How soon after doing a Modified Pay-Off, Short Sale, Foreclosure, Deed-in-Lieu can I buy a home, again? Watch our newest video and see…

Platinum Elite and our contributors through Neighborhood Home Rescue Program answer the tough questions with real answers in our newest video release, “Moving Forward with Lending!” Taken from our Workshop that is geared towards educating homeowners that are faced with or have faced a Distressed circumstance and want to know how soon they can truly be back in the home purchasing market.  This video covers Highlights from our Distressed Homeowner Option Video with one of our Contributors, Dave Cooper a Mortgage Consultant with Shelter Mortgage Company.  In the re-cap of the options Dave Cooper explains the lending process and the credit ramifications from these various options and what lenders are looking for when a homeowner is preparing to re-purchase or is ready to purchase. Watch and learn from one of many of our Neighborhood Home Rescue Contributors.

We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations.  We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market.  Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at, or call us at 702-869-9999.

The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | all links are on the right column or our HomePage.


Why are Platinum Elite Clients Cashing Checks in the Thousands from The National Mortgage Settlement?

“Errors Afflict More Checks Issues to Aid Homeowners”

By Ben Protess and Jessica Silver-Greenbergmortgage-blog-foreclosure-letter-21

“At least these checks cleared,” I love the way these two columnists start this article, however, the results of this Rust Consulting Fiasco is no laughing matter.  This has effected not just Platinum Elite Clients, it has effected homeowners across the nation that expected some type of relief from a Global Settlement between the Federal Government and 13 Institutional Lenders.  This Settlement as described in the article was deemed ” The National Mortgage Settlement” and was created to assist in bring relief to homeowners that had been wrongfully filed against or wrongfully foreclosed upon by the participating lenders.  The National Mortgage Settlement is being managed for these 13 lending institutions and overseen by government regulators by Rust Consulting.  Though its intial intention was to bring relief to homeowners it has been in the media  for its mishaps more than it’s successes and these errors are documented.  What we wanted to do is start tracking these Errors and enumerate these mishaps to see how far or how long it takes for this to get enough attention to be resolved.  Let’s take a look at the “Mishaps” one at a time;

  1. “Slow to alert borrowers to expected payments since settlement was announced in January.” Checks not issued until April.
  2. “Rust delayed the checks for weeks as it struggled to gear up for the payments.” They knew since January and were not ready until April, Three months and they weren’t prepared.
  3. “Once Rust Consulting issued the first round of the checks in April, it failed to move money into the bank account used for the settlement.” So, checks were returned for insufficient funds. Who pays the NSF fees?
  4. “Homeowners complained about clerical errors at Rust Consulting, problems like checks sent to the wrong addresses or issued to deceased borrowers.” This, after being contacted numerous times by individual homeowners. Furthermore, one of our staff here called for personal reasons and found that the addresses they are using are the foreclosed property address unless they have been notified otherwise. Last we checked, once a foreclosure happens, you are most likely not still living in the property. Past foreclosed homeowners may need to contact The National Mortgage Settlement Program, directly.
  5. The newest “Fiasco” lumped together, “sending out checks in the wrong amount,” and, “failed to follow the payout plan.”  This is even more interesting as 11 of the 13 banks adopted a “Metric” to calculate payouts to harmed homeowners.  Read further and you will see that this “Metric” and what phase the “Harmed Homeowner” was in determines the amount of the payout to the injured party.
  6. As Reported by the NYTimes, “Mr. Cummings, the Congressman from Maryland, noted that Rust Consulting does not include an explanation of what homeowners are owed under the settlement.” With no mention of this “Metric”, what you may be owed, or why you even received the payment as a part of “The Worst Settlement Ever,” how are you to know if you were reasonably compensated from this $3.6 Billion Dollar Settlement?
  7. “Space reserved for next Mis-hap?” It’s going to happen, the Fed is already asking for an investigation according to Reuters.

My last question after recapping, and we will keep tabs on this, is who gets the interest on $3.6 Billion Dollars while we wait for Rust Consulting to figure out how to fix these problems, or as the Naked Capitalism Blog mentions, “Errors by Design,” you have to wonder, don’t you?

