After you speak with them interview Realtors and after you have interviewed a few of them give me a call and we can schedule to meet and review your real estate options. And after you interview me you can decide which Agent is better suited to assist you.
3042 S. Durango Dr.
Las Vegas, NV 89117
1. Short sale your property, which in my opinion is the BEST OPTION unless you have a lot of other debts such as credit card or medical bills. Usually the credit hit is worse when you are delinquent on your mortgage. It is generally a misnomer that you cannot short sale your property without being delinquent on your mortgage, this is incorrect. You can short sale your investment property while being current on your mortgage, but not every mortgage company is cooperative. Sometimes it depends on the mortgage company and sometimes the mortgage companies need a little nudge. But if you are not delinquent it does not hurt your credit as bad.
I recently completed a Bank of America short sale and the person was not delinquent. I got her into another lower mortgage when her house was short sold. She originally bought her home for $500K short sold it for $227K and bought a new house for $306K. About a month after her short sale, she pulled her credit and she still had a 755 credit score, the first and second mortgage loan with Bank of America was marked â€œPAIDâ€ on her credit report and she now has a new house that she can build equity in. Please see her example short sale approval letter here http://vangrouprealestate.com/short-sale-approval-letters/. In addition, she will be happy to talk to you to give me a recommendation if you are considering short selling with us.
In a short sale your property is listed with us for the current fair market value even though there may be more owed on the property. The lender may accept what is owed on the property as pay-off of the loan obligation. The bank may request a promissory note or request a lump sum at closing to waive the right to a future deficiency. In our experience, most banks are waiving the deficiencies in the short sale approval letters with either no money or a small settlement amount. In addition, it is easier to get a loan in the future, so less wait time to buy a home with financing.
2. You could file bankruptcy and let the house go in bankruptcy or modify the mortgage in bankruptcy. Sometimes a short sale is not the best option if the Seller is in a lot of debt other than real estate debt. Please consult our law firm Kung and Brown and ask for Sandy Van. http://(www.ajkunglaw.com).
The bankruptcy route should be your last resort, because Bankruptcy is like your wild card that you want to keep and use only in extreme circumstances since you can only do it once every 8 years unless you do a Chapter 13.
3. Let the property go into foreclosure. This if probably your WORST option. Although we are in unchartered waters, and there are no cases on point regarding foreclosures because homes have generally risen in value, under foreclosure laws, the mortgage company may come after you for the deficiency balance (difference in what you owe plus legal fees and the amount on the date of foreclosure or fair market value on date of foreclosure link to NV law . Please see my site for the link to NV foreclosure laws.
When I mean deficiency, once the bank goes thorough the legal process, they may get the court ordered deficiency judgment and go after bank accounts, wages, and lien any other property you may have. The bank may decide to sue you, settle with you, sell the debt to a debt collector to harass and hopefully settle with you, or the bank may decide to sue you for the deficiency. In addition, they may come after your spouse, since NV is a community property state. If you are unmarried, you may want to consider getting married after you work out your financial issues.
In addition, the Credit reports also disclose the damaging information. Loan applications generally ask if the applicant has ever been foreclosed upon. In addition, it will be a longer period of time before you can obtain a loan for a home purchase in the future.
4. Do a loan modification. Basically refinance the debt or extend or modify the terms of the loan. Try and do this on your own, because most companies do not do anything more than what you can do on your own. In some cases, some of these companies take your money and do nothing on your mortgage file.
It is also very, very rare (less than 2%) to get a principal reduction. Most loan modifications offer you a lower interest rate for a period of time, thereby lowering your payments. You will have to weigh the pros and cons of this decision, because it could be prolonging the inevitable. Homes appreciate on average 2-4% so you may want to run the numbers to see how long it will take you to break even and begin building equity. Studies have shown that it may take 20-30 years to break even.
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The Van Group at Realty Executives of Nevada
Attorney, Realtor, Broker-Salesman
Realty One Group
Have you talked to your lender about your options? I would think you should start there. There are options available to you. Call or shoot me a email if you would like to discuss your options.
John J. Longeway
Keller Williams Realty Southern Nevada
Prudential Americana Group Realtors
You have many options. First of all how do you know that the property is 100k upside down? Secondly, why are you wondering what your options are? Do you need to move? I have lots of questions for you.
3042 S. Durango
Las Vegas,NV 89117
You can visit my website for details and FAQ's or call me.
Keller Williams Realty
DAVID COOPER Foreclosure and Bank REO's Investor-Las Vegas.35 years experience For freee list
Call +1-7024997037 or check website
Helene's answer says it all in one place. The answers are all there. Now you only need the proper questions.
Remember that when you decide to not pay back any loan, there are penalties. You need to be aware of all of them and decide what is acceptable to you now and in the future. Some penalties are harsh, some you will be willing to live with.
You have lots of options including continue paying the loan, bankruptcy, short sale, and foreclosure. The BK can be before, or after, the others. Timing is very important in the sequence to remove future financial liabilities for the loans.
You need to consult with an attorney that knows BK and real estate processes and an agent familiar with the BK issues as well as court processes and a CPA for tax law working to keep your tax liabilities low. Some BK attorneys do not place the property in the BK and you wind up with no credit and the mortgage debt after the BK is discharged. I have clients that happened to . Now they have a BK, foreclosure, and payment of the loans to look forward to. I am now working to get them cleared of all the debts.
The penalties are a moving target. Penalties change as the wind. By waiting, you may open up more options (good and bad for you) and others may go away.
You need to build a team of professionals that will work together and assist you in your future plans. There is no "one answer or process" to fit everyone.
Call me to help build a team to meet your future financial needs.
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
Steven Goldman, CRS
Certified Short Sale Professional (CSP)
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
Las Vegas, NV 89135
Web Site: http://www.teamgoldman.info
DAVID COOPER. Foreclosure and Bank REO Investor-Las Vegas. 35 years experience. Get a Freee List
Call +1-7024997037 or check website
I would be happy to recommend one of the best attorneys here in Las Vegas that would gladly provide you with your options. After being informed, you can decide which is the best option for you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.