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Posts Tagged ‘making home affordable’

Mortgage News 2009

Thursday, August 13th, 2009

When it comes to loan modifications, there have been numerous changes throughout 2009 as our Federal and State government made every effort to reduce the total number of foreclosures in Nevada, California, Florida and Arizona. On May 29th Assembly Bill 149 (NV) was passed, and scheduled to take effect on July 1st 2009. This obstacle added to an already time intensive foreclosure process. This additional change to the Foreclosure process is thought to have motivated more participation in MHA from various banks.

The motivating factor in Assembly Bill 149 is the added provision requiring all Trustee Sale notices to now have the accompaniment of a request/waiver for mediation. This mediation will provide an avenue to promote dialogue between lenders and troubled homeowners struggling to pay their mortgages. Consumers are encouraged to attend mediation and obtain proper counsel before attending. The proper preparation of your financial standing will greatly assist you in having a much more efficient and beneficial mediation.

MORTGAGE CRISIS EVENTS – SUMMER 2009

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Posted in Bankruptcy, Loan Modification | Comments Off

Slip and Fall Accidents

Friday, August 7th, 2009

Slip and Fall Accidents
          A property or store owner is responsible for maintaining the location in a safe manner.  An individual may recover damages from a person who allows a dangerous or unsafe condition to exist on their property.  If a slip and fall accident happens, our slip and fall attorneys are available to assist you. 

         A slip and fall accident can happen anyplace there is an unsafe or dangerous condition.  Common locations include grocery stores, movie theatres, restaurants, department stores, and unmarked stairs or drop-offs.  Our slip and fall accident attorneys are able to evaluate your case and get you the maximum compensation for your injuries.  Slip and fall accident victims may be entitled to significant financial compensation for their injuries.  Our slip and fall accident attorneys will work hard to get you all the money you deserve.  You may receive money for your medical bills, pain and suffering, lost wages, future medical treatment, and a host of other reasons depending upon your case.  If you have suffered an injury, please contact our slip and fall accident attorneys immediately so we may begin getting you the money you deserve.

Tags: Bike Accidents, Defective Products, DUI Accidents, interest rate reduction, Joshua L. Harmon, Law Office of Joshua L. Harmon, making home affordable, Motorcycle Accidents, Personal Injury, Slip and Fall Injuries, Spinal Cord Injury, TBI, Traumatic Brain Injury, Trial Attorney, Wrongful Death
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Bike Accidents

Sunday, August 2nd, 2009

Collisions between a bike and a car often produce catastrophic injuries. A bike rider has no protection from a car accident. A collision will knock the bike rider to the ground and cause serious injuries. Common injuries from bike accidents include broken bones, spinal injuries, brain injuries, and paralysis. These injuries arise from a series of causes. First, the bike rider is struck by a car. Second, the bike rider falls to the ground. Third, the bike rider is struck by oncoming traffic as they lay in the street unable to move. Our bike accident attorneys are able to get you the money you deserve for your injuries.

Bike accidents will almost always require immediate and expensive medical care. This is the natural result of the traumatic forces involved in the collision. As well as secondary causes, such as being run over after the bike rider is knocked to the ground. Our bike accident attorneys can assist you in getting payment for medical bills, as well as future medical costs.

It is critical that an experienced bike accident attorney handle your case. Bike accident cases are complex and require detailed investigation. Frequently, the bike is mangled and it is impossible to determine where or how the car struck the bike and bike rider. In addition, there may be a lack of typical physical evidence such as skid marks. Our bike accident attorneys are skilled in reviewing and analyzing the facts of the accident and determining the cause of the bike accident. Frequent causes of bike accidents include:

1. Failure to maintain a travel lane
2. Failure to see the bike rider
3. Passing the bike rider unsafely
4. Turning in front of a bike rider
5. Striking a bike rider from behind

Our bike accident attorneys can investigate your bike accident and help you concentrate on the recovery process. Bike accident victims may be entitled to significant financial compensation for their injuries. Our bike accident attorneys will work hard to get you all the money you deserve. You may receive money for your medical bills, pain and suffering, lost wages, future medical treatment, and a host of other reasons depending upon your case. If you have suffered an injury, please contact our bike accident attorneys immediately so we may begin getting you the money you deserve.

Tags: Animal Attacks, Bankruptcy, Bike Accidents, Birth and Nursing Home Injuries, California Bar, Car Accidents, Defective Products, discovery, DUI Accidents, faqs, felonies, injured, insurance companies, interest rate reduction, las vegas loan modification, Law Office of Joshua L. Harmon, legal representation, Loan Modification, making home affordable, Mr. Harmon, Pedestrian Accidents, Personal Injury, principle reduction, Slip and Fall Injuries, Spinal Cord Injury, Traumatic Brain Injury, Trial Attorney, Truck Accidents, Wrongful Death
Posted in Personal Injury | Comments Off

Slip and Fall

Saturday, August 1st, 2009

Slip and Fall Accidents
          A property or store owner is responsible for maintaining the location in a safe manner.  An individual may recover damages from a person who allows a dangerous or unsafe condition to exist on their property.  If a slip and fall accident happens, our slip and fall attorneys are available to assist you. 

         A slip and fall accident can happen anyplace there is an unsafe or dangerous condition.  Common locations include grocery stores, movie theatres, restaurants, department stores, and unmarked stairs or drop-offs.  Our slip and fall accident attorneys are able to evaluate your case and get you the maximum compensation for your injuries.  Slip and fall accident victims may be entitled to significant financial compensation for their injuries.  Our slip and fall accident attorneys will work hard to get you all the money you deserve.  You may receive money for your medical bills, pain and suffering, lost wages, future medical treatment, and a host of other reasons depending upon your case.  If you have suffered an injury, please contact our slip and fall accident attorneys immediately so we may begin getting you the money you deserve.

Tags: Animal Attacks, Bike Accidents, Birth and Nursing Home Injuries, California Bar, Car Accidents, Defective Products, discovery, DUI Accidents, faqs, felonies, fixed mortgage, injured, insurance companies, interest rate reduction, Josh Harmon, Joshua L. Harmon, las vegas loan modification, Law Office of Josh Harmon, lawsuit, legal representation, Litigation, Loan Modification, loan modifications, loan restructuring, making home affordable, Motorcycle Accidents, Mr. Harmon, Paralysis, Pedestrian Accidents, Personal Injury, principle reduction, short sale, Slip and Fall Injuries, Spinal Cord Injury, Traumatic Brain Injury, Trial Attorney, Truck Accidents, Wrongful Death
Posted in Personal Injury | Comments Off

Joshua L. Harmon

Saturday, August 1st, 2009

Joshua L. Harmon, Esq.

Tags: attorney, Bankruptcy, California Bar, Car Accidents, DUI Accidents, filing a complaint, fixed mortgage, insurance companies, interest rate reduction, Joshua L. Harmon, Las Vegas Attorney, Las Vegas Lawyer, las vegas loan modification, Law Firm, lawyer, legal help, legal representation, Loan Modification, loan restructuring, making home affordable, Motorcycle Accidents, Mr. Harmon, Pedestrian Accidents, principle reduction, short sale, Spinal Cord Injury, Traumatic Brain Injury, Wrongful Death
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Home Affordable Refinance Program

Saturday, August 1st, 2009

About Making Home Affordable

Tags: Animal Attacks, Bankruptcy, California Bar, fixed mortgage, interest rate reduction, Joshua L. Harmon, las vegas loan modification, Law Office of Josh Harmon, Law Office of Joshua L. Harmon, legal representation, loan mod, Loan Modification, loan modifications, loan restructuring, making home affordable, Mr. Harmon, principle reduction, short sale, Trial Attorney
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New FHA-Making Home Affordable Loan Modification Guidelines

Saturday, August 1st, 2009

Press Releases

Source: http://www.makinghomeaffordable.gov/pr_07302009.html

Tags: Bankruptcy, fixed loan, fixed mortgage, interest rate reduction, Josh Harmon, Joshua L. Harmon, las vegas loan modification, Law Firm, Law Office of Josh Harmon, Law Office of Joshua L. Harmon, legal representation, loan mod, loan restructuring, making home affordable, Mr. Harmon, Slip and Fall Injuries, Trial Attorney
Posted in Loan Modification | Comments Off

Making Home Affordable

Saturday, August 1st, 2009

What is “Making Home Affordable” all about?
The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers two different potential solutions for borrowers: (1) refinancing mortgage loans, through the Home Affordable Refinance Program (HARP), and (2) modifying mortgage loans, through the Home Affordable Modification Program (HAMP).

