Tag Archives: Private Lending

Homeownership: You May Be More Qualified Than You Think to Enjoy the Benefits

homeownership

Homeownership is one of the most important rites of passage many of us dream of. Homeownership means putting down roots and having a space that is truly yours. It’s truly a significant moment in your life when you finally reach the point of picking up that set of house keys and moving in. That’s why we seek it out, and why we celebrate the accomplishment with our family and friends.

But according to Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, homeownership may be a dream many have given up on.

“In recent years, many families have chosen (or perhaps been forced) into a change of circumstance by renting – rather than owning – a place to live. As a result, those families are missing out on much more than just the financial benefits of homeownership. They’re also missing many of the intangible aspects of owning a home that can literally be a game-changer for their family.

“Of course, the financial benefits of buying a home are many, and include such things as building equity, increasing your net worth, property value appreciation, tax benefits – and in some cities (like Las Vegas) it may even be cheaper than renting.

“But the lifestyle and emotional advantages that come along with owning a home are perhaps even more life-altering,” explains Piette.

For example, homeowners get to enjoy these benefits, too:

It’s All Yours. That might sound simple, but there is real value in all the confidence that comes from being able to hammer a nail into your own wall. (Renters – are we right?) In fact, you can paint, make changes and improvements, have pets, plant a tree, and do a million other things to a home of your own that would never be possible in a rental property.

Your Home and Family Gain Stability. Buying a home is a big step in settling down and putting down roots. Researchers find that not only do homeowners gain a sense of stability when they settle into their first home, but they also contribute to the stability of the neighborhood. Homeowners move less often than renters, and that allows both children and adults to forge stronger bonds of friendship with neighbors – that can often last a lifetime. Students don’t have to change schools as often, and the uncertainty of being at a landlord’s whim about whether or not a lease will be renewed – just vanishes.

Stronger Community Ties are Developed. If you’re constantly moving from rental to rental, you don’t get to know your neighbors very well. But since most homeowners stay in their homes for longer periods of time, they’re more likely to form relationships and become more invested in their community as a whole. As a homeowner, you have a greater stake in your community – as well as the incentive to get to know what’s important to those in your area on a more intimate level.

You Can Create Your Dream Home. As a renter, you’re basically living in somebody else’s home and are subject to their rules. Want to change the color of the living room? Better ask permission (and be prepared to return it to the original color when you move). Want to knock down a wall to make more space for your entertainment center? Nope. But in your own home, you can pick the furniture you want, change the drapes, redecorate and even redesign your entire living space exactly as you’ve always wanted. Buying your own home is the only way to make that dream come true.

“Those are only four non-financial reasons it’s important to pursue homeownership, and certainly there are many, many more,” continues Piette. “But if you have the belief or the mindset that owning a home is not an option for you, we’d like to ask you one simple question: “How do you know?”

“We ask that because statistics show that more than half of the people who aren’t sure if they’re qualified to obtain a mortgage loan never even ask the question.  While we agree that’s a truly mind-boggling fact, it’s not hard to understand why – after the effects of The Great Recession took their toll – so many people make the assumption that their history, credit score, finances, or job situation would make them ineligible for home loan approval.

“At Premier Mortgage Lending – we know better. Because we’re a mortgage broker, we are able to work with a large network of lenders that offer loan programs to fit the needs of many different types of homebuyers,” he reveals. “Unlike a large bank or mortgage banker (who only sell their own loan products) – a broker has relationships with dozens of different lenders whose qualifying requirements can differ widely. So we’re able to cast a wider net on behalf of our clients to find a loan that will work best for them.”

Just a few of the loan options that Piette refers to include a true “No Fee Loan” program – that literally costs the buyer $0 in Loan Origination, Underwriting, Document, and Processing Fees; a “1% Down” program that helps buyers without a large down payment available, and private money financing through their Another Chance Nevada program – available to homebuyers as early as one day after a foreclosure or short sale.

“When you work with experienced Loan Officers like we have at Premier, you have an advocate on your side who can think outside the (check)box(es) to help you find your path from renting to owning a home,” adds Piette. “We’ve been helping Las Vegas residents achieve their “American Dream” for years. Isn’t it worth a phone call to find out if you and your family can enjoy all the benefits that come from living in a home of your own?”

