Las Vegas Home Foreclosures, Short Sales, Loan Modifications, & Bankruptcy
Like many other Las Vegas homeowners, you may be facing a foreclosure of your home. Fortunately, you have options. Whether it’s a short sale, loan modification, or bankruptcy, Haines & Krieger will assess your options and let you know what solution is best for you. As one of Nevada’s most experienced law firms, we can help you decide on the best foreclosure option for you:
Short Sales
A "short sale" (also sometimes referred to as a "pre-foreclosure sale") just means that you sell your home or property to another seller for an amount that is less than the balance on your mortgage. Normally, a mortgage lender would be unwilling to allow you sell your home to a buyer for $100,000 if you still owe $150,000 on your mortgage. But banks have realized that they lose less money from a short sale than they do from going through the foreclosure process and trying to re-sell the property themselves. Short Sales have become one of the more popular ways for Las Vegas homeowners to deal with mortgage and foreclosure problems. And Haines & Krieger has the Las Vegas real estate expertise to help. Our attorneys can help you:
- Analyze your situation and figure out if a short sale is right for you.
- Assist you in obtaining a real estate professional to help you get the process started.
- Execute the short sale so you can stop worrying and get on with your life
Learn more about Las Vegas Short Sales, or Contact us for a free initial consultation.
Loan Modifications
There is a another way to keep your home without filing for bankruptcy: Loan modification
Haines & Krieger’s highly trained staff have a great deal of experience with the loan modification process. When you meet us for a free consultation, we can help you figure out if a loan modification is the right option for you. If it is, then you'll have our extensive expertise on your side as we analyze your situation and negotiate a better deal for you with your bank.
Loan modification means doing one or more of the following:
- Lower monthly payments
- Reduce the principal amount of your loan
- Lower your interest rate
- Turn your adjustable rate mortgage into a fixed rate mortgage
- Work out a payment plan for arrearages built up from late payments
- Waive negative interest
- Extend the time to make payments
Learn more about Las Vegas Loan Modifications, Las Vegas Foreclosure Mediation, or Contact us for a free initial consultation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a repayment plan that usually takes 3 to 5 years. It is overseen by the Bankruptcy Court to make sure everyone (creditors and the debtor) play by the rules, and it allows you to pay your creditors back on terms that are favorable to you. To help you get a sense of where your situation might fit, it may be helpful to know that Chapter 13 is often a good option when:
- You want to prevent a foreclosure on your home or a repossession of your vehicle. Under Chapter 13, if you're behind on your mortgage payments or property taxes, you can set up a plan to make those payments over a 3 to 5 year period on more favorable terms.
- You want to eliminate a second or third mortgage and your home is valued below the first mortgage.
- You expect to have monthly income or wages.
- You have certain debts that cannot be eliminated in Chapter 7, such as unpaid income taxes or child support. Again, Chapter 13 allows you to pay these back over a 3 to 5 year period, and it usually prohibits wage garnishment.
Learn more about Chapter 13 Bankruptcy in Las Vegas, or Contact us for a free initial consultation.
Contact Us Today for a FREE Consultation
Call Haines & Krieger toll free at 1-800-LAWYERS, email us at info@hainesandkrieger.com, or fill out our New Client Intake Form.
