'Borrower Fatigue' Causes Homeowners to Ignore Real Offers - 8 News NOW

'Borrower Fatigue' Causes Homeowners to Ignore Real Offers

Posted: Updated:
"This is my pile of hard labor and heartaches," homeowner Charmagne Balean said. "This is my pile of hard labor and heartaches," homeowner Charmagne Balean said.
  • HousingMore>>

  • RealtyTrac: profits for Nevada home flippers getting slim

    RealtyTrac: profits for Nevada home flippers getting slim

    Friday, August 22 2014 4:22 PM EDT2014-08-22 20:22:20 GMT
    Outside of Washington, D.C., Nevada in the second quarter of 2014 led the nation in the percentage of residential sales classified as flipped homes but that percentage is slipping and so are the gross profits resulting from such flips, according to data released by RealtyTrac Thursday night.More>>
    Outside of Washington, D.C., Nevada in the second quarter of 2014 led the nation in the percentage of residential sales classified as flipped homes but that percentage is slipping and so are the gross profits resulting from such flips, according to data released by RealtyTrac Thursday night.More>>
  • Cash sales continue to dominate Las Vegas housing market

    Cash sales continue to dominate Las Vegas housing market

    Tuesday, August 19 2014 12:02 AM EDT2014-08-19 04:02:36 GMT
    Cash sales continued to dominate the housing market in Las Vegas in the second quarter of 2014, accounting for 50.7 percent of all residential sales, RealtyTrac reported Monday night.More>>
    Cash sales continued to dominate the housing market in Las Vegas in the second quarter of 2014, accounting for 50.7 percent of all residential sales, RealtyTrac reported Monday night.More>>
  • Nevada sees July spike in foreclosure starts

    Nevada sees July spike in foreclosure starts

    Thursday, August 14 2014 3:04 PM EDT2014-08-14 19:04:45 GMT
    Nevada led the nation in July with a 128 percent increase in residential foreclosure starts from the same month a year ago, RealtyTrac reported Wednesday night.More>>
    Nevada led the nation in July with a 128 percent increase in residential foreclosure starts from the same month a year ago, RealtyTrac reported Wednesday night.More>>

LAS VEGAS -- Some Nevada homeowners may be ignoring valid offers from banks to reduce their mortgages because of "borrower fatigue."

Real estate attorneys say many Nevadans are so used to hearing no from lending banks, they might miss out on a valid offer from a bank.

Charmagne Balean didn't like checking her mail for four years because it usually meant bad news from the bank. For four years, her family attempted to get their bank to agree to a loan modification.

"This is my pile of hard labor and heartaches," homeowner Charmagne Balean said.

This family of electrical contractors bought their home in 1999. When their bank finally agreed to cut their monthly payments nearly in half, they almost didn't believe it.

"You get so confused, you don't even know what to believe, or what not to believe," Balean said.

"The bank, they didn't have an answer. It was confusing at best," homeowner Mark Stuhmer said.

He said the bank reduced the amount he owed on his home/office by more than $300,000. He initially thought the offer was fraudulent.

"Oddly enough, today, if it looks too good to be true, it actually might be true," attorney Tisha Black said.

Black deals with homeowners trying to save their homes from foreclosure. She said there are often scams targeting those desperate homeowners.

"There's literally businesses that have copied the stationary of some of the big banks and offer reductions in principal or things like that if they forward some money."

Black's advice is to read all bank letters closely. Due to the multi-state nationwide foreclosure settlement, lending banks have more incentive to negotiate a principal reduction, a loan modification or a short sale.

Numbers obtained by the I-Team show that Chase is leading the way in numbers of home loans refinanced with Wells Fargo coming in next. However, those number also show banks are much more likely to help homeowners get out of their loan through a short sale.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.