We believe the aggressive Las Vegas Foreclosure Plan announced this week by the Obama Administration will be good for the Las Vegas Real Estate market, reducing foreclosures, helping families and our overall local economy.
This is groundbreaking legislation which is a major break from the past! As it incorporates classic “carrot and stick” components – we think this is the only way you are going to get all parties to “come to the table” and work together; i.e. banks, consumers, lenders, mortgage companies, Realtors, etc.
Qualifying for Las Vegas Foreclosure Plan
To be qualified for the Las Vegas Foreclosure Plan your loan must be owned by Fannie Mae or Freddie Mac. Because mortgages are bundled into securities and sold into a secondary market, it can be difficult for homeowners to ascertain whether or not Fannie or Freddie owns their loans, or if they’ve been pooled with other loans and sold by an investment bank to other investors.
You want to run this issue to ground, if you are considering this program. Although we should warn you, it can be difficult to get this information from your lender – tenacity of purpose is critical.
Other issues that impact qualifying for the Las Vegas Foreclosure Plan include whether or not your mortgage predates the start of 2009; you must also live in your home full time and provide some proof of income. You also want to think carefully about whether or not you are behind on your mortgage payments or in the actual foreclosure process as you contemplate taking advantage of this plan.
If you are not behind in payments or not in foreclosure then you want to ask yourself whether your current mortgage rate is high enough to make it worthwhile to refinance your home to take advantage of today’s low 15 and 30 year fixed rate mortgages.
More details the next week in our Blog about this landmark legislation. If you have questions please call us 877.360.2030 or visit Las Vegas Relocation or info@LasVegasRelocation.com – we are here to help you!