We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations.  We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market.  Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at, or call us at 702-869-9999.

The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | all links are on the right column or our HomePage.

Short Sale, Lease Back, and then Re-Purchase your home? Is this really an option for Distressed Homeowners? We’re not sure…


Short Sale Lease Back – SSLB Program for Distressed Homeowners is one of the newer “Options” Available and is causing a wave of controversy. Here is why; HAFA Guidelines were amended in 2011 to allow Short Sale Lease Back (SSLB) as long as a Non-Profit Corporation registered as a 503 (c) is the purchaser.  See Section  7.3 of Chapter IV of the Handbook. This SSLB Program is seeing some success in California and gaining momentum in other states by being used in advertising as a “Distressed Homeowner Option“.  However, we see several caveats to these HAFA guideline amendments and the SSLB Program, as it has been presented.  On the surface it appears to be like most government sponsored options and a major reason the Making Homes Affordable Programs have not seen the results expected, is that the Lender | Servicer has to first agree to participate, establish that they have implemented guidelines with HAFA, and that they then get to determine if you are approved or qualify for this “Option”.  The criteria for this program is that you have to meet the following;

  • Lender | Servicer approve or qualify home in advance
  • Sale or transfer property to a Non-Profit Corporation
  • viable or verifiable Hardship
  • Pay fair market value in rent
  • Stay in the home for three years
  • Complete a Short Sale in this time frame to a Not for Profit Corporation, Not specified or monitored by HAFA
  • Transaction for both the purchase, lease-back, and Short Sale have to be completed by this Non-Profit Group

Again, HAFA or as many government programs do, leaves the cooperative power in the hands of the Lender | Servicer and their Investors, through guidelines and approval stipulations.  An Attorney | Broker in California pointed out, and we agree, that Fannie Mae and Freddie Mac have “Arms-Length Transaction” stipulations or restrictions, which comprises over 90% of the Distressed Home Loan Inventory.  Thus, your margin of success is now limited to 10% of the remaining lenders | servicers | investors.

What concerns us even more, as evidenced by scenario’s being presented to the Grievance Committee in the Las Vegas Market, is how some are presenting and mis-representing variations of the original SSLB Program. These parties have been discovered, to some degree, to be preying upon Distressed Homeowners by offering enticing alternatives such as a purchase back solutions.  It’s our belief these parties are taking advantage of Distressed Homeowner’s emotions that are wanting to stay in their homes at today’s prices.

Homeowners Be aware;

These abuses premised on this SSLB Program are not based on what’s being told to some Distressed Homeowners when they sign-up, it’s what’s not being disclosed, that is the concern!

“What if my Short Sale fails and I have already agreed to sell, my home to the Non-Profit Group?  In fact, in one situation the home was already transferred via power of  attorney and a quit-claim deed.  Thus the answer was: Oh, didn’t we discuss the risks initially? Sorry and by the way, you have 30-days to move, if that….”

“Now that the house is still going to foreclosure, where did all my rent go to that I paid the Non-Profit Group and/or Investor while under review? The Answer: Oops, I’m sure we discussed this possibility, sorry and by the way, you have 30-days to get out, and no refunds……” This mis-use of the SSLB was done under the pretence to collect rents and never stay the foreclosure or assist in helping the homeowner.

“This was a great program, Thank you! I am on my feet again and ready to buy my house back. The Answer: Oops sorry, did we forget to mention that one of the conditions are that you cannot by your house back due to the lien holders policy on Arms-Length Transactions! Of course, you may continue to pay rent to the Non-Profit Corporation or  current Investor.”

Understand that the SSLB Program does not allow for you to re-purchase your specific home. Thus, those advertising, may be over promising, or potentially misleading you to move forward with an SSLB option will not deliver on promises to keep you in your home past the three (3) year stipulation by the HAFA guidelines. Any party that hooks a Distressed Homeowner with the SSLB promise, which results in a flip for profit benefit raises concern.

The scenarios mentioned are current abuses of what we are already seeing in the Las Vegas Area.

