Las Vegas Short Sales – Short Sale Realtor Las Vegas
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- Is a Short Sale or foreclosure right for me?
- If I do a Short Sale, how much will I have to pay to sell my home?
- Free Foreclosure Help is How do I get started on a Las Vegas Short Sales?
- Can I simply deed my property to someone else and avoid the hassle? We have a Las Vegas Short Sale Lawyer!
- What sort of hardship would my lender consider legitimate?
- I am current on my mortgage; will my lender consider a Las Vegas Short Sales?
- Why would a mortgage company agree to accept a Las Vegas Short Sales?
- Do lenders approve all Las Vegas Short Sales?
- Frequently Asked Questions About Las Vegas Short Sales I have two loans, can I still do a Las Vegas Short Sale?
- My property is in rough shape and needs work; can I still do a Las Vegas Short Sales?
- I am concerned about my credit, how will a Short Sale affect my credit Short Sale Realtor Las Vegas?
- My income problem was temporary. Do I need to sell my home – Help Stop Foreclosure Free?
- What is a Forbearance Agreement?
Las Vegas Short Sales – Las Vegas Realtor Reviews
How much will I have to pay to sell my home?
Nothing. All commissions, title and escrow fees, are paid by the lender as part of the approval. You will pay literally no sales costs if your lender approves the Short Sale.
We will include a Short Sale addendum with all contracts outlining the approval of the sale and all costs associated with the sale is contingent upon approval from the lender(s).
Remember, lenders approve Las Vegas Short Sales and accept the resulting loss in an effort to avoid bigger losses through foreclosure. Short Sale Realtor Las Vegas is what we do.
How do I get started?Help Stop Foreclosure Free!
The first thing you will need to do is simply pick up the phone and give us a call, which may prove to be the hardest part of the whole process.
We recognize that the first step is sometimes the most difficult part of the journey, but it is also the most necessary.
After speaking to us, we are confident you will be very comfortable moving forward. While the process can be tedious, Short Sale Realtor Las Vegas promise to be there with you every step of the way. Free Foreclosure Help!
Can I simply deed my property to someone else and avoid the hassle?
When you deed your property to someone else, you give up control of the property. Along with the deed goes the ability to control the Las Vegas property.
Secondly, the lender still considers you primarily responsible for payment on the loan. Las Vegas Realtor Reviews!
If loan payments do not get paid, or if the lender ultimately forecloses, this will show on your credit.
Do not deed your property to someone without paying off the loan unless you have consulted with an attorney experienced with a Short Sale Realtor Las Vegas. Help Stop Foreclosure Free!
What sort of hardship would my lender consider legitimate?
Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders:
- Family illness or injury
- Illness or injury in the extended family – particularly if it forces relocation·
- Job relocation when the property is equity deficient·
- Job loss or significant income loss
- Divorce or split of domestic partners
- Adjustment in mortgage payment or unforeseen increase in living expenses
I am current on my mortgage?
The banks are approving Short Sales out of self-preservation only. They do not want your house back. However, our experience tells us they will not approve the Short Sale if the borrower is current.
Why would they? There are just far too many others about to go into foreclosure that are ahead of you. Help Stop Foreclosure Free!
Why would a mortgage company agree to accept a Short Sales?
Legal Concerns – Las Vegas mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.
Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way.
If mortgages perform poorly after they are sold, it could impact the lenders’ ability to sell their loans on the secondary market. A successful Short Sale gets the loan payoff resolved quickly. Short Sale Realtor Las Vegas is what we do.
Asset Management Expenses– If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold.
It is expensive to manage real property assets – homes – spread throughout the state, the region, and possibly even the nation.
Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid.
A successful Short Sale eliminates most of these costs with a Short Sale Realtor Las Vegas.
* One the biggest reasons, which is also one of the least talked about is the Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders.
For all delinquent and non-performing loans, lenders must set aside funds in reserve to deal with potential losses.
These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful Las Vegas Short Sales lets the lender put more money to work.
Do lenders approve all loans?
While the overall process is not rocket science, it is vital that the agent/company understands the process and executes it with precision.
It is critical to work with someone that has extensive experience at getting Las Vegas Short Sales approved. We have many positive Las Vegas Realtor Reviews
From how to present the Short Sale package to the lender, to negotiating with the lenders Loss Mitigations Department, we know how to keep the file moving towards approval.
Because RE/MAX sells more real estate than anyone else, we will also get the offers that the bank will want to accept. Free Foreclosure Help!
I have two loans?
It is easier when both lenders are the same company, but we have completed many Short Sale Realtor Las Vegas transactions when there were loans with two different companies. Las Vegas Realtor Reviews!
We have also settled liens with collection agencies and even the lenders’ insurance company as well as third party liens.
Even if the value of your home is below the balance of the first mortgage, we can normally get the two lenders to cooperate.
REMEMBER: The first lender does not want your home back and the second lender is willing to take the little bit of compensation the first lien holder is offering since they know that if the home goes into foreclosure they will in all likelihood get nothing.
My property is in rough shape and needs work?
Absolutely. In fact, lenders are more motivated to do a Las Vegas Short Sales on a property that needs work than on a property that does not. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work.
I am concerned about my credit.
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter – worse than bankruptcy. In the course of getting your Short Sale Realtor Las Vegas approved, you may miss your mortgage payments, and these will show on your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.
My income problem was temporary. Do I need to sell my home?
You may be able to keep your home. You need to convince your mortgage company of two things:
1) The problem that caused the mortgage payment disruption was beyond your control – illness, injury, temporary disability or forced job change are a few examples.
2) You are now solidly in a position to stay current on your mortgage payments and make some progress towards making up the delinquent amount.
What is a Forbearance Agreement?
A Forbearance Agreement is a written agreement with your mortgage company in which you arrange to keep your home. The agreement will normally include two primary elements:
1) The borrowers’ promise to remain current on the mortgage going forward.
2) Some plan for making up the delinquent interest and other charges.
It may mean making additional payments to the mortgage company or the delinquent amount could be added to the loan to be paid later. Help Stop Foreclosure Free!
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Contact an experienced Frequently Asked Questions About Las Vegas Short Sales Realtor!
Real Estate Agent Las Vegas Bob and Diana