When it comes down to a choice to either “pay or walk away” more and more homeowners
are opting to abandon their homes to the foreclosure process.

If you decide to default on your mortgage and allow the lender to foreclose on the
house, the important thing to remember is to avoid any risky behaviors that
will have negative consequences for you once you have walked away. This sort of
planned foreclosure is called a “strategic default.” Here’s how to protect
yourself from prolonged and serious legal consequences:

1. Do know the type of foreclosure you are facing.

Non-judicial foreclosures do not go through the state court system. Essentially, homeowners simply stop
paying their mortgage and wait for their lender to institute foreclosure
proceedings. Depending on the housing market in their area, banks may be more
or less eager to take back a particular property.

I know people who are still living in their homes several years after they have
stopped making mortgage payments.
A judicial foreclosure proceeds through the state court system and in states where
it is allowed a judgment for the deficiency (between what the house is worth
and what you owe on the mortgage) will be rendered against you in a court of
law.
In some states, lenders have the ability to sue for the unpaid balance for a
period of time ranging from 6 months to 6 years depending on the circumstances.
Research whether you live in a “non-recourse” state where lenders can take back
the house, but not touch your other collateral or assets to close the gap in
what you still owe them.

2. Don’t try to get “revenge” on the lender. No matter how angry you are over the circumstances
that have caused you to abandon your home, do not take it out on the house!
There are serious legal consequences to destroying a home in foreclosure.

3. Do remember that until the bank forecloses, you are still the owner of the property. Even if you
aren’t living in the house, you are the responsible party until lender legally
takes possession.  When you leave, be sure to leave the house in good condition. Do a walk-through and
make sure everything is okay. Take pictures that show the home is in good
condition.  Keep your liability insurance current—remember, if someone is injured on the
property, you are still the owner of record.

Ifyou continue to live in the area, do occasional drive-bys. Make sure the house
has not been broken in to or vandalized. Even if you are angry with your
mortgage holder, try to have some compassion for your neighbors. Homes that
have been foreclosed devalue the entire neighborhood; homes that have been
foreclosed and are in bad repair drop everyone’s property values even more.

4. Do have a responsible plan for the future. Get a strong financial
plan in place that will let you use the money formerly put toward your mortgage
payments to regain stability.

Rent a home if the rent is less than your monthly mortgage (otherwise, why leave the
home at all?)

Know that your credit score will suffer moderate to severe negative impact depending
on the circumstances around your decision to allow foreclosure.

Remind yourself that bad credit is a relatively short-term outcome (from 1 to 10 years)
and be prepared to work to repair yours. Avoid other offers that entice you to
live beyond your current means. After all, wasn’t it “easy credit” that got you
and other homeowners into this situation in the first place?

In all of the solutions for getting out from an underwater housing situation, you
must force the lender to come to you. You cannot count on parity, equality,
good faith—you can’t count on any promises—on the part of the lender.

The fact is, you took their money on their terms and now they are entitled to take
your money every month, change your interest, take or sell your house.

Homeowners in trouble need to be smart about their options to walk away, it’s the only way
to maintain the possibility of ever gaining back their piece of the American
Dream.

by Bob Massi, an attorney and Fox News Legal Analyst.

In the end you will discover that there are some exceptional and hardworking realtors out there, whether they work through an agency or as an independent. If you take the time to educate yourself, you can make a well informed choice of a dependable Henderson realtor based on skill and commitment to help you make your real estate venture a success.

Look for a Las Vegas Real Estate Agent that is dedicated. Another common condition often found in the industry is that there are a number of people that work in real estate as a part time job. These may be retirees or someone who runs a business as a second income. Again these agents may come with the best intentions but if they’re only in the business part time how can they keep on top of the changes within the real estate market or within the industry itself? Do they have what it takes to look out for your best interests?

Look for a Las Vegas realtor that is competent. Don’t simply rely on the fact that a realtor has a license as a sign that the job will get done right. As with any profession, this may not always be the case. You will find that some realtors will actively pursue continuing education within their field while others will only do enough course work to obtain their license. Some realtors make a point of staying on top of current laws and economic trends and how the housing market is affected on local and national levels. A competent Las Vegas realtor is an educated realtor.

The Las Vegas realtor’s pay is based on commission and is paid after the property is sold and the closing complete. There is some confusion as to who pays the realtor’s commission. Actually it’s the seller’s responsibility to pay the commission at the time of the closing, but some contend that since the commission is figured into the selling price, it’s really money coming from the buyer. To be clear, the seller pays the commission after the sale and there are no added fees to the buyer.

If you are selling your home remember that the commission can be a substantial amount. Las Vegas realtors can set their own commissions. While commission is not regulated by the government, price fixing is against the law. As a rule, a realtor’s commission is considered earned once the seller and buyer have both agreed to and signed a sales contract. The Las Vegas realtor’s commission is paid at the same time as the closing on the property.

If you want to find the home of your dreams then you’re going to need the help of a good Henderson realtor. You’ll discover how convenient it can be to have someone with experience on your side to help you through the whole process. A good realtor will offer sound advice and provide you with detailed information on any real estate you might be interested in buying. A Las Vegas Real Estate Agent can assist you in the negotiation stage of purchasing a home and guide you through the sometimes difficult closing process to make certain your home buying experience is a successful one.

On the other hand if you’re selling your home, a Las Vegas realtor can provide you with current information concerning pricing and conditions of other properties on the market in your neighborhood, help you set a realistic price for your home, and give you a good estimate of your home’s value. A Las Vegas Real Estate Agent will not only market your property to the public but a reliable Las Vegas Real Estate Agent will also take the time to help you objectively assess each offer you receive and ultimately help you close the sale.

