Las Vegas, Nevada, Attorneys for Short Sales
A pre-foreclosure sale or "short sale" involves selling your property for an amount that is less than the total amount owed to your mortgage lender. Lenders are accepting short sales of homes in Las Vegas, Nevada at increasing rates.
At the Schwartz Law Firm, Inc., our lawyers help people understand the short sale process and explain how we comply with the requirements of your lenders. Please contact us if you want to learn more about this financial option, as a short sale may be a better choice for you than a bankruptcy or loan modification.
Guiding Clients Through the Short-Sale Process
The short-sale process can be complicated, time consuming and time-sensitive. It is important to retain legal counsel familiar with the various elements of a short sale who can effectively advise you throughout the process. At The Schwartz Law Firm, we will analyze your situation to determine if putting your house up for short-sale is the best option for you.
Benefits of a Short Sale
A short sale has many benefits for both you and your lender. For the homeowner, short sales help protect your credit and minimize your losses. For lenders, short sales provide value by eliminating the costs associated with foreclosure, such as the legal fees lenders pay to foreclose on a home, the taxes and home owners association dues lenders must pay once they take possession, not to mention the losses related to the home prices in Las Vegas, Nevada, which continue to fall.
Despite these benefits, putting a house up for short-sale is not the best option for everyone. Other foreclosure avoidance options include:
Deed-In-Lieu of Foreclosure
Some lenders will accept your property in exchange for your loan obligations, without going through the foreclosure process. The primary benefit of a deed-in-lieu of foreclosure, which requires giving title in your property to your lender, is that it forgoes a foreclosure, which may cause less damage to your credit rating. If prior attempts at selling the property were unsuccessful, agreeing to a deed-in-lieu of foreclosure may be the safest and quickest way to get out from under the mortgage debt.
Forbearance Agreements
Mortgage lenders routinely enter into forbearance agreements with borrowers in order to restructure, refinance or modify a loan agreement. Your lender may agree to enter into a forbearance agreement and a restructuring of your loan obligations if you have recently experienced a reduction in income or an increase in living expenses.
Forbearance agreements generally provide that the lender will refrain from pursuing remedies under a loan agreement due to the borrowers default for failure to pay in exchange for a proposed refinancing, payoff or similar restructuring of the loan. Depending on your financial strength and situation, a repayment plan may be available for delinquent borrowers, or even a temporary reduction of loan payments.
The Schwartz Law Firm can help you provide the necessary information to your lender and negotiate a forbearance agreement in order to demonstrate that you will meet all the requirements of the agreement and any related payment plan.
Refinancing or Mortgage Modification
If there is equity in your home, refinancing your current obligations, or simply extending the term of your fixed or adjustable rate mortgage (ARM) loan may be a viable option to solve any current cash flow issues. Modification of your mortgage terms may also be an option, provided your lender is willing to agree to any necessary changes. Either refinancing or modifying your mortgage loan may reduce your monthly payments to a more affordable level.
Contact an Experienced Real Estate Lawyer
Do you own more on your home than the appraised value? Contact the Schwartz Law Firm, Inc., in Las Vegas, to speak with an experienced attorney about the best option for your financial situation. We represent clients throughout Nevada.
We have Spanish-speaking staff to assist those who communicate best in Spanish.