MHA FAQ’S

REVISED AS OF JULY 16, 2009
BORROWER
FREQUENTLY ASKED QUESTIONS
What is “Making Home Affordable” all about?
The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers two different potential solutions for borrowers: (1) refinancing mortgage loans, through the Home Affordable Refinance Program (HARP), and (2) modifying mortgage loans, through the Home Affordable Modification Program (HAMP).
HOME AFFORDABLE REFINANCE
1.
I’m current on my mortgage. Will a refinance under the Home Affordable Refinance Program (HARP) help me?
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.
2.
How do I know if I am eligible for a refinance under HARP?
You may be eligible if:
•
The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac (Don’t know? See below);
•
At the time you apply, you are current on your mortgage payments (“current” generally means that you have not been more than 30 days late on your mortgage payment in the last 12 months, or, if you have had the loan for less than 12 months, you have never missed a payment);
•
The amount you owe on your first lien mortgage does not exceed 125 percent of the current market value of your property;
•
You have a reasonable ability to pay the new mortgage payments; and
•
The refinance improves the long term affordability or stability of your loan.
3.
How do I know if a refinance under HARP will improve the long term affordability or stability of my loan?
Your lender will give you a “Good Faith Estimate” and a Truth in Lending Statement; between the two disclosures you will see your new interest rate, mortgage payment and the amount you will pay over the life of the loan. Compare this to your current loan terms. If the proposed new payment is not an improvement, refinancing may not be right for you. But consider that refinancing from an adjustable rate loan (an ARM) to a fixed rate loan or eliminating higher risk loan terms such as interest only payments or balloon payments may also provide long term stability. For example, refinancing from an ARM with a low introductory teaser rate or from an interest-only mortgage into a fixed-rate loan product may actually increase your payment in the short term, but would improve your ability to sustain mortgage payments over the long-term.
4.
How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?
You should call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask about the program.
Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP, as other qualifying criteria must also be met.
•
For Fannie Mae,
o
1-800-7FANNIE (8am to 8pm EST Mon.-Fri.).
o
www.fanniemae.com/loanlookup
•
Freddie Mac
o
1-800-FREDDIE (8am to 8pm EST Mon.-Fri.)
o
www.freddiemac.com/mymortgage
5.
I owe more than my property is worth. Do I still qualify for a refinance under HARP?
Eligible loans will include those where the first lien mortgage does not exceed 125 percent of the current market value of the property. For example, if your property is worth $200,000 but you owe $250,000 or less on your first lien mortgage you may qualify. The current market value of your property will be determined after you apply to refinance.
6.
I have both a first lien and a second lien mortgage. Do I still qualify for a refinance under HARP?
As long as the amount due on the first lien mortgage is less than 125 percent of the value of the property, borrowers with more than one mortgage may be eligible for a
2
refinance under HARP. Your eligibility will depend, in part, on two additional requirements: first, that the lender that has your junior lien mortgage must agree to remain in a junior lien position, and second, on your ability to meet the new payment terms on the first lien mortgage.
7.
Will refinancing lower my payments?
The objective of a refinance under HARP is to provide creditworthy borrowers who have shown a commitment to paying their mortgage, the opportunity to get into a new mortgage with payments that are affordable today and sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments.
Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate and payment. These borrowers, however, could save a great deal over the life of the loan by avoiding future mortgage payment increases. When you submit a loan application, your lender will give you a “Good Faith Estimate” and a “Truth in Lending Statement” that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
8.
What are the interest rate and other terms of a refinance under HARP?
The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.
9.
Will a refinance under HARP reduce the amount that I owe on my loan?
No. The objective of a refinance under HARP is to help borrowers get into more affordable or stable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe. However, refinancing should save you money by reducing the amount of interest that you pay over the life of the loan.
10.
Can I get cash out to pay other debts?
No. However, borrowers whose loans are owned or guaranteed by Fannie Mae may be eligible to finance all closing costs and obtain a small amount of cash (up to $250) through the refinance if there is sufficient equity. Borrowers whose loans are owned or guaranteed by Freddie Mac may be eligible to finance transaction costs equal to the lesser of 4 percent of the current unpaid principal
3
balance of the loan being refinanced or $5,000. In addition, such borrowers may obtain up to $250 cash.
11.
How do I apply for a refinance under HARP?
You should call your mortgage lender and ask for a Home Affordable Refinance application. The number is on your monthly mortgage bill or coupon book. Please be patient. Lenders and servicers are implementing the program now and it may take time before they are ready to process all applications. In the meantime, it will help your lender and speed up the application process if you gather some information and documents before you call.
Alternately, you may apply through a lender approved to do business with Fannie Mae or Freddie Mac. Nearly all major banks and mortgage brokers have this approval.
12.
What documentation will I need?
It will help your lender if you gather some information and documents before you call. Generally, you will need:
•
Information about the monthly gross (before tax) income of all the borrowers on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources.
•
Your most recent income tax return.
•
Information about any junior lien mortgage on the house.
•
Account balances and minimum monthly payments due on all of your credit cards.
•
Account balances and monthly payments on all your other debts such as student loans and car loans.
13.
I am delinquent on my mortgage. Will I qualify for a refinance under HARP?
No. Borrowers who are currently delinquent or have been 30 days overdue more than once during the past 12 months generally will not qualify. You should contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.
14.
Will I need mortgage insurance?
If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP. If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP.
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15.
How long will refinances under HARP be available?
The program expires on June 10, 2010. Your refinance under HARP must have a mortgage note date on or before that date.
HOME AFFORDABLE MODIFICATION
1.
Can the Making Home Affordable Program help me if my loan is not owned or guaranteed by Fannie Mae or Freddie Mac?
Yes. The Program helps borrowers who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage loan servicers with financial incentives to modify existing first lien mortgages, the Treasury hopes to help homeowners avoid foreclosure regardless of who owns or guarantees the mortgage.
2.
How do I know if I am eligible for a modification under the Home Affordable Modification Program (HAMP)?
To apply for a modification under HAMP, you must:
•
Be the owner-occupant of a one to four unit home;
•
Have an unpaid principal balance that is equal to or less than:
o
1 Unit: $729,750
o
2 Units: $934,200
o
3 Units: $1,129,250
o
4 Units: $1,403,400;
•
Have a first lien mortgage that was originated on or before January 1, 2009;
•
Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31 percent of your monthly gross (pre-tax) income; and
•
Have a mortgage payment that is not affordable due to a financial hardship that can be documented.
If you answered YES to all of these questions, you may be eligible for a modification under HAMP. Only your servicer will be able to tell you if you qualify.
3.
Do I need to be behind on my mortgage payments to be eligible for a modification under HAMP?
No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default. An example of imminent default might be that the borrower had or will have a significant increase in their mortgage payment that they cannot afford. If you have had or anticipate a
5
significant increase in your mortgage payment or if you have had a significant reduction in income or have experienced some other hardship that makes it impossible to pay your mortgage, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances.
4.
I have a junior lien mortgage. Am I still eligible?
Yes, but only the first lien mortgage is eligible for a modification under HAMP.
5.
How do I know if my servicer is participating? Are all servicers required to participate?
Participation is mandatory for servicers of loans owned or guaranteed by Fannie Mae or Freddie Mac (Government Sponsored Enterprises or GSEs). Participation in HAMP is voluntary for servicers of non-GSE loans. However, substantial incentives are available to servicers, investors and borrowers who complete modifications under HAMP, and most major servicers already have committed to the Program. A current list of participating servicers is available at www.MakingHomeAffordable.gov. Servicers not currently listed have until December 31, 2009 to opt into the Program.
Servicers of non-GSE loans sign a contract with Fannie Mae, as Treasury’s financial agent, through which they agree to review every potentially eligible borrower who asks to be considered for the Making Home Affordable Program. To ensure that a borrower currently at risk of foreclosure has the opportunity to apply for a modification under HAMP, participating servicers may not proceed with a foreclosure sale until the borrower has been evaluated for a HAMP modification and, if eligible, a trial modification offer has been made.
6.
What will my servicer do to determine if I report a hardship?
If you report a hardship, your servicer will:
•
Determine whether your loan meets the minimum eligibility criteria (i.e., owner- occupied; originated on or before January 1, 2009; and unpaid principal balance equal to or less the loan limit for the number of units involved).
•
If your loan meets the minimum eligibility criteria, ask about current income, assets and expenses, as well as any specific hardship circumstances to determine if you are unable to make your mortgage payment. (Your servicer may initially accept verbal income and expense information. However, you will need to provide verifying documentation before a final modification is approved.)
•
Determine if your monthly first lien mortgage payment is greater than 31 percent (approximately one-third) of your gross or pre-tax monthly income.
•
Apply a value test to determine whether the value of the loan to the investor will be greater if the loan is modified (factoring in the government’s incentive payments). For example, loans held by borrowers who have a lot of equity or
6
whose incomes are very low in relation to the value of their homes probably will not pass this value test. If the modified loan is not of greater value, the investor and servicer may still modify the loan. However, modification in such cases is not required.
•
If the modified loan is of greater value, the servicer must offer you a modification under HAMP, and, if you accept the offer, will put you on a trial modification (typically three months) at the new payment level.
