Las Vegas Luxury Properties Link

DON'T TAKE MY HOME!

With the majority of the homes in Las Vegas losing over 55-60% of their value since the peak in 2006, many home owners with adjustable rate mortgages are unable to refinance to a fixed loan rate.  Unemployment in Las Vegas has reached over 10%, and the recession has hit EVERY industry in our city.  With such a drastic change from the boom days, many people find themselves in homes worth half of what they are worth, unable to keep up with payments.  I speak to so many clients in this exact same boat.   If you are struggling to pay your mortgage, unable to refinance, or lost your job, you have options to help you.  Instead of letting your home go into foreclosure you can try a short sale.  What is a short sale?  This happens when a seller tries to sell their home for less than what is owed on the property.  The lien holder of the mortgage will determine if a sale is eligible and will either approve or deny the short sale.

Even if your lender has started the foreclosure process, you can still use a short sale to prevent it or delay it.  The Foreclosure Process in the state of Nevada typically takes about 6 months from the time the Notice of Default is filed to the Eviction of the homeowner.

• Notice of Default starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.
• Reinstatement Period(month 1) - starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.
• Redemption Period (months 2-3) - starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.
• Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.
• Trustee Sale (month 5 ) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).
• Eviction (month 6) process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.

Additional Resources:

• Nevada Foreclosure Help Useful resources and info from Nevada Department of Business & Industry
• Nevada Revised Statutes - Chapter 107 - Deeds of Trust
• Nevada Foreclosure Law Summary

Now that you understand the foreclosure process, here's how you can avoid getting your home foreclosed on.  To do a short sale, there are certain documents I will need to submit to the lender.  If you aren't willing to get these documents, doing a short sale will NOT happen. Here they are:

DOCUMENTS NEEDED FOR A SHORT SALE

• Current copy of mortgage statement from all lenders
• Current copy of all delinquency notices
• Hardship letter
• Property & Borrowers Information
• Financial statement (I provide this form)
• Third-party authorization form (I provide this form)
• Most recent 2-month pay stubs
• Most recent 2-month bank statements
• Most recent 2 years tax returns if self employed we will need 6 months P & L statement
• Most recent HOA statement showing current or past due amount (if applicable)

Once I have all of this documentation, I will list your property on the Multiple Listing Service.  I take pictures of the property, market the property just like a regular listing.  Once we have an offer from a buyer, I will submit the entire Short Sale package to the lender.  We price the property according to market value in the neighborhood, and the BANK not the seller pays the real estate commission. 

I'm going to repeat that, THE BANK PAYS FOR THE REAL ESTATE COMMISSION, NOT THE SELLER. 

There is no up front cost of doing a short sale.  Many times, I've seen clients unable to pay their mortgage and because the process of a short sale can take anywhere from 60-180 days, the sellers stay in the property and are able to save money.  The process can be tedious, but the benefits of doing a short sale can out weigh the drama of a foreclosure.  

• Short sales are better for your credit.  You can buy another home in two-three years with a short sale.
• You are able to stay in the property while the short sale process occurs
• The neighborhood can avoid the stigma of a foreclosure sitting vacant ready for people to vandalize it.
• The Banks save thousands of dollars doing a short sale instead of a foreclosure. The Obama administration is pressuring banks to approve short sales.

If you would like to start the short sale process, please give me a call at 1-866-589-1646 or fill out the contact form below and I will contact you as soon as possible.  There is hope out there, just don't give up!

Felipe Crook

Prudential Americana Group Realtors

Certified Short Sale Professional

Las Vegas Nevada 89117