You probably cannot qualify for a HARDSHIP to do a Shortsale.
If you did Shortsell the house, you probably would be pursued by the Lender for the Deficiency.
It will take a long time for the house to be worth $247 again.
Your dislike of the distance/neighborhood is a non-factor.
You have three (maybe 4) choices:
You can try to do a Shortsale, Talk to a Realtor/
You can do a Deed-in-lieu; where you exchange the Deed for a promise from the Bank to not pursue the Deficiency. For this is would suggest talking to a Real Estate Attorney.
You can try to tuff-it-out and stay with it.
You can file Bankpuptcy; again, talk to an Attorney.
Good luck and may God bless
You have received some great answers from all the agents. It is just a matter of what would work best for you. You would have to rent for awhile but there are some great properties to choose from. I would consider doing a short sale. The prices are still dropping. I am always available to answer any questions.
I am sorry you find yourself in this situation. Did you use a property management company when you rented your home previously. I ask because a good property manager will thoroughly screen your prospective tenant and this can mitigate many of the pitfalls associated with being a landlord. Call me sometime as I would love to discuss your situation and find a solution that works for you.
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There are several options that may benefit you, depending on your complete situation. Of course, you should start with the options that are most forgiving and proceed from there. I would need some additional information to help guide you in the right direction. Please feel free to contact me at anytime.
Lets see how we can help prioritize your situation....
First it looks like you know what the value of your current home is, is this your assumption or did you get this
detailed information through a local Realtor who saw your home and pulled comparable homes for you?
If you have not discussed it with a Realtor, you should at this time....
Then you need to discuss the financial side of how you can get out of this home and into another purchased property.... For this you really should sit down with a Realtor and a very experienced Lender to figure out how you can go about it, one solution is renting your current home, but you need someone to tell you if its possible, the rent is taxable income (!) and if you do not want to take care of the property yourself and collect the rent etc., then you need to hire a management company to do that on our behalf for a fee...
Then the lender and Realtor will be able to assist you further, but it all depends without selling the home, how much down payment, debts, credit score you have, with owning the current home and renting it, without enough equity the lenders may not consider the rent as your income....
A short sale has all kinds of other impact, first of all impact on your credit score and you may not be able to
buy any kind of property for several years to come..... And since your income is from overseas as well, you
really need also to discuss all of it with a real estate attorney / tax accountant, in other words before doing any steps get all the professionals together to give you the right advice....
Just be careful...
Good Luck to you
Edith YourRealtor4Life and Chicago and Northern Illinois Expert.
Wow! It seems you have lots of issues rolled into one property. You might be illigible for some Federal assistance, but there are specific qualitications needed. I can give you the contact number to discuss with this program. That is the first thing I would do. You might also want to consider a short sale. I live in NW and likely know your community. Let me know. I am happy to help.
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I see you are in a tough position. We all get the Vegas blues but looks like you need some help. I work with VOLUME Real Estate and I would be happy to sit down with you and go over a few options. Sounds like you would like to be closer to the Strip. With the prices so low there are many opportunities to buy a great home. There are high rise buildings, townhomes, Single Family homes... Please feel free to call or email me so we can go over your Real Estate needs.
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If you go with a short sale, you will likely take a hit to your credit. It will probably be a couple of years before you can get a lender to give you another mortgage. If you have cash, you can still buy.
If you go with a deed in lieu or let the bank foreclose, you will take an even bigger credit hit, you will have to check that box saying you've had a foreclosure on every credit/loan application you fill out for 7 years. If you have a security clearance, you will likely lose it. If your job depends on a security clearance, you will likely lose it. It will probably be 2-5 years before any lender will give you another mortgage. If you have cash, you can still buy.
If you go with a bankruptcy, what happens will be determined by the bankruptcy judge.
If you "tuff it out" you will spend a lot of money over the coming years, but you will take no hit to your credit.
I agree that it sounds like you need to discuss your options and the consequences with a lawyer.
If you "let the house go," your credit will suffer. You will not be able to buy a new home for several years. (Assuming "letting it go" results in a foreclosure.) So, taking that route means you very likely will be a renter for several years. And even that might be difficult, since your credit may well be considered when you apply for rentals.
You could consider a short sale. However, you are supposed to demonstrate "financial distress" in order to qualify for a short sale. You explained that you don't like being in the suburbs and would rather be close to the strip. That's fine, but that's not financial distress. So the likelihood of your qualifying for a short sale may be slim. Talk with a Realtor for more advice on a possible short sale.
You could consider trying to rent it out again. Yes, you had bad experiences previously. Most landlords run into problems. Make sure you use a good screening process. List your home with a Realtor; don't do Craigslist. Those steps will at least improve the likelihood of your getting a decent renter.
Or you could stay where you are. Yes, I understand you want to be closer to the action. But staying where you are does have some advantages: You don't hurt your credit. You're an owner, not a renter. You don't have the hassles and headaches of being a landlord.
So, bottom line, you just have to weigh the pros and cons on each choice. Check with a Realtor on the question of the short sale, as well as what the rental market is like. There's no perfect solution, unfortunately.
We are here to help....