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What is a short sale? 
A short sale occurs when the sale proceeds do not fully pay off the existing loans, and the lender accepts a discounted payoff to fully satisfy the loan. The existing lender usually pays the sale's costs, including commissions, escrow, and title fees. You get your home sold, the loan paid off, and avoid foreclosure.

Will I qualify for a short sale? 
Banks and other lenders are increasingly willing to work with borrowers faced with a financial hardship. They are more and more willing to accept a discounted payoff on a mortgage instead of going through a foreclosure. If you are faced with a financial hardship that makes it likely you will be unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure. 
                Qualifying “Hardships” include: 
                If you are 90 days delinquent and have a FICO score that is less than 620
                Death of Principal Mortgagor
                Illness of Principal Mortgagor
                Death of Mortgagor’s Family Member
                Curtailment of Income
                Excessive Obligations
                Abandonment of Property
                Distant Employment Transfer
                Property Problem
                Inability to Sell Property after Transfer
                Inability to Rent Property after Transfer
                Military Service
                Business Failure
                Casualty Loss
                Energy-Environment Cost
                Servicing Problems
                Payment Adjustment
                Payment Dispute
As you consider the option of pursuing a short sale, remember your lender is looking to limit any potential loss on your loan. By completing a short sale, your lender has arrived at a solution that is, for them, much better than a foreclosure.
How long does the short sale process take? 
Every situation is different and every lender is different. Some are more motivated than others. Also, the way banks process and approve short sales is constantly changing - especially as the real estate market changes in Nevada. Once you complete and send in your documentation, the process could be completed in as short as 2 to 3 months.
Am I guaranteed my lender will approve my short sale? 
No. Sometimes it is very difficult to have your short sale approved, especially now that the property values are rising in Nevada. That is why it is critical to work with a company that has extensive experience at getting your short sale approved. From the presentation of the short sale package to the lender, to working with your lender’s Loss Mitigation Department, we know how to keep the file moving, and how to get it approved. The first step is to get pre-qualified. Call now, 702.589.7520, to find out how!
Can I short sale if I have a second mortgage? 
Yes you can. We have extensive experience working with first and second mortgage holders to put together your short sale transaction. Even if the value of your home is below the balance of the 1st mortgage, we can normally get the two lenders to cooperate. Neither of your lenders want to own another home through foreclosure.
If my loan is current can I still short sale my home? 
Yes, if you can demonstrate that you are struggling to make your payment due to a financial or other qualifying hardship. Short selling your home when you are current on your mortgage is difficult. You will need a very experienced short sale company to help you make the right case, and to help your lender understand your case. Homeowner Relief Lawyers is that company!
Can I short sale if my property is in bad shape or needs repairs? 
Yes you can. In fact, your bank is likely to be more inclined to approve a short sale if your property needs repairs. The lender does not want to own a property that needs a lot of work to get it on the market if they foreclose. Additionally, banks are not set up to repair properties that need work. They are set up to lend money.
How do I find a real estate agent? 
We do not force you to use any agent and do not have ownership interests in any real estate agency. If you already have an agent, we can work with your agent to list and sell the home. If you need assistance, we can help you find an agent who has experience working with us and your lender. We will work closely with you and your real estate agent throughout the sale process to make it as easy as possible. 
Can I just deed or quit claim my property to a friend or relative? 
Deeding and/or quit claiming your property to someone without paying off the loan is a violation of the “Due on Sale” clause of your contract with the lender and can possibly be considered a crime. It is almost always a very bad idea to deed or quit claim your property without paying off the mortgage because the lender still considers you responsible for payment on the mortgage. If you deed or quit claim your home and the loan payments are not paid, or if the lender forecloses, you can still be sued and the foreclosure will still show on your credit. Also, when you deed or quit claim your property to someone else, you give up control of the property. Do not deed or quit claim your property to someone without paying off the loan, unless you have first consulted with an attorney.
What are the tax implications associated with a short sale?* 
If a short sale results in a deficiency and the lender forgives the debt, you are no longer under an obligation to repay the lender. The lender is however required to report the amount of the cancelled debt to the IRS on a Form 1099-C. If this occurs, you usually have to include the forgiven amount as income for tax purposes. However, the Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale or foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2013. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). In other words, if you short sale your principle residence and close before December 31, 2013, the tax obligation associated with the forgiven portion of your mortgage will be excused. 

If I miss a few mortgage payments, what will happen? 
If it has not happened already, the bank will start the foreclosure process. 
What is the foreclosure process
First you will receive a Notice of Default (NOD) or Notice of Breach, which will already have been recorded. Next you will receive a Notice of Trustee Sale which must be served or mailed to the trustor, posted for 20 days, and published once a week for 3 weeks. This will set an auction date for a time and place after 3 months from recording of the Notice of Default. The home will then be sold at an action or Trustee Sale which takes place on the courthouse steps. The auction date must be at least 21 days from the Notice of Trustee Sale. At the date of the auction or Trustee Sale, your home will be sold to either a third party or to the bank. 
What does a foreclosure do to my credit rating? 
According to AOL Real Estate, once the credit bureaus place the foreclosure on your credit report, your credit score will drop up to 300 points. Once a foreclosure appears on your credit record, it will remain there for seven years–the period of time set for most negative credit notations by the Fair Credit Reporting Act.
What does a short sale do to my credit rating? 
While there are many factors governing the "hit" you will take to your credit, according to About.com, once the credit bureaus place the foreclosure on your credit report, your credit score will only drop about 100 points. 
How long do I have to wait before I can buy another home? 
Homeowners who short sale their home usually have the ability to buy another home within 2 years; while homeowners who allow their home to be foreclosed must wait 5 to 7 years before they can qualify to purchase a home again.
What is a “deficiency judgment” and will I have to pay it? 
When a lender forecloses on a mortgage in Nevada, the total debt (mortgage) owed by the borrowers to the lender usually exceeds the foreclosure sale price. The difference between the sale price and the outstanding mortgage debt, penalties, and interest, is called a “deficiency.” The lender can seek a personal judgment against the homeowner to recover the deficiency. Generally, once the lender gets a deficiency judgment, the lender may collect this amount from the homeowner by doing such things as garnishing wages or levying bank accounts. The amount of the judgment is limited to the lesser of the difference between the total debt and fair market value of the home, or the difference between the total debt and foreclosure sale price (Nev. Rev. Stat. § 40.459). Unless you file bankruptcy, you will have to pay the debt.
What should I do once I am behind on my mortgage payments? 
Do not ignore the situation or think it will go away. Do not wait, get legal help immediately! By actively working to resolve the issue as soon as possible, you will significantly increase your chances of avoiding the loss of your home through foreclosure, and significantly increase your chance of obtaining a short sale and a waiver of the bank’s right to go after a deficiency judgment.  
What is a “Work Out” resolution? 
Commonly, the term ”work out” resolution is an agreement with your lender where you continue to make payments on your past-due mortgage amount over a period of time, or a modification to your loan to lower your interest rate, or an extension loan period that will help lower your payments. For modification information, please see the Resources section of this website.
Do you have any advice?* 
Always be wary of potential scams. Any person or company offering a solution that sounds too good to be true, or that is overly optimistic, may be trying to take advantage of you during your time of financial troubles. Some warning signals of a scammer include anyone who charges a fee before any services are completed, or anyone who promises you that you can receive a principle reduction, or guarantees that you can keep ownership of your home after foreclosure or short sale.