Nevada Short Sale Attorney | Full Deficiency Waivers For Sellers

There are NO attorneys who specialize in short sales; however, there are plenty of attorneys who specialize in taking your money.  Homeowners considering short sales are welcome to speak with a lawyer to discuss their options, however, YOU MUST BE CAREFUL.  If you use an attorney to negotiate a short sale and they fail to perform, you may wind up being sued by your bank.  In the event the bank decides to come after you, then you will need to hire an attorney for a potentially expensive lawsuit.  While there are many respectable and ethical attorneys out there, you must educate yourself and not place your unconditional faith in someone who stands to make a handsome profit should you get sued.  If the attorney fails to get your short sale approved, you are left vulnerable and may need additional legal protection.  What is the attorney’s motivation to get your short sale done if they can make additional income protecting you from a potential deficiency judgement lawsuit?  Is this not a conflict of interest?  If you were sick with cancer, would you hire a doctor who also owned a funeral home?  Of course not!

Additionally, if you speak with a Bankruptcy Attorney, they are undisputed experts at helping you go Bankrupt; however, they also make their living by convincing you to File Bankruptcy.  Bankruptcy is always an option, however, NOT always necessary.   Nevada Short Sale Lawyers can be quite expensive.  Who has money to hire an expensive attorney, when you are losing your home and preparing to move, etc.?  Most people who are considering a short sale are experiencing a certain degree of Financial Hardship.  In these tough economic times, many attorneys are experiencing a decrease in clients, and are looking for ways to generate additional income.  Attorneys, who have never offered short sales as one of their services, are now jumping on the bandwagon and offering to do short sales for their clients.  Times have gotten so tough for lawyers that even accident attorneys are now advertising Bankruptcy and Short Sale Services.  Using an attorney to facilitate a short sale is a concern for several reasons:  First of all, do you really think that the attorney you hire is going to make your short sale their top priority?  Are they going to do the work themselves, or will they hand it off to their office assistants and paralegals to do the work?  Most attorneys will not even make the time to meet with you personally.  Are you prepared to spend $2000 – $5000 to hire a paralegal assistant to protect your family?

While The Myers Team with The Caliber Realty Group are NOT attorneys, they are nationally recognized as one of the most influential figures in real estate today.   Additionally, they are the most experienced short sale Realtors in the city.  Since 2007, The Myers Team has sold more short sale listings than any Realtor or Broker in Nevada.  According to Myers Team owner Bill Myers, “Our service is 100% guaranteed, meaning if the bank rejects the short sale for any reason, you do not pay us a dime.  Our loyalty is to our clients.  Why pay for an expensive Attorney when you can be backed by the experience, knowledge and negotiating power of the Myers Team with no out of pocket expense?”

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com           For Non-Short Sales, visit http://www.LasVegasList4Less.com

Nevada Short Sale Experts | The Myers Team

The Myers Team | Nevada Short Sale Experts

Nevada Short Sale Options for 2012 | The Myers Team Short Sale Experts

Las Vegas, Nevada – According to the Associated Press, the bleakest year in the foreclosure crisis has only just begun.  Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.

One in every 11 Nevada households received a foreclosure filing last year.  Nevada posted the highest foreclosure rate in 2011 for the fourth straight year.  Nevada remains number one in foreclosures and number one in unemployment.

According to Bill Myers, Nevada short Sale Expert and owner of The Myers Team with the Caliber Realty Group, “The loan modification industry has been very misleading for homeowners.  Government assistance programs such as HAFA, HAMP, HOPE NOW, and the Making Homes Affordable Program have been failures due to the fact that bank participation is voluntary.”  According to the Las Vegas Review Journal, “Most homeowners in Las Vegas are so far upside down on their homes, (owing significantly more than their home is worth) that they don’t qualify for the government’s $75 billion Home Affordable Mortgage Plan.”

“Despite the bad news, Nevada homeowners have options,” Myers said.  According to Myers, “There has never been a better time for Nevada homeowners to do a short sale.”

