Emily

We've decided to start the short sale process. Looking for a very savvy agent with proven short sale success. Please send referrals to verify. Thank you and looking forward to working with you. - Fri Aug 22 2008, 09:31

Joe I agree with you, that's why I am still current on my mortgage and have not walked away. However there is a HUGE difference between inconvenient and impossible! If my husband does not find a income replacement in Las Vegas making our mortgage payment will become impossible and losing our house and impeccable credit will not be convenient! - Fri Aug 15 2008, 10:54

Does anyone know how to work with mortgage lenders? I know how the bill works, I know it's a long shot, that's why I really need the insiders info on how to work with my lender! - Fri Aug 15 2008, 06:46

Joseph

I'm very much aware of the new housing bill and what it entails, no thanks to any Realtor I might add. I'm just interested in learning how to work with my mortgage lender. From what I've read it looks like Banks aren't going to be willing to take to government up on the offer until next year, if even. That will be too late for us. Any tips? - Thu Aug 14 2008, 12:19

How do you go about getting the bank to approve the new housing bill rescue loan? - Thu Aug 7 2008, 06:31

So looks like we might be moving sooner than we thought. My husband's employer, a large home builder, is halting construction until the market improves, so he'll be out a job in two months. We've been looking for a new job here in Vegas but haven't had any luck. We have one offer in Texas and if nothing turns up in the next two months looks like we'll have to move. It's been 4 months since I first posted my question. The market has only depreciated more! I've researched the new housing bill that passed but looks like it doesn't go into effect until October 1st. And if we have to move I don't think we would qualify for the program. We don't want to foreclose, but renting our house at a significant loss ($800+) for years isn't an option for us. Any advice? - Mon Jul 28 2008, 15:33

I've truly enjoyed reading each response to my situation. Some comments have been very educational and I thank you for taking your time to help me. I'm not sure what we'll do but I now have some other things to consider. I wanted to let you all know that foreclosure or short sale has never been a serious option for us. We do believe in honoring our word. I was just feeling very frustrated and wanted to know what other options I had. What gets me the most is that when we were looking for a home two years ago every single Realtor I talked to told me to not wait, to buy ASAP. What bad advice, even worse I listened. Well at least I've learned a lot and hope to never make the same mistake. If anyone else has anymore advice please don't hesitate to share. Thanks again! - Wed Apr 2 2008, 21:07

It's a two year old 1400 sq feet home. I'm figuring it's worth $140 because that's what the houses in my development are priced at on zipreality. So do you guys really think my house will be worth $240 again in three or so years? Because if not I'm still going to be in the same stuck situation. My husband works for a large home developer here in las vegas so we are very much aware of the market, personally and professionally. From what I've read and heard they don't expect the market to improve here for at least another year. I've even read some articles that predict continued depreciation at much as 10%. I just feel like a sitting duck. Even if we stay in our home for the next 3 or even 4 years we're still going to be upside down by a considerable amount making it still imposable for us to sale. - Mon Mar 31 2008, 13:11

Thank you for your answers. All options mentioned we have previously considered and didn't feel like any of them improved our odds of coming out of this on top. That's why we're looking for out of the box advice. Let me explain. We could buy another home now and rent ours. We would have to rent at a loss because our home rents for $1200 and our mortgage is $1850. We could buy another home now and foreclose on this home, but that would destroy our credit and we would still be stuck here in las vegas. Good thing about foreclosing on our home and buying a new one is we could get a lot more house for a lot less money and have a hope of earning equity on our home. I could go on and on about our options but in the end they all leave me with either bad credit or needing to come up with lots of money! Only thing I can think of to get out of this situation is to start flipping homes. But with todays market I don't even know how profitable that would be. Any more advice? - Mon Mar 31 2008, 09:07

First of all don't ask Realtors if you should buy. They're always going to say yes, they're sale people not financial advisers!!!! The Las Vegas market will continue to go down, wait until it truly hits bottom. - Thu Aug 7 2008, 06:40

Yes prices are going to continue to slide downward. Buy when they stop ;) At least another 6 - 12 months! - Mon Jul 28 2008, 15:59

I purchased my home 2 years ago and it has depreciated 42%. - Sun Mar 30 2008, 23:09