i owned a house since 1990 and 4 years ago I bought another house as my primary residense but I lost it on foreclosureCAN I SELL my other house

Asked by Pedro, 89148 Wed Jan 26, 2011

Can i sell my old house without problem, i have not received any papers from the bank so I dont know if the bank is going to put some debt on me?I refinanced my first house at the same time that i bought the one i lost in foreclosure .

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15
Voices Member, , Las Vegas, NV
Wed Feb 16, 2011
You are going to here all different answers to this question, the best advise I can offer is for your best interest and peace of mind please talk to a Real Estae Attorney. Every person situation is different when it comes to this market. It may cost you a few $ but this could be the best money you spend.Good luck
0 votes
Danya Gresham, , Las Vegas, NV
Tue Feb 15, 2011
Hi Pedro,
Just checking in to see if you ever put your house on the market?

Danya
702-375-5438
nevadarealestatevalues.com
0 votes
Penny O'Brien, Agent, Las Vegas, NV
Tue Feb 1, 2011
Hello Pedro,
Of course you can sell your place but I highly advise you to speak with a RE attorney. Things get very tricky when it comes to foreclosures and short sales situations. Also, it wouldn't hurt you to speak with your accountant. ENJOY your day. Penny O'Brien with IRES..

Penny@PennysProperties.com
702.321.9383
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Thu Jan 27, 2011
Hi Pedro:

Yes you can sell your house.

Good luck.
Perry
0 votes
Jennifer Har…, Agent, Las Vegas, NV
Thu Jan 27, 2011
Yes you can sell the other house. The lender that foreclosed on your primary residence had a mortgage that was secured by that house and that is why they were able to foreclose on it.

The other house was not used as security on that mortgage so it is a seperate matter. Now as for the house in question, the amount of your mortgage (if any) secured by that property versus the current market value will determine if you can do a "traditional sale" or if it would be a short sale that will need your lender's approval.

Everyones situation is different, so it's important to meet one on one with a professional.

If you would like to meet with me, I can be reached at nevadahomesbyjennifer@yahoo.com or (702) 542-3089
0 votes
Melissa Towb…, Agent, Las Vegas, NV
Thu Jan 27, 2011
Pedro,
Please your first stop is legal advise. Seek a Real Estate Lawyer. Sometimes a short sale is not in a sellers best interest. That is why you need legal advise. You a soliciting people wanting to make a commission, you need to look out for you.
0 votes
Steve Matthe…, Agent, North Las Vegas, NV
Wed Jan 26, 2011
Hello Pedro,

Obviously, all of the people who have answered would like to work with you. Not all are short Sale specialists, but you need to visit with a few of us and see who you feel most comfortable with, and trust to get you the most favorable result.

I usually just answer the questions and let my advise speak for itself as to my experience and ability (see below), but since so many are hard pitching you, I too will throw my hat in the ring. I would love to visit with you and show you the difference the right agent can make with a property you are upside down on. I can be reached on my cell 24/7 at 702-491-4663 or email me at Steve@REOVegas.com


Either way, best of luck!
0 votes
Nichole LaVi…, Agent, Las Vegas, NV
Wed Jan 26, 2011
Pedro: Please give me a call for a one on one meeting to discuss your situation. Based on the information you provided, there is absolutely no reason you cannot sell your home that is your primary residence. I am experienced with short sales and foreclosures and can get your current home sold fast and for top dollar. I look forward to hearing from you soon.
Take care,
Nichole LaVigne
Prudential Americana Group Realtors
702-544-4022
0 votes
Danya Gresham, , Las Vegas, NV
Wed Jan 26, 2011
Pedro,
I have to agree with all the answers (that's not a copout, it's just when they're right, they're right!) It definately would be worth it to sit down with an agent and go over everything. With all the information we can tell you where you stand. We can also get a escrow company to run a search so we know for sure one way or the other.

Best of luck and give me a call or send me an email if you'd like some more direction or more information!

Danya

702-375-5438
danya@buyvegashouses.com
http://www.nevadarealestatevalues.com
http://www.freevegasshortsaleinfo.com
0 votes
The Roskelly…, Agent, Gambrills, MD
Wed Jan 26, 2011
Hi Pedro,

Yes you can sell that home. Unless you in some way had this house as collateral for the loan on your other house. If you have concerns have a local title company perform a lien search for you. I can't imagine the two are tied together.
0 votes
Steve Matthe…, Agent, North Las Vegas, NV
Wed Jan 26, 2011
Hello Pedro,

The other answers are correct, but inasmuch as there are some circumstances where you might have issues, and inasmuch as you may not have answered all of the "what-ifs", let's put a little more meat on those bones. In the State of Nevada, if the loan was taken out in order to finance the house and not just pulling equity from the home, the Bank (on a first mortgage) has 6 months in which to initiate pursuit of a deficiency judgment against you. If you pulled equity out, OR you had a second on the home, those banks have 6 years to initiate pursuit of a deficiency. If your mortgage situation falls within the former description, you are out of the woods. If your situation fits in the second category, you are still in the woods as it were. If a deficiency Judgment was granted, you are going to have to respond to the judgment before you can close. If you have no equity in your current property, there shouldn't be a problem in closing.

However, unless AND until a judgment is sought AND granted, you have the right to sell anything you own including your current home without repercussions or obligation to the deficiency on the foreclosed property.

(So, here is the disclaimer) As with all advise, you are also advised to seek the counsel of a competent Real Estate Attorney.

Best of luck and thanks for reading.
0 votes
Voices Member, , Las Vegas, NV
Wed Jan 26, 2011
Yes you should be able to sell it, but just to be safe I would contact a real estate attorney.
Good Luck
0 votes
Ryan Smith, Agent, Murrieta, CA
Wed Jan 26, 2011
You should be able to sell your house assuming you have no other liens on the property. The debt and recourse for the house you lost should have only been secured by that particular asset. Speak to a real estate attorney or run a title search on your home.

Good Luck!
Chris Blasic
0 votes
Madeleine Se…, Agent, Anaheim Hills, CA
Wed Jan 26, 2011
Of course you can,if there's any liens or judgements it will show up on title.good luck

Madeleine semaan
First Team Real Estate
714-322-5428
Web Reference:  http://www.mado1.com
0 votes
Amy Givoni, Agent, Boca Raton, FL
Wed Jan 26, 2011
Yes, you can sell it. If there's a lien on the house, it will come up in the title search.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes
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