Lender offers options after foreclosure

Everybody wants to have choices in the important aspects of their lives. Thousands of Southern Nevadans may feel stuck and with no option other than rent for years because of a recent foreclosure or short sale.

This is not necessarily always the case, said Rick Piette of Premier Mortgage Lending, which offers Another Chance Nevada home purchase program.

The program connects individuals with less-than-perfect credit to private and institutional portfolio lenders who offer home loans following full-documentation underwriting guidelines, as soon as a day after a short sale or foreclosure.

"There is much confusion as to how long you'll have to wait after a short sale or foreclosure before you can buy again. With the help of real estate professionals, the word is getting out that you don't have to wait three, five or even seven years before you can buy ... you can immediately be a homeowner again," Piette said.

Among the realty professionals whose clients have obtained financing through Another Chance Nevada is Mark Karten.

"Personally, I think that Another Chance Nevada is a phenomenal program. It is unique in that it gives people who have recently experienced a short-sale or foreclosure the option for home-
ownership that they didn't have before. I have had people from other states contact me about the program, but it is unique to us in Nevada," said Karten, a Realtor and owner of The Karten Group.

"It fills a need in the market for people who do not have another alternative (for home financing), and I think that it is a program that is ahead of its time. Premier Mortgage Lending's program is so well done, and when it is put into its correct context, it is very reasonable."

Another Chance Nevada provides 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.

The loan may be used on the purchase of a resale or a new home. The lender is 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.

Premier Mortgage Lending provides clients complimentary mortgage prequalification.

"As a preferred lender, Premier Mortgage Lending is an integral part of The Karten Group's team. We have a very symbiotic relationship that works well for us and offers our clients a great peace of mind. ... We know that their prequalification process is very thorough, they ask the right questions, and there are not going to be any surprises later. Our buyers leave (the prequalification meeting) fully understanding the mortgage process and their options," Karten said.

For additional information, 485-6600 or visit www.AnotherChanceNevada.com.