I agree with Bridget and Rhonda. Although, short sale may not be your "only" option; it may very well be your best option.
Even if you were going to stay here in Las Vegas, if you are upside down with a true hardship (such as the one you describe), short selling your home might be your best option.
Let's consider your options. Even if you were able to somehow convince your HOA board to make an acceptation, the net result is that youâ€™re able to continue to service an upside down piece of property that could take years (and sometimes decades), to get right side up. And then, what have you really accomplished. The road is long and hard, but the rewards are few and meager. And, if you have to hire an attorney to secure this â€œvery unattractiveâ€ result; then, you can add that to the negative column too.
Alternatively, if you were able to get the property short sold (with a waiver of the deficiency), now you have something of real value. The albatross that would otherwise be hanging around your neck for the next (who knows how many?), years is gone. Let that sink in for a minute. You are debt free. You are even. And, donâ€™t forget, this year maybe your last year that you will be able to short sell your home and be forgiven the normal and usual tax consequences that would customarily accompany such an event, (typically, you have to pay taxes on forgiven income as though it was passive income received). If the Debt Forgiveness Act is not extended, and you end up having to short sell or get foreclosed on next year anyway, you may regret not having done the deed this year.
Keep your credit nose clean for the next year while you are fulfilling your job responsibilities out of the state, and come back to Vegas a "Qualified Borrower" ready to purchase a home at TODAYS market prices. You would probably be able to pick up a smoking hot deal in your same condominium complex for significantly less on monthly mortgage payments. Or, find a much nicer condo (or home), for the same mortgage payment. I don't think I am over selling the benefits here. I would (of course), need to know more about the particulars of your situation, but since you are a resident of Clark County (one of the hardest hit real estate correction markets in the country); I can be pretty confident that you are going to be far better off pursuing the short sale option instead of any other.
Give me a call, and let's talk about your options.
Robert K. Peddicord
Real Estate Consultant
Prudential Americana Group, REALTORSÂ®
Direct: (702) 218-3974
E-Fax: (702) 317-3371
Email : firstname.lastname@example.org
Web : http://www.peddicordconsulting.com
871 Coronado Center Dr.
Henderson, NV 89052... more