default | Black & LoBello

Black & LoBello on AM720 KDWN

On February 7, 2013, in Landlord & Tenant, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from January 30th, 2013 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest David Crete from Aspire Realty Group. Mrs. Black and Mr. Crete discuss problems with defining the “shadow inventory” in the real estate market (2:40), calculating shadow inventory (4:30), including defaults in shadow inventory (7:00), short sales affecting the market (10:25)(30:45), market recovery in other major cities (12:00), how banks have adapted their real estate practices (14:15), new programs from Fannie Mae and Freddie Mac (17:05), Mortgage Debt Relief Act (18:20), tenant rights in a short sale (20:50), scams by loan modification lawyers (26:30) and HOA problems in short sales (32:00).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

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Tagged with: Broker Price Opinion • deed-in-lieu • default • HOA • Mortgage Debt Relief Act • real estate owned • shadow inventory • short sales

Black & LoBello on AM720 KDWN

On April 30, 2012, in Bankruptcy, Divorce, Foreclosure, Mortgage, Real Estate, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from April 25th, 2012 in which Managing Partner, Tisha Black Chernine, Esq., hosts special guest, Bubba Grimsley, Esq., an attorney based in Alabama. Ms. Black Chernine and Mr. Grimsley discuss how a bankruptcy case in Louisiana shows how mortgage servicers take advantage of homeowners (2:00)(20:00)(30:15), bank fees charged during a default (12:15), chapter 7 vs. chapter 13 (14:00) and how divorce affects bankruptcy(17:40).

Please tune in to AM720 KDWN’s “Legal Hour,” every Wednesday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

To listen to past shows, visit our Media page.

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Tagged with: default • fees charged after default • mortgage servicers • securitization • Wells Fargo

Black & LoBello on the Radio

On August 4, 2011, in Foreclosure, Mortgage, Real Estate, by blacklobellolaw

Click here to listen to a clip from the Legal Hour on KDWN AM720 in which Tisha Black-Chernine explains the trends in the Las Vegas real estate market of the past and present and what affects it today.

Tagged with: Black & LoBello • Case-Shiller Index • cash purchases • default • foreclosure • foreign investors • housing bubble • instability • Las Vegas • Nevada • Real Estate • rental properties • underwriting

House Democrats Ask Fannie Mae to Suspend Lawsuits Against Underwater Borrowers

On September 9, 2010, in Finance, Legislation, Mortgage, Real Estate, Strategic Default, by blacklobellolaw

In a letter addressed to Treasury Secretary Timothy Geithner, several house Democrats requested that Fannie Mae suspend its new policy to bring deficiency judgment lawsuits against underwater homeowners who “strategically default” on their mortgages.

The House Democrats state they are concerned about Fannie Mae’s new policy because it is “unclear why Fannie Mae is proposing to use taxpayer dollars to pursue legal judgments against individuals who will lose or have lost their homes, have wrecked their credit rating, and likely have little or no remaining monetary assets. The U.S. Treasury has already invested $86 billion into Fannie Mae and, considering Fannie Mae’s dependence on federal dollars to exist and operate, we think pursuing expensive litigation against a vulnerable population when there appears to be little to no economic incentive is questionable at best.” Additionally, the representatives are concerned that “it is unclear what transparent, objective criteria Fannie Mae is using to determine who is a strategic defaulter and who is not.”

The letter was signed by Representatives John Coyers, Jr. (D-MI), Marcy Kaptur (D-OH), Raúl Grijalva (D-AZ), Steve Cohen (D-TN), Barbara Lee (D-CA), Zoe Lofgren (D-CA), and Michael Honda (D-CA).

In June, Fannie Mae announced a new policy to pursue strategic defaulters. Borrowers who do not complete a foreclosure alternative workout in good faith would be ineligible to receive a new Fannie Mae back loan for seven years.

Joshua D. Carlson, Esq.

