by interior designer Anthony Hail. Its “grand-scale ballroom, living room, library and pavilion are aligned to open to a pool courtyard, revealing sweeping views of San Francisco and the East Bay,” the listing at Sotheby’s International Realty says. (My quote omits the listing’s inexplicably eccentric capitalization.) The listing doesn’t reveal the number of bedrooms and bathrooms, but it’s safe to say that the Contra Costa Times’ characterization of bedrooms as “numerous” is accurate. The real estate blog Curbed says the estate has seven bedrooms, nine bathrooms and a “flower-arranging room”; the Contra Costa Times puts the number of bathrooms at 11.

[Click here or on the photo at the top to go to a slideshow.]

And while $100 million might seem stratospheric, a new neighbor over in Woodside recently paid the highest on-the-record price ever for a home in the United States: $117.5 million, for an estate on a mere 9 acres.

Any takers?

Platinum Elite Group found this article so interesting that we didn’t want to just Re-Tweet it.  In fact, we go over Estate Planning as well as different ways to hold title to protect assets and more……. are covered in our Neighborhood Home Rescue Workshops held in Las Vegas, Nevada for Distressed Homeowners.  Our Youtube Channel has a Sample of these Workshops founded by Donald Lainer, Managing Principal for the Platinum Elite Group.  The purpose of Neighborhood Home Rescue is;

Outreach Program for Distressed Homeowners

nhr-logo_phn2

RSVP Today!

Designed to inform and help Homeowners understand how to work with No Cost Programs and No Advance Fee assistance resources available while obtaining information to make a more healthy decision for their family.  You may RSVP at Events@PlatinumElite.com or call 702-675-3000.

Boomerang Foreclosures as Reported by RealtyTrac

Foreclosure

Statistics have already proven that AB284 slowed the Foreclosure Process for Nevada.  However, the Real Estate industry has anticipated two indicators to reveal themselves, since this lull in the wave of foreclosures.  The first, is the expectation that the servicers and their investors would eventually extricate themselves from the burden of proof placed upon them, take the necessary steps, and obtain the certificates of foreclosure which is evident in the increase in Notice of Defaults spike reported by RealtyTrac via News 8, see the attached article.  The second, that the Nevada legislature would be lobbied for substantial change, retraction, or amend the results of Assembly Bill 284, since it’s passage.  This may already be happening, though we have not yet seen the language in any submitted legislation as it is in “BDR” Bill Draft Status.

See these three BDR Requests:

3–601 Senator Segerblom
Revises provisions relating to foreclosures.
9–636 Senate Committee on Commerce, Labor and Energy
Revises provisions relating to foreclosures.
9–719 Assemblyman Eisen
Revises provisions relating to the Foreclosure Mediation Program.

However, agreements may have already been struck, see the United Trustee’s Association E-News issued by its Lobbyist, Quote;

Those of us looking for change did not get the result we wanted, however I remain optimistic…  I still think we can cobble together a coalition of democrats and republicans to get our work done.  UTA members reached out during the campaign process to key candidates and several were elected.”  

The things that make you go, HMMMMM?!?!

We will keep you posted as we follow this session of the Nevada Legislative Session or you may request e-mail updates by contacting us at info@platinumelite.com

HAFA and the Negotiator, A Short Sale Tale

Rear view of the Treasury Department building ...