The SSLB Program, though allowed by HAFA, has not evolved enough in this market. After hearing the Distressed Homeowner’s complaints of not keeping the negotiations in their directive control during the bank’s review of a loan modification, deed-in-lieu, deficiency release, or short sale, we believe there are much better options available that have fewer challenges and fewer opportunities for fraudulent practices, that can be accomplished with our assistance.

We are not sold on the SSLB Program, the complications created by the HAFA guidelines, or the willingness of lenders | servicers to participate other than on a limited basis. Thus, the Neighborhood Home Rescue Program will present the SSLB option benefits, in addition to the risks so, the homeowner has a better understanding.

We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations.  See our most recent Video regarding Distressed Homeowner Options or schedule an appointment with one of our associates. We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market.  Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at, or call us at 702-869-9999.

The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | all links are on the right column or our HomePage.

Related articles

Did we learn anything? From the Last Bubble that Burst…..

The Las Vegas Home Market is still reeling from “The Real Estate Bubble” and yet we might be repeating history.  Everyone can read Headlines and knows that many indicators are up and creating excitement.  Homebuyers that had to sell short are already back in the home buying process.  Investors have been speculating with Flips and have already seen profits from properties that they purchased right after the bubble burst.  With inventory tightening this is pushing prices up and we again are seeing the “Offer” Frenzy, with multiple offers on much of the new listings on market along with Builder’s starting the lottery system with small phase releases.  We get it, everyone wants the highest and best price.  However, this may be short-lived or will at least stabilize as LPS reports over 1.2 Million homes are in foreclosure, down from 1.5 YoY, this is still a great deal of inventory to absorb along with 900,000 housing starts throughout the nation.  This is further complicated by inflated BPO’s (Broker Price Opinion) as outlined in our previous article, “Are Banks Stealing Homes?”, which will, if allowed to happen, push more homeowners into foreclosure and not allow the market to fully recover prior to over inflated home values as was experienced when no one thought it possible.  As Nike’s controversial new Ad stated, “Winning takes care of Everything,” this may be fine for those on the winning side of this recovery, what about the homeowners left behind with bad loans from predatory lending and exaggerated values resulting in over-leveraged property.  Lets not let this happen again.  Be an informed Seller, Buyer, or Investor, weigh your options, and know what is best for you.  The Neighborhood Home Rescue Workshop Video series has released chapter one with our next Chapter, “Homeowners Options“, being released the first week of April, which will assist you in better understanding the market, what placed us in this circumstance and how a healthy recovery will include help for homeowners impacted by deHouse Bubbleregulation of the Credit Derivatives in the 2000’s.  For notification of our next video release email us at or call 702-869-9999.

The Platinum Elite Group


Legislative BDR Update to Nevada Foreclosure Mediation and Foreclosure Process as of March 18, 2013

In our Blog Article “Boomerang Foreclosures” written February 14th of this year, we reminded everyone to watch the Legislature and what revisions were being proposed or lobbied for by the banking or trustee representatives.  Please find attached links to BDR List and each proposed Bill for either Foreclosure or Foreclosure Mediation;

Be reminded the United Trustee Association (UTA) Lobbyist believes they have favorable representation in the Legislature and will be attempting to slip changes through without drawing attention to what effects homeowner or real estate market in general. Quote by Cheryl Blomstrom, Blomstrom Consulting in her December 2012 E-News Bulletin for the United Trustee Association for Nevada;  “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.  They come into the session with a working knowledge of our industry.

Timeo Danaos et dona ferentes | Beware of Greeks bearing Gifts

To discuss your circumstances or schedule a “Private Consultation” with a Team Member of Platinum Elite Group, contact us at Platinum Elite, or call us 702-869-9999.


What sets us at Platinum Elite apart from the rest?

