Thursday, October 21, 2010
To mediate or not to mediate...What is a foreclosure mediation? How does it help in foreclosure prevention?
What is Foreclosure Mediation?
During the 2009 session Nevada Legislature passed and Governor Jim Gibbons signed the Assembly Bill 149 the purpose of which was to address the foreclosure prevention in state of Nevada and to help Nevadans with foreclosure prevention and to keep Nevada families in their homes. This law established a Nevada Foreclosure Mediation Program for owner-occupied properties that are subject to foreclosure notices – formally known as a Notice of Default and Election to Sell – filed on or after July 1, 2009.
Nevada Foreclosure Mediation is an alternative method to stop foreclosure sale by helping borrowers and lenders come together to resolve disputes by agreement with the help of trained mediators. Mediating has its advantages. It is fast, inexpensive, and offers more flexibility than more formal processes do not.
Why should you opt-in to mediate?
With a help of a trained mediator you and the lender are the principles in deciding the outcome of your individual situation. Foreclosure mediation is a process of give and take where both parties work to reach a mutually acceptable settlement to the problem. Resolutions reached via Nevada foreclosure mediation programs are alternatives that offer advantages to lenders as well as homeowners.
Sometimes the parties will not be able to reach an agreement and the home will be lost to foreclosure - a reality in today's economy. However, if the foreclosure mediation is successful, the homeowner can avoid foreclosure; receive a loan modification or an approval for a short sale.
Mediation is quicker and more efficient
Proposed Supreme Court rules Foreclosure Mediation is limited to four hours and requires that it is conducted within 135 days of a foreclosure notice being filed. All parties must be present to mediate. The cost of mediation is $400, split 50/50 by the homeowner and the lender. Each party must pay their portion prior to the mediation.
In conclusion
Within 10 days of the foreclosure mediation, the necessary Statement of Agreement or Non-agreement will be prepared. The original will be filed with the Foreclosure Mediation Program Administrator and the case will be closed. If there is an agreement, the parties will execute the appropriate documents. If there is no agreement, the parties will be free to pursue other legal remedies.
The intent of this post is to inform delinquent homeowners on one of the options of how to resolve their foreclosure issues and to stop home foreclosure. All efforts have been made to provide factual, up to date and accurate information, as of the time the blog was written. The information contained in this post is in no uncertain terms to be considered legal counsel. Always seek advice from an attorney, certified public accountant or other professional regarding the credit, legal and/or tax consequences of any actions taken with regards to foreclosure.
Thursday, September 30, 2010
Red Rock Country Club
Red Rock Country Club
This guard-gated community located in the Southwest part of the town features two Arnold Palmer Signature golf courses. Rolling fairways, dramatic water features and multi-tiered greens characterize the 7001-yard, par-72 Private Mountain Course and the 6883-yard, par-72 Public Arroyo Course at Red Rock Country Club. With a minimum of five tee placements per hole, players of all levels enjoy a challenging and exhilarating world-class golfing experience.
The Red Rock Country Club is located within the Summerlin master-planned community in southwest Las Vegas. The community has a 44,000-square-foot main clubhouse which offers fine dining, elegant and comfortable lounges and locker facilities.
Red Rock Country Club also has a 10,000-square-foot sports clubhouse that features an aquatic center and nine lighted tennis courts. Other excellent features of the community are members- only intranet site, sports clubhouse, cabana grille, tennis complex (including stadium court) and a golf pro shop. Masonry perimeter walls, video-monitored private entrances, roving security patrol and 24-hour manned gatehouses ensure that all residents feel safe and secure within their exclusive master-planned community.
The golf courses feature palm trees, cascading waterfalls and lush fairways set amid a rolling terrain. The nearby Red Rock National Conservation Area offers a dramatic scenic backdrop to both the golf courses and the Red Rock Country Club homes that surround them.
Two major builders: Sunrise Colony and Toll Brothers. Newer developments by the Toll Brothers builders are the The Retreat and The Reserve This sprawling 738-acre private gated country club community has roughly 1,116 home sites, three-quarters of which have golf course views. There are 18 individual home designs to choose from, ranging in size from 2,155 to more than 5,300 square feet. Custom options including casitas, outdoor covered patios, golf cart garages, additional media rooms and swimming pools with 1 or 2-story designs.
