Since the “housing meltdown” in 2007, the United States government has enacted a variety of laws to assist homeowners in retaining their residences. Most lenders cooperate with these programs–whether private banks (Bank of America, Wells Fargo, US Bank and Chase); quasi-governmental agencies (Fannie Mae, Freddie Mac and FHA); or securities companies (Merrill Lynch, Morgan Stanley, etc.).
Those who have tried to navigate the process of dealing with these lenders can attest to how difficult it is. Fortunately, The Law Offices of Rahm & Associates has assisted hundreds of Nevada (and homeowners in other states or Nevada residents holding homes in other states) to obtain loan modifications.
For a clear, easy-to-understand explanation of these programs; and how you might benefit from them, call The Law Offices of Rahm & Associates for a free consultation.
You have many options. You cannot know and understand them all. Call the attorneys who have helped HUNDREDS of Nevada homeowners just like you.
But there are other options besides a loan modification, for more, read further.
Residential Short Sales
A short sale is when a lender agrees to allow a homeowner to sell their home for what it is currently worth, even though the sale price is going to be less than the balance owed. Usually, the lender will agree, as a condition of the short sale, to WAIVE any “deficiency,” that is, the negative difference between what is owed on the home and what it sells for.
A new law was passed in October 2013, SB 321, commonly known as the “Nevada Homeowner’s Bill of Rights. Under this law, there are certain additional benefits and opportunities for those contemplating short sales.
Short sales are an exciting new opportunity for Nevada homeowners. To learn more, call the Law Offices of Rahm & Associates for a free consultation.
Home Foreclosure Mediation
After the housing meltdown, the State of Nevada was one of the few states to adopt a Homeowner’s Mediation Program. This program has been very successful in assisting Nevada homeowners to retain their residences. However, homeowners must meet certain requirements and deadlines to participate in mediation. The Law Offices of Rahm & Associates has represented homeowners at more than 350 mediations, representing only homeowners.
Your lender has not treated you fairly outside of mediation; do not expect them to treat you fairly in mediation. You should take an experienced team of attorneys with you to mediation. You only get one chance to attend mediation.
Call The Law Offices of Rahm & Associates for a full explanation of how mediation works; your rights in mediation; and how to get the most out of mediation.
There are two ways a lender can recover a defaulted mortgage. First, through a non-judicial foreclosure (which triggers a homeowner’s right to mediation); or by a judicial foreclosure. Many Nevada homeowners are sued by their banks to recover the defaulted mortgage; and thus recover the property (take it away from the homeowner). In many cases, homeowners can stay in their homes for the duration of these lawsuits, which, can take months or years if properly defended. In many cases, loan modifications and/or significant payments to voluntarily turn over the home have been arranged by The Law Offices of Rahm & Associates for its homeowner/clients.
A judicial foreclosure is a serious legal matter in District Court, the highest court below the Nevada Supreme Court. Don’t face your lender by yourself. Know your rights. If your lender has sued you, for a free consultation, call The Law Offices of Rahm & Associates to learn what rights and options you have.
HOA Foreclosures and Litigation
Nevada Homeowner’s Associations are granted strong rights under Nevada law. In many cases, they can do things that a lender cannot do. In fact, a Nevada HOA has “superseding lien rights,” meaning that if a homeowner does not timely pay their HOA dues, the HOA can step in front of a lender and put a lien on the property; and even foreclose the property and sell it. In many cases, a homeowner have lost their homes over a few hundred dollars due the HOA.
Don’t face the hoa alone. They have real power. If you are behind on your HOA obligation, don’t wait. Call The Law Offices of Rahm & Associates for a free consultation to learn your rights and how to resolve this serious issue.
Because the legislature has given such power to the HOAs, they tend to abuse this power and go after homeowners for the smallest of things. But their actions are serious and require a serious response from experienced attorneys. Don’t wait if you are fighting your HOA, call The Law Offices of Rahm & Associates today.
Second Mortgage Relief
When the Nevada housing market was booming in the early 2000’s, many Nevada homeowners obtained 2nd mortgages and/or Homeowner Lines of Credit (HELOC’s). In many cases, these second mortgages served as the down payment on the residence.
However, now that the market has crashed, most of these second mortgages are “out of the money.” This means that what the homeowner owes on the first mortgage is more than the current value of the property. So, the second lender effectively has no collateral, and is unsecured.
Second mortgage lenders have watched thousands and thousands of homes be foreclosed and they are powerless to stop a first mortgage lender. Their only alternative is to negotiate a settlement with the homeowner or sue the homeowner after the foreclosure. It often impractical to sue a homeowner who lost their house because they could not afford the house payment (usually because of a job loss or reduced hours at work).
The Law Offices of Rahm & Associates has negotiated favorable second mortgage settlements with hundreds of Nevada homeowners. If you have a second mortgage, there is no reason to wait. Call The Law Offices of Rahm & Associates for a free consultation to determine what YOU can do about your “out of the money” second mortgage.
Residential Real Estate Transfers
There are a variety of reasons why a property owner needs to transfer title to real estate. The State of Nevada wants to tax you for these real estate transfers. But there are a variety of exemptions available to a transferor of real property in Nevada; including, but not limited to (1) paying off a loan; (2) sale of a business; (3) an owner dying, leaving a business to another owner/partner; and (4) a divorce. If you properly identify the purpose of the sale, you can avoid thousands of dollars in transfer taxes.
Do not attempt to file a deed transferring title without first consulting an experienced attorney in real property law. You could unnecessarily pay transfer tax when instead you should have used an exemption.
To learn more, call The Law Offices of Rahm & Associates for a free consultation. Investing in a few hours of quality legal advice could save you thousands.
Quiet Title Actions
An action to quiet title is a lawsuit filed to eliminate ambiguity as to ownership of real property. The plaintiff in a quiet title action seeks a court order that prevents adverse parties from making any subsequent claim to the property. Quiet title actions are often necessary because real estate may change hands often, and it is not always easy to determine who has title to the property.
There are cases where elderly parents have put one or more of their children on title to assist them; and then the rest of the children have watched this child wrongfully steal their inheritance from these trusting parents. There are cases where a contractor or subcontractor have wrongfully liened a home claiming money due when there is no money due. There are a variety of similar circumstances where title to property is “clouded.”
Most home (or commercial property) owners; or beneficiaries of their parents’ estates have no idea what to do when they face this type of situation. The Law Offices of Rahm & Associates has significant experience in dealing with these types of cases.
Don’t guess; don’t give up; don’t pay a bill you don’t owe. Call The Law Offices of Rahm & Associates for a free consultation to learn more about how to resolve these issues.
The Law Offices of Rahm & Associates has represented both landlords and tenants in negotiations, in court actions, and in purchases and sales of residential and commercial properties. Nothing is worse than being afraid of entering into a residential lease with great hopes for the lessor and lessee; and then one party or the other trying to take advantage of the other. We want to feel secure in our homes, whether purchased or leased. We have a right to feel secure in our homes and business properties.
If you are a tenant with a bad landlord; or a landlord with a “tenant from hell,” call The Law Offices of Rahm & Associates. We have years of experience in dealing with these types of situations and can, in many cases, quickly resolve any outstanding issues. Our goal is to clear up any misunderstandings and/or mutual mistakes in lease agreements so that the parties can work together thereafter harmoniously.