•
If you successfully make all of the required trial payments during the trial period and the income and expense information you provided is determined to be accurate, your servicer will execute a permanent modification agreement.
NOTE: You will be required to sign the modification agreement and other documents and attest that all of the information you provided to your servicer was true and accurate. Misrepresenting any information required for the Home Affordable Modification is a violation of Federal law and has serious legal consequences.
7.
Is the interest rate subject to change during the term of the HAMP modification?
If the modified rate is below the market rate as determined from the Freddie Mac Primary Mortgage Market Survey rate on the date the modification agreement is prepared, the modified rate will be fixed for a minimum of five years as specified in your modification agreement. Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the market rate at the time the modification agreement is prepared. Your rate can never be higher than the market rate as indicated in your modification agreement. If the modified rate is at or above the market rate at the time the modification agreement is prepared, however, the modified rate is fixed for the life of the loan.
8.
Will a modification under HAMP include property taxes and homeowners insurance?
Yes. All loans modified under HAMP must include an escrow account for payment of future property taxes and hazard insurance, unless prohibited by state law. If your existing loan does not include an escrow account, one will be established. A new escrow account may require collection of a sufficient reserve to pay the taxes and insurance on or before they are next due. The reserve amount cannot be added to the modified loan amount. The servicer may give you the option of paying the reserve amount at the time the loan is modified or the option of spreading the amount over a period of 60 months and including it in the monthly escrow payment.
9.
How low can my interest rate go?
Treasury is providing incentives to your servicer to write the interest down to as low as 2 percent, if necessary to get to a payment that you can afford. Each borrower’s
7
interest rate will only be reduced to a point sufficient to get the modified payment to equal 31% of the borrower’s gross monthly income. Not all borrowers will need a rate reduction to 2 percent in order to achieve a monthly mortgage payment that is affordable.
10.
What happens if that is not enough to get to an affordable payment?
If a 2 percent interest rate does not result in a payment that is affordable (no more than 31 percent of your gross monthly income), your servicer may:
•
First try to extend your payment term. At the servicer’s option the term of the loan could be extended up to 40 years.
•
If that is still not sufficient, your servicer may defer a portion of the principal amount you owe until the maturity of the loan. This is called a principal forbearance. However please note that with a forbearance, you will still owe the principal; but repayment is deferred until a later date. See Question 11 for more information on principal forbearance.
•
A portion of the principal could be also be forgiven. This is optional on the part of the servicer. However there is no requirement for principal forgiveness and there is no guarantee that your servicer will offer principal forgiveness.
11.
Could I end up with a balloon payment?
Yes. If your servicer determines that a principal forbearance is required to get your monthly mortgage payment to an affordable level, the principal forbearance amount, say for example this was $20,000, would be subtracted from the amount used to calculate your monthly mortgage payment, but you would still owe the money. You would have a $20,000 balloon payment that accrues no interest and was not due until you paid off your loan, refinanced or sold your house.
12.
What happens if I am unable to make payments during the trial period?
Borrowers who are unable to make three payments by the end of the trial period are not eligible for a modification under HAMP. However, you may be eligible for other foreclosure prevention options offered by your servicer.
13.
How much will a modification cost me?
Borrowers who are behind on payments or at risk of imminent default often do not have cash to pay for the expenses of a loan modification. Borrowers who qualify for a modification under HAMP will never be required to pay a modification fee or pay past-due late fees. If there are costs associated with the modification, such as payment of back taxes, your servicer will give you the option of adding them to the amount you owe on your mortgage or paying some or all of the expenses in advance. Paying these expenses in advance will reduce your new monthly payment and save interest costs over the life of your loan.
8
If you would like assistance from a HUD-approved housing counseling agency or are referred to a HUD-approved counselor as a condition of the modification, you will not be charged a counseling fee. Borrowers should beware of any organization that attempts to charge an upfront fee for housing counseling or modification of a delinquent loan, or any organization that claims to guarantee success.
14.
Is housing counseling required for a modification under HAMP?
Borrowers, especially delinquent borrowers, are strongly encouraged to contact a HUD-approved housing counselor to help them understand all of their options and to create a workable budget plan. These services are free. However, housing counseling is only required for borrowers whose total monthly debts are very high in relation to their incomes. It is voluntary for other applicants.
When you apply for a modification under HAMP, your servicer will analyze your monthly debts, including the amount you will owe on the new mortgage payment after it is modified, as well as payments on a second mortgage, car loans, credit cards or child support. If the sum of all of these recurring monthly expenses is equal to or more than 55 percent of your gross monthly income, you must agree to participate in housing counseling provided by a HUD-approved housing counselor as a condition of getting a modification under HAMP.
15.
I heard the government was providing a financial incentive to borrowers. Is that true?
Yes. Borrowers who make timely payments on their modified loans will receive success incentives. For every month you make a payment on time, you will accrue an incentive that reduces the principal balance on your loan. If your loan ceases to be in good standing (three monthly payments are due and unpaid on the last day of the third month), no further success payments will be paid, including accrued but unpaid amounts. The incentive will be applied directly to your loan balance annually and over five years the total principal reduction could add up to $5,000. This contribution by the Treasury will help you build equity faster.
16.
I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for a modification under HAMP?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible to be modified under HAMP. If you used to live in the home but you moved out, the mortgage is not eligible. Only the first lien mortgage on your primary residence is eligible. The servicer will check to see if the dwelling is your primary residence. Misrepresenting your occupancy in order to qualify for this program is a violation of Federal law and may have serious legal consequences.
9
17.
I have a mortgage on a duplex. I live in one unit and rent the other unit. Will I still be eligible?
Yes. Mortgages on two, three and four-unit properties are eligible as long as you live in one unit as your primary residence.
18.
I owe more than my house is worth. Will a modification under HAMP reduce what I owe?
The primary objective of the Making Home Affordable Program is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Servicers may, but are not required to, offer principal reductions. It is more likely that your servicer will use interest rate reductions and term extensions in order to make your payment affordable.
19.
I have an FHA loan. Can it be modified under HAMP? Are all loans eligible?
Most conventional loans including prime, subprime and adjustable loans, loans owned by Fannie Mae, Freddie Mac and private investors and most loans in mortgage backed securities are eligible for a modification under HAMP. The Administration is working with FHA and VA on a program that would provide for modifications consistent with the Making Home Affordable Program in the near future. Currently loans insured or guaranteed by these agencies are being modified under other programs that also enable borrowers to retain homeownership.
20.
How do I apply for a modification under HAMP?
If you meet the general eligibility criteria for a modification under HAMP, you should gather the financial documentation that your servicer will need to determine if you qualify (See Question 21). Once you have this information, you should contact your servicer and ask to be considered for a modification under HAMP. The servicer’s phone number and email address is on your monthly mortgage bill or coupon book.
If your loan is current, please be patient as it may take some time before servicers are able to process all applications. However, servicers immediately can begin reviewing the eligibility of borrowers.
If you would like to speak to a housing counselor you can call 1-888-995-HOPE (4673). HUD-approved housing counselors can help you evaluate your income and expenses and understand your options. This counseling is FREE.
If you have already missed one or more mortgage payments and have not yet spoken to your servicer call them immediately.
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21.
What information and documents will I need?
It will help your servicer and speed processing of your application if you gather some information and documents before you call. For all borrowers on your loan, you will need:
•
Information about monthly gross income, including recent pay stubs, if the borrowers are salaried and receive them, and documentation of any income received from other sources.
•
Most recent income tax return.
•
Information about assets.
•
Information about any subordinate lien mortgage on the house.
•
Account balances and minimum monthly payments due on all credit cards.
•
Account balances and monthly payments on all other debts such as student loans and car loans.
•
A letter describing why your mortgage is unaffordable (i.e. what caused your income(s) to be reduced or expenses to be increased).
22.
How long will borrowers have to enter into a HAMP modification?
HAMP expires on December 31, 2012. Your trial modification must be in place by that date.
23.
My loan is scheduled for foreclosure soon. What should I do?
If you are at risk of foreclosure, participating servicers may not proceed with a foreclosure sale until you have been evaluated for a modification under HAMP, and, if eligible, offer you a trial modification.
However, borrowers whose loans have been scheduled for foreclosure or any borrower that has missed one or more mortgage payments and has not yet spoken to their servicer should contact them immediately. Borrowers may also contact a HUD-approved housing counselor by calling 1-888-995-HOPE (4673).
WHAT ELSE DO I NEED TO KNOW?
1. Who is my “loan servicer”? Is that the same as my lender or investor?
Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. Your servicer may also be your lender, which means they could also own your loan; however, many loans are owned by groups of investors and these investors hire loan servicers to interact with borrowers on their behalf. Also, many lenders no longer interact with their borrowers; they too have the loan servicers handle all contact with borrowers.
 
