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NLV Votes to Move Forward with Underwater Home Plan

NLV Votes to Move Forward with Underwater Home Plan

The North Las Vegas City Council voted to move forward with a controversial plan to help homeowners whose property is worth less than they owe.  

The council decided in a 4-to-1 vote Wednesday night to work with a company called Mortgage Resolution Partners.

The decision is not final. The company will first survey the city's housing market to see which homeowners could actually benefit and then report back to the city in 60 days.  

Mortgage Resolution Partners wants the city to use eminent domain laws to buy underwater homes at the current market price which is a lot less than what homeowners paid for the property. The home would then be refinanced back to the original owner at a vastly reduced principal.

The company would help those homeowners refinance their houses and get a fee for the effort. The city would also benefit by getting money from fees.

Controversial Program That Uses Eminent Domain to Bail Out Underwater Homeowners Poised for Vote

Controversial Program That Uses Eminent Domain to Bail Out Underwater Homeowners Poised for Vote

The program combines private money with public power.

For the past two years, representatives from Mortgage Resolution Partners have traveled to cities around the country to pitch local governments on a plan to help underwater homeowners keep their homes.

Read more at the Las Vegas Sun

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Study: 54.3 Percent of Valley Homeowners Under Water

Study: 54.3 Percent of Valley Homeowners Under Water

 

Summerlin now has the lowest number of homes that are under water, but North Las Vegas still has the highest.

As the recession recedes, Southern Nevada has fewer under-water homes.

But hundreds of thousands of local households are still drowning in a sea of negative equity, and numbers from online real estate database Zillow show which neighborhoods are most submerged.

Read more in the Las Vegas Review-Journal.... Read More

North Las Vegas Looking At Controversial Plan to Help Underwater Homes

North Las Vegas Looking At Controversial Plan to Help Underwater Homes

 

The City of North Las Vegas is considering a proposal to use eminent domain to help underwater homeowners.

If it works, thousands of people would get millions of dollars worth of debt erased and get to stay in their homes.

However, not everyone, including the banking and real estate industries, thinks it is a good idea.  

Under the program, the city would use eminent domain, a power usually reserved for big projects like freeways and government buildings, to pay fair market value for properties then give them back to the homeowners with a much more manageable payment.

A private company called Mortgage Resolution Partners would provide funding, using private investor money, for the city to buy the mortgages and would get a fee for every deal.

The homeowners would never have to give up their homes, and according to MRP,  it would not cost the city a dime.

North Las Vegas Looks at Using Controversial Plan for Underwater Homes

North Las Vegas Looks at Using Controversial Plan for Underwater Homes

 

The city of North Las Vegas is looking at a controversial plan that would help homeowners who own more on their homes than they are worth stay in their homes.

A company called Mortgage Resolution Partners pitched the idea of using eminent domain to take mortgages from lending banks, during Wednesday's city council meeting.

After seizing the mortgages, the city would then work with the homeowner to refinance their homes while Mortgage Resolution Partners would hold the mortgages.

"The entire purpose of this program is to keep homeowners in their homes. To keep the blight and deterioration of communities associated with foreclosure from continuing," Bryon Georgiou with Mortgage Resolution Partners said.

The Greater Association of Las Vegas Realtors does not want the plan. The group says it raises legal questions and would give lenders little reason to try to finance any homes in the area.

Stabilization Program Offers Homes for Sale in North Las Vegas

Stabilization Program Offers Homes for Sale in North Las Vegas

 

Seven homes are now for sale in North Las Vegas has part of the North Las Vegas Neighborhood Stabilization Program.

The homes have been refurbished and upgraded to be more energy efficient. The properties have new kitchen appliances, and washers and dryers are included. The city worked with four nonprofits to rehabilitate and resell the homes.

The Neighborhood Stabilization Program was started to help neighborhoods hit particularly hard by the foreclosure crisis.

The program also offers assistance with closing costs and down payments to qualified home buyers. Buyers must attend a homebuyer education class. To see the homes and the financial qualifications, go to the cityofnorthlasvegas.com.

 

Free Help for Homeowners Facing Foreclosure

Free Help for Homeowners Facing Foreclosure

Nevada’s governor and HOPE NOW are holding a two-day event for homeowners struggling to keep their homes.

The event is 9 a.m. to 7 p.m. Friday and Saturday at Cashman Center. It is free and open to the public. Representatives from some of the largest mortgage companies and banks will be at the event. Homeowners will get a chance to meet face-to-face with their mortgage company and a counseling agency approved by HUD. HOPE NOW is a group created by major mortgage lenders to bring together homeowners and banks to find solutions to the foreclosure crisis.

Those interested in attending should bring the necessary paperwork. For more information about the event, go to hopenow.com.

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