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It is not a secret that most lenders who hold the notes on Las Vegas properties are not cooperating with short refinance requests.

For some reason, these large banks would rather force a homeowner into foreclosure, sit on the property for 12 months, pay for maintenance, and then sell it at an even lower price down the road.

It is depressing to hear how my Las Vegas mortgage clients are really treated by their current lenders when the topic of loan modification, short refinance, or short sale comes up.

Most of the homeowners that I’ve spoken to were all told that they had to be 90 days late on their mortgage payments before the bank would consider looking at other options.

No wonder there are so many Las Vegas mortgage foreclosures. You just can’t expect a borrower with a perfect credit history, stable job, and plenty of assets to ruin their credit just to get their banks attention.

Well, I’m here to tell you that there are a few banks who have started playing ball with the short refinance requests. The bailout bill might loosen some things up for the Las Vegas mortgage market sooner than later.

Don’t give up, I anticipate some positive news in the next three months.

Written By: Mark Madsen Communications Director Raintree Mortgage Services Las Vegas, NV, 89147	Work: 702-432-5626 mark (at) myfhablog.com MyFHAblog.com
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