To find out if you’re able to qualify for one of Premier Mortgage Lending’s many programs, call 702.485.6600.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Think Owning a Home Now is Out of the Question? Think Again.

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When it comes to thinking about owning a home, it seems most people place themselves into one of two categories: “Let’s Do It” . . . and “It’ll Never Happen.” But at Premier Mortgage, we’ve been pretty busy working on a third option – and one that we’d like to see become the only category – “Let’s Find a Way to Make It Happen.”

“At Premier Mortgage, our Loan Officers have been mortgage loan experts for a long time, working right here in the Las Vegas valley. In fact, altogether, we offer more than 75 years of loan experience for our customers – and that’s really important for borrowers to know,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

“Why? Because despite titles handed out to employees by many financial institutions, it’s really not inconceivable that your bank’s “Loan Officer” could have just literally started their lending career yesterday. And here’s why that should matter to a borrower: It’s one thing to ask questions and check off boxes on a form – but it’s something else entirely to use years of experience and creativity to help borrowers find real solutions for their mortgage loan needs.

“The thing is, every borrower has a different financial and life situation – so not every loan application is going to fit into the same nice, neat package for a lender,” Piette continues. “That’s one of the reasons we rarely tell a customer “We can’t get loan approval.” Instead, it could simply be “We don’t have loan approval yet.

“That “yet” is the critical thing for homebuyers to know about – because even if they aren’t able to qualify for the first, best choice of a traditional, “No Fee” loan (which Premier also offers) – there are still many other mortgage loan options available to explore.”

Rick Piette should know – as his team of expert Loan Officers have been helping people find those options for years.

“For example, one exciting new program that we’ve been able to offer our customers recently is our “1% Down Program” – that works exactly as it’s titled,” he explains. “This loan is a great chance for those who are renting and want to own their own home – and also for those who have been unable to save up 5, 10, or 20% for a down payment to put on a home purchase. The opportunities with this loan are tremendous, and with it – we’ve helped many families get into a home of their own and begin building their own financial nest egg.

“We also have a Private Money financing program for those who don’t qualify for a traditional loan right now – but that have access to put a 25% down payment on a home,” Piette goes on to explain. “This is an excellent short-term solution for buyers because it gives them the chance to buy a home now and take advantage of current prices. Then, as soon as their financial and credit situations improve – they can refinance at better rates with no prepayment penalty.”

“Those are just two samples of options for people who want to buy, but assume that they don’t have the credit, down payment, or financial capability to do so. There are many other loan options available that borrowers may not even realize they qualify for.

“That’s also why it’s so important to work with a Mortgage Broker, too. Our network of lender relationships means we’re often able to help buyers achieve what they thought was impossible: Picking up the keys to their very own home. But you’ll never know if you don’t just ask!”

For more information about how Premier Mortgage Lending’s experienced team of Loan Officers can help you assess your current homebuying status – and also provide recommendations on how you can improve that status in both the short- and long-term – contact 702.485.6600 or visit www.PremierMortgageLending.com. Las Vegas residents have been enjoying outstanding service and exceptional value from Premier for years. Why shouldn’t you be one of them?

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Keeping “The American Dream” Alive and Well – With Another Chance Nevada Mortgage Financing

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Owning your own home.

That’s a powerful statement, all by itself. For some people, it’s a scary thought – for others, it’s a lifelong dream. It can conjure up many different thoughts and emotions – from gaining a sense of pride to representing grown-up responsibility . . . and pretty much everything that flows between and around those ideas.

Since The Great Recession – when untold numbers of Americans saw the value of their homes drop by huge percentages, many even losing them to foreclosures or short sales, there have been those who wonder if that particular “American Dream” is over – that perhaps its time has come and gone.

But the truth is – the dream of homeownership is still very much alive and well. And that’s because owning a home isn’t simply a ‘transaction’ – it’s a mindset and a way of life. Just ask those who lost their homes in recent years due to the housing crisis – because after having owned a home, the desire to own again is even stronger. There are no ifs, ands, or buts about it: Having a home of your own provides a sense of security, belonging, and family stability that can rarely be found any other way.

At Premier Mortgage Lending, we recognize that owning a home can be the very foundation that families build their entire way of life upon. That’s why when we saw the effect the housing crash was having on the lives of thousands of our Las Vegas neighbors, we took action. We created Another Chance Nevada, so that we could offer a mortgage alternative to those whose credit had been damaged by the recession – either through losing their home or by seeing their finances and credit rating take a hit due to the developing economic crisis.