11
Traditionally, banks used money deposited in customers’ savings accounts to make loans. They held the loans, earning the interest as borrowers repaid over time. Banks were thus limited in the number of loans they could make because they had to wait to make new ones until savings deposits grew or existing borrowers repaid their loans. Many families who wanted to own a home were unable to do so because there was not a steady supply of money for banks to lend.
 
Over time, banks started to turn loans into cash by pooling large groups of loans together to create mortgage backed securities that could be sold to investors such as pension funds and hedge funds. The investors get the right to collect future payments and the bank gets cash that it can use to make more loans. Investors hire loan servicers to collect payments and interact with customers.
 
If you have questions about your loan or you are behind on your payments you should call your loan servicer at the number on your payment coupon or monthly mortgage statement.
2. Why does my loan servicer have to ask the lender or investor if they can do a loan modification?
If the organization that services your loan does not own it, your servicer may need to get permission from the owner or investor before they can change any of the terms of your loan. Generally, there is a contract between the servicer and the investor that states what kind of actions the servicer is allowed to take. Most of these contracts, usually called servicing agreements or pooling and servicing agreements (PSAs), give the servicer a lot of leeway to make modification decisions, so long as the modification provides a better financial outcome for the lender or investor than not modifying the loan.
3. What should I do if my servicer tells me that the investor is not participating in the Making Home Affordable Program?
As contracts with servicers are signed, the list of participants will be posted at http://www.MakingHomeAffordable.gov/. Borrowers should check first to see if their servicer is listed. If so, you should call your servicer back and ask to speak to a supervisor or you may contact a HUD-approved housing counselor for assistance. If your servicer is not participating in the Program, you should ask your servicer or a housing counselor about other workout options that may be available.
 
BEWARE OF FORECLOSURE RESCUE SCAMS – HELP IS FREE!
•
There should never be a fee for assistance with or information about the Making Home Affordable Program. 12
13
•
Beware of any person or organization that asks you to pay an upfront fee in exchange for a counseling service or modification of a delinquent loan. Do not pay – walk away!
•
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
•
Never make your mortgage payments to anyone other than your mortgage company without their approval.

Source:http://www.makinghomeaffordable.gov/borrower-faqs.html#a8

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HPDP Press Release

Saturday, August 1st, 2009

July 28, 2009

WASHINGTON – As part of an ongoing effort to expand relief to struggling homeowners, Treasury released today the Supplemental Directive for its Home Price Decline Protection (HPDP) program, a component of the Home Affordable Modification Program (HAMP).  HPDP provides additional incentive payments for modifications on properties located in areas where home prices have recently declined.  The purpose of the program is to encourage additional lender participation and HAMP modifications in areas with recent price declines by helping to offset any incremental collateral loss on modifications that do not succeed.  HPDP will help ensure that borrowers in areas with recent home price declines have the opportunity to stay in their homes, thereby minimizing foreclosures, which further depress home values.

“This is an important next step in our multi-faceted efforts to bring relief to struggling homeowners and stabilize the housing market,” said Assistant Secretary for Financial Institutions Michael Barr. “Home price decline protection can help homeowners who may not have been reached otherwise.”

All HAMP loan modifications begun after September 1st, 2009 are eligible for HPDP payments. 

HAMP offers incentives to investors/lenders, servicers, and homeowners for successful mortgage modifications.  The “pay-for-success” structure of HAMP provides incentives to create sustainable mortgage modifications in a manner most cost effective for taxpayers. 

Treasury has allocated a total of up to $10 billion for the HPDP program, but the actual amount spent will depend on the home price trends.  The funds available to individual servicers to pay HPDP and all other incentives on HAMP modifications will be capped according to the Program Participation Cap included in their Servicer Participation Agreement.  Treasury will establish each servicer’s initial cap by estimating the number of modifications that servicer is expected to perform during the term of HAMP. 

The Home Affordable Modification Program (HAMP) commits $75 billion dollars, including $50 billion of funds from the Troubled Asset Relief Program, to encourage loan modifications that will provide sustainably affordable mortgage payments for borrowers.

HAMP is one component of Making Home Affordable, the Administration’s comprehensive plan to stabilize the US housing market and offer assistance to millions of homeowners by reducing mortgage payments and preventing avoidable foreclosures.  Making Home affordable includes: (1) the $75 billion HAMP program, (2) the Home Affordable Refinancing Program providing increased refinancing opportunities for borrowers with high loan-to-value ratios and (3) a $200 billion commitment to increase confidence in the GSEs and support increased refinancing generally.

Source: http://www.makinghomeaffordable.gov/pr_07312009.html

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Q1 2009 Realty Trac

Saturday, August 1st, 2009

Foreclosure Activity Increases 9 Percent in First Quarter According to RealtyTrac(R) U.S. Foreclosure Market Report

		U.S. Foreclosure Market Report Q1 2009 Heat Map. (PRNewsFoto/RealtyTrac Inc.)   IRVINE, CA UNITED STATES

  

 

