Seminar to address challenges in foreclosure and short sales

Short sales and foreclosures was the hot topic of a free seminar presented at the Clark County Library last month. Nearly 300 people attended the first of several scheduled informational seminars about the topic.

A local mortgage lender, real estate broker, attorney who specializes in short sales and a certified public accountant addressed the legal and tax ramifications and future ability to buy a home. They also answered audience questions as they presented the "Underwater? Looking for Options" seminar.

"The high turnout confirmed that there are a lot of people going through the challenge of being underwater in their home and wanting to learn about their many options. Some people who attended shared their experiences and their concerns of what has happened to them personally, their many questions and a desire of wanting to move forward," said Bob Hamrick, a seminar presenter and CEO of Coldwell Banker Premier Real Estate.

"Unfortunately, I don't see their concerns going away anytime soon with recent reports of 70 percent of Southern Nevadans being underwater in their homes. Plus, Freddie Mac and Fannie Mae own the majority of home loans in Las Vegas and last month they came out saying that they would not be modifying loans with principal reductions," he said. "Basically, homeowners in a tough financial situation are kind of pigeonholed and they really need to be fully aware of their options."

Although 86 percent of those attending the seminar still own their home, the information is beneficial to those who are in the midst of or recently experienced a short sale or foreclosure, according to seminar organizer Rick Piette of Premier Mortgage Lending. He said participant response was "phenomenal," with attendees ranking it 9.3 out of 10.

"This seminar is basically designed to assist homeowners to realize the many ramifications of a short sale or foreclosure, their options and how to move forward," Piette said. "I believe that anyone who is even considering a short sale or foreclosure should either meet with a real estate agent or an attorney who specializes in the short sale or foreclosure process. Education is king."

Due to high public interest, the seminar will be presented again 6-8 p.m. Sept. 18 at the Clark County Library, 1401 E. Flamingo Road.

Speakers again will include Hamrick, Piette, Jamie Cogburn of Cogburn Law Offices and Jason Payan of Payan & Miles CPAs.

This event will include an expanded question-and-answer session.

The seminar is free and open to the public. Seating is limited. Reservations are required and may be made at
www.whencanwebuyagain.com.

"There are so many different factors and considerations that are part of a short sale or foreclosure," Piette said. "It's a highly personal and emotional situation and there is not a one-size-fits-all approach. This is why it's important for people to fully be aware of their options before, during and after a short sale.

"A real estate agent can help you strategize as to if a loan modification is a possibility, or if staying in the home or a short sale is the best option. An attorney and CPA can help you understand the many legal and tax consequences. A mortgage lender like myself can help you understand the options of purchasing a home again. Many people believe that it will take years to buy another home, but this is not always the case because there are new loan programs out there that can get you back into a home much quicker than you would think," Piette said.

"Through this seminar, we hope to provide attendees with the proper facts so that they can determine what may be best for their unique situation," he added.