Mortgage Modifications, Short Sales, Unnecessary for Discharged Mortgages

Financial hardships can strike Las Vegas residents more than once. Worse, they often occur to people who have already filed a Chapter 7 bankruptcy and received a discharge. This means a second bankruptcy is not an option. For those who have underwater mortgages, that is, they owe more on their houses than those houses are worth. For them, a mortgage …

Las Vegas Homeowners Have Options for Underwater Mortgages

If you are a Las Vegas homeowner who owes more money on your mortgage than your home is worth, there are a several options for saving your home. One of the latest is an $11 billion program through the Federal Housing Administration called “Short Refi.” Under this program a non-FHA borrower may be able to obtain a new FHA-insured mortgage. …

Las Vegas Short Sale Tax Consequences

A short sale is the sale of real estate for less than the balance owed on the property. Short sales are common in today’s real estate market, where home prices have fallen and the home owner is no longer able to pay the mortgage loan. A short sale takes cooperation between the home owner and the lender to sell the …

How to Walk Away From a Las Vegas Mortgage

Realizing that you can no longer pay for your Las Vegas home means that you have difficult decisions to make.  While modification and even lien stripping in bankruptcy may be options for some, if you truly cannot afford to keep your home, you must decide on the best way to walk away. Do Nothing If you do not pay your …

7 Items You Need for a Las Vegas Short Sale

Short sales are all over the news these days as they are a potentially effective exit strategy for homeowners whose mortgages are underwater. What is a short sale?  In case you’re not familiar, a short sale is where the sale price of a home is less than the underlying mortgage.  And the bank is willing to eat the difference (known …

Las Vegas to change to “Short Sale Capital” from “Foreclosure Capital”?

It looks like banks are finally getting their act together and realizing that foreclosing on a homeowners is ultimately more costly than allowing them to complete a short sale.  At least according to an article in the Las Vegas Sun (“Short sales soar while foreclosure sales slacken“). A “short sale,” for those unfamiliar with the term, is where a bank …

Should I keep my Las Vegas house or not?

In the early 1980s the British punk band The Clash asked a question many homeowners are struggling with today: Should I stay or should I go now? If I go there will be trouble And if I stay it will be double So you gotta let me know Should I stay or should I go? Walking away from a home that …

Las Vegas short sale vs loan modification

Help Stop Foreclosure Las Vegas Loan modifications and short sales are two ways to potentially avoid foreclosure on your home. What’s the difference?  And what are the pluses and minuses of each option? Loan Modification – Loan modification means negotiating with your bank or mortgage lender in order to change the terms of your loan so that you can continue …