Community Event Provides Hope to Upside Down Southern Nevada Homeowners

A Special Neighborhood Roundtable shares program information and why homeowners should keep a watchful eye on the Mortgage Debt Relief Act expiration. End Quote

Las Vegas, NV-AZ (1888PressRelease) May 03, 2012 - Southern Nevada homeowners who are focused on government programs like HARP2 or the $26 billion Mortgage Debt Settlement may want to keep a more careful eye on the Mortgage Forgiveness Debt Relief Act that will quietly go away on Dec. 31, 2012 - with significant tax consequences for those who have not closed their short sale by the deadline. At a FREE public Neighborhood Awareness Campaign (NAC) on Thursday, May 3, a panel of industry professionals will provide much needed clarity to the recent Mortgage Debt Settlement, foreclosure and short sale issue for upside down homeowners. "Even though 'short sale', 'foreclosure', 'loan reduction' and now the new 'mortgage settlement' are the current buzz words, most homeowners have little idea what these terms mean, if or when they might receive a settlement or what the short sale process looks like," says Bob Hamrick, Chairman and CEO of Coldwell Banker Premier Realty (CBPR). The event is from 7:00-8:00pm at 8290 W. Sahara Ave., 2nd floor, Las Vegas.

The May 3 roundtable will educate homeowners about a variety of government backed programs that could be financially beneficial that the public may not be aware of. Joining the event will be Sandra Jauregui, Lead Mitigation Specialist for Senator Harry Reid's housing department. For two years, Jauregui's role is to provide constituents with assistance in all housing related matters. Candice Kelley of the "Nevada Hardest Hit Fund," a U.S. Treasury approved nonprofit providing assistance and funds to qualified recipients will also be present. Lastly, Nicole Wright from Congresswoman Shelley Berkley's office will be there. Wright handles Congresswoman's housing casework.

The roundtable is just one in a series of NAC events. Another FREE community event will take place on Monday, May 7 at 2200 Paseo Verde Parkway, Suite 190 in Henderson from 6:00-7:00pm. A private session for members of the Latin Chamber of Commerce is also planned for Thursday, May 31. "NAC is a grass roots initiative where our sales associates are at ground zero going door-to-door speaking with residents and offering help for consumers who are upside down in their mortgage and don't know what to do about it." We have assembled a team of experts to provide answers and accurate information that people deserve to know," says Hamrick. Representatives include Wells Fargo, Ticor Title of Nevada, Cogburn Law Offices, Millennium Consulting Group, Premier Mortgage Lending, along with CPA's Payan & Miles who will share information about the tax implications of a short sale vs. foreclosure, and the critically important Mortgage Forgiveness Debt Relief Act that expires in just over 7 months. CBPR's management believes that the average short sale should have an expectation of 1 month to sell, 4 months to process, and 1 to 2 months to close financing. In order for homeowners to make the Dec. 31st deadline for the IRS relief, the home should be listed June 1 at the latest.

Coldwell Banker Premier Realty is ranked number 8 out of more than 1,200 Coldwell Banker companies nationwide. There are three offices in Southern Nevada (Summerlin, Henderson and Centennial Hills) and presently over 240 agent affiliates. The public may email at NAC ( @ ) CBVegas dot com for NAC information, or call 702-877-6200 or visit the company website at www.lasvegashomes.com.

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