Help for People Who Need It!

In this crazy Las Vegas Housing Market, where is the help for people who need it?? There are loan modification companies out there. Claiming to have a sure fire program to modify your loan. All you have to do is give them $2200 dollars and you are set. Many of them are said to be scams. They promise a money back guarantee, but don’t mention that the guarantee is only good until they perform… by perform they mean until they have gotten you lower monthly payments, a late fee reduction or any such modification. The problem is, if they reduce your loan by $5 bucks, they have performed, according to their contract.

PLEASE people, read your contracts.  Many suggest you go late on your payments in order to get a modification. Others say ABSOLUTELY do not go late on your payments. Many home owners who are making their payments on time, cannot go any longer paying everything with credit cards while their main source of income pays the mortgage… Only to see no end in site, not light at the end of the tunnel. NO ONE seams to know what to do to get loans modified. Third party companies tell you “oh no, don’t dare give the bank your financials, you might screw up the numbers and ruin your chances for modification.” Others tell you, to be honest and give them your exact financials. All of the conflicting information leaves us wondering…     WHAT IN THE WORLD DO WE DO???

I have spent the whole day on the phone talking with lenders who have been in the business for several years. Everything each of them say is conflicting with the other. I do want to point out that if a third party company claims to be operating as a LOAN MODIFICATION service under the Department of Real Estate, it is simply not true. This is what I ran into with United Fidelity Group Inc. You can call up the Dept of Real Estate and ask the Compliance department yourself. They will tell you that Loan Modification 3rd parties are NOT regulated at all!! BEWARE when considering using a 3rd party to help you with your loan modification. I don’t know but it’s been my experiece that if it’s too good to be true, it probably is!

Las Vegas Market

Right now we are in a total market crash. What caused this? Well, let me get a few of you riled up. I believe that the mainstream media is mainly to blame. When the market was good, I remember the media with their scare tactics, reporting soooo much how aweful our market is. Mind you, here I am, very active in the Las Vegas Market, helping people buying and selling homes, and there was absolutely no problem. So what happened? Well, when the media can’t find something worthy to report, they take something and blow it out of the sky. That is precisely what they did. They reported problems so much, that well – people stopped buying. When people stopped buying, people stopped selling. When people can’t sell, and they need to, they foreclose. Hence a total market crash – only to blame on the media. Many of the mortgages that they were saying would foreclose due to the Interest Only loans that go up in 3, 5, 7 and 10 years, haven’t even hit their increases yet. Therefore the foreclosures we are seeing are not due to interest only loans running up, but due to media scare tactics (anything to get people to watch). Anyone remember, be careful, don’t buy, the bubble is gonna burst. Now lenders can’t give loans as freely because the media reported a scare, when the market was good (what you think will become) so people stopped buying homes, so people couldn’t sell their homes, so people foreclosed so lenders can’t lend, so they go belly up, so the government passes a bailout, so stocks crash. Where does it end?

Also, the major increase in property taxes (3 %… way to go voters,) sewer fees, ELECTRIC, and other utilities, pushed people over the edge making it difficult in making their monthly mortgages.

How about these wonderful bailouts! Ugh. Almost every economist says not to do it, so what do we do? Well, you know Congress went ahead and did it. Where does that leave the rest of us who have paid diligintly on homes that no longer carry the value. The mortgage company we are with doesn’t have to pay for the loan, but we do??? Well, I am done with my rant. Is there anyone out there who sees it my way?

By the way, if you are out there (Las Vegas NV) and your home is in foreclosure, let me try to help you. If you want to sell your home, you need someone willing to put in the time to get it sold for you. Don’t let it get sold out from under you in an auction! If you can scrape by and sit it out, the market will get better – if you have the time to wait.

Blessings to all!

Las Vegas Real Estate and New Homes.com

Hi and welcome to my website. I am here to help you with the purchase or sale of your Las Vegas home. I have 5+ years experience with both buyers and sellers.

I am familiar with purchasing Las Vegas Homeas and Real Estate from builders, banks (REO’s), auctions and from shortsales. I am familiar with the sale of homes in foreclosure, shortsales, and land. I hope to be here to answer all your real estate questions. Please feel free to e-mail anytime!

Have a wonderful day!
Dawn