Donald Lainer has developed a strong team in real estate that focuses on service and the clients needs.  First and foremost, we get the job done.  As a team, Platinum Elite Group closed over ninety-one transactions in 2012.  2013 looks to be even stronger.  Already in 2013, the Team has had 11 Listings close, not including the individual team members independent statistics.  In cooperation with Negotiation Service Providers, there has been an additional 13 closings and 12 Short Sale approvals that should close by the end of April.  Donald Lainer, as Team Leader, also does outreach through the Neighborhood Home Rescue Program.  We will be releasing one Video Chapter a month over the next several months, which includes this video from our Youtube Video Channel covering the Las Vegas Market Overview.  Additional Chapters will include:

  • Homeowners Options in Today’s Marketplace
  • Short Sale Options
  • Foreclosure | Mediation | Notice of Default and the process of each
  • Bankruptcy Chapters 7 | 11 and 13
  • Moving Forward with Lending
  • Estate Planning

If you have an immediate need or questions, feel free to contact one of the team for a Private Consultation.

Some segments or chapters are highlighted by guest speakers in each field of expertise.  As a homeowner or investor you need to be informed and knowledgeable in this ever-changing and volatile Real Estate Market.  To sign up for our next Neighborhood Home Rescue Event RSVP at or call 702-675-3000.

The Platinum Elite Group is always looking to develop its team with professionals from any field that may be interested in entering the Real Estate Industry.  You may preview our Welcome PowerPoint on, contact Donald Lainer directly, or any one on the Team and see what we have to offer.  Contact us through our Home Page, or by calling 702-869-9999.


Are Banks Stealing Homes from Homeowners? You Decide!


Recently, the President of the GLVAR (Greater Las Vegas Association of Realtors), asked all Realtors to stand-up for what is right. Banks and Servicing Entities are again instructing BPO Agents to not include Foreclosures, REO properties, Short Sales, Properties in poor condition, and are including properties that are too far out from the subject property. They are also using, “As-Is” Language, which is not recognized in the State of Nevada, it should be “As-Disclosed!” Whatever happened to “Fair Market Value!” These same banks would not loan on a property based on the same valuation and criteria they are setting for Short Sales. This is a “To Big to Fail” Mentality and the BPO Agents are agreeing to it to get the work!

I attended a mediation hearing for a client, as a service we provide, where I pointed out to the mediator the flaws in the Bank ordered BPO and the Mediator agreed that the instruction to the BPO Agent was a mis-representation of its true value and marked on the Mediation Resolution Form, “BPO was flawed due to mis-representation.” Thus finding that the Bank was acting in bad faith and therefore the “Certificate of Foreclosure,” will not be issued! You also can act on your clients best interest, as well as on the promptings of the GLVAR President and myself that this must stop! This is Aiding and Abetting Fraud perpetuated by these institutions and by doing nothing we are allowing it and seeing homeowners put out on the street! Remember GLVAR is a Self-Policing Entity, that means All of Us are responsible!  Please start reporting Agents that are following these flawed instructions by Fannie Mae or whichever servicing entity has engaged the BPO Agent. Is the money really worth your license?

Below, see our original article published earlier this year. This issue is going to get worse prior to resolution!

A homeowner wanting to do the right thing in relation to working out here situation with her lender, contacted me for assistance.  She explained to me that she is behind in payments and wanted to know her options, at this time.  Mind you this is a very nice home, in a very nice community, however, like many homeowners in today’s distressed market, her circumstances have caused her to become delinquent.  Wells Fargo, the servicing company for Freddie Mac, instructed her that she would have to consider selling the home as a loan modification was not an option due to insufficient income.  Wells Fargo stated they would do a valuation.  They hired an evaluator to provide a Brokers Price Opinion, known in the industry as a BPO.  This BPO / Appraisal as her lender stated, would be necessary for them to re-entertain a loan modification or to establish a sale amount to cover and include unpaid principal, reinstatement fees, back interest, and legal fees.  The Freddie Mac BPO was valued at around $370,000 dollars.  When the homeowner contacted me to discuss listing the property for sale, as she was instructed by Wells Fargo, I was perplexed by the fact that I could not find any comparable “Model Matches” in the entire community or similar models in the surrounding communities that came anywhere close to the banks valuation.  My valuation was more in the range of $280,000 to $290,000 a variance of over $80,000.  This places the homeowner in a potential Short Sale situation, which we are more than happy to assist with and successfully provide for our clients.  However, with the banks valuation I stated that “this over valuation by the bank has to be explained, as Lender BPO’s are done by other professionals in the area.” When I contacted the Homeowner’s bank, not surprisingly, I was declined a copy of the BPO.  However, the homeowner had the contact information for the evaluating agent.  As this industry is small, I knew the BPO Agent, and contacted him directly. With the right connections I was able to obtain a copy of the BPO results and have a conversation with the evaluating Agent. I was taken back by his “Instructions” from the Servicing Company as guidelines for any Freddie Mac backed home.  He stated, “You would never believe how far I had to go outside of the subject properties’ community to find non-distressed comparables.”  This was his specific instructions by the Servicing Company for Freddie Mac, “No Distressed Properties are to be included in the report!”  Placing the comparable homes completely outside of the community. In fact, he mentioned, “The Comps selected were beyond a mile!”  I ask you, How is this a Comp?! This type of activity is completely putting our market, not only here in Nevada, but across the country in turmoil.

