Free housing seminar to be held Tuesday at library

Because of the downturn in the housing market, underwater homeowners - those whose homes are worth less than their mortgage - make up roughly 70 percent of mortgages in Southern Nevada.

This leads homeowners to a great challenge when faced with the need to sell or refinance their homes, and sometimes a short sale or foreclosure appears to be the only option.

Those facing in this tough situation often ask many questions, including: "What can and what should they do, and what impact will a short sale or foreclosure have on their family?"

The answers vary widely and are highly dependent upon one's personal situation.

A local mortgage lender, real estate broker, an attorney who specializes in short sales and a certified public accountant will address these questions as well as numerous factors - including the legal, tax financial and future ability to buy a home - when they present "Underwater? Looking for Options" on Tuesday. The free public seminar will be held 6-8 p.m. at the Clark County Library, 1401 E. Flamingo Road.

Seating is limited. Reservations are required and may be made at www.whencanwebuyagain.com.

This will be the second seminar presented by Rick Piette of Premier Mortgage Lending, Bob Hamrick of Coldwell Banker Premier Real Estate, Jamie Cogburn of Cogburn Law Offices and Jason Payan of Payan & Miles CPAs. The first attracted a full house with almost 300 attendees in August.

"The seminar is designed for both people who are going through or have gone through a short sale or foreclosure, as well as those who are anticipating it," Hamrick said.

"For example, my approach as a Realtor is to assist in the kind of strategizing around whether a loan modification is a possibility, if staying in a home is the smartest thing, or if considering a short sale might be the best option. Jamie Cogburn and Jason Payan will discuss the many legal and financial considerations," he said. "Rick Piette will talk about mortgage programs that can help people after they come through the challenge and assist them in purchasing another home. Our seminar helps people who are facing the decision and those who are looking to moving beyond the situation.

"Knowledge is key," Hamrick said. "Many people have unfortunately buried their heads in the sand hoping that the problem will go away, and it unfortunately won't unless it's addressed head on. It is very important for people to know what their options really are before making any decisions."

An expanded question-and-answer session will allow attendees to discuss what is most important to them.

"We realize that the topic of short sales and foreclosures can be very confusing because there are different people offer conflicting advice and there are many different factors and considerations. Coming to this type of decision is never easy and it's highly personal," Piette said. "There is no one-size-fits all approach and no one should feel rushed into making this decision. It's our belief that people should become informed as to what a short sale or foreclosure will truly mean to them and how they can move forward if they take this route.

"We hope that through our seminar attendees will have the information that they need so that they may be able to make an educated decision as to what may be best for their unique situation."