Home Selling in Las Vegas>Question Details

Avegas702, Home Seller in Las Vegas, NV

How can you get out from under a house worth a quarter of what you owe???!!! No financial hardship--HELP!

Asked by Avegas702, Las Vegas, NV Wed Aug 19, 2009

I own a home in Las Vegas that is a little over three years old. I currently owe approximately 300K on it, and I'm lucky if comps in the area are showing half that. I have two foreclosures on either side of me and am feeling helpless. I can easily afford my house payment, and want to do the responsible thing---but with market trends it looks like I'll be further upside down in a year if I keep this house. Part of me wants to jump on the bandwagon and quit making payments, but I'm terrified to destroy my credit. I realize this is the nature of an investment; but the longer I keep with this (we are moving in another 2 years), the more in debt I'm becoming and our 2K payments each month are going into a "black hole". Please anyone--if you've been in this situation or have some advice, I feel like I need to be doing something. I don't want to be irresponsible, but I don't want to be stupid either.

HELP!!!

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Avegas702,

Without going too far in details, feel free to call me and I will be happy to give you all the ins and outs of the short sale process. I specialize in short sales and have helped many people avoid foreclosure, no matter their financial situation. There are cases where the lender may allow you to do a short sale without much of a financial hardship. I have worked these types of short sales with other clients and have been successful.

If you truly want the best chance of getting a short sale approved with your situation, call me. I will share my knowledge and expertise with you.

Len McGuirk, CSP
Certified Short Sale Professional
Prudential Americana Group, Realtors
Cell: (702) 203-6688
0 votes Thank Flag Link Wed Aug 19, 2009
You are not alone in your situation. Some things you do need to consider:

1. It will negatively affect your credit if you do a short sale or foreclosure
2. Your credit card limits will likely be reduced
3. Short sales are not guaranteed and you will need to prove a hardship.

That being said, a Las Vegas Short Sale is still more beneficial than "walking away". If you would like to discuss your options, please give us a call at 702.604.7739 or check out http://www.savemefromlasvegasforeclosure.com

Your best bet for credit is to ride it out (but the question is - for how long?)
Web Reference: http://www.teamcoldwell.com
0 votes Thank Flag Link Wed Aug 19, 2009
Unfortunately, you are in the same situation as anyone who either bought in Las Vegas between 2004 and 2008, or took out equity when the market was higher.

You have three options. The first is, I would try and get a loan modification with my lender. Depending on who the lender is, they may or may not help you since you are not behind in your mortgage and can afford to make the payment. Unfortunately, just being upside down is not a good enough reason for a loan mod, but I would certainly explore this option. Don't pay someone to do this, as you can easily do it yourself for free.

Second is you can short sale your home. Your lender will want some type of financial hardship to exist, and they use one of five criteria to determine if they'll grant it. You will take some hit on your credit, but not as big as if you let it go to foreclosure.

Third is, you can ride it out. If you're planning on living here for awhile, someday your house may be worth what you owe, but it will probably be quite a long time.

Let me know if I can help you with any of these options.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
http://www.HeatherSellsVegas.com
0 votes Thank Flag Link Wed Aug 19, 2009
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