Home Selling in Las Vegas>Question Details

Nhbob57, Home Seller in Las Vegas, Las Vegas,...


Asked by Nhbob57, Las Vegas, Las Vegas, NV Mon Aug 3, 2009

i have very good credit and would like to keep it this way problem is I have a mortgage of 192.000 what options do i have

Help the community by answering this question:


Being upside down in this market seems to be a very common thing today. You can try to short sale; although I would recommend holding on to the property and try renting it out. I can help you with the rental and recommend some great companies that can manage it for you.

We are seeing a shortage on inventory right now and many homes are seeing multiple offers. That is a sign that our real estate market is healthy and on its way to recovering.

I am here to be of service. So if I can help you in any way, feel free to contact me. Good luck!

KInd Regards;

Anna Wilk
Pegasus Properties
Cell 702-788-0019
0 votes Thank Flag Link Tue Aug 4, 2009
Hi Bob
I'm sorry to hear you want to leave Las Vegas. Many homeowners are facing the same problems you have. Your first option is talk to your bank about Nevada's Mediation Services - they may negotiate a lower interest rate. Otherwise, you may have a couple of options. The first is find a buyer yourself - very unlikely in today's marketplace. You might also consider a lease or lease option - you won't get the full pymt as rent but some of it is likely to be covered. Are you willing to become a Landlord?
If you can't make your payments, one option might be a Short Sale which means your property is listed for less than what you owe and the bank agrees (hopefully) to sell it for that amount to a buyer. This will affect your credit for 2-3 years but not as much as a Foreclosure for not making payments - which has a negative affect for about 5 yrs. And then there is Bankruptcy which has a negative affect for 7 yrs or more. So, probably I'd advise you speak to a good CPA or a lawyer - their first consultation could be free or low cost.
If you decide to try selling your home, I'll be happy to speak to you about a free Comparative Market Analysis to decide what your home may truly be worth in today's market. Our office is also closing about 80-90% of the Short Sales we list.
Best of Luck to you.
Andrea Packo
Your Honest Realtor
Keller Williams the Marketplace 1
Web Reference: http://www.andreapacko.com
0 votes Thank Flag Link Mon Aug 3, 2009

One of your options may be to do a short sale on your home due to relocation. Your situation will have to make sense for the bank to agree to it though. I specialize in short sales and I would be happy to discuss the details of the process with you. Feel free to call me and we will throw around some options and ideas for your situation.

Len McGuirk, CSP
Certified Short Sale Professional
Prudential Americana Group
Cell: (702) 203-6688
0 votes Thank Flag Link Mon Aug 3, 2009
Unfortunately, you're in the same situation as 1 in 13 homeowners in Las Vegas. In order to keep your credit, you're going to have to continue to pay your mortgage. You may qualify for a loan modification, but lenders have been dragging their feet on these, they usually want you to be in distress, and they want you to stay in your home (not an option if you're planning to move across the country).

One way to assist you may be to rent the property out. If your monthly payment is the same or less than the going rents in the area for your size property, this may be a viable option for you. If not, you may have to supplement the payment each month, but having a renter may take out some of the bite.

Every other option means a hit on your credit, some options with a bigger hit than others, but a hit just the same. You may:
Deed In-Lieu - Give the property back to the lender
Short Sale - The bank agrees to take less than you owe
Foreclosure - Quit making payments

I'm sorry there aren't any other options if you wish to maintain your credit rating.

Heather Peck
Rosen & Company West
0 votes Thank Flag Link Mon Aug 3, 2009
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