Reno Tahoe Real Estate News

Digging yourself out of a mortgage mess

A good article for the Wall Street Journal. Digging yourself out of a mortgage mess.

Foreclosure vs REO

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction (also known as a Trustee’s Sale). Trustee Sales (often an auctions held on the courthouse steps) begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs [...]

Freddie Mac Properties – Session I

Dan Rider, an Owner/Broker of Dickson Realty, talks about Freddie Mac properties and the Homesteps program in the first part of our Freddie Mac series. Watch the video and learn what Freddie Mac and Homesteps is all about.

Foreclosure vs. Short Sale – The Truth About The Consequences

It is true that both foreclosure and short sales have serious consequences for homeowners faced with the inability to pay thier mortgages.  The following are some of the ways homeowners are affected showing the difference between foreclosure and short sale.  (Source: Distressed Property Institute) PURCHASING A HOME IN THE FUTURE… Fannie Mae Insured Loans for Primary Residences - Foreclosure [...]

Facing Foreclosure – Knowing The Process Can Help

Many homeowners in the Reno-Sparks area are facing issues with mortgage delinquency and possibly foreclosure.  This can be a very stressful time and knowing the process and where to go for help can be very beneficial.  As a member of the Nevada Association of REALTORS Foreclosure Prevention Task Force, I have come across a very [...]

Will You Still Owe After A Short Sale or Foreclosure?

Many borrowers are under the assumption that their responsibility for a mortgage ends with a short sale or foreclosure.  This is not always the case.  In a short sale the mortgage holders are increasingly requiring borrowers to sign a promissory note, a written promise to pay back all or a portion of the debt, as [...]

Free Housing Workshops Sponsored by the City of Reno

On Saturday, April 25th, the City of Reno, in partnership with Consumer Credit Affiliates of Northern Nevada (a federally funded not for profit) will be hosting two workshops. The first workshop will start at 9am and will aim to assist households at-risk of experiencing foreclosures. After the hour long workshop, it will be followed with an informational [...]

Foreclosure Today & In the Past: How Will It Affect Credit Score?

How Will Foreclosure Effect Credit Scores? The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and legal experts. FICO may have to adjust its credit scores to lessen the impact of a foreclosure [...]

A message to the Real Estate Professional

I attended a foreclosure seminar recently and had the pleasure of sitting in on a presentation conducted by J.C. Melvin, www.JCMelvin.com . I’ve known JC for many years and find him to be a very talented and motivating speaker/trainer. In any event JC used a “Bucket of Mud” metaphor and related it to our industry. [...]

‘Making Home Affordable” (MHA) – To Help 9 Million Refinance or Modify

The Making Home Affordable Plan is part of President Obama’s plan and is projected to help up to 9 million families restructure or refinance their mortgages to avoid foreclosure.  2 of the Key Components: Refinancing for up to 5 million families unable to refi because of falling home values. $75 billion in incentives to loan servicers to provide [...]