Attorney Short Sale Process Las Vegas and help stop foreclosure free real estate broker or agent can communicate with your Clark County Nevada foreclosure lender regarding the value of your Las Vegas property and the buyer’s offer.
REMAX Las Vegas Ratliff Realty Group Nevada recommends within the scope of our real estate license, provide advice regarding which course of action is best for you.
Short Sale Attorney Exclusive Help Stop Foreclosure Free Information
There are many decisions you may need to make throughout the Las Vegas short sales process in which you will want and or need Las Vegas short sale attorney. For your short sale process Las Vegas protection, it is imperative that you have a attorney short sale process Las Vegas review documentation. You provide to the lender as well as interpret any legal documents the lender requires you to sign including, but not limited to, the Arm’s Length Affidavit and the help stop foreclosure free with a short sale approval letter.
It is possible in some short sale that, even after lender approval, it may not be in the seller’s best interests to close on the transaction. You want someone advocating for only you. Your Attorney represents only your best interests in the transaction. Most Las Vegas real estate professionals understand their limitations in advice. What they can or cannot provide and recommend their short sale sellers obtain good short sale lawyer NV and representation.
Attorney Short Sale Process Las Vegas
Risks Associated With a Short Sale – Help Stop Foreclosure Free!
Many problems can arise in a short sale. In some cases, other options, including a mortgage foreclosure, may be a better solution. Some of the more common risks include:
- Tax consequences: Generally, when real estate debt is forgiven, the amount that is forgiven is considered taxable income. President Bush in 2007 signed a law that directed the IRS to not consider a forgiven mortgage debt taxable income.
- While this law is certainly an added measure of protection against being taxed, there are several exceptions which act to disqualify certain debts. Additionally, many sellers will still be issued a 1099 to report debt forgiven in a short sale.
- Therefore it becomes very important to determine whether future tax liability is applicable in your particular situation prior to pursuing a short sale of your real estate. Ratliff Realty Group with RE/MAX, highly recommend consulting with a tax adviser when considering the option of a short sale.
- Debt forgiveness: Debt forgiveness is the most important consideration for a seller. It is not a given that the lender will forgive the unpaid balance of the mortgage—and often the lender does not. If debt forgiveness does not occur, the seller, who no longer owns the home but still owes the debt, is placed in a very bad position.
- The problem usually arises with a second deed of trust. Often the holder of a second deed of trust will accept a small payment to release its deed of trust and allow a short sale to proceed and help stop foreclosure free. However, release of the deed of trust is not a forgiveness of the debt itself. Unless a written release of the debt is obtained by the lender, the seller may remain responsible for the full amount of debt and can be sued for the collection of that debt.
- The key here is in the drafting of the sales contract and a careful review of all subsequent documents including the short sale agreement with the lender(s). Key documents often appear to release a debt, but they may not. The wording is technical and critical. Attorney short sale process Las Vegas Ratliff Realty Group with RE/MAX, strongly recommends having all of your contract documents carefully reviewed by a skilled real estate Las Vegas Short Sale Attorney.