While many clubs have opened their courses to public play, Red Rock Country Club maintains an exclusively private Mountain Golf Course which is restricted to members and their accompanied guests to ensure availability, quality conditioning and pace of play.
This guard-gated community located in the Southwest part of the town features two Arnold Palmer Signature golf courses. Rolling fairways, dramatic water features and multi-tiered greens characterize the 7001-yard, par-72 Private Mountain Course and the 6883-yard, par-72 Public Arroyo Course at Red Rock Country Club. With a minimum of five tee placements per hole, players of all levels enjoy a challenging and exhilarating world-class golfing experience.
The Red Rock Country Club is located within the Summerlin master-planned community in southwest Las Vegas. The community has a 44,000-square-foot main clubhouse which offers fine dining, elegant and comfortable lounges and locker facilities.
Red Rock Country Club also has a 10,000-square-foot sports clubhouse that features an aquatic center and nine lighted tennis courts. Other excellent features of the community are members- only intranet site, sports clubhouse, cabana grille, tennis complex (including stadium court) and a golf pro shop. Masonry perimeter walls, video-monitored private entrances, roving security patrol and 24-hour manned gatehouses ensure that all residents feel safe and secure within their exclusive master-planned community.
The golf courses feature palm trees, cascading waterfalls and lush fairways set amid a rolling terrain. The nearby Red Rock National Conservation Area offers a dramatic scenic backdrop to both the golf courses and the Red Rock Country Club homes that surround them.
Two major builders: Sunrise Colony and Toll Brothers. Newer developments by the Toll Brothers builders are the The Retreat and The Reserve This sprawling 738-acre private gated country club community has roughly 1,116 home sites, three-quarters of which have golf course views. There are 18 individual home designs to choose from, ranging in size from 2,155 to more than 5,300 square feet. Custom options including casitas, outdoor covered patios, golf cart garages, additional media rooms and swimming pools with 1 or 2-story designs.
While many clubs have opened their courses to public play, Red Rock Country Club maintains an exclusively private Mountain Golf Course which is restricted to members and their accompanied guests to ensure availability, quality conditioning and pace of play.
Tuesday, September 28, 2010
Sunday, April 25, 2010
IT IS NOT THE BUYERS' MARKET!
Although the media screams that it is the buyers' market, I have to convince every one of my new clients that IT IS INDEED NOT true. On the opposite, it is very closely controlled by the large banks-sellers that were "saved" by the Government, aka "We the People", from being illiquid and not able to lend. They control the inventory and the prices. Yes, oh yes, it is, unfortunately, the truth about Real Estate nowadays. Banks control buyers AND sellers through short sales. So, here you have it- full control of the marketplace. Don't take me wrong- you still get a low price and a great deal but you DO NOT get to negotiate your terms or conditions; on the opposite, if you do not play by banks' rules, you don't get to buy a bank-owned home or a short sale, which are the majority of the inventory.
Clients often ask me why banks do this and don't do that. The scream in despair: "It is unfair!" Who said anything about business was fair? The law protects a buyer or a seller to some extent but the rest is being set by the marketplace. At this particular moment, the banks are the monopoly in the market and they control prices, terms and who buys and who doesn't. Whether you agree with it or not.
It is not surprising whatsoever. As a matter of fact, the market is ALWAYS controlled by someone. It is not a free commerce like the Government tries to fool us into thinking. It was set up like that and remains till now. It is controlled by powerful group of people that make money manipulating the unaware general public. I have nothing against them and I am not preaching they are bad, I am just trying to portray the situation as it is.
There's a great quote that was said by James Garfield, the 20th President of USA, back in 1881:
"Whoever controls the volume of money in our country is absolute master of all industry and commerce...when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."
I think it just explains it all.