Rear view of the Treasury Department building in Washington, D.C. The building is a National Historic Landmark. (Photo credit: Wikipedia)

The Home Affordable Foreclosure Alternative or HAFA Program is only one of the solutions offered through Making Home Affordable or MHA offered by the Treasury Department.  Many of us in the Real Estate Profession know the difference and understand these differences.  However, where much of the confusion seems to stem from is the fact that the information is not getting to who it really effects, the homeowner.  Furthermore, what further complicates our tasks in negotiating the Short Sale terms and conditions with the servicers and there investors, is that HAFA is, to them, an opt in program.  Making Home Affordable or MHA and its Short Sale Program HAFA are continually undermined by this opt in, or as it is stated in the HAFA guidelines, Section 7.1 “Prior to approving a borrower to participate in a HAFA short sale, the servicer must determine the minimum acceptable net proceeds (Minimum Net) that the investor will accept from the transaction and in accordance with its HAFA Policy.”  Thus, regardless the guidelines, regardless our disclosures, and regardless how hard we negotiate the terms and conditions of the purchase agreement with the servicers, they hold the final key to making or breaking each transaction on a case by case circumstance.

For instance, just today, we received a HAFA approved Short Sale.  However, based on the investors guidelines, as allowed by HAFA per section 7.1 of the HMA Handbook, the Servicer / Investor is removing the $3000 Homeowner incentive to attain their minimum NET requirements and will only contribute 6% or $3000 to the second lien holder, where HAFA guidelines allows up to $8500, again, the optional clause allowing servicers and there investors to write their own terms and conditions and still state that they are participating.  No wonder Homeowners are confused when we explain terms and conditions of a short sale that have “Minimum Acceptable Guidelines” language in the MHA Handbook.  The only real benefit that came from the HAFA guidelines through this HAFA approved Short Sale is the Release of deficiency.  Now the Seller’s have to determine whether to move forward with the Short Sale Approval or not and we still have to determine if the second lienholder will accept the first leinholder’s contribution.

Thus keep the following in mind when explaining the HAFA guidelines to your clients / homeowners and what to expect from a Short Sale Negotiator’s Point of View;

  1. MHA’s HAFA guidelines are established by the government to assist homeowners, with the “Option” of each Servicer and it’s Investors to participate in the program and to determine their own guidelines based on the servicers’ investor minimum NET proceed parameters.
  2. Freddie Mac and Fannie Mae no longer participate in the HAFA program as of December 31, 2012.
  3. The government did extend the MHA’s HAFA and The Mortgage Debt Relief Act for all other participating servicers / investors until December 31, 2013.
  4. The updated guidelines for HAFA effective February 1st of 2013, regarding processing time, predetermined hardship and credit score parameters will hopefully assist in negotiating Short Sale Transactions, however, keep in mind the “Option” card the lenders continue to hold in their favor.
  5. Lenders and investor that are not participating in the HAFA program may have adopted their own incentive programs that Homeowners may qualify for through their own Short Sale process.

For further information regarding individual Service Companies that are still participating in HAFA, please contact one of our team members at Platinum Elite Group at info@PlatinumElite.com or our affiliates at Negotiation Service Providers, llc at LossMit@NSPLV.com

State considers program to buy, resell homes near foreclosure – News – ReviewJournal.com

We tweeted this the other day, however, this information is important and needs to be followed through the Nevada Legislative process….  If we have additional information we will share it and we ask the same of others, please notify us if you have any additional information or new articles you wish to share?!

The Platinum Elite Group

State considers program to buy, resell homes near foreclosure – News – ReviewJournal.com.

Platinum Elite Group of Las Vegas Nevada has launched it’s Blog Page……..

Welcome to Platinum Elite’s New Blog Page!  Soon we will have our Blog Page Embedded in our Home Page while our Blog Page is under construction….

Have you seen our New Welcome Slide Presentation on Slideshare?

Take a look or come visit us at Platinum Elite

<div style=”margin-bottom:5px”> <strong> <a href=”http://www.slideshare.net/PlatinumElite/platinum-elite-welcome-presentation-v3111272012&#8243; title=”Platinum Elite Welcome Presentation v3.1-11-27-2012″ target=”_blank”>Platinum Elite Welcome Presentation v3.1-11-27-2012</a> </strong> from <strong><a href=”http://www.slideshare.net/PlatinumElite&#8221; target=”_blank”>Prudential’s Platinum Elite Group – Donald Lainer</a></strong> </div>