I have a condo in Las Vegas, NV. The job I had relocated and I was no longer employed. I was offered a job in California so I moved. I was living

Asked by Justinlv, Long Beach, CA Fri Oct 14, 2011

with a friend and paid little rent, well now I have to pay for a rental on my own. I can't afford to pay rent and a mortgage. I'm behind 5 mos. My bank wants me to complete a save your home program but it's no use. I can't afford it. Should I try to get a quick sale or just go into a strategic default.

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Paul Campanaro’s answer
Paul Campana…, Agent, Henderson, NV
Mon Oct 17, 2011
First Option probably would be to try and rent it out to cover the mortgage. We can provide Rental Comparables for that so you can know what the prices really are.

If not, the Banks DO consider moving to another State for employment a viable financial hardship. We get them done ALL the time. Speaaking with you specifically on your situation would of course be best, so you could ensure whatever decision you DID make...IS BEST FOR YOU!!

You can reach me directly anytime!!

I also have a brochure for commonly asked questions for people who are upside down in value...There's some Great Info there...contact me to get a Free One!!

Paul Campanaro
702-458-8888
ProspectLasVegas@Gmail.com
0 votes
Valerie Full…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Justin,

It sounds like your asking more then one question. 1) Should I complete the "save your home program" when I know I can't afford it 2) What is the difference between a quick sale & strategic default AND 3) Which step would be better for me?

The program they are offering you can help you lower your payments. If the payments are lowered and you are not able to afford the payments by renting out the property, then you can still complete a short sale. A short sale, allows you to request a deficiency waiver. This waiver is a statement (in writing) from the bank that the bank will NOT go after you for difference in the amount you owe on the loan versus the amount the property sells for. There are NO guarantees that the deficiency will be approved HOWEVER, if you allow the home to be foreclosed on, you will simply be giving up your right to get the deficiency waived. By going through the "making home affordable" or "save your home" programs you are demonstrating that you did everything in your power to work with the bank. This in turn increases your chances of receiving the waiver.

Many agents are certified and can work with you and your bank to attain the deficiency letter even without the program. However, I would strongly recommend completing a short sale and trying for the waiver. Also, shortsales demonstrate your willingness to work with the bank and will allow you to purchase a home in the future SOONER then simply walking away.

The only person fighting for your best interest will be YOU and hopefully the realtor you choose, so your best "STRATEGY" is to get with an agent you trust and feel comfortable with and get to work!

Hope this Helps

Valerie Fuller
Century 21 Trendsetters Inc
70d2-353-3819
1 vote
David Cooper, Agent, Los Angeles, CA
Sun Oct 16, 2011
5 mothns behind doesn't look good for a short sale. Banks are getting real tough with foreclosure proceedings.


David Cooper Foreclosure Specialist at Sinve 1917 Realty, Las Vrgas 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow 10.0%+ CAP RATE. Go To http://www.lasvegaswinner.org or Call +1-702-499-7037
0 votes
Jimmy Balsano, Agent, Las Vegas, NV
Sun Oct 16, 2011
Hi Justinlv

My suggestion would be to try a shoet sale, I think there are programs
that allow to do this a little easier when you have to relocated as you
did. Contact me @ (702)281-2225 or jmbalsano@cox.net I will be glad to
assist you

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
I KNOW LAS VEGAS AND HAVE FOR 40 YEARS


http://www.rapidsellers.com/jbalsano
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes
Susan Elsigi…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hi Justin, You do have some options here and without speaking to you about your situation I cannot advise you of your best options. I can tell you that should the best option be a short sale, I can help you with this and if you do go this route, I may be able to get you a little cash out of the bank. Another thing is...if short sale is your best option, then you really want this to be a done deal before the end of 2012 while the mortgage relief act is in effect which will prevent the IRS from coming after you for any taxes on the deficit. The good thing about a short sale is that you can pretty much walk away unscathed and in a couple of years you will have your credit back to normal. Call me if you don't mind answering some questions so that I may better help you. Susan Elsigian/Elite Realty 702-597-2126 suesellshomes4u@cox.net
0 votes
Penny O'Brien, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hello,
I would try to cooperate with the bank as much as possible. Then make your decision.

Penny O'Brien
Simply Vegas
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Justin
If you can get a tenant can you cover the payment? If not the best bet would likely be a short sale. You can give me a call and we can talk some more.
Thank You
Suzie Marquardt
fahrnyteam@yahoo.com
0 votes
Nakia Woodson, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hello Justin,

My first question is do you have a tenant or can you get one quickly. I would explore all options and see what works for you. Maybe you can complete the program if you are able to locate a tenant. If these options do not work then consider a short sale. I can be reached at nakiawoodson@yahoo.com or 702-318-1244.