What is the motivation behind inflating the price on a non-performing Asset?

We all know for a fact that a Buyer’s appraiser is not going to go by the same parameters and the home will appraise at a lower market value creating several issues;

  • A valuation dispute with the servicing company
  • Delay in the traditional or short sale process
  • Mis-stated information when this BPO / Appraisal valuation is brought to the table during a homeowner’s mediation
  • Buyers being asked to pay the inflated difference in value

If no resolution, the homeowner is left up a creek without a paddle. Without assistance through a short sale most homeowners inevitably end up in foreclosure.  It would seem Freddie Mac and Fannie Mae have decided NOT to help homeowners in trouble. Is this the result for homeowners trying to do the right thing?

Who benefits from this inflated BPO that created this mess?

Please understand, though overseen by the Treasury Department, Freddie Mac or Fannie Mae have their  own motivations.  When a Freddie Mac and Fannie Mae backed homes revert to them through either foreclosure, deed-in-lieu, or other means, it is then made available through a variety of venues, for instance Fannie Mae’s HomePath Program (select the HomePath “More Info”). This program does not require appraisals for buyers using it, offers incentives, and offers as much as only 3% down assistance. On the surface this is attractive to the buyer, however, with these incentives they can then over value and oversell the property by 10% to 30% over current market value as stated in the “Related Articles” below. By further controlling the number of homes released to the market and constricting inventory, this inevitably drives up a falsely inflated market. “BUYERS BEWARE” you may be closing on upside down property from the get go. Again, I ask where is the Assistance for the Sellers that fell victim to this same behavior and here it is being condoned by an entity with Government oversight?!  Homeowners must no longer allow banks to have it their way.  This type of mentality that “They are To Big to Deal With,” must change.  Be an informed seller, an educated buyer, and a smart investor. The homeowner in this situation, through Network Assistance Program is taking the steps with us to utilize Nevada’s Foreclosure Mediation Program.  Follow us for more information as this scenario unfolds.  If you find this information useful and applicable to you or others close to you, please contact us and / or share through our social media links.

We can assist you in knowing which is your best option in relation to your real estate needs and we want to help you get the assistance you need to maneuver through this unprecedented Real Estate Market.  Please contact anyone of our Team Members here at Platinum Elite by clicking on our Home Page, email us at or call us at 702-869-9999.

Donald Lainer, Team Lead for Prudential’s Platinum Elite Group

Related articles

Predatory Practices still in full swing against Homeowners?

Update to Predatory Practices: The property in question that brought this Nationstar vs. issue to light, has now closed! We were able to successfully remove the Auction Task and complete the Close of Escrow last week without participating in their mandatory process described, below. This was done by the cooperation of the Platinum Elite Group Team and Negotiation Service Providers as well as all of those that are involved in any transaction that is distressed.  Thank you to everyone that participated, responded, and commented on this article.  It is the collaboration and activism that empowers us to push through the complexities thrown at us through the Lending servicers and the sometimes unrealistic guidelines set in place by the investors.

We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations.  We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market.  Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at, or call us at 702-869-9999.  You call also Follow-us on Facebook | Twitter | Linked-In | Trulia | all links are on the right column or our HomePage.