A short sale is when a bank allows a homeowner to sell their house for less than what is owed on the mortgage.  Many homeowners in Nevada have tried to save their homes by attempting a loan modification; however, mortgage modifications “just don’t work,” according to Myers.  “Surrendering a home worth half of what you owe is not a failure, it’s a business decision.  A short sale is not the end.  It’s an opportunity for you and your family to take control and walk away free and clear.” Myers said.

The Myers Team with the Caliber Realty Group is currently ranked the #1 Short Sale Team in Nevada.  The Myers Team has successfully closed more short sale transactions and negotiated more short sale approvals since 2007 than any Realtor or Broker in our state.

For additional information, please visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

The Myers Team | Nevada Short Sale Experts

Nevada Short Sales | Time Running Out For Nevada Homeowners

If you’ve been thinking about doing a short sale on your Nevada home, you might want to hurry up.  The time is limited for homeowners who want to ensure they aren’t hit with a big tax bill because they had to walk away from a mortgage obligation.  The Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012.   At the height of the housing crisis, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, designed to provide some consolation to folks who had lost their homes. In summary, the Mortgage Forgiveness Debt Relief Act states that if you borrow money (up to $2 million dollars) from a bank or a commercial lender and the lender cancels or forgives the debt (a.k.a. Short Sale) then you are not responsible for paying taxes on the forgiven amount.  This applies only to primary residences, NOT investment properties.   The Mortgage Forgiveness and Debt Relief Act applies to debt forgiven in calendar years 2007 through 2012.  It has not yet been determined if the Mortgage Forgiveness Act will be extended past 2012.   Upon the completion of a successful short sale transaction, your bank is required by law to provide the IRS with a Form 1099-C.  The 1099-C will show the IRS the amount of debt which was cancelled or forgiven.  Before December 20, 2007, (this is the date which the Mortgage Forgiveness Debt Relief was enacted) the amount of forgiven debt was considered to be taxable income.  This is no longer the case for primary residences; however, all this could change if the Mortgage Forgiveness Act is not extended.

One of the most frequent questions we are asked regarding short sale transactions involves the tax consequences of these situations.  There is a tremendous amount of mis-leading and “completely false” information floating around on the internet.   Of course as a Realtor, we are not licensed to give tax advice, and thus will strongly suggest that you always consult with a licensed CPA or attorney when dealing with these matters; however, please click the attached link to view the Mortgage Forgiveness Debt Relief Act as it appears on the IRS web site (click link) http://www.irs.gov/individuals/article/0,,id=179414,00.html

Since 2007,  The Myers Team with The Caliber Realty Group closed more short sale transactions than any Realtor or Broker in Nevada.  Myers Team owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure.  Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family.  When you work with The Myers Team, our job is to get between you and the bank.  We represent our clients, NOT the banks.  It is our job to negotiate the best possible outcome.  Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible.”

*Production is based on results from January 1, 2007 through December 31, 2011 (short sale listing ends only.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

For Non-Short Sales, visit http://www.LasVegasList4Less.com

The Myers Team | Nevada Short Sale Experts

 

The Myers Team | Nevada's Top Short Sale Realtors

 

Nevada Short Sale Experts | Who Are Nevada’s Top Short Sale Realtors?

The Myers Team | Nevada's Top Short Sale Realtors

*Production is based on results from January 1, 2007 through December 31, 2011 (short sale listing ends only.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.

Visit The Myers Team web site at: http://www.NevadaShortSaleInfo.com

     

Mortgage Forgiveness Debt Relief Act Expires Dec 31 2012!

Las Vegas, Nevada – If you’ve been thinking about doing a short sale on your Nevada home, you might want to hurry up.  The time is limited for homeowners who want to ensure they aren’t hit with a big tax bill because they had to walk away from a mortgage obligation.  The Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012.   At the height of the housing crisis, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, designed to provide some consolation to folks who had lost their homes.

In summary, the Mortgage Forgiveness Debt Relief Act states that if you borrow money (up to $2 million dollars) from a bank or a commercial lender and the lender cancels or forgives the debt (a.k.a. Short Sale) then you are not responsible for paying taxes on the forgiven amount.  This applies only to primary residences, NOT investment properties.   The Mortgage Forgiveness and Debt Relief Act applies to debt forgiven in calendar years 2007 through 2012.  It has not yet been determined if the Mortgage Forgiveness Act will be extended past 2012.

