My team and I just successfully closed a Bank of America short sale in North Las Vegas.  We were able to negotiate a full release from the lien with NO deficiency judgement. We got a response from the bank in two months (which is very good for a short sale).  That is the main objective when doing a short sale.   Nevada is a deficiency judgement state, which means the bank can sue you for the balance owed. On a short sale, a bank has 6 years to pursue you for a deficiency.   On a foreclosure, the bank only has 6 months to pursue you ON THE FIRST LOAN.  If you have a second mortgage and you let your home foreclosure, the second lien holder has 6 years to pursue you for the balance.  The best way to negotiate with the banks is through a short sale. 

If you would like to learn more about bank of america short sales in Las Vegas click here or call me directly at 1-866-589-1646 for a free confidential consultation.  

The process for a Nevada Foreclosure:

Nevada Foreclosure Process - Steps, Time frames and Resources The Foreclosure Process in the state of Nevada typically takes about 4 to 6 months from the time the Notice of Default is filed to the final Eviction of the homeowner.

1. Notice of Default (Day 1) starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.

2. Reinstatement Period (Day 2-36) - starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.

3. Redemption Period (Day 37-90 / months 2-3) - starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.

4. Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.

5. Trustee Sale (121+ days from NOD) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).

6. Eviction process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.

Felipe Crook

Certified Short Sale Professional

Prudential Americana group Realtors

1-866-589-1646

A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS^®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the "Prompt Decision for Qualification for Short Sale Act of 2011," was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). "The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure," said NAR President Ron Phipps.

"REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure," said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.

"As the leading advocate for home ownership and housing issues,
REALTORS^®want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time," said Phipps. "Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community."

What is a Short Sale in Las Vegas?<-----click here.

My team and I negotiate short sales for sellers who are unable to sell their home because of the property's current value is less than what they owe. Their is a lot of paperwork involved in a short sale, and the number one factor in a bank's approval of a short sale is a seller's hardship. Typically the big three hardships are:

1. Money
2. Marital (Divorce)
3. Medical

If you would like more information the short sale process, please contact me directly at

1-866-589-1646.   My team has successfully negotiated over 30 short sales with Bank Of America, Citibank, Aurora Loan Services, LBPS, Wells Fargo, and a few other smaller banks. It's absolutely essential you speak to a lawyer and tax professional regarding the implications of a short sale.  I have a team of professionals I can refer to you if you need help.  

Felipe Crook

Prudential Americana Group

Las Vegas, NV 89117

Help us avoid Foreclosure in our Communities

Fannie Mae wants to assist their homeowners 

If Fannie Mae is the investor (owns) your loan and you: 

• Are at risk of losing your home due to the present economic decline 
• And don't know what to do or who to turn to 
• Or started your modification process and you are stuck (going nowhere) 
• Or your servicer in non-responsive during the modification process 

Fannie Mae wants to assist their borrowers by offering one to one service at no cost.

To find out if Fannie Mae owns your loan go to the link below:

www.fanniemae.com/loanlookup/

  5 DIFFERENT DATES!!

 Southern Nevada Event Location

Las Vegas Convention Center (Cashman Field)

850 Las Vegas Blvd,

North Las Vegas, NV 89102

Appointments are available:

Thursday,  March 24 to Saturday, March 26, 9 a.m. until 8 p.m.

To schedule your appointment:

Call toll free 1-855-349-2293 or e-mail borrower_outreach@fanniemae.com

I thought this would help some of the home owners in Las Vegas. 

Ok, you get a notice of default either by having the letter taped to your front door, or by certified letter.  NOW WHAT?!  First of all, please understand that these are extraordinary times and many people are hurting and struggling to stay in their homes.   71% of all of the home owners in Las Vegas are currently underwater, and with 14-15% unemployment many people are unable to pay their mortgages.  With Loan Modifications not producing great results for home owners, some are getting frustrated and sticking their head in the sand.  You have options.  Did you know that Nevada has a mandatory mediation program to deal with these pain in the butt banks?  YES.  You can force the bank to send a representative who can make a decision on the banks behalf in order to get something accomplished. Here's the catch, and I'm going to make this very clear:

In order to participate in the manditory mediation program in Nevada, you MUST file your mediation paperwork with in 30 days of the first notice of default.  30 days.  Please, please, please open your mail and read it.   This is an opportunity for you to stay in your home! If you have decided not to keep the home, this process can facilitate a short sale. The bank can not foreclose on your property until this mediation has taken place. The average mediation is taking 90-120 to set up.

