Free Seminar Addresses Options for Underwater Homeowners

As Southern Nevada continues to struggle with the worst housing crises in its history, underwater homeowners continue to ponder what is their best option?

While loan modifications or refinances are a viable option for those markets that are marginally underwater, the Las Vegas Valley has suffered a nearly 50% drop in house values since its peak. What is the best option for underwater homeowners? If someone makes the decision to experience a short sale or foreclosure, when can he/she buy a home of their own again? These questions and more will be discussed on Wednesday, Aug. 8, when a local mortgage lender, real estate broker, an attorney whose firm specializes in short sales, and a Certified Public Accountant present “Underwater? Looking for Options.”

Scheduled from 6-8 p.m. at the Clark County Library, 1401 E. Flamingo Road, the free public seminar will address the realities of the housing crisis and will provide participants with the information to help them make the decision of what is right to do for their situation.

Rick Piette of Premier Mortgage Lending will discuss financing options after a short sale or foreclosure, “second chance” loans, rent vs. buy scenarios, and the Another Chance Home Loan Program.

Bob Hamrick, chairman and CEO of Coldwell Banker Premier Real Estate, will describe current housing market trends, the involvement of Realtors in the short sale process, and why now may be an excellent time to buy a home.

Focusing on legal consequences of short sales and foreclosures will be Jamie Cogburn of Cogburn Law Offices. Cogburn will also discuss the various options available to underwater homeowners and will describe the short sale process. Jason Payan of Payan & Miles CPAs will describe tax consequences of short sales and foreclosures. Additionally, Payan will talk about the pending Dec. 31 expiration of the Mortgage Forgiveness Debt Relief Act.

Seating is limited to 120. Reservations are required and may be made at or by calling 485-6600.

“Going through a short sale or foreclosure can be very difficult and confusing because you’re upset about losing your home and may be receiving conflicting information as to your housing options and when you can buy a home of your own again. It is our goal, that through our free seminar, that those who have been hurt by the economy will become empowered and understand what their options truly are,” Piette said.

“By bringing a real estate professional, an attorney, a CPA and myself as an experienced mortgage lender all together in one room, we hope that participants will learn what having a recent short sale or foreclosure really means in their lives as well as when, and if, they can buy a home again in the near future,” Piette said.

According to Piette, the seminar is not just for those who are still in their homes, but also for those who have already had a short sale or foreclosure.

“You need to know the tax consequences and the legal implications, and you will find out when you may be able to get back into a home of your own. It is typically years before you can qualify for a traditional loan to purchase a home, but you will learn about new loan programs that can get you back into a home much quicker than you would think,” Piette said.

Hamrick says that there is not a one-size-fits-all course of action as to how one should move forward after a short sale or foreclosure.

“These are truly difficult times, and everyone’s situation is unique,” Hamrick says. “But through this seminar, we hope to be able to arm you with the proper facts to be able to determine what works best for you and your family.”

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