Clients often ask me why banks do this and don't do that. The scream in despair: "It is unfair!" Who said anything about business was fair? The law protects a buyer or a seller to some extent but the rest is being set by the marketplace. At this particular moment, the banks are the monopoly in the market and they control prices, terms and who buys and who doesn't. Whether you agree with it or not.
It is not surprising whatsoever. As a matter of fact, the market is ALWAYS controlled by someone. It is not a free commerce like the Government tries to fool us into thinking. It was set up like that and remains till now. It is controlled by powerful group of people that make money manipulating the unaware general public. I have nothing against them and I am not preaching they are bad, I am just trying to portray the situation as it is.
There's a great quote that was said by James Garfield, the 20th President of USA, back in 1881:
"Whoever controls the volume of money in our country is absolute master of all industry and commerce...when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."
I think it just explains it all.
Wednesday, April 14, 2010
10 foreclosures for every home saved. Are loan modification programs working? Statisctis show- not really.
NEW YORK (CNNMoney.com) -- The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.
Only 168,708 homeowners have received long-term mortgage modifications under the president's plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel's latest report, released Wednesday.
Read more here
Only 168,708 homeowners have received long-term mortgage modifications under the president's plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel's latest report, released Wednesday.
Read more here
Thursday, March 25, 2010
Saturday, February 13, 2010
My property taxes are outrageous!!! What to do?
You buy your very first Las Vegas home and notice that your property taxes are really high. What should you do? It's been an issue for many buyers.
The Assessor will be using all sales up to July 1 of the year before the tax year. For example, for the 2009/2010 year, the Assessor used sales up until July 2008. You can call County Treasurer's Office (702) 455-4323 to find out when the next re-assessment is going to take place and what the assessed value is going to be.
If, in your opinion, the taxable value of your property exceeds the value indicated in the real estate market, please call (702) 455-4997 or come in to the Assessor's Office and discuss your appraisal with an appraiser. The Assessor welcomes the opportunity to review any evidence you can provide that will show the valuation exceeds market value. If, after discussing the matter with the Assessor's staff, a difference of opinion still exists, you may appeal your assessment to the County Board of Equalization. You may obtain the appeal forms from the Assessor's Office during the month of December until the deadline for filing, which is January 15 unless it falls on a holiday or weekend, which then would make the deadline the next business day. Completed forms must be returned to the Assessor's Office by the appeal filing deadline date. Please call 702-455-3891 to have an appeal form mailed to you. The forms are relatively easy so you may represent yourself rather than incur legal expenses.
The Nevada Legislature provides for property tax exemptions to assist individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, and blind persons. Nevada also offers a Senior Citizen Tax Assistance/Rental Rebate program to persons 62 years of age or older.
You can read more at: http://www.accessclarkcounty.com/depts/assessor/pages/valuenotice.aspx
Hope that helps!
The Assessor will be using all sales up to July 1 of the year before the tax year. For example, for the 2009/2010 year, the Assessor used sales up until July 2008. You can call County Treasurer's Office (702) 455-4323 to find out when the next re-assessment is going to take place and what the assessed value is going to be.
If, in your opinion, the taxable value of your property exceeds the value indicated in the real estate market, please call (702) 455-4997 or come in to the Assessor's Office and discuss your appraisal with an appraiser. The Assessor welcomes the opportunity to review any evidence you can provide that will show the valuation exceeds market value. If, after discussing the matter with the Assessor's staff, a difference of opinion still exists, you may appeal your assessment to the County Board of Equalization. You may obtain the appeal forms from the Assessor's Office during the month of December until the deadline for filing, which is January 15 unless it falls on a holiday or weekend, which then would make the deadline the next business day. Completed forms must be returned to the Assessor's Office by the appeal filing deadline date. Please call 702-455-3891 to have an appeal form mailed to you. The forms are relatively easy so you may represent yourself rather than incur legal expenses.
The Nevada Legislature provides for property tax exemptions to assist individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, and blind persons. Nevada also offers a Senior Citizen Tax Assistance/Rental Rebate program to persons 62 years of age or older.
You can read more at: http://www.accessclarkcounty.com/depts/assessor/pages/valuenotice.aspx
Hope that helps!
Wednesday, February 10, 2010
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