Upon the completion of a successful short sale transaction, your bank is required by law to provide the IRS with a Form 1099-C.  The 1099-C will show the IRS the amount of debt which was cancelled or forgiven.  Before December 20, 2007, (this is the date which the Mortgage Forgiveness Debt Relief was enacted) the amount of forgiven debt was considered to be taxable income.  This is no longer the case for primary residences; however, all this could change if the Mortgage Forgiveness Act is not extended.

One of the most frequent questions we are asked regarding short sale transactions involves the tax consequences of these situations.  There is a tremendous amount of mis-leading and “completely false” information floating around on the internet.   Of course as a Realtor, we are not licensed to give tax advice, and thus will strongly suggest that you always consult with a licensed CPA or attorney when dealing with these matters; however, please click the attached link to view the Mortgage Forgiveness Debt Relief Act as it appears on the IRS web site (click link) http://www.irs.gov/individuals/article/0,,id=179414,00.html

Last year, The Myers Team with The Caliber Realty Group closed more short sale transactions than any Realtor or Broker in Nevada.  Myers Team owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure.  Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family.  When you work with The Myers Team, our job is to get between you and the bank.  We represent our clients, NOT the banks.  It is our job to negotiate the best possible outcome.  Ultimately, our job is to take away the stress, protect our clients assets, and make the transaction as smooth and stress-free as possible.”

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

For Non-Short Sales, visit http://www.LasVegasList4Less.com

Nevada Short Sale - The Myers Team

AB284 Helps Nevada Homeowners Seeking Short Sales

There was a significant decline in the number of mortgage default notices served on homeowners in the Las Vegas metro area and in Nevada in October, but not because of a sudden recovery in the housing market.

Instead it has to do with a new state law, Assembly Bill 284, which went into effect Oct. 1. The law requires the assignment of a mortgage or the beneficial interest in a deed of trust to be filed with the county recorder’s office in the county where the home is located, rather than making this a voluntary option.

The law also requires any notices of default and election to sell real property to include an affidavit regarding the deed of trust, the amounts due, the possession of the note and deed of trust and the authority to foreclose. Failure to comply is subject to a civil penalty, and the penalty to make false representations concerning property title was increased from a gross misdemeanor to a category C felony.

The law has slowed mortgage lenders down in their bid to foreclose on homes by compelling them, in effect, to prove that they have the proper authority to instigate foreclosure actions. This has become a matter of dispute nationwide as criticism mounts against the unregulated Mortgage Electronic Registration Systems, which was set up by banks as a warehouse of mortgage-related documents. By using MERS instead of recorders’ offices, banks have been accused of contributing to a muddled paper trail that calls into question who actually has beneficial interest in the mortgage loans as they get packaged and sold to third-party investors.

According to Bill Myers, Nevada’s Top Short Sale Realtor with the Caliber Realty Group, “This new law will significantly help homeowners in distress who are trying to do a short sale.  Since the short sale process can take anywhere from three to six months, AB284 should allow homeowners more time to complete the short sale of their home, due to the fact that banks are taking longer to initiate the foreclosure process.”  Myers added, “There has never been a better time to do a short sale in Nevada.”

Additionally, Myers said, “Todays homebuyers are afraid to purchase bank-owned properties due to chain of title problems from bogus signatures, improper filings and robo-signings.  In Nevada, tens of thousands of homeowners don’t really own their homes due to improper foreclosure proceedings.  This makes purchasing short sale properties a better option for home buyers.”

According to RealtyTrac.com, the new law contributed to a 34.5 percent decline in the number of foreclosure notices filed against Nevada homes in October versus September. Foreclosure filings include notices of default and trustee sales and properties repossessed by banks. That decline was caused mostly by a 75 percent decrease in default notices statewide.

Still, Nevada maintained the nation’s highest foreclosure rate for the 58th straight month by having 180 housing units per filing, more than triple the national rate of 563 housing units per filing.

The Las Vegas metro area in October fell to fifth place among areas with at least 200,000 residents, after topping the list for 22 consecutive months. Las Vegas, with 162 housing units per filing, saw a 36.2 percent decrease in foreclosure filings in October versus September. But the metro area experienced an 80 percent drop in default notices.