Through Another Chance Nevada, we created a source of Private Money Financing options for those who aren’t able to qualify now for traditional financing. These loan programs do require a minimum of 20% down payment, and rates and fees will be higher than for a traditional home loan. However, it’s an excellent opportunity for buyers to obtain long-term financing at competitive rates. These loans are free of any predatory loan features — and best of all, there are no pre-payment penalties.

Why is that the best part? Because it means that as you continue to work on raising your credit score and financial stability – as soon as you’re able to qualify, you can refinance to get a traditional loan at an even lower interest rate.

In fact, we even have the perfect mortgage loan for after you recover financially, too – because Premier Mortgage Lending is the home of the true No Fee Mortgage Loan. That means Zero: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so there’s a good chance you’ll end up saving thousands of dollars on your mortgage loan. (And yes – we encourage you to shop around and compare rates when that time comes. You don’t have to just take our word for it . . . you can find out for yourself!)

To learn more about how you can own a home again – in as little as one day following a short sale or foreclosure – visit us at AnotherChanceNevada.com. And to watch our short series of Home Loans #101 educational videos, visit www.KnowBeforeYouOweNevada.com. We created them to take the ‘mystery’ out of obtaining a mortgage loan. They’ll explain exactly what you need to know to save big money on your next loan – and tell you exactly which questions to ask your next mortgage lender.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors

OWNING A HOME AGAIN REALLY IS AN OPTION – WITH THE RIGHT LENDER

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If you’ve owned a home before, you know how it feels when a dream becomes a reality. You’ve felt the pride of staking a claim on your own land, the joy and satisfaction that comes from making your home environment personal and unique to your family’s needs.

But if you lost that home in a foreclosure or a short sale – as so many thousands were forced to do during the recent recession – you also know what it’s like to have your dream come crashing down around you.

As Rick Piette, owner of Premier Mortgage Lending states, “There’s no doubt about it – losing a home that way is devastating. And it’s not just a financial matter – it’s emotionally difficult for you, your family, and perhaps especially on your self-esteem. Being able to provide the basics for our family is built into our DNA – which makes such a loss a very difficult transition. ”

However, we’d like to remind you that this is a good time to remember that old adage: “It’s better to have loved and lost, than never to have loved at all.” Because we’ll let you in on a little secret . . . that theory applies to many things in life. It’s especially true when it comes to owning a home again. Because just as love will find a way to re-enter your life — once you’ve experienced the pride of owning a home, you’ll find that with the right help, you can get back there again, too – and earlier than you may have thought.

“At Premier Mortgage Lending, we wanted to take an active part in getting Las Vegas families back into a home of their own,” reveals Piette. “We’re part of this community, too – and rather than stand by and idly watch as the housing crisis hit our family, friends and neighbors so hard – we decided to seek solutions instead. The kind that could help people recover financially and experience the pride of becoming a homeowner once more – sooner rather than later.

“For the last several years, that’s been the sole purpose of Another Chance Nevada. With our unique private lending division, we’ve made it possible for hundreds of people to obtain a mortgage loan as early as one day following a short sale or foreclosure.

“Because private financing is free of the mandatory waiting periods that accompany government-backed loans following a foreclosure or short sale,” he continues, “we’ve been able to assist buyers in obtaining that coveted ‘Good news! Your loan has been approved!’ phone call a lot faster. And even while the rates and costs may be slightly higher than an FHA or VA loan – the savings still add up over time when compared to the high costs, uncertainties, and restrictions that go along with rented properties.”

Studies have shown that over half of the people who want to buy a home are too afraid to ask if they qualify, simply due to the hardships they suffered during the recession. But with the passage of time and an economy on the upswing – this is precisely the right time for you to ask that question . . . of the right lender. Let Premier Mortgage Lending help you find a way to give you back that American Dream. Call today for a personal consultation – or even apply online.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

7 things mortgage lenders like to see from borrowers

The most complex aspect of the home buying process is securing a mortgage in our current market. Mortgage lenders require detailed information from borrowers in order to determine eligibility and the interest rate of your mortgage.

