RealEstateRama Tags Posts tagged with "short sale vs foreclosure"
Tag: short sale vs foreclosure
Las Vegas, NV - March 19, 2012 - (RealEstateRama) -- According to the Associated Press, the bleakest year in the foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.
Las Vegas, NV - February 20, 2012 - (RealEstateRama) -- If you’ve been thinking about doing a short sale on your Nevada home, you might want to hurry up. The time is limited for homeowners who want to ensure they aren’t hit with a big tax bill because they had to walk away from a mortgage obligation. The Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012.
Las Vegas , NV - October 4, 2011 - (RealEstateRama) -- After closing hundreds of short sale properties in Nevada, the biggest question we get asked from homeowners is, “Do I have a hardship and will I qualify for a short sale?” While each person’s financial situation is unique, the fact remains that practically everyone in Nevada is experiencing hardship to some degree. Let’s face it, our homes have lost more than half their value, and our state leads the nation in foreclosures and mortgage defaults.
Las Vegas, NV - September 1, 2011 - (RealEstateRama) -- Many Nevada homeowners have tried loan modification; however, loan modifications just don’t work. Remember that until you have equity in your house, all you are doing is renting. That’s correct! You are renting from the bank! There is no reason to pay off $300,000 in debt when the home you bought is now worth $150,000 or less. Most experts predict that it will take 10-20 years or more for the Las Vegas housing market to rebound. It makes rational sense to walk away and get a fresh start. Surrendering a home worth half of what you owe is not a failure, it’s a business decision. Why would anyone want to modify a loan and wait twenty years (or more) to have equity? For the few who actually qualify for loan modification, they become “renters for life.” Too many people refuse to recog nize a mistake, and then they compound the mistake over and over by spending their entire life savings, 401(k)’s, retirement savings, and even borrow money from family to avoid accepting the reality of the situation.
Nevada, NV - August 29, 2011 - (RealEstateRama) -- A recent report released by IMS Advanced Realty Data Services named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.
Las Vegas, NV - August 25, 2011 - (RealEstateRama) -- While short sales minimize damage to your credit versus foreclosure, the fact remains that the goal of every short sale is to walk away without the bank coming after you at some future date down the road. So why are some homeowners asked to pay substantial promissory notes in exchange for a short sale approval, while other homeowners are not asked to pay a promissory note at all? The answer can almost always be found by looking at the experience (or lack of experience) of the Real Estate Agent. There are certain factors which minimize hardship in the eyes of banks and bank Investors, and are essentially short sale deal killers. A Realtor experienced with short sales will be able to explain the banks perception of hardship and how it applies to your particular situation.
las Vegas, NV - August 16, 2010 - (RealEstateRama) -- The central document in the Short Sale package that will be submitted to the mortgage lenders that will be taking a loss in the Hardship Letter. The Hardship Letter provides the homeowner with an opportunity to state their case as to why they can no longer afford to make their mortgage payment