Foreclosure in 89108>Question Details

clkpamela, Home Owner in Pasadena, CA

I live in California and bought 4 plex in Nevada as rental. I am now considering to short sale it. Will the bank go after me for deficiency judgments?

Asked by clkpamela, Pasadena, CA Fri Jun 8, 2012

I live in Los Angeles and bought a 4 plex in Las Vegas as rental. I am now considering to short sale it and would like to know if bank can go after me for deficiency judgments. Thanks

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18
Chris Harrison’s answer
Do you have the units in the Fourplex rented out? If not, my Company and I do property management. We would be happy to speak with you about our services and get the property fully rented and possibly help you keep your property.

As far as your question about the Bank filing a Deficiency Judgment against you, if you were to sell your Fourplex. It all depends on the Bank and what they would want to release the deficiency judgment. Since it's an investment property. I have seen clients that have investment properties sometimes have to come in with money at closing to get the Bank to release the defeciency judgment. My colleagues below have some great responses to your question. The most important thing is to communicate with your lender. See what options they may have available for you. Let them know that you may be considering a Short Sale. The only way to truly find out is to get the Short Sale process started.

Feel free to contact me with any questions or concerns.

Best Regards,

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 252-7100 Office
(702) 592-9510 Mobile
Chris.Harrison@msn.com
0 votes Thank Flag Link Fri Jun 8, 2012
I would highly recommend you speaking to the attorney my team uses as he is well versed in the law side of this and owns and runs a mortgage company and has years of experience at both. In a case like yours we would insist you getting the right legal advice from him and we may need his help as well and then you would need to consult your tax professional as well but we would certainly give our best to get you done!

Contact me today so I can get you on the right track!

Robin Fraser
702-622-0601
REALTOR®. Broker-Sales
Epro, SFR, CDPE, CIAS, CDAT
Keller Williams Realty, The Market Place 1
1333 N. Buffalo Dr. #270
Las Vegas, NV 89128
Email FraserProperties@aol.com
http://FraserPropertiesLV.com
http://www.RFTeamHomes.com
1 vote Thank Flag Link Sun Jul 22, 2012
Hello Pamela,

Your question can not be answered without going through the process. That meaning that it is typically a negotiation between you and the bank. Lately we have been very successful in getting a full deficiency waiver on short sales. If you list the fourplex with me I will get you a free consultation with an attorney. He will also review the short sale approval letter at the end to make sure you know how that is interpreted legally. He will also let you know if there are any other options available that may make more sense for you other than a short sale based off your financial situation. Please contact me anytime for a consultation.

Respectfully,

Billy Alt
Wynn Realty Group
Certified Distressed Property Expert
Short Sale and Foreclosure Resource
(702)250-1090
1 vote Thank Flag Link Fri Jun 8, 2012
How is the rest of your credit? You might want to consider a Chapter 11 BK, get a cramdown on the value of your fourplex, get a fixed rate loan at current rates and keep the property with afabulous cash flow.

David Cooper Investor/Agent 702-499-7037
0 votes Thank Flag Link Tue Jul 24, 2012
Well, its very possible that they would. It depends on the lien holder and their policies and procedures. You will have to find someone to work with and have them dig into it deeper.
0 votes Thank Flag Link Mon Jul 23, 2012
Hello, Mattie. Nevada has foreclosure laws unlike any of the other 49 states. An investor not from Nevada could face very serious judgments if this is NOT handled properly based on Nevada law.

My first thought is finding a lawyer that also has "short-sale" experience

David Cooper Investor and Buyers Agent at Since 1917 Realty 702-499-7037


Facebook Page. THANK YOU for "LIKE" me http://www.facebook.com/davidcooper.lasvegas
0 votes Thank Flag Link Tue Jun 12, 2012
A USDA foreclosure is like any other foreclosure. If you do not pay as agreed, the lender (USDA) will foreclose, and your credit will be badly trashed. You WILL be penalized for a foreclosure. With good luck, you will find a buyer who will pay you at least what is owed on the property.

You DO need to keep your agent informed about what is occurring, since that agent needs to know the situation in order to assist in proper sale of your property.