Tagged with: Black & LoBello • credit • default • deficiency • Democrats • dollars • Fannie • Geithner • Las Vegas • lawsuit • Mae • Nevada • owners • rating • representatives • strategic • suit • tax • taxpayers • Timothy • Treasury

Tisha Black quoted in the LV Sun

On September 8, 2010, in Mortgage, Real Estate, Short Sale, Strategic Default, by blacklobellolaw

Walking away from a mortgage comes with risks

Walking away from a mortgage you can afford won’t be the end of the story

By Buck Wargo (contact)

Friday, Sept. 3, 2010 | 2 a.m.

The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they’re worth. And there’s no comfort in the prediction that the local real estate market won’t recover for years. For the full story click below.

http://www.lasvegassun.com/news/2010/sep/03/relief-now-price-later/

Tagged with: alternatives • asset • Bankruptcy • Black • Black & LoBello • Chernine • deed • deed-in-lieu • default • first • foreclosure • in • Las Vegas • lease • lender • lien • lieu • limitations • modification • negotiate • Nevada • of • principal • protection • reduction • sale • short • statute • strategic • Tisha

June HAMP Numbers Look Gloomy

On July 21, 2010, in Mortgage, Real Estate, by blacklobellolaw

The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000.

Therefore, more than forty percent (40%) of the 1.3 million borrowers who started in HAMP since March 2009 have dropped out and over thirty percent (30%) received permanent modifications. Of the projected 3.1 million loans eligible for HAMP, only thirteen percent (13%) of borrowers have received permanent modifications. It is also important to note that approximately 9,000 of the 530,000 HAMP dropouts received permanent modifications through the program but were unable to continue to make the modified mortgage payments.

Tisha Black Chernine, Esq.

Tagged with: Black & LoBello • borrowers • default • HAMP • Home Affordable Mortgage Program • Las Vegas • modifications • Mortgage • Nevada • payments • Treasury

Tisha Black Chernine quoted in the Las Vegas Review Journal

On June 30, 2010, in Real Estate, by blacklobellolaw

Tisha Black Chernine, Esq. is quoted in the Las Vegas Review Journal’s article, Homeowner gets foreclosure reprieve regarding the breakdown of communication between mortgage specialists and within banks’ mortgage departments.

Tagged with: default • eviction • foreclosure • JFS Management Group • job loss • Joe Brown • Las Vegas • modification • Mortgage • Nevada • payments • reprieve • Thomas G. Grace • Wells Fargo

Two Programs Help Nevada’s Foreclosure Rate

On April 19, 2010, in Finance, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Just as it has for the past 13 quarters, Nevada continues to lead the nation in foreclosures during the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing which is more than four times the national average and an increase of nearly 15 percent from the previous quarter.

However, the number of Nevada houses to receive a foreclosure filing in the first quarter of 2010 was down 16 percent from the first quarter of 2009. This decrease may be related to the success of the Nevada Foreclosure Mediation Program (NFMP) and the Making Home Affordable Program (HAMP).

The NFMP program is designed to help borrowers and lenders mediate a resolution dealing with distressed properties. Homeowners must submit their Election of Mediation form along with a $200 fee within 30 days of receiving the Notice of Default. Within 10 days after submission, the case is assigned to a mediator and mediations are scheduled within 80 days of the date the foreclosure notice was recorded.

The HAMP program is designed to help as many as 3 to 4 million financially struggling homeowners nationwide avoid foreclosure by modifying loans to a level that is affordable and sustainable for borrowers. A borrower can check to see if their loan servicer is participating in HAMP by going to the Making Home Affordable website. Borrowers are eligible for the program if they meet the following criteria:

The borrower is delinquent on mortgage payments or faces imminent risk of default;
The property is the borrower’s primary residence;
The mortgage originated on or before January 1, 2009; and
Unpaid principal balances must be no greater than $729,750 for one-unit properties.

Through March 2010, roughly 210,000 people nationwide and over 6,400 Nevadans have received permanent modifications under HAMP.

Randy M. Creighton, Esq.