For those of you that missed the original article here you go;

Predatory Practices still in full swing against Homeowners by Nationstar Mortgage Holdings, Inc. (NSM) through the assistance of  Bloomberg Business Week has reported in this linked article, “Nationstar Sued for Selling Loans Rather Than Servicing“. Read the whole article and realize what is not pointed out is “Homeowners” that are in default, are not mentioned.  However, just in the past few days, through the negotiating  company Negotiation Service Providers, LLC, Homeowners who are in default and actively participating in Short Sale Negotiations and under contract with all terms and conditions agreed upon, are being instructed to sign a “Nationstar Mortgage’s Short Sale Terms and Conditions” Agreement.  In this document are 12 Twelve Terms and Conditions, the most alarming are, as stated herein;

Term No. 4: Nationstar Mortgage reserves the right to market your property and to obtain additional offers during the period the offer you have presented is being reviewed. Nationstar Mortgage may retain to market your property to obtain these offers.

Can you say, Contractual Interference?  This is going to get ugly before a resolution is evident, this is why we have an attorney assist program.

Term No. 5: You and your real estate agent agree to cooperate with during the auction process by, including, but not limited to, making your property available for at least one (1) open house date prior to the auction date and directing any interested parties to submit offers through the auction process.  Etc…….

How do you think the homeowners can place their home back on the market when they already have an Offer and Acceptance (which is a complete full and binding contract), with agreed terms and conditions, and who also has complied with a counter offer from Nationstar.  Now all parties are under a binding contract.  Through proper contract negotiations, you should be able to count on all parties to use fair business practices.  This is illegal from a Nevada Real Estate Practices perspective.

Term No. 7: If Nationstar is able to obtain a higher offer than the currently submitted offer, Nationstar reserves the right to evaluate the new offer instead.

Again, as mentioned above, this is interference with a current and active Real Estate Contract in place between the seller and purchaser. Nationstar and are acting as if they already own the property and can dictate the disposition of the negotiations through placing it on Auction for four (4) days. Would someone tell them that they don’t have that right or privilege until they properly foreclose on the property.  Oh, that’s right, that’s the other part of this story that has been left out.  Nationstar has told us, through their negotiator that they have a Trustee Sale Date through CalWestern Trustee Corporation for March 18th, 2013.  According to our affiliate company NSP, LLC, the title company, public records, and Attorney Crystal Eller who conducted her own review, there has been no Notice of Default filed.  In addition, a Certificate for Foreclosure has not been issued as is required in the State of Nevada under the Nevada Foreclosure Mediation Program.  This is covered under the Nevada Statutes since the passage of AB Avoid_Foreclosure_REpage149 in 2009.  This is Predatory and illegal on multiple levels.

Term No. 8: In connection with the auction marketing services provided by, a buyer’s premium in an amount not to exceed 5% percent of the winning bid amount shall be added to the winning bid amount to establish a “Total Purchase Price” to any buyer obtained by  The Buyer’s Premium will not apply if the originally submitted offer is the highest bid; however, if the original offer is driven higher by bidding activity, the buyer’s premium will apply to all bidders, including the original buyer.  The buyer premium shall be paid to at closing……..

What is touched on in the Bloomberg Article written by David McLaughlin & Jody Shenn, is that Investor’s are appalled that this “Buyer’s Premium” is being shared with Nationstar?!  Is this not a breach of their fiduciary duty to their investors as well to the homeowners involved?

Term No. 12: Nationstar Mortgage will evaluate your current offer or the higher offer and make a firm decision on their acceptability.

It was very well said on by other Short Sale Professionals regarding this issue, quote; “Servicers and Investors are handling Short Sales as they do their REO’s. The obvious issue is that they are not the owner of the property as they are with an REO.  Basically, they are trying to control the listing agreements, list price, marketing, and contracts.”

Understand that’s bidding platform, eliminates the Appraisal Process, which detrimentally affects the ability to Short Sale at all, because properties with Freddie Mac, Fannie Mae, and FHA financing will not even meet threshold investor guidelines.

The most frustrating result of this circumstance is that Nationstar is stating in its E-mail to the Homeowners through Negotiation Service Providers, LLC is that in order to continue with The Short Sale Process the document must be signed by the Homeowner and Listing Agent then returned by a specified date or face foreclosure. Quote, “This Program is not Optional.” Again, Predatory and unfair collection practices are being used by Nationstar.

