Foreclosure in 89122>Question Details

A, Other/Just Looking in Las Vegas, NV

own 2 homes one is in forclosure in las vegas.i can lose my second home?

Asked by A, Las Vegas, NV Wed Aug 13, 2008

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4
Just Looking:

Scott is right. It is actually better to try to communicate wit the bank. In Nevada we are considered a judicial state so technically the bank can go after the difference of what the home sells for and what you owe the bank.

Also, foreclosing right now is such a bad idea. If you ever want to buy another home obtaining a govenrment backed loan will take you 5-7 years to obtain again. And at the risk of sounding like a therapist; right now you probably don't want to think about buying another home but in 5 years things will change as will your needs etc.. Just think about it.

Why don't you try to list the property as a short sale? This will help ease the pain of the credit hit and you should be able to obtain a government backed loan within 2-5 years. Just my two cents.

So, keep paying your mortgage on your second home and it will remain yours. Keep in mind it will be extremely difficult to refinance as well. If you want a list of alternatives to foreclosure I can e-mila the information to you.

Of course, you should always speak with a tax advisor and/or an attorney for legal or financial issues that can affect you.

Take care.
1 vote Thank Flag Link Wed Aug 13, 2008
If you are paying on time on the second home no. However the mortgage holder from the home being foreclosed could attach the other home for the difference of what you owe to what they sell the home for at auction or in a post foreclosure sale. Your best bet is to negotiate with the bank before they foreclose, make it easier for them and as to be released from any difference of value. For a more concrete answer check with a Real Estate attorney or your accountant. But communication with the one beong foreclosed is key, i wouldnt offer up any info on the second property. You may be able to negotiate a short sale with the lender where they will take less than what you owe. Give the home retention department a call and see what they can do for you. Good Luck
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Wed Aug 13, 2008
Is your home a single story? We are looking to buy one. Did you want to sell one or are you trying to find a way to keep both homes? To the other/Just looking las vegas, nv
0 votes Thank Flag Link Mon Jun 8, 2009
A,

A short sale is a great idea if your property is in or heading towards the foreclosure process. I actually specialize in short sales and will be happy to discuss all the specifics with you if you contact me. All of my listings are short sales. I have also been very successful closing my short sales and getting them approved in a timely manner. I would negotiate with the bank on your behalf and get them to release the lien from your name without them trying to collect any amount for deficiency. Please consider call me to discuss your options. I look forward to hearing from you. Have a great day!

Len McGuirk
Short Sale Specialist
Prudential Americana Group
(702) 203-6688
0 votes Thank Flag Link Wed Aug 13, 2008
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