Las Vegas Short Sale Agent discusses Foreclosure Avoidance

 
Las Vegas Short Sale Agent, Tania Michaels, discusses Foreclosure Avoidance in Las Vegas
 
“We hear talk of a housing recovery but if you or someone you know is one of millions of homeowners who is stuck with a property that is underwater, the feelings of frustration, hopelessness and vulnerability can be overwhelming.”
 

Is a Short Sale for You?
As of June, 2012, we have in the US over $250 billion in negative equity. This incredible amount of negative equity means that foreclosure looms like a dark cloud over the heads of millions of people. Here’s the hope: If you know you cannot afford your home any longer, you do not have to wait on the bank to post a notice on your door to leave. You no longer have to wonder if the bank will pursue you for a deficiency judgement after a foreclosure. And you don’t have to live with 7-10 years of bad mortgage credit. You have the power. You can be proactive and take matters into their own hands. How you do this is to take advantage of your options.

What Foreclosure Avoidance Options Do You Have?
There are a number of foreclosure alternatives available to you. Here are
some of the most common:

Reinstatement
Was the reason you missed your payments temporary but the issue has since been resolved? If you can make a one-time payment that includes all missed payments, legal fees and late fees, you are eligible to be reinstated back into your loan agreement.

Forbearance or Repayment Plan
If the hardship which caused you to miss your payments was temporary but you cannot afford a payment to qualify for reinstatement, you may be able to negotiate a forbearance or repayment plan. In this case, you may be able to pay the missed payments over time, or the payments can be placed at the end of the scheduled loan amortization.

Rent the property
Renting your home might be an option which enables you to pay your mortgage. You are still responsible for all costs associated with the house, including maintenance and taxes.

Mortgage Modification
In some cases, you may be eligible to modify your loan in a way that reduces the principle or lowers payments. Some of these programs vary from bank to bank, but there are also government-sponsored programs which are available to help homeowners in distress.

Refinance
If you have enough equity in your home, refinancing may help you get back to more affordable payments. This will be determined by your credit, the value of the property and whether you are current on your loan.

Bankruptcy
In some cases, bankruptcy is an option. It may stop foreclosure and allow you to reorganize your debt. However, the stoppage is only temporary and if you are still unable to make payments then the foreclosure will still go through. Bankruptcy also makes a property much more difficult to sell.

Short Sale
You sell your property for less than it is worth and the bank, realizing that some money is better than no money at all, agrees to release you from your obligation to the remainder of the loan. In some cases, you are able to walk away from the loan free and clear.

In most cases, the short sale is the best possible option for both the homeowner and the bank. Short sales can have a significant advantages over other foreclosure alternatives because of credit score implications. As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes. No matter how helpless you may feel, these options prove that it is important to face your challenges head on.

CLAIM YOUR TICKET TO FREEDOM!
Simply by looking for information you’ve already taken an important step in solving your financial problems. I know you have many questions. I can answer them and help you take advantage of the options that are available to you.

Contact me today and schedule a free, confidential consultation call: 702-675-8211 or use the form below.