Crystal Eller, who has also been retained by the borrower, plans to contact Nationstar and to demand that they cease and desist these Predatorial and unlawful practices against our mutual client and homeowners in the state of Nevada.

If you are experiencing the same difficulties as described in the Bloomberg Business Week Article, this Platinum Elite Blog Page, or with Nationstar, or other Mortgage Servicing entities, please contact our offices and let us see what options are available to you in your situation.

Thank you, Donald Lainer Team Leader for Platinum Elite Group


Rising Interest Rates Curtail Mortgage Activity as Reported by MND Newswire

BY JANN SWANSON of Mortgage News Daily
Mar 13 2013, 8:16AM

Applications for mortgages decreased as mortgage interest rates rose to recent highs during the week ended March 8.  The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of application volume, was down 4.7 percent on a seasonally adjusted basis from the previous week and 4.0 percent on an unadjusted basis.

The Refinance Index was down 5 percent compared to the week ended March 1 and the refinance share of mortgage activity decreased to 76 percent of total applications from 77 percent, the lowest share of refinancing applications since May 2012.  Thirty percent of those applications were for Home Affordable Mortgage’s (HARP), up from 28 percent the previous week.  The seasonally adjusted Purchase Index was down 3 percent while the unadjusted index was down 1 percent from the prior week and was 9 percent higher than one year earlier.

Read Mortgage News Daily’s entire article as it touches on factors you need to consider in 2013 for your home selling or buying interests.  As the market is in flux with concerns regarding inventory availability, Notice of Default filings on the rise, and HAFA’s expiration for the second consecutive year?!  Donald Lainer, Team Leader for the Platinum Elite Group touches on the Las Vegas Market Conditions in his Neighborhood Home Rescue Workshops.

For questions or to discuss your specific circumstances and needs in detail,  feel free to contact one of our associates at, or by calling 702.869.9999.

House Flipper’s Beware…….

Buyer Beware!

Buyer Beware! (Photo credit: Wikipedia)

With the sudden spike in home prices reported not only in Nevada, around the country, the opportunities for “House Flipping” increase exponentially, especially for those that bought during the lowest point of the market, regardless if you were an investor or home buyer.  Remember, there are restrictions to flipping, not only for a FHA loan, Underwriter‘s for all Lenders for every type of loan instrument have their own internal guidelines that parallel the FHA limitations.

“Read Marcie Geffner’s entire article published by”

FHA waives rule against house flipping

By Marcie Geffner •

Anti-flipping waiver has some restrictions

“Buyers should be aware of the FHA’s limits on the anti-flipping rule waiver, which are as follows:

  • The home sale must be at arm’s length, which means there can be no close business or personal relationship between the seller and buyer.
  • If the price that the buyer agrees to pay for the home is more than 20 percent higher than the price the investor paid to purchase it, the sale will be subject to extra scrutiny to ensure that the value hasn’t been inflated.
  • The Home Equity Conversion Mortgage for Purchase program is excluded from the waiver. This program allows older homeowners to combine a reverse mortgage and a home purchase.
  • The 90-day time period might be shorter or longer than 90 calendar days due to the way the start and end dates are determined. The start date occurs when the sale is recorded. The end date occurs when the purchase contract is signed.
  • The waiver began Feb. 1, 2010, and will last one year, unless the FHA extends or withdraws it. The waiver can be withdrawn if there is a significant increase in defaults or mortgage insurance claims on FHA loans that were used to buy flipped homes.

Home buyers typically don’t encounter the anti-flipping rule until they’ve found a house they want to purchase and been told they can’t use a FHA loan unless the investor has owned the home for at least 90 days. Buyers who are concerned about this pitfall should ask when the investor purchased the home, what the sale price was and whether FHA financing will be allowed.”

One point we here at Platinum Elite Group want to point out regarding the “90-Day” Restriction is that, per a Lender, that it is not to close escrow, it is a restriction pertaining to the date of the Offer and Acceptance Agreement or as our source stated, “Date written not closed!”

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