There are legal documents required to file for mediation, so I would recommend speaking to an attorney to help you with the mediation process.  I have a few lawyers I send my clients to, and if you need a recommendation please contact me directly at 1-866-589-1646.

So, what happens after the notice of default?  The notice of default letter is the first step of the foreclosure process in Nevada. Here are the step of Foreclosure in Nevada:

1. Notice of Default starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.
2. Reinstatement Period (month 1) - starts on the first day the notice of default is recorded.  This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.
3. Redemption Period (months 2-3) - starts on day 36 from the recorded date of the Notice of Default.  Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses.  It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.
4. Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.
5. Trustee Sale (month 5 ) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized.  If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties.  If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).
6. Eviction (month 6) process starts after the Trustee Sale is finalized.  The eviction process is initiated by posting a 3 day Notice to Quit on the property.  If there is no response, the new owner will file a 5 day Eviction Notice with the court.  If there is no response by 5pm on the 5th day, the Constable will evict the resident.

If you are looking to avoid foreclosure on your record, you can also do a short sale.  In a short sale, you basically ask the bank to take a loss on the property for the amount you owe.  This process can be very quick with certain banks and slow as molasses.   My team has had great success in closing our short sales. In fact we just closed and EMC short sale and got an approval in 5 weeks! The bank released the seller completely from the debt owed to him, and he was able to move on with his life and start rebuilding his credit.   A short sale is not for everyone, and it's absolutely essential that you understand the tax and legal ramifications of a short sale.  I ALWAYS tell my clients to consult with an attorney and an accountant to get their professional advice.

If you would like a free confidential short sale consultation, please call Felipe Crook directly at 1-866-589-1646 with Prudential Americana Group Realtors.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

Did you hear? Las Vegas is number 1 yet again!  Yes, we're the #1 city in the nation with the most home owners underwater on their mortgages.  USA Today reported that many home owners are extremely underwater and Las Vegas leads the list!  Not the most amazing thing to be known for, but unfortunately many of us in the real estate market are used to the statistics.  71% of all home owners are upside down in Las Vegas.   In fact, our foreclosure rates have increased in January according to the Las Vegas Review Journal's article. So, what does this mean for investors looking to capitalize on the down turn in our market?  DEALS!  Here are the latest foreclosure stats in Las Vegas:

• 1,517 homes went back to the banks in January
• 388 homes were bought at court house steps
• Notice of defaults increased to 3,923.
• Trustee Sale Notices were 3,240 (A huge 32% increase from last January)

Las Vegas foreclosure filings:

Month               Notice of Default                    Notice of Trustee Sale

January 2011     3,923                                   3,240

December          3,660                                  4,241

November          3,529                                  3,892

October             3,677                                  3,191

September        4,250                                  4,339

August              4,165                                  3,845

July                  4,289                                  3,604

June                 3,864                                  3,421

May                  4,218                                  3,390

April                 4,309                                   3,690

March               5,170                                   4,445 

February           4,981                                   2,160

January 2010    4,731                                   2,160

Source: ForeclosureRadar.com

More and more home owners are coming to grips with the reality of our market.  Many are looking at other options than a foreclosure, i.e. doing a short sale on the Las Vegas property, loan modifications, or deed in lieu.  With 48% of the properties on the market being a short sale, the closing ratio of these types of homes are getting better and better. My team and I just successfully negotiated an EMC Short Sale that took 5 weeks to get an approval.  The average approval letter is taking anywhere from 90-180 days.   Many investors are looking to purchase these short sales, and rent them out as soon as they close.   Here is a general range of rental prices in the valley, a standard home depending on upgrades, area and condition can command anywhere from $900-$1600 a month for rent.   This makes our average price point of $165,000 very attractive, because you will be able to cash flow your properties.   If you would like a referral for a strong lender who can finance investment properties, please give me a call directly at 1-866-589-1646.  I can also provide you the latest rental stats for a specific area to help you make an educated decision to purchase an income producing property here in Nevada.  Click here if you would like to search for homes in Las Vegas yourself,  or you can simply start below.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646