It's going to affect your Credit Score badly for sure BUT you still can stop the foreclosure depending on specific circumstances... Try this toll free number 877-925-6186 (Foreclosure Defense Cases) : they really help me through my foreclosure process (they stopped it and avoid damaging effects on my credit) and also my bankruptcy issues. Hope this will help and good luck.
Web Reference: http://www.indexpost.com/
0 votes Thank Flag Link Tue Jun 12, 2012
We are looking for MFRs, call me if you're interested. Maybe we can take over your payments.

Andrei Esca
Axiom Real Estate Solutions
Email: andrei@axiomprofessionals.com
Phone: 702 299 5297
0 votes Thank Flag Link Mon Jun 11, 2012
Who is the bank? I guess my 35 years investing experience leads me to get a lot more information before even thinking that this question could be answered. I would start by calling your bank and asking them your options.

David Cooper Investor and a Buyers Agent with Since 1917 Realty 702-499-7037
0 votes Thank Flag Link Sun Jun 10, 2012
Too many factors to determine whether you will have a deficiency judgment until it gets down to the wire - your short sale approval letter.
0 votes Thank Flag Link Sun Jun 10, 2012
Would to help you with your short sale, call me we can talk

Jan Ratzlaff
janratzlaff@gmail.com
702-379-7773
0 votes Thank Flag Link Sun Jun 10, 2012
It is possible for the bank to go after a deficiency judgement. I depends on the bank the type of loan and your financial position. The correct language in the approval letter will eliminate any future deficiency judgements. Who ever you use must have a sound track record closing short sales and know how to make sure the terms of the approval letter you sing off on are getting rid of any future liability. I have a great attorney that will do a free consultation to make sure you are making the correct decision. With over 5 years of experience closing Short Sales I have not had a client get a deficiency judgement or any language to that effect in their approval letter. Also I would have a buyer for your 4plex if it is in reasonable condition. Keep my information and let me know. I am always available to help.
Thank You
Suzie Marquardt
Suziem@RealtyOneLV.com
0 votes Thank Flag Link Fri Jun 8, 2012
The goal of the short sale would be to get the lender to agree to waive their rights to the deficiency amount, because with a written agreement, they can go after you for the deficiency. If an agreement can't be reached with your lender(s) agreeing to the deficiency waiver, then it might not make sense to complete the short sale, but getting to that point in negotiations is not a quick or simple task.

Hire an agent (like myself) who knows what they're doing and be prepared to do a fair amount of paperwork and document collection (tax returns, bank statements, pay stubs, hardship letter, etc...) Depending on your situation, I may also recommend a free consultation with an asset protection attorney before submitting your financials to the lender.

Damon Botticelli
Silver State Realty & Investments
(702) 523-7713
0 votes Thank Flag Link Fri Jun 8, 2012
I forgot to mention that I also have a buyer for that fourplex. Contact me ASAP

Billy Alt
0 votes Thank Flag Link Fri Jun 8, 2012
Hello! I would definitely love to speak with you regarding all of the questions you may have as to what a Short Sale of a property will entail. Even with a 4-plex we can definitely discuss the process and with an investor market right now in Las Vegas, I'm sure we could definitely find you a buyer! Do you currently have any tenants in the spaces? As a Certified Distressed Property Experty (CDPE) it is my goal to help you weather the down turn impacts of the market with the least amount of costs including avoidng deficiency judgments. I have had great success in assisting my clients Short Sale their properties without a judgment, making the process as smooth as possible. Feel free to contact me anytime!

Best of luck to you!

Sincerely,

Jamie Hammontree
0 votes Thank Flag Link Fri Jun 8, 2012
My recommendation for you is to talk to a Real Estate attorney. They should be able to give you the best advise.
Regards,

Lorena Petersen
RealtyOneGropLV.com
0 votes Thank Flag Link Fri Jun 8, 2012
The bank has the right to deficiencies, but the terms of your short sale determine this. Deficiencies are waived by your lender when your professional does a great job for you!

I am Short sale certified, and Ive had many successful short sale closings. Please contact me, so I can assist you with the infomation you need, and help you with the proceess.

Diane Varney 702.401.0307
Web Reference: http://dianev.cbvegas.com
0 votes Thank Flag Link Fri Jun 8, 2012
Yes, There is a chance that the bank might come after you for the deficiency. If you would like more answers to your questions. Please feel free to call me John Chamsi 702-465-3133
0 votes Thank Flag Link Fri Jun 8, 2012
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