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Foreclosure in 89121 : Real Estate Advice

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  • Local Info3
  • Home Buying14
  • Home Selling1
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Activity 6
Tue Nov 15, 2011
David Cooper answered:
Any decent real estate attorney will charge $350 an hour an up in Las Vegas. And that starts from the first minute. This situation is NOT going to be settled with one consulatation. Most experienced real estate agents can suggest what others have done, and that gives you the option to start the ball rolling


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-702-739-8820
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Tue Nov 15, 2011
David Cooper answered:
I would check your credit report and see what they have reported. You should be prepared to negotiate a settlement at a steept discount if they do file


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-702-739-8820 ... more
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Thu Oct 27, 2011
James Bellile answered:
Hi Jan,

I just wrote a detailed blog on this under BLOGs and TIPs on my website www.LasVegasRealEstateConnection.com called Recovering from Bankruptcy and/or Tough Financial Times.

If you think my team can help, call me.

Sincerely,



James Bellile
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Thu Oct 27, 2011
James Bellile answered:
Hi Jeff,

Probably the same thing as a buyer with an 800 credit score and $25,000 down capping out at purchase price of $287,500.00 if you qualify for an FHA loan. There are a lot of questions I need to know the answer too in order to give you an exact answer. There's a lot of variables that will determine your loan amount. For example, how's your work situation? This one example can be the difference in qualifying for $287K or for nothing at all. For a lot of useful information about all aspects of real estate and my resume, please visit my site www.LasVegasRealEstateConnection.com. I would really like to interview to become your agent.

Sincerely,

James Bellile
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Thu Nov 12, 2009
Len McGuirk answered:
Hi Grace,

Nevada is a deficiency state. Also, only first lienholders are attached to the six month rule for pursuing a deficiency. Second lienholders have six years to pursue a deficiency, whether it be trying to sue you in court or trying to attach a lien on your other assets.

You should truly think about short selling the property you have here in Las Vegas. There are many benefits to doing a short sale and it may even save you from having to worry about the entire deficiency balance. I specialize in short sales and have been doing them successfully longer than most agents even knew what they were. I have a lot of experience in handling short sales and have helped many homeowners avoid foreclosure and save them from the deficiency. Many of my clients are actually investors that live in California, believe it or not. Many people say that it is difficult to short sale an investment property, however I haven't had any problems with investment short sales.

Please call me and I will be happy to explain the entire short sale process with you and how it will benefit you much more than foreclosing on the property. I will also be happy to answer any questions you may have. There are many other seasoned brokers that come into my office constantly to ask for my advice on short sales. I have a very good reputation with short sales. Hope to hear from you soon.

Len McGuirk
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
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Wed Oct 21, 2009
Tosh Primrose answered:
Jan,

I believe I answered another question you posted regarding this terrible situation. I am sorry. Unfortunately, it is done. You must look forward and rebuild your life. You are not alone, many people are in your same situation.

You tried to do the short sale, but unfortunately, it didn't go through. The deed will be transferred back to the lender....there is the deed and the note. Two separate items. The first note has 6 months and the second has 6 years to pursue a deficiency judgement. Even if they do decide to pursue the deficiency, you can always negotiate that amount.

The lenders are reserving their right to pursue a deficiency, but that doesn't necessarily mean they will. An attorney can help you with any options, but you can't hold your breath for 6 years. At least after the first 6 months after the date of sale, you will know if the first decided to pursue the DF. If the second lender decides to pursue (if they think you have the resources), you will just have to deal with it at that time and a trusted attorney will be able to help guide you.

You may be protected by the Mortgage Forgiveness Debt Relief Act for the tax liablity. A CPA can assist you with filling out IRS form 982. Please go to: http://www.irs.gov/individuals/article/0,,id=179414,00.html for detailed information about the debt relief act..

Try to move on with your life and begin rebuilding your credit. The best of luck to you and your family.
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