Thanks,

Nakia Woodson
Red Carpet Las Vegas REALTORS
0 votes
Yulia Shmatk…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Why go into default when you clearly have a hardship which qualifies you for a short sale. I can help you, I'm a Certified Distressed Property Expert (CDPE) and trained to do short sales. Check my website, LasVegasHomeToday.com, you can find useful information there.

Wish you all the best,

Yulia Shmatkova, MSBA, CDPE
702-481-3118
LasVegasHomeToday@gmail.com
Web Reference:  http://LasVegasHomeToday.com
0 votes
Damon Bottic…, Agent, Las Vegas, NV
Fri Oct 14, 2011
A short sale sounds like it might be the best solution for you.

To clarify, a short sale is when the value of the property will not net enough to pay back your mortgage and the lender agrees to accept less than the full amount. Ideally you want them to agree to accept less than what you owe as full satisfaction of the debt. (I think that's what you were referring to by "quick" sale, but believe me, there's nothing quick about them! It typically takes 1-3 months to work out an approval from the lender(s).
0 votes
Rosemarie Ku…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hi Justin,
Sound like you have a hardship, having to relocated to another State because you could not find a job puts
you into the catagory of needing a Short Sale or fast sale.. Do you know if your loan is assumible loan???
If not I will be more than happy to talk to you and help you get the Short Sale documents ready... While you
are waiting to do that, think it best to get it listed right away, not knowing the location of your property is hard
for me to determine the value of it.. You can send me a private email to rosemarieLV@att.com I will be more than
happy to help you out..I would call the bank also and tell them you are working to Short Sale the property.. or at least tell them you are working toward gettiing them an answer, don't ignore them just give them a call..
Hope this helps you ..

Regards,
Rosemarie Kudo - Realtor
Realty ONE Group
Las Vegas, NV 89135
702-232-5407
0 votes
Rosemarie Ku…, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hi Justin,
Sound like you have a hardship, having to relocated to another State because you could not find a job puts
you into the catagory of needing a Short Sale or fast sale.. Do you know if your loan is assumible loan???
If not I will be more than happy to talk to you and help you get the Short Sale documents ready... While you
are waiting to do that, think it best to get it listed right away, not knowing the location of your property is hard
for me to determine the value of it.. You can send me a private email to rosemarieLV@att.com I will be more than
happy to help you out..I would call the bank also and tell them you are working to Short Sale the property.. or at least tell them you are working toward gettiing them an answer, don't ignore them just give them a call..
Hope this helps you ..

Regards,
Rosemarie Kudo - Realtor
Realty ONE Group
Las Vegas, NV 89135
702-232-5407
0 votes
Mike Wilson, Agent, Las Vegas, NV
Fri Oct 14, 2011
Hi Justinlv,
You need to work quickly and get on top of the situation, Since you have missed 5 payments, you are more than likely already in deafult so this wold not be classified as a strategic default. Given the situation, you may qualify for the governements HAFA short sale program. By selling the home under this program, your lender can NOT come after you for any deficiency, can NOT require you to pay any money towards the deficiency and may actually pay you $3,000 under the terms of this program. If you desire to have any new credit in the next 7 years, you really should consider a short sale. It is so much better for your credit and may allow you to buy again in as little as 2 years. I have the short sale eperience to help you with your current situation. Please contact me as soon as possible so we can I can answer al of your questions.

Mike Wilson, Haines & Krieger Realty, (702) 808-0700, Mike.Wilson@HKRealtyGroup,com
0 votes
Stephen Pier…, , Las Vegas, NV
Fri Oct 14, 2011
A Short Sale is probably your best action step. Done correctly and you may be forgiving the balance owned on the condo.

Contact Steve and Lou "Short Sale Specialist" at SMG Realty 702-562-9753
0 votes
Jack LeVine, Agent, Las Vegas, NV
Fri Oct 14, 2011
well it wouldn't be a strategic default in any case, as that's when you CAN pay and choose not to.

Don't feel bad. You're one of the millions that have had their lives turned upside down by the economy.

You can short sell it (bank takes less than they're owed) or you can just allow it to foreclose eventually.

Your credit will repair much faster if you short sell it, and you'll be relieved of any worry about future liability as they can (but probably won't) sue you for the difference.

I'd be happy to help you figure it out.

Jack 702-378-7055 jack@unclejack.com
0 votes
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