Las Vegas foreclosure

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Foreclosures are a reality of every market. They happen in good economies and in bad ones.

Any information contained on this page is for informational purposes only, if you are or know you will be in foreclosure consult a legal and/or financial avisor. By no means are these all your solutions. This state allows the lender to seek legal action to recover it's losses (deficiency judgement), do everything possible in order to not become a Las Vegas foreclosure.

This is not set in stone and varies SLIGHTLY!!After 90 days late on HOA, 1st loan, 2nd loans the lender (s) and/or HOA will usually serve you with a notice of default. From there 111 days later +/- your home will go to auction.Unless you take action.

Options:

Loan forbearance or modification:This is the option I would recommend and will usually work before the lender files foreclosure suit, it will permanently modify your loan but you will be caught up. Some lenders will not consider this after filing, but we can try.

Reinstate your mortgage:You may have up to the day of auction to pay the mortgage and get it up to date. Borrow money if necessary and you know you can continue making the payments.

Refinance:You've probably have received preapproval letters for a loan. Be careful, of offers that require you to send money in advance. Your credit is damaged and very unlikely to be approved for a loan if you're in foreclosure status. All they want to do is take advantage of your misfortune. Arranging new financing will depend on your income, credit report, value of your home and the amount of your equity. If you're not sure of the value of your home, give me a call. Usually I can give you a fairly accurate estimate of value within the same day. I would be glad to help,  and there's no obligation to you. If you do attempt to refinance, make sure you have a backup plan, many times people call me after the loan fell through and days before the auction. I may be able to work with the banks to get you refinanced even without equity in your home or even if you owe more than it's worth. I don't do refinancing nor am I a lender, and you can use your own lender. I just know how to work with banks, so things work out for them and you.

Declare Bankruptcy:An option to consider if your financial situation has improved, filing bankruptcy prior to the auction will stop the sale. The unfortunate reality is that for most people, it only postpones the sale for one or 2 months, and now you're also out the attorney fees.This is a great option if you now have the income to make re-payment and the courts agree.

Sell your home at fair market price (Short Sale):This is probably the most under utilized option available. I can sell your home whether there is equity in the home or not. I can negotiate deficits with the bank, sometimes eliminating them. No outcome is guaranteed when negotiating with banks, but I always try to resolve the sale with the least out of pocket. If there is an out of pocket it is usually in the form of an unsecured note, and no where near the amount that would build up if the home goes to auction (i.e. Court fees, auction fees, deficiency etc.)If you have recently been notified that a notice of default has been filed against you, we still have time to sell your house.

DO NOT PROCRASTINATE:Consider all the options I've presented to you, and if saving your home seems unlikely, you should call me as soon as possible. Putting your home in a month or a few weeks from now may not be enough time to find a buyer, arrange financing and schedule the closing. Because this is a time sensitive matter, doing a for sale by owner is not the best option.

BEWARE:If a notice of default has been recorded you probably have been swarmed with investors that are mailing you and the most aggressive knocking on your door to make you a cash offer. The story they usually present is the one you only have one or two weeks before auction and the locks will be changed soon and your possessions thrown into the street. This scare tactic is usually followed by a very low offer. They're just taking advantage of your pain.Fact is you may have several months, but this does not mean that you have time to relax.

 Consider one of the above mentioned options that best suits your needs and take action immediately. Time is of the essence.One last option:Let Your Home Be Sold On the Courthouse Steps - By far, the worst option available to you! Many people feel "I have no equity, let the bank take it", but homes that are sold on the courthouse steps typically sell between 50% and 70% of their fair market value. Moreover, if a bank suffers a loss due to the pending foreclosure action against you, they also have an option. They can file a deficiency judgment against you and pursue you for the amount of their loss. Shortly after the sale at auction you will probably be forced to move, if not sooner than that.

Call me I'll be more than happy to work with you and recommend an option for you. Our compensation is paid by the bank, minimizing expenses of the Las Vegas short sale, or completely eliminating it.

 

Options:

• We have been doing short sales for years.
• We continue to work with all banks and investors.
• We have experience to where we teach at local non profits.
• We used to teach other agents and still consult with them on how to perform short sales.
• Avoid foreclosure
• Avoid deficiency judgements
• Avoid collectors
• You may be compensated by the bank to move.