Here are seven things mortgage lenders will ask for as part of this process:

  1. Social Security numbers or taxpayer identification numbers for all borrowers.
  2. Current financial status, including but not limited to: account numbers and status of all checking, savings, money market, retirement, and credit card accounts. They will also want to see copies of at least 2 to 3 months of checking and savings account statements and balances.
  3. Proof of employment, i.e. recent W-2s or pay stubs to prove your financial stability.
  4. Information on any consumer debts, i.e. complete credit history, from car loans to student loans, etc.
  5. If you are receiving financial help from a friend/relative for the down payment on your mortgage, then your mortgage lender will ask to see a Gift Letter showing the funds are a gift and do not have to be repaid. This letter needs to be written, signed and notarized by the person lending the funds.
  6. Proof of utility bill payments and rent payments. This exemplifies your payment history and revolving debt.
  7. Finally, your entire federal income tax returns. Why? Just another added level of protection against fraud or misrepresentation of income to the lender.

Mortgage lenders may well ask for additional information depending on your marital status, employment status or credit history.

For more information on Premier Mortgage Lending’s Finance options, please visit our website or contact us on 702-485-6600 today.

If I declared bankruptcy, am I still eligibile to receive financing?

A question we are frequently asked here at Premier Mortgage Lending is

If I’ve had to declare bankruptcy, am I still eligible for your loan program?

Answer: Yes. We realize that the only way out for some of our borrowers was to seek the protection of the courts. Certain conditions apply, so you will need to advise us of your particular situation.

Find out more about our Another Chance Nevada Program here: http://www.premiermortgagelending.com/second-chance-loans.html

Purchasing a home after short sale, foreclosure now possible with Premier Mortgage Lending

Rick Piette of Premier Mortgage Lending
Rick Piette of Premier Mortgage Lending

While there are certainly rays of sunshine on the horizon for both our local and national housing market with increasing home prices and strong sales numbers, not everyone feels the warmth, especially the thousands of Southern Nevadans who have already lost their homes to either a short sale or a foreclosure and those prepping for a similar fate in 2013.

“2013 has continued to show a growth in both housing prices and home sales, reasons for optimism that our real-estate market is getting back on track. While this may be great news for our economy and home shoppers, it is bittersweet for others,” Rick Piette of Las Vegas-based Premier Mortgage Lending said, citing statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reported a total of 3,232 sales in February, up from 2,821 in January. Last month’s sales price for a single-family home was $150,000, up 24 percent compared to February 2012, while median sales price for condominiums and townhomes were up 36.7 percent within the same one-year period.

“These statistics show that our market is in an upswing with a strong demand among buyers seeking to buy homes at today’s lower prices. They’re also a reminder of the misfortune of the thousands of Southern Nevadans who suffered the loss of their homes through short sales and foreclosures. Since the start of the housing downturn, literally hundreds of thousands of Nevadans have lost their homes. Getting these people back into homes of their own is fundamental to the success of our recovery, and a primary goal for Premier Mortgage,” Piette says.

“I expect the sales to remain steady because short sales and foreclosures will continue to hit the market with as many as 80,000 homeowners currently underwater and delinquent on their mortgage payments, possibly facing a short sale or foreclosure in the near future. I believe that Congress’ extension of the Mortgage Forgiveness Debt Relief Act will prompt some who are currently weighing their options to finally move forward with a short sale or foreclosure before the act expires Dec. 31,” said Piette, a longtime Nevadan who has worked in the mortgage industry for over 25 years.

He says that uncertainty often follows a short sale or foreclosure due to both emotions and conflicting information.

“Many people who have experienced a short sale or foreclosure think that they don’t have any option other than rent for at least two or three years, but more realistically at least five years. But, this is not true. New loan programs such as Premier Mortgage Lending’s ‘Another Chance Nevada’ make it possible to purchase a home right after a short sale or foreclosure and to take advantage of today’s great home prices.”

Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates, according to Piette.

Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.

“While the decision to purchase now using non-traditional financing or to wait until you can qualify for a traditional loan is a very personal one, recent data suggests that now may be a good time to buy. Plus, if the housing prices continue to increase in 2013, it might make more financial sense to buy a home with an Another Chance loan now and then refinance when your situation allows,” Piette said.

As a full-service lender, Premier Mortgage Lending provides complimentary mortgage pre-qualification to help people determine if they may qualify for a traditional mortgage or Another Chance Nevada, and to weigh if buying a home is the right decision for them.

