Property Q&A in Las Vegas>Question Details

Ms, Home Owner in Las Vegas, NV

How and where do I start theprocess of giving up my house to the Lender?

Asked by Ms, Las Vegas, NV Tue May 1, 2012

I am struggling to pay my mortgage. My partner keep on losing jobs and we are to the point of breaking up.

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Stop struggling and allow yourself some help! Please call me and we can discuss your options! Great question, thank you for posting! Raina Musser
0 votes Thank Flag Link Mon May 14, 2012
Call for a FREE Recorded Message at 888-895-8671 Ext 777.

I love to help homeowners in distress. Give me a call and lets get to work. I can offer you the experience that comes from working with distressed property owners since the beginning of this real estate bust. I look forward to hearing from you soon to discuss your situation.

Robert K. Peddicord
Real Estate Consultant
Prudential Americana Group, REALTORS®
Direct: (702) 218-3974
E-Fax: (702) 317-3371
Email :
Web :

871 Coronado Center Dr.
Suite 100
Henderson, NV 89052
0 votes Thank Flag Link Mon May 7, 2012
Most banks are willing to work with a borrower to mitigate their loss.
If you can show a hardship and can no longer afford your home, the key is to conduct a short sale
Let set a time to meet and discuss your situation.
I can help you.

Larysa Dombrovska
Cell (702) 379-3662
Toll Free 1(800) 225-5947 #5728
0 votes Thank Flag Link Fri May 4, 2012
Definitely pursue the short sale route, it's better for you in the long run. I hope it goes well for you. Contact me if you'd like a professional short sale Realtor representing you.
0 votes Thank Flag Link Wed May 2, 2012
Hello Ms,

Now, I am not going to try and take the place of Dr. Phil here, but I would like to share a few thoughts with you that Dr. Phil might, if he were blogging on this site.

It looks like the general consensus is to NOT give your house to the bank, but rather to negotiate a short sale. Cited are suggestions that depending on who your lender is, the Bank may be willing to pay you to do a short sale. Also, cited is the possibility that the bank will agree not to pursue you for the deficiency.

A couple of reasons not mentioned (as far as I could see) is that first, you can continue to live in the home and not make any payments while we negotiate the short sale. This means that you can stay in the home and save your money for up to several months, so that when you finally do have to move, you will have enough money to pay for rents, deposits, and various moving expenses. Second, (and now here is the Dr. Phil portion of my response) if you consider this as a chance for you to work on getting rid of other debt you have, you may also find your relationship will heal as well. Since money issues are the greatest strain to a relationship these days, perhaps I am onto something here.

So, here is my suggestion and nearly shameless plug for my services... This marriage between you and your Lender has failed. Let me be your Dr. Phil in finding a resolution to your marital problem with your lender. We call it a Short Sale, but in this case, perhaps I can stretch (for literary sake) and say, let me negotiate an amicable split to your relationship with your Bank. I may not be able to help you fix things between you and your partner, but once the money issues are out of the way, perhaps the Sun will shine over that relationship as well.

Best wishes, and thanks for reading.
0 votes Thank Flag Link Wed May 2, 2012
It would be foolish to give the house back to the bank. There are MANY options for you to cushion your landing. You may be eligible for relocation monies from your lender. Most banks are willing to work with a borrower to mitigate their loss. If you leave and the home goes vacant- it is a TARGET for vandals & thieves.

I've worked for years with homeowners AND lenders in your situation.

Call me at your convenience to discuss your options.

Jeffrey Burnham -aka "The Wizard"
Encore Realty Group
(702) 682-2002
0 votes Thank Flag Link Wed May 2, 2012
If you contact the bank to discuss giving your house back to them or doing what is called a "Deed in Lieu" they will ask you if you have listed and marketed your home for a short sale. The reason for this is that they want to see that you have attempted other workout options prior to doing a Deed in Lieu. They will require the home to be marketed a minimum of 120 days and then if you are unable to complete the sale, they will consider you for a Deed in Lieu. Have you looked into your options for a short sale? There are some great incentives for sellers for $3000 and more depending on the bank for you to complete a short sale. I would be happy to discuss your specific circumstance with you and go over what each of the options look like, or you may visit my website and view/download a FREE Homeowners Course of Action Guide Book at
Best of Luck!
Mary Preheim
0 votes Thank Flag Link Wed May 2, 2012
Give me a call and we can look at what strategy would be best for your situation. There is many things to consider when you want to get out from under a up side down mortgage. The main cosideration is most likely the tax consequences of the direction you choose. I have a Attorney that I work with that will do a free consultation if necessary so you know you are doing the right thing. I would be happy to talk with you. Sometimes talking and getting started on a path to recovery can relieve a great deal of stress and anxiety. I am here to help. Jost cotact me and we will discuss the alternatives.
Thank You
Suzie Marquardt
Realty One Group
0 votes Thank Flag Link Tue May 1, 2012

I feel for you. I have client's that are in the similiar situation.