U.S. Foreclosure Activity Up 24 Percent From Q1 2008 March Activity Up 17 Percent From February, 46 Percent From March 2008 IRVINE, Calif., April 16 /PRNewswire/ -- RealtyTrac(R) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report(TM) for Q1 2009, which shows that foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter. Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals. "In the month of March we saw a record level of foreclosure activity -- the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays," said James J. Saccacio, chief executive officer of RealtyTrac. "It's also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It's very likely that we'll see the number of REOs increase again now that most of the moratoria have been lifted." "On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains," Saccacio continued. "But it's unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates." Nevada, Arizona, California post top state foreclosure rates in first quarter Nevada continued to document the nation's highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average. Foreclosure filings were reported on 41,296 Nevada properties during the quarter, an increase of 19 percent from the previous quarter and an increase of nearly 111 percent from Q1 2008. Bank repossessions in Nevada were down 3 percent from the previous quarter, but defaults increased 27 percent and auction sale notices increased 35 percent. Arizona posted the nation's second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation's third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing. Other states with foreclosure rates ranking among the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon. Five states account for nearly 60 percent of nation's first quarter total California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation's foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined. With 230,915 properties receiving foreclosure filings during the quarter, California accounted for nearly 29 percent of the nation's total. The state's foreclosure activity increased 35 percent from the previous quarter and 36 percent from Q1 2008, and the first-quarter total was state's highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Despite a 12 percent decrease from the previous quarter, Florida's first quarter total was still second highest in the nation. Foreclosure filings were reported on 119,220 Florida properties, a 36 percent increase from the first quarter of 2008. The state posted the nation's fourth highest state foreclosure rate during the quarter, with one in every 73 housing units receiving a foreclosure filing. Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, the third highest total among the states, and 41,296 Nevada properties received a foreclosure filing in the first quarter of 2009, the fourth highest total among the states. Illinois posted the nation's fifth highest total, with 38,966 properties receiving a foreclosure filing during the first quarter -- a 32 percent increase from the previous quarter and a 68 percent increase from the first quarter of 2008. With one in every 135 housing units receiving a foreclosure filing, the state's foreclosure rate also ranked fifth highest among the states. Rounding out the states with the 10 highest foreclosure activity totals in Q1 2009 were Michigan, Ohio, Georgia, Texas and Virginia. Report methodology The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month or quarter -- broken out by type of filing at the state and national level. Data is also available at the individual county level for both Q1 2009 and March 2009. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report. U.S. Foreclosure Market Data by State - Q1 2009 Properties with Foreclosure Filings Rate State Rank Name NOD LIS NTS NFS -- U.S. 156,933 149,852 225,752 80,409 35 Alabama 0 0 2,291 0 33 Alaska 0 0 349 0 2 Arizona 21 0 35,079 0 20 Arkansas 536 0 2,973 0 3 California 124,875 0 60,256 0 12 Colorado 7 0 9,186 0 15 Connecticut 0 4,256 16 461 31 Delaware 0 1 6 607 District of Columbia 274 0 400 0 4 Florida 0 70,114 183 33,035 7 Georgia 1 0 18,938 0 26 Hawaii 300 0 1,094 0 8 Idaho 2,141 0 1,954 0 5 Illinois 0 19,848 120 11,612 14 Indiana 0 4,588 93 4,523 38 Iowa 0 0 718 0 32 Kansas 0 335 16 915 42 Kentucky 0 116 28 1,003 40 Louisiana 0 9 19 1,507 39 Maine 206 81 281 144 16 Maryland 0 6,547 21 1,584 27 Massachusetts 0 4,282 11 1,401 6 Michigan 791 0 21,863 0 25 Minnesota 8 0 3,750 0 44 Mississippi 0 0 630 0 28 Missouri 32 0 4,003 0 47 Montana 0 0 23 0 48 Nebraska 0 161 10 18 1 Nevada 20,534 0 10,320 0 19 New Hampshire 0 0 1,648 0 24 New Jersey 0 7,254 16 2,771 41 New Mexico 0 294 4 266 37 New York 0 7,647 15 2,296 36 North Carolina 514 0 2,253 0 45 North Dakota 0 0 1 44 11 Ohio 0 12,279 137 10,398 34 Oklahoma 802 0 1,249 0 10 Oregon 3,166 0 5,465 0 30 Pennsylvania 0 4,477 27 4,277 18 Rhode Island 0 0 830 0 23 South Carolina 0 3,196 29 1,372 49 South Dakota 0 0 1 92 17 Tennessee 1 0 5,753 0 29 Texas 34 0 14,564 0 9 Utah 2,396 0 1,982 0 50 Vermont 0 0 1 0 13 Virginia 294 0 9,858 0 21 Washington 0 0 6,810 0 46 West Virginia 0 0 285 0 22 Wisconsin 0 4,367 67 2,083 43 Wyoming 0 0 126 0 1/every % change % change Rate State X HU from from Rank Name REO Total (rate) Q4 08 Q1 08 -- U.S. 190,543 803,489 159 9.16 23.63 35 Alabama 1,378 3,669 582 74.71 115.82* 33 Alaska 202 551 512 -24.31 14.55 2 Arizona 14,019 49,119 54 6.22 79.24 20 Arkansas 1,072 4,581 281 -3.23 22.09 3 California 45,784 230,915 58 35.13 35.97 12 Colorado 3,412 12,605 169 -13.84 -33.64 15 Connecticut 1,143 5,876 245 -6.76 -23.01 31 Delaware 214 828 469 2.60 54.19 District of Columbia 163 837 340 4.23 -23.14 4 Florida 15,888 119,220 73 -12.19 35.64 7 Georgia 9,669 28,608 138 10.66 0.37 26 Hawaii 160 1,554 326 25.32 318.87 8 Idaho 198 4,293 147 15.56 137.18* 5 Illinois 7,386 38,966 135 31.66 67.85 14 Indiana 3,253 12,457 223 -6.01 -10.61 38 Iowa 854 1,572 846 -8.92 0.38 32 Kansas 1,285 2,551 478 35.55 82.74 42 Kentucky 588 1,735 1,099 -3.29 9.67 40 Louisiana 436 1,971 943 15.87 1.70 39 Maine 64 776 898 -14.25 32.20 16 Maryland 1,137 9,289 250 -7.39 -18.47 27 Massachusetts 2,499 8,193 332 -9.16 -49.94 6 Michigan 10,530 33,184 136 -1.98 12.32 25 Minnesota 3,415 7,173 321 7.83 69.53 44 Mississippi 138 768 1,634 57.38 67.69* 28 Missouri 3,256 7,291 363 -13.75t -17.55t 47 Montana 130 153 2,847 -44.96 -63.66 48 Nebraska 33 222 3,517 29.07 -70.08 1 Nevada 10,442 41,296 27 19.13 110.75 19 New Hampshire 577 2,225 267 4.26 24.44 24 New Jersey 1,668 11,709 299 -29.17 -10.65 41 New Mexico 253 817 1,055 6.80 -30.88 37 New York 1,059 11,017 721 31.69 -23.37 36 North Carolina 3,221 5,988 689 -19.69 -41.77 45 North Dakota 76 121 2,567 -4.72 142.00* 11 Ohio 8,781 31,595 160 -3.14 1.10 34 Oklahoma 861 2,912 557 1.68 -10.10 10 Oregon 1,916 10,547 153 29.41 151.00* 30 Pennsylvania 3,016 11,797 464 5.36 99.92* 18 Rhode Island 881 1,711 264 -23.79 8.22 23 South Carolina 2,419 7,016 288 27.10 261.84* 49 South Dakota 3 96 3,721 -20.66 50.00 17 Tennessee 4,608 10,362 263 2.03 -16.36tt 29 Texas 10,661 25,259 373 14.87 -25.03 9 Utah 1,765 6,143 151 12.47 86.77 50 Vermont 20 21 14,830 -59.62 600.00* 13 Virginia 4,573 14,725 222 -10.73t 11.97t 21 Washington 2,903 9,713 283 2.69 46.32 46 West Virginia 50 335 2,635 95.91 134.27 22 Wisconsin 2,393 8,910 287 57.70 57.09* 43 Wyoming 91 217 1,117 -11.07 32.32 *Actual increase may not be as high due to data collection changes or Improvements t Collection of some records previously classified as NOD in this state was discontinued starting in January 2009 tt Collection of some records previously classified as NOD in this state was discontinued starting in September 2008 U.S. Foreclosure Rates Heat Map - Q1 2009 (Photo: http://www.newscom.com/cgi-bin/prnh/20090416/LA99849) U.S. Foreclosure Market Data by State - March 2009 Properties with Foreclosure Filings Rate State Rank Name NOD LIS NTS NFS -- U.S. 72,790 58,741 104,856 33,042 29 Alabama 0 0 1,655 0 33 Alaska 0 0 155 0 3 Arizona 3 0 14,012 0 18 Arkansas 234 0 1,203 0 2 California 58,858 0 34,575 0 10 Colorado 2 0 3,703 0 13 Connecticut 0 2,187 0 158 28 Delaware 0 0 0 339 District of Columbia 98 0 153 0 4 Florida 0 26,964 0 13,566 5 Georgia 0 0 8,136 0 21 Hawaii 149 0 509 0 7 Idaho 1,133 0 726 0 8 Illinois 0 7,362 0 4,740 14 Indiana 0 1,964 1 1,587 40 Iowa 0 0 181 0 34 Kansas 0 170 0 305 42 Kentucky 0 15 0 398 37 Louisiana 0 7 0 740 41 Maine 0 81 0 144 20 Maryland 0 2,210 0 732 31 Mass. 0 1,708 0 456 9 Michigan 0 0 8,286 0 24 Minnesota 2 0 1,929 0 46 Mississippi 0 0 179 0 30 Missouri 3 0 1,630 0 48 Montana 0 0 6 0 44 Nebraska 0 161 0 6 1 Nevada 10,351 0 5,055 0 23 New Hampshire 0 0 617 0 25 New Jersey 0 2,748 0 1,098 39 New Mexico 0 134 0 93 36 New York 0 3,459 0 721 38 North Carolina 213 0 653 0 47 North Dakota 0 0 0 22 11 Ohio 0 4,828 0 4,447 35 Oklahoma 324 0 580 0 12 Oregon 28 0 2,766 0 32 Pennsylvania 0 1,777 0 1,891 22 Rhode Island 0 0 300 0 26 South Carolina 0 1,069 0 485 49 South Dakota 0 0 0 24 16 Tennessee 0 0 2,496 0 27 Texas 16 0 7,151 0 6 Utah 1,372 0 1,013 0 50 Vermont 0 0 0 0 15 Virginia 4 0 3,971 0 17 Washington 0 0 3,031 0 45 West Virginia 0 0 135 0 19 Wisconsin 0 1,897 0 1,090 43 Wyoming 0 0 49 0 % change % change Rate State from from Rank Name REO Total Feb 09 Mar 08 -- U.S. 71,751 341,180 17.46 46.37 29 Alabama 605 2,260 216.97* 248.23* 33 Alaska 69 224 10.34 16.67 3 Arizona 4,861 18,876 4.18 105.20 18 Arkansas 486 1,923 19.00 58.93 2 California 14,352 107,785 33.44 66.56 10 Colorado 1,875 5,580 32.26 -9.71 13 Connecticut 540 2,885 29.95 35.70 28 Delaware 92 431 57.88 124.48 District of Columbia 77 328 -13.46 6.84 4 Florida 6,601 47,131 1.60 55.78 5 Georgia 5,230 13,366 31.23 20.99 21 Hawaii 66 724 34.82 503.33 7 Idaho 62 1,921 8.90 192.39* 8 Illinois 3,296 15,398 8.30 78.57 14 Indiana 1,574 5,126 16.34 0.14 40 Iowa 305 486 -16.06 -5.08 34 Kansas 369 844 -27.92 18.87 42 Kentucky 218 631 5.52 -8.68 37 Louisiana 200 947 39.68 51.28 41 Maine 24 249 -4.60 27.04 20 Maryland 392 3,334 4.97 -22.01 31 Mass. 508 2,672 -9.12 -52.05 9 Michigan 4,131 12,417 -1.17 30.79 24 Minnesota 1,146 3,077 19.54 132.58 46 Mississippi 42 221 -24.83 17.55 30 Missouri 1,082 2,715 -13.23 -19.39t 48 Montana 56 62 14.81 -59.74 44 Nebraska 16 183 1307.69 -33.21 1 Nevada 4,443 19,849 25.76 159.16 23 New Hampshire 207 824 11.50 99.03 25 New Jersey 724 4,570 39.37 1.96 39 New Mexico 119 346 -7.24 1.17 36 New York 329 4,509 10.84 -11.38 38 North Carolina 1,111 1,977 -3.04 -40.05 47 North Dakota 31 53 43.24 562.50* 11 Ohio 3,336 12,611 12.29 11.87 35 Oklahoma 215 1,119 8.64 -22.67 12 Oregon 594 3,388 -6.10 107.47* 32 Pennsylvania 1,275 4,943 17.92 70.45* 22 Rhode Island 333 633 54.77 59.05 26 South Carolina 812 2,366 -4.33 153.86* 49 South Dakota 1 25 -21.88 56.25 16 Tennessee 1,925 4,421 19.78 13.16tt 27 Texas 3,449 10,616 0.85 -0.79 6 Utah 700 3,085 70.91 150.81 50 Vermont 4 4 -63.64 100.00* 15 Virginia 1,780 5,755 19.32 16.66t 17 Washington 1,205 4,236 37.71 89.62 45 West Virginia 27 162 45.95 138.24 19 Wisconsin 825 3,812 27.66 83.89* 43 Wyoming 31 80 -1.23 -2.44 *Actual increase may not be as high due to data collection changes or Improvements t Collection of some records previously classified as NOD in this state was discontinued starting in January 2009 tt Collection of some records previously classified as NOD in this state was discontinued starting in September 2008 About RealtyTrac Inc. RealtyTrac (http://www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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State Foreclosure Laws