Last year, The Myers Team sold more short sale listings than any Realtor or Broker in Nevada.  Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure.  Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family.  When you work with The Myers Team, our job is to get between you and the bank.  We represent our clients, NOT the banks.  It is our job to take away the stress and negotiate the best possible outcome.

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

For Non-Short Sales, visit http://www.LasVegasList4Less.com

The Myers Team - Nevada Short Sale Solutions

Why Nevada Short Sales Work and Loan Modifications Fail

Las Vegas, Nevada – We have all witnessed the Occupy Wall Street demonstrations taking place in New York, and major cities throughout the country. Protesters are pointing their finger at major banking institutions, blaming them for the collapse of our housing market and economy; however, are American banks the source of the real problem?

Let’s face it, banks are an easy target. The days of trusting your neighborhood banker are long gone. It would seem that banks are going out of their way to make life difficult for American homeowners. Millions have applied for mortgage modifications and been denied. Government loan assistance such as HAMP, HAFA, Hope Now, and the Making Homes Affordable Programs have been complete disasters. Thousands of homeowners are being foreclosed upon each day, and people are angry. While it seems logical to blame the banks, the fact remains that the reason banks are not modifying mortgages for homeowners can be blamed directly on the federal government.

Most people do not realize that the bank they obtained their mortgage from, does not typically own their loan. It is ultimately the decision of the investor whether or not to approve a loan modification. Just for clarification, your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. (Servicers include banks such as Bank of America, Wells Fargo, Citigroup, Chase, ASC, Litton, GMAC, Greentree, etc.) The majority of residential mortgages are owned by groups of investors (i.e. Fannie Mae, Freddy Mac, Ginnie Mae, etc.) and these investors hire loan servicers (banks) to interact with the homeowners on their behalf.

The Federal National Mortgage Association (Fannie Mae) is the nation’s largest mortgage buyer (investor) and a financial institution that affects the lives of tens of millions of homeowners. It was taken over by the federal government on Sept. 8, 2008, along with Freddie Mac, as the two mortgage giants struggled with deep losses and investors lost confidence in the pair. According to Bloomberg Business and Financial News, Fannie Mae and Freddy Mac control more than 71 percent of residential mortgages. Between Fannie Mae (FNMA), Freddy Mac (FHMLC), and Ginnie Mae (GNMA), the government controlled company that issues and insures loans by the Federal Housing Administration, our government controls nearly 97 percent of U.S. mortgages.

Since bank investors must ultimately approve a loan modification, and since 97 percent of U.S. mortgages are controlled by the government, then shouldn’t the federal government be held accountable for the tsunami of foreclosures and the failure of loan modification programs? Banks simply cannot approve a loan modification without permission from the investor of the loan, and 97 percent of U.S home loans are controlled by the government.

This presents several interesting questions. Why aren’t the Wall Street Protesters demonstrating in front of the Federal Reserve, or the White House? Additionally, why is our government rewarding the people responsible for the collapse of the housing market?

According to Politico, The Obama administration’s efforts to fix the housing crisis may have failed to help millions of distressed homeowners, but our leaders in Washington have allowed seven-figure bonuses to reward top executives at troubled mortgage giants Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, recently approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.

The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts. This was allowed despite pledges by FHFA, the office responsible for keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.

Demonstrators around the country protest corporate greed, however, why don’t protesters hold our leaders in Washington accountable since our federal government is directly responsible for financially rewarding the people who caused the crisis?

With hundreds of billions in taxpayer dollars required to keep Fannie Mae and Freddy Mac running, questions are arising about the nature of the pay packages and how performance goals are determined. Bill Myers, co-owner of The Myers Team with the Caliber Realty Group asks, “Why does our government continue to throw homeowners out on the street, yet pay $12.79 million in bonuses to the people responsible for the housing crisis?” Myers is currently ranked the number one short sale Real Estate agent in Nevada.

Myers Team owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to negotiate the best possible outcome. Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible.”

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

For Non-Short Sales, visit http://www.LasVegasList4Less.com

Nevada Short Sales - The Myers Team