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• Facing Foreclosure? • Tired of Over-Paying? We CAN Help! |
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| What is a Short Sale? |
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Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved.
A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aids in maintaining home values in the community where the property is located and helps the homeowner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to quality: you must be behind in your mortgage payments or in imminent danger of default, provide evidence of economic hardship, and have little or no equity in the property.
A short sale is not a typical real estate transaction. Most real estate transactions involve the home seller and their real estate agent, the buyer, their mortgage lender, and their real estate agent. In a short sale situation, all of those parties in addition to the seller’s loan servicer, a housing counselor, any junior lien holders, mortgage investors, and insurances may be involved too.
With so many parties involved in a short sale, the process can be difficult to complete without a qualified ATTORNEY and REALTOR to help guide you and act as a liaison between all of the parties involved. You will want the advice and expertise of an ATTORNEY who has your best interests in mind and who will expedite the short sale transaction. It is essential to have an ATTORNEY who will not allow you to miss a detail that could delay closing the transaction in a timely manner and to the specifics required by all parties involved. A qualified REALTOR with experience in short sales will also be able to find a buyer to complete the transaction. Homeowners agreeing to a short sale should also consult a tax expert and obtain the services of an ATTORNEY to help protect themselves from any future claims by the lender.
Short Sale
Historically, the national home appreciation is 3% per year. With the Las Vegas market being upside down by 70%, how long do you think it will take you to “break even” on your home’s value? If you are underwater or behind on your payments, there are still options for you. One option is a short sale or an agreement in which your mortgage lender accepts a payoff on the loan for less than the full balance. With a professional team behind you, it is likely the short sale will be for a full settlement which means the mortgage lender cannot pursue the deficiency. The deficiency between the mortgage and short sale settlement amount can lead to hundreds of thousands of dollars in money you have to pay. For a limited time only, all of the debt settled in a short sale is tax free thanks to the Mortgage Debt Forgiveness Act! This act expires on December 31st, 2013 so now is the best time to start a short sale! In addition to getting the full deficiency waiver, a professional team processing your short sale is important to prepare your package in the most compelling manner. You want a professional team of attorneys, real estate agents, and mitigators working with YOUR best interests in mind.
We will provide a free confidential consultation. Please give us a call at 702-589-7520. To determine if a short sale of your property is a possibility, please fill out the form below.
Historically, the national home appreciation is 3% per year. With the Las Vegas market being upside down by 70%, how long do you think it will take you to “break even” on your home’s value? If you are underwater or behind on your payments, there are still options for you. One option is a short sale or an agreement in which your mortgage lender accepts a payoff on the loan for less than the full balance. With a professional team behind you, it is likely the short sale will be for a full settlement which means the mortgage lender cannot pursue the deficiency. The deficiency between the mortgage and short sale settlement amount can lead to hundreds of thousands of dollars in money you have to pay. For a limited time only, all of the debt settled in a short sale is tax free thanks to the Mortgage Debt Forgiveness Act! This act expires on December 31st, 2013 so now is the best time to start a short sale! In addition to getting the full deficiency waiver, a professional team processing your short sale is important to prepare your package in the most compelling manner. You want a professional team of attorneys, real estate agents, and mitigators working with YOUR best interests in mind.
We will provide a free confidential consultation. Please give us a call at 702-589-7520. To determine if a short sale of your property is a possibility, please fill out the form below.
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*Legal Disclaimer
While Mr. Kleven has practiced in real estate law for many years, neither he nor any other attorney at Homeowner Relief Lawyers is officially certified by the Sate bar of Nevada as a certified real estate expert. Also, neither Mr. Kleven or any other member of Homeowner Relief Lawyers is a CPA or tax attorney. The information provided on this website is informational, only. The subject matter and applicable law in all legal areas is in a constant state of change. No legal, accounting, or tax advice is given and no attorney/client or other relationship is established or intended. The information provided is from general sources and although we believe it to be accurate, we cannot represent, guarantee or warranty that the information contained in this website is accurate or is appropriate for the usage of any reader. We are independent of cross links and do not warranty their accuracy or applicability. We are primarily located in Nevada and comply with all ethical rules of the State Bar of Nevada. Some States require the wording "This is an advertisement" or other words or information of this nature. The content of this website may be fact specific and dependent upon the special needs and purposes of the visitor. Each situation stands on its own. We recommend that readers of this information consult with their own counsel prior to relying on any information on this website. This website is not intended as legal advice. Reading email or replying to email or accepting telephone calls or returning telephone alone shall not be considered legal advice, or that I have been retained as your attorney. A signed retainer agreement is needed for formal representation. We require that all agreements for professional services be in writing and signed by the Firm and the client. No professional relationship will be deemed to exist unless and until an agreement for professional services has been signed by both client and attorneys after appropriate interviews and conflict checks. While the attorneys at Homeowner Relief Lawyers are licensed in Arizona, Nevada, and Utah, they are primarily located in the State of Nevada.
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