1. The first thing that I would recommend you do. Is contact your mortgage lender and let them know what your situation is and that you need help. Explain your situation and see what options they have available for you to assist you. The main thing is Communication. Communicate with your mortgage lender and let them know what is going on.

2. Deed in Lieu of Foreclosure - Will pretty much affect your credit the same way a Foreclosure would. It benefits the Bank when homeowners do this. Because it's saves the bank money by not having to file all the legal documentation in order to foreclose on the homeowner and it also saves them time which equals more money they saved not having to wait to foreclose on the homeowner and get the property back.

3. Short Sale - Most likely the best thing to do if you no longer can afford to stay in your home is to Short Sale it. This benefits you in many different ways. One way is the Bank may give you money to assist you with your moving expenses which you would get after the sale of the house and you have moved out of the property. The amount varies per Bank. The major benefit is that the agent you hire can help negotiate having the deficiency judgement released. Which means if the deficiency judgement is released you wouldnt have to pay taxes on the difference the bank has forgiven. Main concern with Short Sales is you have to show a Hardship and your Bank will request financial information. Similiar to when you had to qualify to buy your home.

4. Govt. Homeowner Assistance - If you would like to stay in your home. I have other government resources that will give you financial assistance in order for you to stay in your home. From helping you make payments, to paying off a 2nd loan or even paying down the principal balance.

They main thing that all homeowners need to take into consideration is that the Mortgage Debt Forgiveness Act is set to expire this year on December 31st, 2012. It can affect a lot of homeowners that are undecided or on the fence about Short Selling their home. In a nutshell what this means to you and other homeowners. Is that if you decided to wait until next year to short sale your home you would be responsible for taxes on the forgiven debt.

The Best way to find out which situation would be best for you. Is to set a time to meet with an agent and discuss your situation.

I'am here to help. If you have any other concerns or questions that were not answered here please contact me and I would be happy to meet with you and discuss your options.

Best regards,

Chris Harrison
Barrett & Co., Inc
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
0 votes Thank Flag Link Tue May 1, 2012

Per the responses from other agents you have been given some good advice.

You need to entrust a realtor thay you feel comfortable with.

Most importantly a team like ours where you will get free legal and advice as well .

As thw other agents state, there are many programs where you are guAranteed a full release of liability and some cash for moving expense.

Look forward to an educated conversation with you.

Dale Snyder
Web Reference:
0 votes Thank Flag Link Tue May 1, 2012
There are many ways to "give up" your house.

One option which can help save your credit drastically and may give you some moving cash in the process, is to Short-sale your home, that is sell your home for less than what you owe and have your bank agree to that.

My partner is extremely experienced in selling short-sales and I work with multiple investors who will purchase your home right now.

For an honest, professional team please contact me. Our resumes are found on our site along with what a short-sale is and what it will entail for you as far as work and effort on your part. It's not nearly as scarey as you think and can be quite a relief from what you're experiencing now.


James Bellile
iProperties International
0 votes Thank Flag Link Tue May 1, 2012
Co-op SHORT SALE program will give you $3,000-$35,000 to sell at COE

HAFA will CANCEL Pending Auction Sale Date

HAFA Will Forgive Entire Mortgage Amount of All Loans

HAFA Will Show PAID OFF on your Credit

HAFA Will Allow You To Buy A House Within 12 Months of Completion of Short Sale!

This Program Will Pay All Closing Costs

If you're in danger of losing your home, or if you want to walk away from your home,
contact me right away!
0 votes Thank Flag Link Tue May 1, 2012
Hi there-
We need to speak in person to go over your options-
The key word in your email is struggling- If you can show a hardship and can no longer afford your home, the key is to conduct a short sale- Please reach out to me asap and we can get the process going-
We are an experienced short sale team that can walk you thru the process.
See the website below that gives you a lot of information about your options.

Paul May
0 votes Thank Flag Link Tue May 1, 2012
It would depend on your situation and how you hope to benefit from the transfer of your home. Making the wrong decision could be very costly for you. Feel free to contact me by e-mail or phone and I will be happy to discuss your situation and what would be the most beneficial scenario for you.
Web Reference:
0 votes Thank Flag Link Tue May 1, 2012
Hello Ms,

Sorry to hear of your misfortune. Everyone in las Vegas has been hit hard by the housing crash. If I can help you, I am here to assist. You can either do a deed in lieu of foreclosure, or you can negotiate a short sale. for a lot of reasons, a short sale is to your advantage. I specialize in short sales and would be more than happy to help you wade through your options. please feel free to call me at702-491-4663, or email me at

Best of luck, and thanks for reading.

Steve Matthews
Prudential Americana
0 votes Thank Flag Link Tue May 1, 2012
Please for your own good try and do a Short Sale prior to making any decisions to just walk away. Give me a call anytime and let me go over the options , all of which are FREE to you and I assure you if a good outcome is possible I will make it happen.
0 votes Thank Flag Link Tue May 1, 2012
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