[tbill618]

Originally Posted by logline

Yes, you need to worry. Same exact thing happened to us and our short sale purchase was scuttled because the home was foreclosed before we could complete the sale.

Our agent explained that this was part of the strategy of getting the lender to go through with the short sale. I guess they were not willing to consider it unless the seller stopped paying their mortgage. The Cogburn law firm represents the sellers and they sent this standard letter to the seller when the NOD is taped to the front door.

I understand you have received a letter from your lender indicating you are in default and they intend to foreclose on your property. This is a normal part of the process because you have missed your mortgage payments. Please understand your lender cannot foreclose without filing a “Notice of Default and Election to Sell.” I have attached a sample of a “Notice of Default,” so you can see what you will receive in the near future. More than likely you will receive multiple letters all enclosing the same material. In addition, you may get one posted to your door as the lender wants to ensure you are properly notified. After the “Notice of Default” is filed your lender can not continue the foreclosure process for at least 90 days and then they must give you at least twenty-one (21) days notice before they can sell your property at a foreclosure sale. Accordingly, your lender can not foreclose on your property for a minimum of one hundred and eleven (111) days after filing the “Notice of Default.” Understand that your lender does not want the property, which is one of the reasons we have such a high rate of success. Please be patient and don’t panic, but continue to forward any documents you receive from your lender.

Considering how difficult the state of Nevada has made short sales then this is fairly good news for getting this short sale complete. The lender wants to get paid and the only way to get that done is to allow the short sale.

My only question is how long ago did the seller stop paying their mortgage if they received the NOD on 12/07/12?

[WestieJeff]

Could be any time. I personally know people who didn't pay for over a year and never received a NOD (they eventually granted the short sale).

Originally Posted by tbill618

My only question is how long ago did the seller stop paying their mortgage if they received the NOD on 12/07/12?

[tbill618]

January 2013 las vegas real estate market update - YouTube

Once again Todd Miller and Brian Lebo are at odds. Lebo in his last video said to be patient. Lebo did correctly predict in the fall of 2011 that AB 284 would cause inventory to dry up in 2012. Miller seems to think that the effect of AB 284 was minimal, that inventory fell because of low interest rates and investors coming out of the woodwork.

[lvoc]

Originally Posted by tbill618

January 2013 las vegas real estate market update - YouTube

Once again Todd Miller and Brian Lebo are at odds. Lebo in his last video said to be patient. Lebo did correctly predict in the fall of 2011 that AB 284 would cause inventory to dry up in 2012. Miller seems to think that the effect of AB 284 was minimal, that inventory fell because of low interest rates and investors coming out of the woodwork.

The same thing happened in Phoenix only worse. They did not have AB 284.

Early in the week did some work for a client in Green Valley Ranch. One home for sale and one short sale contingency out of 2020 homes. Prices up about 20% in the past year. Sun City Summerlin single families are maintaining inventory at 70 homes and below...normally we see 130 or so.

Does not look like anything around is going to change the dynamics anytime soon...so prices continuing to rose at 1.5% per month or so.

Bubble?

[bayview6]

Originally Posted by lvoc

The same thing happened in Phoenix only worse. They did not have AB 284.

Early in the week did some work for a client in Green Valley Ranch. One home for sale and one short sale contingency out of 2020 homes. Prices up about 20% in the past year. Sun City Summerlin single families are maintaining inventory at 70 homes and below...normally we see 130 or so.

Does not look like anything around is going to change the dynamics anytime soon...so prices continuing to rose at 1.5% per month or so.

Bubble?

Bubble? I don't think so. Why? Because houses are still selling below replacement cost.

Sure, the market could still go down again because of another recession but it would have nothing to do with a boom-bust cycle. I expect the current trend to continue until the cash buyers call it quits.

[WestieJeff]

Maybe on average selling below replacement cost, but it's darn close.

Some areas are well above replacement cost.

Originally Posted by bayview6

Bubble? I don't think so. Why? Because houses are still selling below replacement cost.

Sure, the market could still go down again because of another recession but it would have nothing to do with a boom-bust cycle. I expect the current trend to continue until the cash buyers call it quits.

[bayview6]

Originally Posted by WestieJeff

Maybe on average selling below replacement cost, but it's darn close.

Some areas are well above replacement cost.

At the bottom wasn;t the Valley selling at 25% below replacement value? And we have gone up since then about 15%?

Of course you realize that replacement value only applies to the improvements to the real property. Land, roads, water, sewer, etc is on top of replacement cost.

In my humble and honest opinion, we have a ways to go before the cash buyers bow out.

[007 license to sell]

Did anyone hear about this, this is most alarming what these banks are pulling now.

When Banks Walk Away, Homeowners Don't Always Win

When Banks Walk Away, Homeowners Don't Always Win

I was shocked when I read this next article regarding how the banks keep victimizing home owners.

[SIZE=5]Zombie foreclosures[/SIZE]

http://www.reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110?goback=%2Egde_3785588_member _203347328

[von949]

Oh wow! Home owners are walking and now banks are walking away. Sounds like a fair deal but having your social security benefits affected is pretty extreme.

This article answered a lot of question I had looming in my head for a while.

Basically, what would happen if the banks never foreclosed on a home that hasn't had the mortgage paid on it. If the mortgaged isn't being paid by someone, taxes aren't being paid either.


Posted from Nokia 8210

[WestieJeff]

Taxes are always paid by the bank, if not, the county WILL take and auction the house for the unpaid balance.

Property tax auctions are different, they can't actually take the property for several years (but are paid a good interest rate while they hold the note), but the investor can ultimately take the property if they aren't paid.

Even banks are not dumb enough to let a 100, 200, 300k property go for a couple grand in unpaid property taxes.

Originally Posted by von949

Basically, what would happen if the banks never foreclosed on a home that hasn't had the mortgage paid on it. If the mortgaged isn't being paid by someone, taxes aren't being paid either.