Las Vegas Short Sales
A Short Sale Attorney in Las Vegas Can Help
Property owners in Las Vegas, North Las Vegas and Henderson, Nevada that are facing foreclosure on a property that is worth less than what they owe on the mortgage trust the attorneys at Peters & Associates, LLP to negotiate a Short Sale or a Deed in Lieu that relieves them of their mortgage obligation and any deficiency and helps them back on their feet financially.
What is a Short Sale?
A Short Sale means that you are selling the house or commercial building for less than what you owe on the mortgage, but the bank has agreed to accept the proceeds of the sale in satisfaction of the debt. A short sale is a viable option when you are facing the possibility of a foreclosure and it makes financial sense to exit the property.
There are a number of ways in which you may find yourself under water or upside down on your mortgage, owing more than what your property is worth. The housing market in many areas was overinflated for a number of years, and when this bubble deflated about five years ago, home values plummeted. If you bought your home or investment property more than five years ago, you may have bought an over-valued piece of real estate that is now worth much less than what you owe on it.
The other factor which occurred in tandem with the drop in the housing market was the sub-prime and adjustable rate mortgage crisis. Many people were able to afford homes only by making loans that they really could not afford, and banks were all too willing to make these loans. Many loans, such as ARMs and Option ARMs, have adjustable interest rates that reset at much higher rates than the borrower initially anticipated. If your mortgage payments have outstripped your ability to pay while the value of your home or investment property has gone down, a Short Sale may be the answer to your troubles.
What about a Deed in Lieu?
You may have heard about a Deed in Lieu of Foreclosure as a way of walking away from your property. That is basically what it is, but there is a big difference between walking away from your house with no further obligation, and walking away from your house by letting the bank foreclose. With a Deed in Lieu, you turn over the deed to your property to the bank, which now owns the property and releases you from any financial obligation on the mortgage. There is no foreclosure.
Contact a Las Vegas Short Sale Attorney
Before you walk away from your home or investment/commercial property and let the bank foreclose on it, consider the options that let you walk away on your own terms, with money in your pocket and without any further liability on your mortgage. The Las Vegas short sale overview and FAQ page explain the different ways the law firm can help. In Las Vegas, North Las Vegas and Henderson, contact Peters & Associates, LLP for a free consultation regarding whether a Short Sale or a Deed in Lieu is in your best interests.