LAS VEGAS SHORT SALE
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With Las Vegas Short Sale the state of the current housing market conditions in limbo, many home owners are being forced to make important, yet difficult financial decisions about their current housing situation. Home owners who purchased or refinanced a property during the top of the housing market are finding themselves severely "upside down" on their home now and/or struggling to make their monthly payments due to an adjustable rate mortgage. Home owners in this situation are faced with a few options which include loan modification, Las Vegas short sale, or simply walking away.
Although, there are many loan modification programs out there now, these home loan modification programs can be somewhat costly and are basically a "band aid" to there housing woes. Over 50% of home owners who choose to modify their home loan into a fixed rate mortgage or lower interest rate end up defaulting on the loan shortly after. Many of these Las Vegas home owners who attempt to negotiate with the bank themselves end up getting frustrated and quitting. Others homeowners pay thousands of dollars to "loan modification specialists" to perform the process for them only to be denied by the bank and out thousands of dollars in non-refundable fees.
The Vegas home owners who succeed in performing the loan modification get relief from the worry of their interest rate adjusting and get to enjoy a slightly lower house payment but may still face a negative equity situation. Although, these home owners payments are now fixed and slightly lower than what they were paying, they can't help but notice they still owe double the amount of the most recent comparable sale down the street. This thought eventually becomes too much for the homeowner to handle, and they end up resenting their loan modification decision and their home. These are the 50+% of the population that defaults after loan modification.
LAS VEGAS SHORT SALE
Those home owners who choose to walk away from their property or give the keys back to the bank get the satisfaction of no longer worrying about their interest rate adjusting or negative equity situations, but may not know the consequences of their actions. Fannie Mae just released new guidelines outlining when homeowners who foreclose, Las Vegas short sale, or claim bankruptcy may be eligible to purchase a home again. Those Vegas home owners that chose to foreclose will now need to wait a minimum of 5 years from the completion date of their foreclosure to possibly qualify for a new home purchase vs. the previous 4 yr requirement. Many banks are also pursuing deficiency judgments for repayment which forces some people to claim bankruptcy on top of having the home foreclosure on their credit.
Performing a Las Vegas Short Sale of a home is not the perfect solution, but may be a better solution to a home owners housing woes. The damage to the homeowners credit is usually about the same as a foreclosure if the homeowner is over 60 days late on payments, BUT according to the new Fannie Mae guidelines, homeowners that choose the Las Vegas Short Sale process over the foreclosure process may be eligible to purchase a home again in just 2 years!
If you are even moderately upside down in your house, a Las Vegas Short Sale may be your best option. Modifying your loan may fix your payment but most likely not your negative equity. Don't bank on that 30-50% equity loss coming back anytime in the near future. Forecasters haven't even begun to speculate on when the peak home prices of "boom" years will return, which probably means they believe it won't be anytime soon. The best solution may be to "cut your losses" now by performing a short sale and to spend the next couple of years rebuilding your credit so that you can re-purchase while the housing market cycle will still be near the bottom. Choosing to foreclose on your home now may keep you from being eligible for repurchasing for a minimum of 5 years, which also may be when housing prices will be on an upswing again. I don't know about you, but I prefer to purchase items when they are at their lowest prices, not highest!
You can still have a chance to purchase a home while the prices are low by choosing to Las Vegas short sale instead of walk away!
Contact me for an in house appointment to go over the short sale process in detail and to see if it's the right solution for you.
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