Las Vegas, NV – May 31, 2010 – (RealEstateRama) – The following summarizes the ways to avoid foreclosure but not keep the home. Even though you may not be able to keep your home, it is important to work with your servicer during this process. Walking away from your home without consulting with your servicer may result in a foreclosure reported in your credit file, tax consequences, and/or a deficiency balance for loan proceeds not recovered in a foreclosure sale. If keeping your home is not a viable option, your loan servicer may have alternatives available to absolve the mortgage and home.
• Sell the property – This is the best option if you cannot aff ord the mortgage payment and if there is equity in the home (the value is more than the amount owed). Other considerations when deciding to sell the home include the condition of the home and how much time you have.
• Assumption – If allowed by the loan documents and if you find another borrower willing and qualified to take over your mortgage, they may assume your mortgage. The new borrower must meet the lender’s criteria.
• Short Sale – If the market value is less than total amount owed, a short sale allows the borrower to sell their home and use the proceeds to pay the mortgage even though the proceeds will not be sufficient to pay off the outstanding balance. The investor and mortgage insurer must agree to this option.
• Deed-In-Lieu of Foreclosure – The borrower transfers the property to the servicer if the home cannot be sold at market value. This option requires that the property be listed for a specified period of time, generally 90 days. There may be tax consequences.
Sometimes foreclosure is the only option for a borrower. If so, you will want to work closely with a certified housing counselor who can devise a plan of action on how to appropriately transition into alternative housing, liquidate unsecured debts, budget and save for future moving costs, and obtain tips on how to reestablish your credit rating.
For help with your Las Vegas Real Estate, Equity or Negative Equity – Contact Richard Ballen, The Wizard of Real Estate. Richard will work Magic with your Las Vegas Short Sale, Henderson Short Sale, or North Las Vegas Short Sale.
About Richard Ballen
Richard Ballen, who prides himself on his problem solving skills, attends Short Sale Training and classes and stay up to date on bank requirements and policies. Ballen is very successful in marketing & selling Las Vegas, North Las Vegas, and Henderson Short Sales and helps home sellers valley wide. He holds a high standard, and practices professionalism, honesty, and ethical practices at all times. Unethical practices or the “encouragement” to enforce a short sale are not tolerated by Richard.
Richard Ballen, The Wizard of Las Vegas Short Sales, works his magic and get’s the deal done!
RICHARD GET’S THE DEAL DONE!
702-604-7739 – http://www.richardballen.com E-Mail: sold (at) richardballen (dot) com