Las Vegas Foreclosure vs. Short Sale

You should fully understand the difference between a Las Vegas foreclosure vs. short sale. A good Las Vegas short sale agent can tell you how the consequences of a Las Vegas foreclosure vs. short sale can vary significantly. A Las Vegas short sale approval will show on your credit report as a “settlement” possibly “settled for less than owed”. Terminology from credit bureaus may vary.  Las Vegas short sale performed by a good short sale specialist can help the health of your credit score and what we have seen is that your score is dinged by 50 to 100 points. A Las Vegas foreclosure on the other hand can bring your score down anywhere from 300-380 points. Additionally a Las Vegas foreclosure will remain on your credit for 7-10 years. You should look into the effects of foreclosure on your credit score and how this might possibly affect purchasing your next home. Get informed about Las Vegas short sales.

Prepare yourself to re-apply for a Las Vegas mortgage after significant time has elapsed after a short sale. When re-applying for a mortgage, different lenders vary on their underwriting guidelines however you will most likely be able to obtain mortgage financing within 18 months to 2 years after negotiating a short sale and having your property sold and loan paid off. Las Vegas foreclosure prevents you from obtaining  mortgage financing for up to 5 years. Las Vegas short sale agents know that lenders can vary significantly on their lending guidelines and all lenders will look at your overall credit, income, reserves and relating factors before making a lending decision.

There are also incentives for short selling as compared to foreclosure such as $3,000 towards moving costs and the mortgage forgiveness debt relief act of 2007 which allows you to avoid paying short sale taxes. For these reasons you should learn more about how to short sale your property rather than simply allowing yourself to be foreclosed upon. You will need to hire a Las Vegas short sale specialist or an experienced short sale service that is also a licensed real estate company to obtain your short sale approval. We have something much better than just a real estate firm or 3d party negotiating your short sale. We have Las Vegas short sale attorney representing your best interests!  Having an attorney and a real estate agent professional properly negotiating a short sale and knowing how to short sale your property in this real estate market is the key factor to your success. What is a Las Vegas short sale?

How to Avoid Las Vegas Foreclosure vs. Short Sale

The best way to avoid Las Vegas foreclosure is to do a short sale! As we have explained above a short sale is significantly more advantageous to you than simply allowing yourself to be foreclosed upon. To begin the process or to simply get some questions answered complete our simple 15 second evaluation form and a short sale specialist that is also a licensed real estate agent will get back to you to answer all your questions. Whether you have questions regarding what fixtures in your home you can keep or a question regarding short sale taxes, we are here to help, we are your short sale experts. Get informed about Las Vegas short sales if you have questions.

We are a short sale service that specializes in negotiating a short sale for you so you don’t have to. The best part is since we get paid the commission from your lender, the service is absolutely free to you. Plus take advantage of the government incentives provided to you to short sale including up to $3,000 in relocation costs. Obtaining a short sale approval and then knowing how to short sale is the key element to a successful sale. Complete the evaluation today and be on your way to financial freedom.

Las Vegas Foreclosure vs. Short Sale or Loan Modification?

Loan modification is when you attempt to negotiate with your lender to modify the terms of your mortgage to a payment that you can afford. A recent study has shown that an extremely high percentage of loan modifications have failed and the lender ultimately ends up foreclosing on the homeowner. A primary reason why a homeowner is not that motivated to remain in a loan modification program, if the modification is even approved, is the loan to value of the mortgage to the home.

This means if you owe let’s say $350,000 on your mortgage and your home is now worth $200,000, your loan to value of your mortgage is 175% of the value of your home. This is also referred to as being “upside down”. With the huge hit that we have had to our economy, the unprecedented housing and mortgage crisis and all other detrimental factors we have experienced in the last 3 to 5 years, many homeowners are finding themselves upside down.

The question than arises of whether the homeowner can afford to struggle to make a payment on a mortgage that is significantly higher than the value of the home. Many homeowners stop making their mortgage payments and simply do nothing which will no doubt lead to Las Vegas foreclosure. With the new laws regarding forgiveness of short sale taxes as compared to possible deficiency judgments resulting from foreclosure, you should avoid foreclosure at all costs. Get your Las Vegas short sale started as soon as possible. Laws change daily.