Help For Las Vegas Homeowners
Las Vegas Real Estate in Nevada has plummeted more than 60% since the market peaked in March of 2006!
Keep On Keeping On
If you don't have to move and can afford the payments, it probably makes sense to soldier on and wait for housing prices to recover.
If you live in one of the harder-hit cities like Las Vegas, Nevada, Arizona, California and Florida -- and you're more than 40% underwater, your house won't be a financial asset anytime soon. But as long as you're happy to stay in it for many years, that may not matter.
In the meantime, you may be able to cut your loan balance -- and lower your payments -- through a new federal program that refinances existing loans into smaller loans. To qualify, you must be current on payments -- but it's up to your lender to agree to it. Some folks might be eligible for some of this aid. President Obama's remarks re housing refinance for upside down Nevada home owners.
Beg The Bank For A Break
What if you need to get out of the house? Some folks initially consider renting their place out. But they'd probably lose money, given the spread between their mortgage payment and rental prices. Becoming a landlord is a risk even in areas where you can cover carrying costs, as you're still on the hook in between tenants.
It can take time to negotiate a short sale. As a Las Vegas Certified HAFA (Home Affordable Foreclosure Alternative) and SFR Short Sale Specialist and Distressed Property Specialist, Linda Strasberg, Las Vegas Realtor provides comprehensive short sale services in all aspects of buying and selling Short Sales and REO's and is experienced negotiating with all lenders. I completed my first short sale for a distressed homeowner in NYC in the the 90's. I stop the foreclosure process and help you avoid foreclosure! My primary goal is to ensure you are not liable for the remaining loan balance at completion of your short sale. Call 702-677-8796 today!
A mortgage reported as "settled as agreed for less than amount owed" to credit bureaus can lower your score, but not as much as a foreclosure. When your mortgage is "settled as agreed for less than amount owed" your creditors/lenders may not seek or be granted a deficiency judgment on your primary residence in Nevada.
Speaking of foreclosure,a recent study by University of Arizona Law Professor Brent White says walking away may make sense financially if you're more than 40% underwater and could rent a similar house for less than your mortgage bill. But doing so has consequences, not the least of which may be a guilty conscience. Foreclosure stays on your credit report seven years -- and can cut a 780 score an average of 150 points, per Fair Isaac. That can affect everything from your insurance premiums to your employment potential to your future ability to buy a house.
Eat The Loss Yourself
For some, the best -- and fastest -- option may be simply selling the house and paying any difference between the sale price and the mortgage out of pocket. That is a good, if not particularly palatable, choice for homeowners who have significant savings and aren't deeply underwater. Selling this way eliminates any credit risks.
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Linda Strasberg, All Rights Reserved
Las Vegas Short Sale Specialist, SFR Heloing Homeowners Avoid Foreclosure
las vegas certified short sale specialist, distressed property specialist, short sale & foreclosure resource, help for homeowners in crisis