Las Vegas Short Sale Terms – Certified Short Sale Specialist
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Las Vegas short sale, Free Help Stop Foreclosure Las Vegas. A copy of the Notice of Trustee’s Sale must be published once a week for three weeks. Las Vegas Short Sale with a Certified Short Sale Negotiator Designation!
Often called a straight bankruptcy–involves the liquidation of all non-exempt by the bankruptcy trustee, who in turn distributes the proceeds to qualified creditors. All dis-chargeable debts are discharged and the person(s) filing receive a ‘fresh start.’
Certified Short Sale Specialist Bankruptcy-Chapter 13
Often called “debt reorganization.” A Chapter 13 Bankruptcy is generally appropriate for those individuals who have non-exempt property they wish to retain and who have enough income to reasonably pay the reorganized debt after covering reasonable living expenses.
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Las Vegas Short Sale Vocabulary Explained
The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the ‘Benny.’ Las Vegas Short Sale Help!
Under the new bankruptcy law that took effect in October of 2005, those wishing to file bankruptcy must complete an approved credit-counseling course within the six (6) months prior to filing.
Deed in Lieu
Las Vegas Short Sale Terms of the voluntary surrender of property by an owner/borrower to a lien holder that eliminates the need to continue foreclosure action by the lien holder.
The lien holder can refuse to accept the Deed in Lieu and file a Notice of Non Acceptance with the County Recorder.
The payoff of a mortgage loan where the lender accepts an amount less than the actual amount owed to payoff the loan. Certified Short Sale Specialist!
A property is Equity Deficient when, if sold, sales proceeds would not fully pay off existing mortgage debt. Free Help Stop Foreclosure Las Vegas!
Las Vegas Short Sale Terms an agreement between a mortgage holder and a borrower that lays out a specific loan payment plan and puts a stop on the foreclosure action so long as the borrower meets the terms of the agreement.
The payment plan includes provisions for repayment to the mortgage holder of all delinquent interest and fees and could include extending the life of the mortgage beyond it’s original term.
A Forbearance Agreement is a tool that allows the borrower to keep the property.
A foreclosure action conducted through the courts instead of through a foreclosure trustee. Judicial Foreclosures are very uncommon in Arizona, particularly on residential properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure. Las Vegas Short Sale Help!
A lien, usually a mortgage loan, that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by order of re-cordation. NOTE: if you refinance a 1st mortgage on a property with a 2nd mortgage already in place the new 1st mortgage holder will require a subordination agreement from Junior Lien holders to legally establish the new mortgage holder as 1st or Senior Position.
LIBOR (London Interbank Offered Rate)
The interest rate charged among banks for short-term Eurodollars loans – LIBOR is a very common index for adjustable rate mortgages (ARM). Certified Short Sale Specialist!
Home mortgage lenders look to limit losses on delinquent mortgages by working out solutions with borrowers through their Loss Mitigation Departments. Help Stop Foreclosure Free!
Las Vegas Short Sale Terms a copy of the Notice of Trustee’s Sale must be mailed (certified and first class) at least 20 days before the foreclosure sale to the borrower and to anyone who was entitled to receive a copy of the Notice of Default and Secretary of State and IRS, if applicable. Short Sales Las Vegas Nevada!
Notice of Default
An official notice filed and recorded by a designated trustee at the request of a lender indicating lender has commenced foreclosure action. Las Vegas Short Sale Help!
Las Vegas Short Sale Terms Short for: Notice of Default. Las Vegas Short Sale Help!
Notice of Trustee Sale
An official notice that is posted, mailed, published/advertised and recorded by trustee at the direction of lender indicating lenders’ intention to sell the property at public auction. The notice includes a specific date, time, and location.
A copy of the notice of sale must be posted in a conspicuous place on the property to be sold at least twenty days before the sale. Also, a copy of the notice must be posted at one public place in the city where the property is to be sold at least twenty days before the sale.
Trustee Sales may be postponed by the first at the direction of the lien holder. Las Vegas Short Sale Terms a notice may be given in advance or at the time and location specified for the intended sale.
Private Mortgage Insurance (PMI)
A policy of insurance paid for by the borrower to protect the lender in the event the borrower defaults on the mortgage. Typically PMI is required by the mortgage holder when the down payment is less than 20% of the purchase price. Free Help Stop Foreclosure Las Vegas!
In order to bid at a trustee sale, bidder must have qualifying funds available at the sale. Qualifying funds are cash or a cashiers check(s) drawn by a State or National Bank, a check(s) drawn by a State or Federal Credit Union or check drawn by a State or Federal Savings and Loan Association, savings association or savings bank specified in section 5102 or the Financial Code and authorized to do business in the the state the property is located in.
Short for Real Estate Owned. When a mortgage lender acquires a property, typically through foreclosure, it becomes real estate owned – or REO.
To bring the loan current. Borrower may reinstate up to five (5) business days before foreclosure sale.
The sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be ‘paid off,’ short.
Las Vegas Short Sale Terms IRS Form 1099-c is issued by those canceling all of part of a debt to the person receiving debt relief.
Note: The cancelled debt may not need to be reported as income. For more on a 1099-c contact your tax adviser for advice on how to prove insolvency.
A Foreclosure Trustee is appointed by the mortgage company when a mortgage reaches the default status for the purpose of processing the foreclosure.
The deed given to the highest bidder at auction or the foreclosing lender upon completion of the foreclosure. Help Stop Foreclosure Free!
Conducted by the Trustee. The Las Vegas property is sold at auction to the highest bidder, or taken back by a foreclosing lender. Certified Short Sale Specialist.
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Bob and Diana – Certified Short Sale Professional