Saturday, August 1st, 2009

Judicial foreclosure: In the absence of a power of sale clause in the loan document, a lender may sue the borrower to obtain a court order to foreclose and sell the property.

Non-judicial foreclosure is pursued when a power of sale clause is present in the loan document. If the clause contains instructions as to the time, place, and terms of sale, that procedure must be followed. If not, a notice of sale must be published weekly for four consecutive weeks in a newspaper published in the county in which the property is located. If no newspaper is published in the subject county, the notice shall be published in a newspaper in an adjoining county.

The sale may not be held until 30 days from the last date of publication, and shall be held between the hours of 11:00 AM and 4:00 PM at the courthouse door as a public auction for cash to the highest bidder.

Right of redemption: The owner has 12 months in which to redeem the property. Deficiency judgments are permitted.

Nevada
Judicial Foreclosure-Sometimes
Non-Judicial Foreclosure-Yes, most common
Security Instruments-Deed of Trust, Mortgage
Right of Redemption-judicial foreclosure only
Deficiency Judgments-Yes
Time Frame-Usually 120 days

Arizona
Judicial Foreclosure-Sometimes
Non-Judicial Foreclosure-Yes, most common
Security Instruments-Deed of Trust, Mortgage
Right of Redemption-No
Deficiency Judgments-Varies
Time Frame-Usually 90 days

California
Judicial Foreclosure-Sometimes
Non-Judicial Foreclosure-Yes, most common
Security Instruments-Deed of Trust, Mortgage
Right of Redemption-Yes, judicial foreclosure only
Deficiency Judgments-Yes, judicial foreclosure only
Time Frame-111 days or more

New York
Judicial Foreclosure-Yes
Non-Judicial Foreclosure-Yes, but almost never used
Security Instruments-Deed of Trust, Mortgage
Right of Redemption-No
Deficiency Judgments-Yes
Time Frame-Usually 12-19 months

Nevada
Judicial Foreclosure-Sometimes
Non-Judicial Foreclosure-Yes, most common
Security Instruments-Deed of Trust, Mortgage
Right of Redemption-judicial foreclosure only
Deficiency Judgments-Yes
Time Frame-Usually 120 days

Pennsylvania
Judicial Foreclosure-Yes
Non-Judicial Foreclosure-No
Security Instruments-Mortgage
Right of Redemption-No
Deficiency Judgment-Yes
Time Frame-Usually 90 days

Tags: Bankruptcy, fixed loan, fixed mortgage, interest rate reduction, Josh Harmon, Joshua L. Harmon, las vegas loan modification attorney, Law Office of Josh Harmon, Law Office of Joshua L. Harmon, lawsuit, loan mod, Loan Modification, loan modifications, loan restructuring, making home affordable, Mr. Harmon, Nevada State Foreclosure Laws, state foreclosure laws
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Assembly Bill 149

Saturday, August 1st, 2009

The Foreclosure Mediation Program was established as a result of the Assembly Bill 149, passed on May 29th during the 2009 session of the Nevada Legislature, and going in to effect on July 1st. Its purpose is to address the foreclosure crisis head-on and to help keep Nevada families in their homes.

 

This law establishes a Foreclosure Mediation Program for owner-occupied residential 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.

  Mediation is an alternative method to help parties resolve disputes by agreement with the help of trained mediators.

 

Form to Request Mediation (Instructions included)

  

Description:

Under Nevada law, the program is open to homeowners of owner-occupied houses who receive foreclosure notices (formally titled Notice of Default and Election to Sell) that were filed on or after July 1, 2009.  Persons who received foreclosure notices filed before that date may join the mediation program only if their lenders agree.  If you received a foreclosure notice filed before July 1, 2009, do not submit this form unless your lender has already agreed to participate.

 

---

 

 
Assembly Bill No. 149–Assemblymen Buckley, Oceguera, Conklin,

Leslie, Smith; Aizley, Anderson, Atkinson, Bobzien,

Claborn, Denis, Dondero Loop, Goicoechea, Grady,

Hambrick, Hardy, Hogan, Horne, Kihuen, Kirkpatrick,

Koivisto, Manendo, Mastroluca, McClain, Munford,

Ohrenschall, Parnell, Pierce, Segerblom, Settelmeyer,

Spiegel and Stewart

Joint Sponsors: Senators Horsford; and Coffin

CHAPTER……….

AN ACT relating to real property; revising provisions governing

foreclosures on property; providing for mediation under

certain circumstances; providing for the imposition of a fee

for mediation; and providing other matters properly relating

thereto.

 
Legislative Counsel’s Digest:

 
 

 
Existing law sets forth procedures governing foreclosures on real property upon

default. A trustee under a deed of trust has the power to sell the property to which

the deed of trust applies, subject to certain restrictions. (NRS 107.080, 107.085)

 
Section 1

sale with respect to owner-occupied housing by providing a grantor of a deed of

trust or the person who holds the title of record with the right to request mediation

under which he may receive a loan modification. Once mediation is requested, no

further action may be taken to exercise the power of sale until the completion of the

mediation. Each mediation must be conducted by a senior justice, judge, hearing

master or other designee pursuant to rules adopted by the Nevada Supreme Court,

and a fee of not more than $85 per hour may be charged and collected for the

mediation.

respect to owner-occupied housing by revising the period in which a deficiency in

performance or payment under the trust agreement may be made good before the

trustee may exercise that power. Similarly,

the trustee’s power of sale with respect to owner-occupied housing by revising the

manner in which service of notice that a person is in danger of losing his home

must be made. In addition,

Court to adopt rules providing for voluntary mediation with respect to a

homeowner who is not in default but is at risk of default.

 
 

of this bill establishes additional restrictions on the trustee’s power of
Section 2 of this bill also restricts the trustee’s power of sale withsection 3 of this bill restrictssection 4 of this bill authorizes the Nevada Supreme

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1.

thereto a new section to read as follows:

Chapter 107 of NRS is hereby amended by adding

. In addition to the requirements of NRS 107.085, the

exercise of the power of sale pursuant to NRS 107.080 with respect
– 2 –
-
to any trust agreement which concerns owner-occupied housing is

subject to the provisions of this section.

. The trustee shall not exercise a power of sale pursuant to

NRS 107.080 unless the trustee:

(a) Includes with the notice of default and election to sell

which is mailed to the grantor or the person who holds the title of

record as required by subsection 3 of NRS 107.080:

(1) Contact information which the grantor or the person

who holds the title of record may use to reach a person with

authority to negotiate a loan modification on behalf of the

beneficiary of the deed of trust;

(2) Contact information for at least one local housing

counseling agency approved by the United States Department of

Housing and Urban Development; and

(3) A form upon which the grantor or the person who holds

the title of record may indicate his election to enter into mediation

or to waive mediation and one envelope addressed to the trustee

and one envelope addressed to the Mediation Administrator,

which the grantor or the person who holds the title of record may

use to comply with the provisions of subsection 3;

(b) Serves a copy of the notice upon the Mediation

Administrator; and

(c) Causes to be recorded in the office of the recorder of the

county in which the trust property, or some part thereof, is

situated:

(1) The certificate provided to the trustee by the Mediation

Administrator pursuant to subsection 3 or 6 which provides that

no mediation is required in the matter; or

(2) The certificate provided to the trustee by the Mediation

Administrator pursuant to subsection 7 which provides that

mediation has been completed in the matter.

