Las Vegas, NV – March 28, 2012 – (RealEstateRama) — Felipe Crook and Mark Minelli of Realty One Group invites homeowners to attend a free Las Vegas short sale seminar to help navigate the complicated myths and realities of the short sale process. Minelli and Crook, a Certified Short Sale Professional, will team with a prominent Las Vegas attorney Eric Earley of The Law Office of Eric Earley, Donna Jo Swift-Branch Manager of Southern Fidelity Mortgage, and Nevada Title to educate distressed homeowners of options to avoid foreclosure. The seminar will be March 31st, 2012 from 11:30am to 1:00pm at Realty One Group, 6475 S. Rainbow Blvd Ste 102 Las Vegas, NV 89118.
This seminar will cover the pressing questions most homeowners have, including: Can I avoid foreclosure with a short sale? Do I qualify and what does it cost? What documents do I need to apply for a short sale? How does a short sale affect my credit? How soon can I buy another house? How can I protect my assets? What are the tax liabilities? Will the bank forgive the entire debt?
“In Nevada, your Lender can sue you for the remaining balance of your loan after a short sale or a foreclosure,” says Earley. “Your best chance of avoiding a lawsuit is likely having a Las Vegas short sale attorney negotiate a settlement or “waiver” of the Lender’s right to sue. The most successful negotiations are usually planned months in advance during an attorney/client consultation.”
With the expiration of the 2007 Mortgage Debt Relief Act at the end of 2012, the tax consequences for many homeowners will be uncertain in 2013. “The Mortgage Debt Relief Act of 2007 generally 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 foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012.
Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.” -IRS.gov
In the challenging real estate market of Las Vegas, it is crucial to work with a team of trusted professionals with experience in short sale transactions. Over 70% of all homeowners are upside down in their homes and have a lot of bad information from people less than qualified to give advice. Get clear answers and learn how to protect yourself.
Please visit www.LVShortSaleAdvice.com to sign up for the free Las Vegas Short Sale Seminar or call 1-866-589-1646 for immediate help.
Realty One Group
10750 S. Rainbow Blvd Ste 102
Las Vegas, NV 89118
About Felipe Crook and Mark Minelli
Licensed Realtors since 2003 and 2004, Mark and Felipe have teamed up to help homeowners navigate the complicated real estate market in Las Vegas. Selling hundreds of homes over the last 9 years, this team of professionals is committed to excellent customer service and getting the best results for their clients.