Although the population in Las Vegas has grown over 35% in the past 10 years, it is still has the feel of a small town community. Everyone knows at least one person that has been hit hard by the down economy. If you find yourself in a position where you owe more than your home is worth and you can no longer afford the mortgage payments, you need to know your options to avoid foreclosure. But don’t get taken for a long, stressful ride by a self-proclaimed ‘expert’ that may charge upfront fees…
“What can I do?”
There are only 9 options for a homeowner when they are facing foreclosure:
- Loan Modification
- Partial Claim
- Deed in Lieu of Foreclosure
- Selling Your Home
If you would like more information on any or all of these options, please shoot me an email at the bottom of the page. To save space, I’m going to focus on the two most popular: Loan Modifications and Selling Your Home.
A loan modification may be a great option for homeowners who are facing a temporary or minor financial hardship. This may include a slight increase in mortgage payment, a temporary loss or reduction of monthly income, or a number of other reasons. I know everyone hates tests, but here is a quick one to determine if a loan modification is the right solution for your problem:
- Do you only owe ‘slightly’ (less than 15%) more than what your home is currently worth?
- Do you have income, specifically enough that you can qualify and afford a reduced payment?
- Do you plan on staying in your home at least another 5-7 years?
If you answered “yes” to all of the questions above, then it is likely that a loan modification is the best solution for you. But wait – don’t run out and hire some high priced attorney or service to complete the loan modification for you. All they will do is collect upfront fees with no guarantees of success. Why would you pay someone a large sum of money to do something you could easily do yourself? Not only that, but since most of the work is document collection, you’re still going to be doing the majority of the work yourself. Email me at the bottom of the page and I’ll send you the 9 steps to completing a loan modification yourself along with all the necessary forms that your lender will require. You’ll be stunned at how easy it truly is.
Do you still want to pay someone to just handle it? I understand everyone is busy and sometimes the peace of mind knowing that this is getting taken care of by a professional is worth 10 times the money spent. I will process your loan modification for a small fee that I won’t collect until AFTER you receive your loan modification. Just give me a call.
If you still want to use an attorney, please contact me first so I can make sure you aren’t taken advantage of. There are a ton of sharks out there and I hate it when I see a homeowner ripped off. I know and work with a number of reputable attorneys (how do you think I got my training?) that will give you great service and advice. Contact me and I’ll send you a list to help you with your decision.
Selling Your Home
If you are experiencing a long-term financial hardship, need to move, or just no longer want your home, selling your home is definitely the best option to avoid foreclosure, whether you have positive equity (mortgage is less than what you can sell it for) or not.
Traditional Equity Sales
Let’s face it, if you live in the Las Vegas Valley, you probably don’t have equity in your home and thus can skip this section. On the other hand, if you are one of the lucky few that owe less on their mortgage than what they can sell it for, then you need an experienced agent to walk you through this depressed housing market.
What’s done is done. I know it hurts to know that you could have sold your home in 2006 for twice as much as you can get for it now, but you can’t let those emotions get in the way if you have to sell your home. Think about it, if you did sell in 2006, you probably would have used the money on another home and would have been in a worse situation with a property and mortgage that is underwater. I prefer to look at things on the bright side and there are a few positives to selling your home in this market:
- Since home and rent prices have dropped to record lows, it is easier to afford a home as nice as or nicer than what you currently live in.
- You get the opportunity to stop overpaying for a property that has lost so much value.
- There is peace of mind in knowing that you are moving on with your life by buying at or near the bottom of the housing market.
- You may be able to claim the loss on your taxes and get a bigger income tax refund (please discuss with your tax professional.)
The fact is that if you can’t afford your payment or have/want to move nothing good will come from trying to wait out the market to recoup some losses. It will only lead to stress and anxiety while you continue to overpay for your current property.
Simply put, a short sale is a real estate transaction where the homeowner sells their home for less than what they owe on the property, with the cooperation of the bank. The lender must approve and accept less than what they are owed as full payoff (this means they may settle for $200,000, even if you currently owe them $300,000…even if the loss is hundreds of thousands of dollars).
Are you facing a financial hardship that you know will decrease your income?
Are you getting behind on your mortgage and you’re not sure if you can catch up?
Or do you just need to sell quickly but your home is worth less now than when you bought it?
If you are facing any of the situations above, and you think a short sale might be your best option, then read on…
Don’t worry. It’s not your fault…
You got to remember, we’ve all had our ups and downs in life and a lot of other good people are also in the same tough spot as you. Life seems scary when you’re facing the reality of foreclosure and I know how you feel when you just don’t want to answer the phone any more…
We all agree that we’re in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!!
You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.
I’ve helped homeowners in this position to get the outcome they deserve.
It’s sad but true!
Did you know that nearly 75% of the homeowners nationwide who try to “short sale” their home will end up losing their home to foreclosure due to an uneducated or lazy agent?
Don’t let this happen to you!
I hate to say this about my fellow agents, but the majority of them that are “trying to help” have not been properly trained; and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your ‘short sale packet’ and then just sit back and wait for a response! In the end, they simply don’t know how to help you and you will become one of those “75%” that were not helped.
“Short sales are not easy”!
Everyone has heard this and it is true… unless you seek the help of an expert agent with a proven track record. I have been personally trained by a former Chief Loss Mitigator of major bank with 20 years in the business. At the end of the day, he was the guy at the bank who accepts or declines short sales. With his expertise and guidance, we are now helping save even more folks from foreclosure.
The best part is, my business partner, has taken his tips and tricks from working INSIDE THE BANK and taught me exactly how to ethically BEAT THE BANK… 93.2% of the time!
Now it’s up to you…
I am ready to go to battle for you. Are you ready to take a serious look at your options and see how a short sale can help you:
- Save your credit from the “Foreclosure ding”
- Avoid Bankruptcy
- Avoid Foreclosure
- Relieve the stress that this financial burden has become
- WITH NO OUT OF POCKET FEES OR ANY UP FRONT COSTS OF ANY KIND! …or in other words, you pay me nothing and if I do my job and save you from foreclosure, only then will I get paid by the lender!
Can I help you?
Not all agents can do a short sale and not all people qualify for my help. I am here for you if your situation meets the following criteria:
- You have a valid hardship
- You have little or no equity in your home
- You are unable (or soon will be unable) to pay your bills on time
- You want to work with an expert
If you’re not sure and just want to find out if you qualify, give me a call and I will walk you through your options. Believe it or not, a short sale isn’t the best solution for everybody. If a short sale doesn’t fit into the right solution for you, I’m going to tell you because frankly it probably wouldn’t have closed anyway. In any case, call me to talk about the several options that you may not be aware of.
If you don’t know what else to do and you don’t call me at (702) 688-9306, what will it cost you in damaged credit, frustration, and stress? I am available from 9:00am to 5:00pm Pacific time Monday through Friday. If you are calling after hours, please call (800) 613-8780 and leave a message.
I know how you feel and I can help.
P.S. Don’t let the lender’s abusive scheme take advantage of you and cause you to lose your home to a foreclosure auction! Save your credit and have peace of mind dealing with a professional.
P.P.S. If you are still not sure, call my free recorded message by dialing (800) 613-8780. Just listen in and see what I can do for you.