D.R. Horton Las Vegas Nevada builds communities and not just homes. Each community developed by D.R. Horton Las Vegas NV gives you access to a complete array of amenities in close proximity. Some of the communities with single family homes include Arlington West Manor, Arlington West Twilight, Bavaria Estates, Cactus Hills Crossing, Elkhorn Ponderosa, Legends at Log Cabin, Liberty Ranch, Nevada Ranch Twilight and Wiqwam East Estates.

While Cactus Hills Square, Fort Apache Square and Monterey Square offer you duplexes in serene settings, Hollywood Ranch First Light, Lake Mead Court, Nevada Ranch First Light and St. Rose Court has triplexes on offer. D R Horton Communities have also been developed in areas surrounding the city of Las Vegas , such as Henderson and Northern Las Vegas.

Rather than building smaller homes on small lots, D.R. Horton is offering single-story homes on sites as large as just under one acre.

With that in mind, Horton has purchased several cul-de-sac communities that offer clients the chance to buy a completed home or have one built on a lot of their choice. These floor plans range from 3,350 to 5,100 square feet.

Questions about these homes, communities or any others? Call me at 702.428.3969 or email at nathan.petrosian@gmail.com, I am happy to help with any and all questions!

Median price of a single family home is about $120,000.00.

Average Mortgage Rate: 30 year-4.76% 15 year-3.97%

With a purchase price of $200,000 and $7,000 down, your mortgage payment would only be $1,008.00 / month P&I.

Tips for Real Estate Investors

• Be aware of current real estate market conditions.  The market is constantly changing.  These changes will give you clues on where to find your next great deal! Will it be a short sale, forclosure, trustee sale, auction..Call me any time at 702-428-3969 for an update on Real Estate Market Trends.
• Hire competent and professional help. Find a Realtor who is well versed in investing and has an open mind when it comes to negotiation and financing. This will likely save you time and money.
• Always get and inspection on ANY property you buy. Especially if the property looks like a deal. The underlying problems may go much, much deeper than the outside presents.

• It is a good strategy to pick one area of town, and specialize in one type of property, such as single family homes, or duplexes. Once you know the market for that area and the ins and outs of that type of property, it makes it much easier to expand your business into other markets.
• Do not try to do this all yourself. Whenever and wherever possible hire professionals to do the work, such as electricians, plumbers, etc. It is worth the headaches, money and possible lawsuits.

• If you do not already have a business partner, consider getting a group together. By grouping together, your purchasing power and income levels could become much greater. Study, read, join investment clubs to further your education.

For more advice or to have your questions answered, please give me a call at 702.428.3969 or email me at nathan.petrosian@gmail.com. Nathan Petrosian is a Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

Are you or someone you know considering a foreclosure?

You may want to consider a short sale to save your credit!

Loan Modification Verses Refinance Verses Short Sale: What is the best option for you?

Loan modifications are becoming easier to obtain, but still require a “financial hardship”.  This could be defined simply as loss of income.  However, the decision to approve your loan modification is ultimateley up to the investor who owns your loan.  In most cases the investor is not the same as your mortgage servicer who you make your payments too.  Each investor has their own formula for how they will determine you loan modification eligibility and new payment.  You can do a loan modifiction on your own, however your chances of success are much higher if you pay a professional who is doing loan modifications on a daily basis.

Government has recently imposed regulation requiring Loan Modification companies to work under an attorney.  If you choose to go through a law firm, make sure the company has a prooven track record, good reviews, or was referred to you by someone you trust.

Is a loan modification right for you?  When I consult clients on all their options I alway recomment that they take a step back are look at the reality of their current situation and their future.  If you are so far upside down on your home that it’s going to take  decades to regain your equity, you may want to consider a shorts sale.  Even if it stings your ego and perfect credit a bit.  Recent statistics show that over half of the people who did a loan modification ended up short selling their homes shortly after.  See below for new loan programs available to home owners 12 months after a short sale.

Also keep in mind there is still a loan program that allows you to refinace even if your upside down.  See below for newest loan programs lending   I am here to answer your questions so don’t hesitate to contact me more details on loan programs, loan modifications, and short sales.

New Loan Programs

• Portfolio Loans: These are loans that will not be sold to an institutional investor.  Financing is now available 12 months after the close of a short sale, 12 months after bankruptcy or 12 months after a foreclosure. Although, this is good news to some, there is a required minimum of 20% down.

• Conventional Loans: 100% financing with 20% down, NO mortgage insurance, One loan, no mortgage insurance with 10% down and if you are buying a second home, 15% down payment.

• Home Path Financing: Foreclosed homes that are now owned by Fannie Mae qualify for Home Path Financing. This means 10% down on second homes and investment properties!  Call me at 702.419.9231 for a FREE list of homes in your area that qualify for Home Path Financing.

Our Lending Services-What we offer!

Why use our lending services? We are amont the lowest rates and have top notch service, guaranteeing you will close on time and with the lowest interest rate available.

Illustration of a Sample Payment:

30 year fixed @ 4.875%
100k loan amount: $529.21 P&I / month
200k loan amount: $1,058.42 P&I /month

Tips for a Smooth Loan Transaction

1. Apply for a Loan before you begin your House Search.
2. Funds being uses for a down payment must be tracable 2 months back.
3. Have your credit checked before searching for a home to allow time to fix any errors or improve your score for a better interest rate.