. The grantor or the person who holds the title of record

shall, not later than 30 days after service of the notice upon him in

the manner required by NRS 107.080, complete the form required

by subparagraph (3) of paragraph (a) of subsection 2 and return

the form to the trustee by certified mail, return receipt requested.

If the grantor or the person who holds the title of record indicates

on the form his election to enter into mediation, the trustee shall

notify the beneficiary of the deed of trust and every other person

with an interest as defined in NRS 107.090, by certified mail,

return receipt requested, of the election of the grantor or the

person who holds the title of record to enter into mediation and

file the form with the Mediation Administrator, who shall assign
– 3 –
-
the matter to a senior justice, judge, hearing master or other

designee and schedule the matter for mediation. No further action

may be taken to exercise the power of sale until the completion of

the mediation. If the grantor or the person who holds the title of

record indicates on the form his election to waive mediation or

fails to return the form to the trustee as required by this

subsection, the trustee shall execute an affidavit attesting to that

fact under penalty of perjury and serve a copy of the affidavit,

together with the waiver of mediation by the grantor or the person

who holds the title of record, or proof of service on the grantor or

the person who holds the title of record of the notice required by

subsection 2 of this section and subsection 3 of NRS 107.080,

upon the Mediation Administrator. Upon receipt of the affidavit

and the waiver or proof of service, the Mediation Administrator

shall provide to the trustee a certificate which provides that no

mediation is required in the matter.

. Each mediation required by this section must be conducted

by a senior justice, judge, hearing master or other designee

pursuant to the rules adopted pursuant to subsection 8. The

beneficiary of the deed of trust or his representative shall attend

the mediation. The grantor or his representative shall attend the

mediation if the grantor elected to enter into mediation, or the

person who holds the title of record or his representative shall

attend the mediation if the person who holds the title of record

elected to enter into mediation. The beneficiary of the deed of trust

shall bring to the mediation the original or a certified copy of the

deed of trust, the mortgage note and each assignment of the deed

of trust or mortgage note. If the beneficiary of the deed of trust is

represented at the mediation by another person, that person must

have authority to negotiate a loan modification on behalf of the

beneficiary of the deed of trust or have access at all times during

the mediation to a person with such authority.

. If the beneficiary of the deed of trust or his representative

fails to attend the mediation, fails to participate in the mediation in

good faith or does not bring to the mediation each document

required by subsection 4 or does not have the authority or access

to a person with the authority required by subsection 4, the

mediator shall prepare and submit to the Mediation Administrator

a petition and recommendation concerning the imposition of

sanctions against the beneficiary of the deed of trust or his

representative. The court may issue an order imposing such

sanctions against the beneficiary of the deed of trust or his

representative as the court determines appropriate, including,
– 4 –
-
without limitation, requiring a loan modification in the manner

determined proper by the court.

. If the grantor or the person who holds the title of record

elected to enter into mediation and fails to attend the mediation,

the Mediation Administrator shall provide to the trustee a

certificate which states that no mediation is required in the matter.

. If the mediator determines that the parties, while acting in

good faith, are not able to agree to a loan modification, the

mediator shall prepare and submit to the Mediation Administrator

a recommendation that the matter be terminated. The Mediation

Administrator shall provide to the trustee a certificate which

provides that the mediation required by this section has been

completed in the matter.

. The Supreme Court shall adopt rules necessary to carry

out the provisions of this section. The rules must, without

limitation, include provisions:

(a) Designating an entity to serve as the Mediation

Administrator pursuant to this section. The entities that may be so

designated include, without limitation, the Administrative Office

of the Courts, the District Court of the county in which the

property is situated or any other judicial entity.

(b) Ensuring that mediations occur in an orderly and timely

manner.

(c) Requiring each party to a mediation to provide such

information as the mediator determines necessary.

(d) Establishing procedures to protect the mediation process

from abuse and to ensure that each party to the mediation acts in

good faith.

(e) Establishing a total fee of not more than $400 that may be

charged and collected by the Mediation Administrator for

mediation services pursuant to this section and providing that the

responsibility for payment of the fee must be shared equally by the

parties to the mediation.

. Except as otherwise provided in subsection 11, the

provisions of this section do not apply if:

(a) The grantor or the person who holds the title of record has

surrendered the property, as evidenced by a letter confirming the

surrender or delivery of the keys to the property to the trustee, the

beneficiary of the deed of trust or the mortgagee, or an authorized

agent thereof; or

(b) A petition in bankruptcy has been filed with respect to the

grantor or the person who holds the title of record under chapter

, 11, 12 or 13 of Title 11 of the United States Code and the
– 5 –
-
bankruptcy court has not entered an order closing or dismissing

the case or granting relief from a stay of foreclosure.

. A noncommercial lender is not excluded from the

application of this section.

. The Mediation Administrator and each mediator who acts

pursuant to this section in good faith and without gross negligence

is immune from civil liability for those acts.

. As used in this section:

(a) “Mediation Administrator” means the entity so designated

pursuant to subsection 8.

(b) “Noncommercial lender” means a lender which makes a

loan secured by a deed of trust on owner-occupied housing and

which is not a bank, financial institution or other entity regulated

pursuant to title 55 or 56 of NRS.

(c) “Owner-occupied housing” means housing that is occupied

by an owner as his primary residence. The term does not include

any time share or other property regulated under chapter 119A of

NRS.
Sec. 2.

7.080 1. Except as otherwise provided in NRS 107.085,

NRS 107.080 is hereby amended to read as follows:

and section 1 of this act,

property is made after March 29, 1927, to secure the performance of

an obligation or the payment of any debt, a power of sale is hereby

conferred upon the trustee to be exercised after a breach of the

obligation for which the transfer is security.

. The power of sale must not be exercised, however, until:

(a)

case of any trust agreement coming into force:

(1) On or after July 1, 1949, and before July 1, 1957, the

grantor,

of record,

other person who has a subordinate lien or encumbrance of record

on the property

prescribed in subsection 3, failed to make good the deficiency in

performance or payment; or

(2) On or after July 1, 1957, the grantor,

interest,

under a subordinate deed of trust or any other person who has a

subordinate lien or encumbrance of record on the property

if any transfer in trust of any estate in real
[In] Except as otherwise provided in paragraph (b), in the[or his successor in interest,] the person who holds the titlea beneficiary under a subordinate deed of trust or any[,] has , for a period of 15 days, computed as[or his successor in] the person who holds the title of record, a beneficiary[,] has ,

for a period of 35 days, computed as prescribed in subsection 3,

failed to make good the deficiency in performance or payment;

(b)

housing as defined in section 1 of this act, the grantor,

In the case of any trust agreement which concerns owneroccupied

– 6 –
-
the person who holds the title of record, a beneficiary under a

subordinate deed of trust or any other person who has a

subordinate lien or encumbrance of record on the property has,

for a period that commences in the manner and subject to the

requirements described in subsection 3 and expires 5 days before

the date of sale, failed to make good the deficiency in performance

or payment;

(c)

or the trustee first executes and causes to be recorded in the office of

the recorder of the county wherein the trust property, or some part

thereof, is situated a notice of the breach and of his election to sell

or cause to be sold the property to satisfy the obligation; and

The beneficiary, the successor in interest of the beneficiary

[

of the notice.

. The 15- or 35-day period provided in paragraph (a) of

subsection 2

subsection 2,

which the notice of default and election to sell is recorded in the

office of the county recorder of the county in which the property is

located and a copy of the notice of default and election to sell is

mailed by registered or certified mail, return receipt requested and

with postage prepaid to the grantor

holds the title of record on the date the notice of default and election

to sell is recorded, at

known, otherwise to the address of the trust property. The notice of

default and election to sell must describe the deficiency in

performance or payment and may contain a notice of intent to

declare the entire unpaid balance due if acceleration is permitted by

the obligation secured by the deed of trust, but acceleration must not

occur if the deficiency in performance or payment is made good and

any costs, fees and expenses incident to the preparation or

recordation of the notice and incident to the making good of the

deficiency in performance or payment are paid within the time

specified in subsection 2.

