Las Vegas Short Sale Attorneys
"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 you:
- Analyze your situation and figure out if a short sale is right for you.
- Negotiate a short sale so that it complies with the requirements of your mortgage.
- Execute the short sale so you can stop worrying and get on with your life.
Contact us for a free initial consultation to learn more about short sales as well as all the other strategies we may be able to use to help you.
What is a "Short Sale"?
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. However, the foreclosure crisis has been battering the Las Vegas real estate market in unprecedented ways. And 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.
Be aware that "short sales" do not generally happen in a short time. They can be complicated. They take time. There are sensitive timing issues. And there are issues unique to Las Vegas. For these reasons, it's strongly recommended to work with an experienced Las Vegas bankruptcy or real estate lawyer when attempting a short sale.
What are the advantages of a "short sale"?
- Cut your losses. It's better to get something than nothing for your home if you need to get out.
- Less damage to your credit score. Repaying less than the full amount will make a dent in your credit score. But far less than the issuance of a foreclosure notice. And far far less than an actual foreclosure.
- Mortgage lender saves a little money. Sure, the bank will lose some money in a short sale. But the foreclosure process usually is a bigger cost for the bank. Plus, in a foreclosure the bank becomes the owner of the property and has to figure out how to sell it in a difficult market.
- Neighborhood Stability. Neighborhoods are much more stable when someone is living in the home. Foreclosure signs in the front yard make everyone nervous and harm the value of all of the homes in the area.
Are there any other options besides a short sale for Las Vegas homeowners?
- Loan modification. Las Vegas attorneys Haines & Krieger have extensive expertise and experience helping Las Vegas homeowners negotiate and obtain loan modifications that enable them to keep their homes by reducing loan payments and/or loan principal.
- Deed-in-lieu of Foreclosure. You give title to your property (aka the "deed") to your mortgage lender in exchange for forgiveness of the balance of your mortgage. A relatively quick and easy exit strategy that avoids the foreclosure process as well as the significant damage to your credit score.
- Forbearance Agreement. If you've recently hit a financial bump such as reduced income or increased living expenses, often mortgage lenders are open to negotiating an adjustment in payment terms. Typically, they'll agree forgo any foreclosure or other actions against you as part of the agreement.any necessary changes. Either refinancing or modifying your mortgage loan may reduce your monthly payments to a more affordable level.
Work with a Las Vegas attorney with bankruptcy and real estate experience
Whatever you decide to do, the first and most helpful step is meeting with an experienced Las Vegas bankruptcy attorney who knows their way around mortgage, foreclosure, short sale and loan modification issues.
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.
