Las Vegas Foreclosed Homes are in the news again. People are still relocating to Las Vegas – today U-Haul International announced their list of the top 50 Cities in the U.S. which shows Las Vegas has moved from the number four place to number two slot in the last year. This continued influx of people has a positive impact on Las Vegas Foreclosed Homes - bringing in new buyers!
Las Vegas Foreclosed Homes
Another impact news item for Las Vegas Foreclosed Homes is the Federal Government’s HAFA Program (Homeowner Affordable Foreclosure Assistance) which helps homeowners avoid a Las Vegas Foreclosed Homes by providing protection and funds to eligible borrowers who opt for a Las Vegas Short Sale as an alternative to a foreclosure. The homeowner also receives a lump sum payment of $3,000. for moving assistance.
To Avoid a Las Vegas Foreclosed Homes Qualifications Include:
- Property is the borrower’s primary residence.
- The mortgage is delinquent or in default.
- The first mortgage originated prior to January 1, 2009.
- The mortgage’s unpaid principle balance is no more than $729,750 and the borrowers monthly total payment exceeds 31% of their gross income.
- The mortgage also needs to be serviced by a lender who is participating in the HAMP Program; the vast majority of most lenders do participate in this program – but you should double check with your lender.
Other insight on Las Vegas Foreclosed Homes – our market continues to be extremely dynamic, inventory of available homes is still tight, especially in the $50-150K price range, investors are still aggressively moving into our market and in spite of all the challenges we are all working through (not just Las Vegas), Las Vegas is still a great place to live!