For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 or visit www.AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Nevada leads U.S. in spiking home prices

Steady increases in prices are helping fuel the housing recovery. They’re encouraging some people to sell homes and enticing would-be buyers to purchase homes before prices rise further.

Nevada is currently ranked second in the United States for home price appreciation. Read more about the housing market forecast in this Las Vegas Review-Journal article. If you’ve experienced a foreclosure or short sale and are looking to get back into home ownership before prices rise, Premier Mortgage Lending and the Second Chance Loan program are here to help.

Premier Mortgage presents purchase options after short sale or foreclosure

Housing reports released last month have shed rays of optimism on the recovery of the Las Vegas Valley’s housing market, placing 2012 as a year with double-digit price increases and strong sales numbers. Not everyone looks at this news fondly, especially the thousands of Southern Nevadans who lost their homes to either a short sale or foreclosure and do not think they can obtain financing for a new home purchase right now.

“The statistics definitely show that now is a great time to buy a home in Southern Nevada as the prices are low, and those who can are doing just that. Thousands of Nevadans have suffered the loss of their homes to either a short sale or a foreclosure, and there are as many as 80,000 homeowners in the valley who are currently underwater and delinquent on their mortgage payments and may lose their homes, too,” Rick Piette of Premier Mortgage Lending said. “Getting these folks back into a home of their own will help stabilize our neighborhoods and keep the momentum in home sales moving forward.”

According to a Jan. 29 article from CNN Money, housing prices have posted their biggest jump in six years nationwide. Citing the Standard & Poor’s Chase-Shiller index, an increase in the Las Vegas market’s home prices landed the valley among the top 5 of the 20 major markets that it tracks nationwide, comparing

November 2012 sale prices to November 2011.

This national data complements statistics released locally by the Greater Las Vegas Association of Realtors, which recorded a 24 percent price increase from January to December 2012 and tagged 2012 as having the third most home sales in a year.

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“A lot of people who want to become homeowners as well as investors believe that now is a great time to buy a home and are contributing to the valley’s influx of home sales. There are thousands of others who also want to also take advantage of this window of opportunity to buy a home at today’s low prices, but because of a recent short sale or foreclosure they think they are locked out of homeownership as they’re waiting to qualify for a traditional home loan,” Piette said.

“If you are waiting until you can qualify for a traditional home loan, it may be quite a long time as there’s a growing disparity between what the lending manuals say in regards to waiting time and what we are seeing in actual practice. While the manuals state waiting periods of two to three years after a short sale or foreclosure, the reality seems to be more like three to five years for the typical Las Vegan to purchase again” Piette said. “Many do not have to wait thanks to non-traditional financing programs like Another Chance Nevada by Premier Mortgage Lending.”

According to Piette, Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates.

Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.

“The decision to purchase a home now using non-traditional financing or to wait until you can qualify for a traditional loan is an individual decision. For many, Another Chance Nevada makes financial sense because their mortgage payment may be the same, if not lower, than rent,” Piette said. “Plus, if housing prices continue to increase like in 2012, it might actually cost more to buy a home with a traditional loan down the road than one now with an Another Chance loan.”

As a full-service lender, Premier Mortgage Lending provides complimentary mortgage pre-qualification to help people determine if they may qualify for a traditional mortgage or Another Chance Nevada, and to weigh if buying a home is the right decision for them.

For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 or visit www.AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and is a member of the Las Vegas Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Association of Realtors pushing for clarification on robosigning

While AB 284 tops the Association of Realtors’ agenda for the legislative session, association officials recently told VEGAS INC that the law has not been nearly as destructive as many people think. They said foreclosures are falling for a number of reasons, including the improved economy and last spring’s $25 billion National Mortgage Settlement between the nation’s five largest mortgage service companies, a coalition of federal agencies and 49 state attorneys general.

According to Vegas Inc., one in every 37 housing units in Nevada received a foreclosure notice last year, down from 2011. The National Mortgage Settlement provides that banks must offer homeowner relief and refinance underwater borrowers. Foreclosures are down because after the Settlement, banks now have little incentive to foreclose due to credits given for short sales and principal reductions, not foreclosures. Read the article here.

Premier Mortgage Lending offers Second Chance financing to Nevada homeowners even to those with a recent history of foreclosure or short sale. Call for details: 702-485-6600