. The trustee, or other person authorized to make the sale

under the terms of the trust deed or transfer in trust, shall, after

expiration of the 3-month period following the recording of the

notice of breach and election to sell, and before the making of

the sale, give notice of the time and place thereof by recording the

notice of sale and by:

(a) Providing the notice to each trustor and any other person

entitled to notice pursuant to this section by personal service or by

mailing the notice by registered or certified mail to the last known

(c)
] (d) Not less than 3 months have elapsed after the recording, or the period provided in paragraph (b) ofcommences on the first day following the day upon[, and] or to the person who[their respective addresses,] his address, if

– 7 –
-
address of the trustor and any other person entitled to such notice

pursuant to this section;

(b) Posting a similar notice particularly describing the property,

for 20 days successively, in three public places of the township or

city where the property is situated and where the property is to be

sold; and

(c) Publishing a copy of the notice three times, once each week

for 3 consecutive weeks, in a newspaper of general circulation in the

county where the property is situated.

. Every sale made under the provisions of this section and

other sections of this chapter vests in the purchaser the title of the

grantor and his successors in interest without equity or right of

redemption. A sale made pursuant to this section may be declared

void by any court of competent jurisdiction in the county where the

sale took place if:

(a) The trustee or other person authorized to make the sale does

not substantially comply with the provisions of this section

any applicable provision of section 1 of this act;

[;] or

(b) Except as otherwise provided in subsection 6, an action is

commenced in the county where the sale took place within 90 days

after the date of the sale; and

(c) A notice of lis pendens providing notice of the pendency of

the action is recorded in the office of the county recorder of the

county where the sale took place within 30 days after

commencement of the action.

. If proper notice is not provided pursuant to subsection 3 or

paragraph (a) of subsection 4 to the grantor, to the person who holds

the title of record on the date the notice of default and election to

sell is recorded, to each trustor or to any other person entitled to

such notice, the person who did not receive such proper notice may

commence an action pursuant to subsection 5 within 120 days after

the date on which the person received actual notice of the sale.

. The sale of a lease of a dwelling unit of a cooperative

housing corporation vests in the purchaser title to the shares in the

corporation which accompany the lease.
Sec. 3.

7.085 1. With regard to a transfer in trust of an estate in

real property to secure the performance of an obligation or the

payment of a debt, the provisions of this section apply to the

exercise of a power of sale pursuant to NRS 107.080 only if:

(a) The trust agreement becomes effective on or after October 1,

03

NRS 107.085 is hereby amended to read as follows:
[; and

– 8 –
-
(b) On

agreement is subject to the provisions of § 152 of the Home

Ownership and Equity Protection Act of 1994, 15 U.S.C. §

02(aa), and the regulations adopted by the Board of Governors of

the Federal Reserve System pursuant thereto, including, without

limitation, 12 C.F.R. § 226.32

(b) The trust agreement concerns owner-occupied housing as

defined in section 1 of this act.

] , and, on the date the trust agreement is made, the trust[.] ; or

. The trustee shall not exercise a power of sale pursuant to

NRS 107.080 unless:

(a) In the manner required by subsection 3, not later than 60

days before the date of the sale, the trustee causes to be served upon

the grantor

the form described in subsection 3; and

(b) If an action is filed in a court of competent jurisdiction

claiming an unfair lending practice in connection with the trust

agreement, the date of the sale is not less than 30 days after the date

the most recent such action is filed.

. The notice described in subsection 2 must be:

(a) Served upon the grantor

record:

(1) Except as otherwise provided in subparagraph (2),

personal service or, if personal service cannot be timely effected, in

such other manner as a court determines is reasonably calculated to

afford notice to the grantor

record; or

(2) If the trust agreement concerns owner-occupied

housing as defined in section 1 of this act:

(I) By personal service;

(II) If the grantor or the person who holds the title of

record is absent from his place of residence or from his usual

place of business, by leaving a copy with a person of suitable age

and discretion at either place and mailing a copy to the grantor or

the person who holds the title of record at his place of residence or

place of business; or

(III) If the place of residence or business cannot be

ascertained, or a person of suitable age or discretion cannot be

found there, by posting a copy in a conspicuous place on the trust

property, delivering a copy to a person there residing if the person

can be found and mailing a copy to the grantor or the person who

holds the title of record at the place where the trust property is

situated;

or the person who holds the title of record a notice inor the person who holds the title ofby[;] or the person who holds the title ofand

– 9 –
-
(b) In substantially the following form, with the applicable

telephone numbers and mailing addresses provided on the notice

and a copy of the promissory note attached to the notice:

NOTICE

YOU ARE IN DANGER OF LOSING YOUR HOME!

Your home loan is being foreclosed. In

home will be sold and you will be forced to move. For help, call:

Consumer Credit Counseling _______________

The Attorney General __________________

The Division of Financial Institutions ________________

Legal Services ______________________

Your Lender ___________________

Nevada Fair Housing Center ________________

. This section does not prohibit a judicial foreclosure.

. As used in this section, “unfair lending practice” means an

unfair lending practice described in NRS 598D.010 to 598D.150,

inclusive.

not less than 60 days your

Sec. 3.5.

7.095 1. The notice of default required by NRS 107.080

must also be sent by registered or certified mail, return receipt

requested and with postage prepaid, to each guarantor or surety of

the debt. If the address of the guarantor or surety is unknown, the

notice must be sent to the address of the trust property. Failure to

give the notice, except as otherwise provided in subsection 3,

releases the guarantor or surety from his obligation to the

beneficiary, but does not affect the validity of a sale conducted

pursuant to NRS 107.080

surety to whom the notice was properly given.

. Failure to give the notice of default required by NRS

7.090, except as otherwise provided in subsection 3, releases the

obligation to the beneficiary of any person who has complied with

NRS 107.090 and who is or may otherwise be held liable for the

debt or other obligation secured by the deed of trust, but such a

failure does not affect the validity of a sale conducted pursuant to

NRS 107.080

notice was properly given pursuant to this section or to NRS

7.080 or 107.090.

. A guarantor, surety or other obligor is not released pursuant

to this section if:

NRS 107.095 is hereby amended to read as follows:
[nor] or the obligation of any guarantor or[nor] or the obligation of any person to whom the

– 10 –
-
(a) The required notice is given at least 15 days before the later

of:

(1) The expiration of the 15- or 35-day period described in
paragraph (a) of subsection 2 of

NRS 107.080;
[or]

(2)

owner-occupied housing as defined in section 1 of this act, the

expiration of the period described in paragraph (b) of subsection 2

of NRS 107.080; or

(3)

beneficiary; or

(b) The notice is rescinded before the sale is advertised.

In the case of any trust agreement which concernsAny extension of [that] the applicable period by the

Sec. 4.

a new section to read as follows:

Chapter 2 of NRS is hereby amended by adding thereto

The Supreme Court may adopt rules providing for voluntary

mediation with respect to a homeowner who is not in default but is

at risk of default.
Sec. 5.

9.646 1. A person who, without participating in the

management of a parcel of real property, holds or is the beneficiary

of evidence of title to the property primarily to protect a security

interest in the property is not a responsible party with respect to a

release of a hazardous substance on the property if:

(a) The owner of the property is relieved from liability under

NRS 459.610 to 459.658, inclusive, with respect to the release;

(b) The owner or holder of evidence of title did not cause the

release; and

(c) The owner or holder of evidence of title does not participate

actively in decisions concerning hazardous substances on the

property.

. A lender to a prospective purchaser who has filed an

application to participate in the program pursuant to NRS 459.634

or a lender who forecloses his security interest in property pursuant

to NRS 40.430 to 40.450, inclusive, or 107.080 to 107.100,

inclusive,

after the foreclosure, not to exceed 2 years, sells, transfers or

conveys the property to a prospective purchaser who has filed an

application to participate in the program pursuant to NRS 459.634 is

not a responsible party solely as a result of:

(a) Foreclosing a security interest in the property; or

(b) Making a loan to the prospective purchaser if the loan:

(1) Is to be used for acquiring property or removing or

remediating hazardous substances on property; and

NRS 459.646 is hereby amended to read as follows:
and section 1 of this act, and within a reasonable period

– 11 –
-
(2) Is secured by the property that is to be acquired or on

which is located the hazardous substances that are to be removed or

remediated.
Sec. 5.5.

agreements which concern owner-occupied housing, as defined in

section 1 of this act, apply only with respect to such agreements for

which a notice of default is recorded on or after July 1, 2009.

The amendatory provisions of this act governing trust

Sec. 5.7.

contrary and in recognition of the emergency situation confronting

this State concerning mortgage foreclosures and the need to

implement the provisions of this act quickly, any rules adopted by

the Supreme Court pursuant to subsection 8 of section 1 of this act

take effect on the date specified by the Supreme Court in the order

adopting the rules, which in no event may be less than 30 days after

entry of the order.

Notwithstanding any provision of NRS 2.120 to the

Sec. 6.

This act becomes effective on July 1, 2009.

~~~~~ 09

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FAQ LOAN MOD

Saturday, August 1st, 2009

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